SEC Contract Filing

Filing Date: 2022-09-21

Document Content:
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, iHeartMedia Management Services, Inc. (&#147;Company&#148;) and Michael McGuinness (&#147;Employee&#148;) entered into an Employment
Agreement effective September&nbsp;5, 2019, as amended on January&nbsp;1, 2021 (collectively, the &#147;Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
parties desire to amend the above-referenced Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged by the parties hereto, the parties enter into this Second Amendment to Employment Agreement (&#147;Second Amendment&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;This Second Amendment is effective upon complete execution by the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;Section 1 (Term of Employment) of the Agreement is amended to extend the initial Employment Period through June&nbsp;1, 2027. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;Section 2(a) (Title and Duties) of the Agreement is amended to change Employee&#146;s job title to Executive Vice President, Deputy
Chief Financial Officer, iHeartMedia, Inc. and Chief Financial Officer &#150; Multiplatform and Digital Segments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;Section 3(a)
(Base Salary) of the Agreement is hereby amended to increase the Base Salary to Eight Hundred Fifty Thousand Dollars ($850,000.00) effective as of September&nbsp;1, 2022. Base Salary shall be further increased to Nine Hundred Twenty-Five Thousand
Dollars ($925,000) effective on January&nbsp;1, 2024 and to Nine Hundred Seventy-Five Thousand Dollars ($975,000) effective on January&nbsp;1, 2026. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;Section 3(c) (Annual Bonus) of the Agreement is hereby amended to increase the bonus Target to 125% of Employee&#146;s Base Salary
effective as of September&nbsp;1, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;Section 8 (Compensation Upon Termination) of the Agreement shall be deleted in its
entirety and replaced by the following: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;8.&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION UPON TERMINATION </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Death. </B>Company shall, within thirty (30)&nbsp;days following the termination of Employee&#146;s
employment as a result of Employee&#146;s death, pay to Employee&#146;s designee or, if no person is designated, to Employee&#146;s estate, Employee&#146;s accrued and unpaid Base Salary and any unpaid prior year bonus, if any, through the date of
termination, the <FONT STYLE="white-space:nowrap">Pro-Rata</FONT> Bonus (as defined below) and any payments required under applicable employee benefit plans (including accrued vacation and unreimbursed business expenses). Except to the extent more
favorable treatment is set forth in the applicable award agreement, any long-term incentive awards granted to Employee following the date hereof, which are scheduled to vest in the then-current contract year shall accelerate and vest (and settle if
applicable), effective as of the date of such termination. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disability. </B>Company shall, within thirty (30)&nbsp;days following its termination of Employee&#146;s
employment as a result of Employee&#146;s Disability, pay all accrued and unpaid Base Salary and any unpaid prior year bonus, if any, through the termination date, the <FONT STYLE="white-space:nowrap">Pro-Rata</FONT> Bonus, and any payments required
under applicable employee benefit plans (including accrued vacation and </P></TD></TR></TABLE>
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