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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » Because the former residence to the new work location distance is greater than the IRS 50-mile requirement, this is a qualifying move.

This excerpt taken from the CCO 8-K filed Jan 5, 2010.

Because the former residence to the new work location distance is greater than the IRS 50-mile requirement, this is a qualifying move.

The employee is eligible for relocation benefits for twelve (12) months from their effective start date at the new location. It is expected that the relocation, including the shipment of household goods, will be completed within this 12-month time frame.

If the employee voluntarily resigns their position or is terminated for cause within one (1) year after relocating to the new location, they will be required to reimburse Clear Channel for a portion of the relocation expenses paid by Clear Channel. The amount of the reimbursement will be prorated based on the number of months employed in the new assignment.

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