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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » Lump Sum Allowance

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

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 family’s 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.

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