Golden Parachute Provides Cushy Landing For John Hogan

John Hogan

If indeed Chairman Emeritus John Hogan was pushed from his job at Clear Channel, the landing will be softened by what any current and former employee would envy.

In exchange for a separation agreement, Hogan will receive,  according to a filing with the SEC:

• $900,000, representing the amount previously earned by Hogan pursuant to a supplemental incentive plan with respect to 2012 performance
• Bonus of $77,250 for performance during 2013
• A pro-rated annual bonus with respect to the days he was employed during 2014
• The vesting of 93,076 restricted shares of Class A Common Stock of CCMH granted on October 22, 2012 will be accelerated and CCMH will repurchase 83,938 of such shares
• $333,000, representing the remaining amount earned pursuant to a supplemental incentive plan with respect to 2011 performance
• An “equity value preservation payment” equal to $1,027,355, paid in a lump sum payment
• A lump sum severance payment equal to $1,538,000
• Severance payment equal to $3,297,000, paid over 36 months; and a payment of $1,000,000, paid over 12 months, beginning on the first anniversary of the date of separation.
• Continued healthcare coverage for 36 months
• Continued secretarial services for 6 months
• $20,000 in outplacement services
• A housing allowance of $25,000 per month for up to 9 months, which amount is grossed up for certain applicable taxes;
• CCB also will pay up to $25,000 for Hogan’s reasonable legal fees