Business improved in 2010 and that meant bigger compensation packages for top executives at Clear Channel Communications. After a year of greatly reduced bonuses in 2009, they were pumped back up in 2010, according to a story at rbr.com.
As noted in our story at the time, potential incentive bonuses were also slashed, but the year was so bad that the brothers ended up receiving only $236,670 each, down from $4.5 million each in 2008.
What a difference was seen in 2010. The base salary for Mark Mays automatically jumped to $1 million. As EBITDA shot back up he received an incentive bonus of more than $2.6 million. Additional compensation, including personal use of the company aircraft, was over $1.4 million. The incremental fair value of the put right which Mays exercised last August to sell 200,000 shares of stock back to the company added $5.97 million to his 2010 compensation reported to the SEC. All in all, his 2010 compensation total was pegged at $11,049,749, which was up 1,137% from the 2009 total of $893,332.
Company founder and Chairman Emeritus Lowry Mays still has an employment contract with Clear Channel. He got an incentive bonus of $398K based on the company’s financial performance, in addition to his $250K base salary. Add in $223K of other compensation and his 2010 total was $871K.