For Pittman, Not Just Any Private Jet Will Do

Clear Channel Outdoor Holdings has just renewed CEO Robert Pittman's employment agreement. And that in itself is a little odd, according to Paul Hodgson at The Motley Fool.

It's not the $1.2 million salary, it's not even the $2.7 million in restricted shares. It's the specific mention of the make and model of the corporate aircraft to which Pittman will have access.

Hodgson been writing about pay and governance for more than 20 years and he writes he's never ever seen specific mention of the kind of corporate jet in a CEO employment agreement.

The Dassault-Breguet Mystere Falcon 900 clause

This is how the agreement terms it: "During the term of his employment, CCMH [Clear Channel] will make an aircraft (which, to the extent available, will be a Dassault-Breguet Mystere Falcon 900) available to Mr. Pittman for his business and personal use and will pay all costs associated with the provision of the aircraft."

According to Hodgson, the plane is not really a corporate jet, it's an airliner. It's bigger than most of the planes he's ever flown on, usually in the company with another 130 people.

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