Former Clear Channel EVP Tom Casey Exits With About $8 Million
September 16, 2013 at 3:54 AM (PT)
Former CLEAR CHANNEL EVP TOM CASEY, who left the company on JUKY 29th, exits with a couple of dollars in his pocket. CASEY receives $5 million in an "equity preservation agreement," along with a severance payment of $2.7 million, to be paid out over the next 18 months.
CASEY is also paid $198,000 from a "supplemental incentive plan."
In a Form 8-K filing with the SEC, the company wrote, "As previously disclosed, THOMAS W. CASEY served as EVP/CFO of CC MEDIA HOLDINGS, INC. and its subsidiaries CLEAR CHANNEL CAPITAL I, LLC, CLEAR CHANNEL COMMUNICATIONS, INC. and CLEAR CHANNEL OUTDOOR HOLDINGS, INC. until JULY 29th, 2013. In connection with Mr. CASEY’s termination of employment, on SEPTEMBER 11th, 2013 CCU and Mr. CASEY entered into a Severance Agreement and General Release pursuant to which CCU agreed to pay Mr. CASEY: (1) $198,000, representing the amount previously earned by Mr. CASEY pursuant to a supplemental incentive plan with respect to 2012 performance, and (2) as provided in Mr. CASEY’s previous Employment Agreement dated DECEMBER 15th, 2009, and in exchange for the Agreement and Mr. CASEY’s release of claims and provided that Mr. CASEY does not revoke the Agreement: (a) a prorated annual bonus with respect to the days he was employed during 2013, calculated as provided in the Employment Agreement; (b) an equity value preservation payment equal to $5,000,000; and (c) a $2,700,000 severance payment paid over 18 months.