This excerpt taken from the CCO DEF 14A filed Apr 30, 2009.
The named executive officers were eligible to participate in the Clear Channel Communications, Inc. Nonqualified Deferred Compensation Plan in 2008. Under this plan, the named executive officers were able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. Matching credits on amounts deferred could have been made in Clear Channel Communications, Inc.s sole discretion. Participants in the plan allocated their deferrals and any matching credits among different investment options, the performance of which was used to determine the amounts to be paid to participants under the plan.
In connection with Clear Channel Communications, Inc.s merger with a subsidiary of CCMH on July 30, 2008, the Nonqualified Deferred Compensation Plan was terminated and all account balances were distributed to the participants. Following the merger, CCMH adopted a new Nonqualified Deferred Compensation Plan in which the named executive officers are eligible to participate. None of the named executive officers have elected to participate in the new plan for the year ended December 31, 2008.
The following table reflects nonqualified deferred compensation paid to the named executive officers under the Clear Channel Communications, Inc. Nonqualified Deferred Compensation Plan.