In SEC Filing, Clear Channel Discloses A $3M Aircraft Deal For Robert Pittman
November 21, 2011 at 4:58 AM (PT)
CLEAR CHANNEL has made public in an SEC filing that CC MEDIA HOLDINGS CEO BOB PITTMANN will be able to "wing it" on the company's dime. On NOVEMBER 16th, CLEAR CHANNEL BROADCASTING entered into an Aircraft Lease Agreement with YET AGAIN INC., a DELAWARE corporation controlled by PITTMAN.
Reports DALLAS CITYBIZLIST, "Pursuant to the Agreement, CCB will lease on an exclusive basis a DASSAULT-BREGUET MYSTERE FALCON 900 aircraft owned by YET AGAIN in exchange for a one-time upfront rental payment equal to $3,000,000 to YET AGAIN. In addition to the Lease Payment, CCB will pay all taxes or fees which may be assessed or levied as a result of the leasing or operation of the Aircraft by CCB or the payment of the Lease Payment by CCB. CCB will be responsible for all costs of operating and maintaining the Aircraft during the Term, other than discretionary upgrades, capital improvements or refurbishment. CCMH intends to make the Aircraft available to Mr. PITTMAN for his business and personal use pursuant to the terms of his previously disclosed employment agreement with CCMH."
In addition to the jet, some compensation changes were reported, as the Executive Performance Subcommittee of the Compensation Committee of the board of directors of CCMH approved an additional bonus opportunity for CLEAR CHANNEL RADIO Pres./CEO JOHN E. HOGAN, "of between $0 and $1,000,000, based on criteria relating to operational performance during 2011 that will be established and approved by the Subcommittee at a later date."
The Subcommittee also approved an increase in the base salary of EVP/General Counsel ROBERT H. WALLS, JR., from $550,000 to $750,000, effective as of OCTOBER 1, 2011.