This excerpt taken from the CCO 8-K filed Jan 5, 2010.
These additional features enhance the relocation assistance provided under the standard Relocation Benefits package. The Enhanced Benefits are typically available for Executive level personnel upon written approval from the manager who heads the department against which the expenses will be charged.
The intent is that employees approved for the Enhanced Benefits will not incur any reasonable out-of-pocket expenses. Payment for any expenses in excess of this policy must be approved in writing by the head of the Division.
In addition to the standard Relocation Benefit package, the Enhanced Benefit package offers:
Lump Sum Allowance
A lump sum allowance of up to $15,000 (to be determined by the manager who will pay for the allowance) provides the employee with an up-front payment to cover typical out-of-pocket expenses associated with moving, such as deposits, auto registration, cleaning, temporary housing, home finding expenses (including travel), and so on. This allowance eliminates the need to submit receipts for reimbursements and more importantly, allows the employee to utilize the funds to best meet their familys needs. Any questions of interpretation should be discussed with the manager before additional expenses are incurred.
Keep in mind that if the employee is able to minimize expenses and the time to complete the move, any funds not utilized for these items is theirs to keep, provided the move is not canceled and they remain employed with Clear Channel.
Home Sale Assistance
Clear Channel is willing to partially offset the necessary expenses involved in the sale of the employees current home. These costs can vary greatly. The employee is expected to exercise good business judgment in the sale of the home. Do not accept charges or conditions that lead to excessive costs. If there is any doubt, the MMI Contact should be consulted.
The employee will be reimbursed for all reasonable selling expenses that are normally the responsibility of a home seller. Clear Channel does not cover any of the buyers closing costs. Any problems of interpretation should be discussed with the MMI Contact before a binding agreement is signed.
The employee will be reimbursed the following items for the sale of the current home: