Key iHeartMedia Executives Receive A 'Retention Bonus', Pittman And Bressler In Line For $7M More In 'Incentives'

Bob Pittman

In an 8-K form filing with the SECURITIES AND EXCHANGE COMMISSION, iHEARTMEDIA unveiled bonus details for some executives. The Board "approved a form of retention bonus agreement and individual retention bonus amounts for certain senior managers, including three of iHEARTMEDIA’s named executive officers who will receive retention bonuses under the plan as follows: ROBERT W. PITTMAN, Chairman/Chief Executive Officer – $1,750,000; RICHARD J. BRESSLER, President/Chief Operating Officer/Chief Financial Officer – $1,750,000; and STEVEN J. MACRI, Senior Vice President/Corporate Finance – $750,000." 

The filing also noted that, "the Board of Directors also approved the 2017 Key Employee Incentive Plan, pursuant to which ROBERT W. PITTMAN and RICHARD J. BRESSLER will be eligible to earn an aggregate bonus of $7,000,000 and $3,000,000, respectively (each, a “Target Bonus”). The Incentive Plan will commence as of SUNDAY, JANUARY 1, 2017 and will continue until SUNDAY, DECEMBER 31, 2017. Each participant in the Incentive Plan will have the opportunity to earn (i) a quarterly performance bonus of 25% of the applicable Target Bonus for each quarter in 2017, depending upon the extent to which a quarterly performance goal based on the relevant metric (the “Quarterly Performance Goal”) has been achieved for such quarter, and (ii) in the second, third and fourth quarters of 2017, if the target Quarterly Performance Goal for that quarter is exceeded, a 'catch up' payment, depending upon the extent to which a cumulative performance goal based on the relevant metric (the 'Cumulative Performance Goal') has been achieved for the portion of the year through the end of such quarter."

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