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This excerpt taken from the CCO 8-K filed Jan 5, 2010. Relocation Policy This Relocation Policy has been designed to help managers relocate employees efficiently and cost-effectively, and to assist transferring employees and their families in relocating quickly, with minimum inconvenience. Please note that this policy assumes the employee is relocating at Clear Channel’s request. It is generally not appropriate to offer relocation benefits to an employee who is moving of their own volition, even if they are accepting a new job within the Clear Channel family at their new location. Additionally, expenses may vary depending on location and the distance we ask the employee to move, so these benefits should be considered a baseline that managers should use as a point of reference. There is no requirement to extend the full Relocation Benefit package to all relocating employees, and all expenses in excess of this policy must be approved in writing by the manager who heads the department against which the expenses will be charged. If you are asking an employee to relocate and would like information on relocation benefits in addition to those outlined in this policy, please contact Kimberly Wray, the Director of HR Services for Clear Channel Worldwide, at 210-832-3429. Clear Channel has partnered with Move Management, Inc. (MMI) to provide a relocation program to reduce normal move disruptions, and to help the employee get settled in a new home and job. The arrangement with MMI will provide substantial discounts in moving costs as well as other service benefits, and we recommend utilizing MMI for company-sponsored moves. They will supply your relocating employees with the information they need to make a smooth and orderly move, and will be your employee’s primary point of contact to deal with the numerous issues that inevitably arise during relocations. If MMI is used the appropriate Clear Channel representative in your division will contact MMI, not the moving company, to start the process and make sure we get the benefit of our negotiated discounts. Eligibility for the Relocation Benefits package must be approved in writing by the manager who heads the department against which the expenses will be charged. Please note the terms “family” and “immediate family” in this policy include domestic partners. Eligibility This policy is designed to facilitate the movement of transferring employees who are relocating from one location to another at the Company’s request. In order to be eligible for Clear Channel’s relocation policy and deductibility of certain relocation expenses, the relocation must meet the IRS distance and time test:
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