IHEARTMEDIA, INC. (OTCMKTS:IHRT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July3, 2017, iHeartMedia, Inc. (“iHeartMedia”) and Steven J. Macri, iHeartMedia’s Senior Vice President, Corporate Finance, entered into a first amendment (the “First Amendment”) to Mr.Macri’s employment agreement, dated as of October7, 2013 (as so amended, the “Employment Agreement”). to the First Amendment, the term of the Employment Agreement, which was previously scheduled to expire on October6, 2017, was extended through June30, 2018 and will be automatically extended from year to year unless (a)either iHeartMedia or Mr.Macri provides written notice of non-renewal or (b)the Employment Agreement is otherwise terminated in accordance with its terms. In addition, if Mr.Macri elects not to renew the Employment Agreement beyond June30, 2018, the First Amendment provides that iHeartMedia will pay him the same severance he would receive under the terms of the original Employment Agreement upon a termination of his employment without “cause” and not by reason of death or disability, his resignation for “good cause” or non-renewal of the Employment Agreement by iHeartMedia. The amount of this severance is equal to Mr.Macri’s current base salary for a period of twelve (12)months ($700,000), plus his target bonus amount for 2018 ($700,000), plus a pro-rata portion of Mr.Macri’s 2018 annual bonus, calculated based upon performance as of the termination date as related to overall performance at the end of the calendar year.
The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment incorporated by reference as Exhibit 10.1 hereto.
Item 5.02. Financial Statements and Exhibits.
(d) Exhibits.
The following documents are furnished herewith:
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ExhibitNo. |
Description |
| 10.1 | First Amendment to Employment Agreement, effective as of July3, 2017, between Steven J. Macri and iHeartMedia, Inc. (incorporated by reference to Exhibit 10.3 to Clear Channel Outdoor Holdings, Inc.’s Current Report on Form 8-K filed on July5, 2017). |
About IHEARTMEDIA, INC. (OTCMKTS:IHRT)
iHeartMedia, Inc. is a global media and entertainment company that specializes in broadcast and digital radio, out-of-home, mobile, and on-demand entertainment and information services for national audiences and local communities. The Company operates in three segments: iHeartMedia (iHM), Americas outdoor advertising (Americas outdoor) and International outdoor advertising (International outdoor). Its iHM segment provides media and entertainment services through broadcast and digital delivery and also includes its national syndication business. Its Americas outdoor and International outdoor segments provide outdoor advertising services in their respective geographic regions using various digital and traditional display types. Its other category includes its full-service media representation business, Katz Media Group, as well as other general support services. It has a Smartbike bicycle rental program that provides bicycles for rent to the general public in several municipalities.