Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 4, 2021, Michael McGuinness, Executive Vice President, Finance,
Deputy Chief Financial Officer and Head of Investor Relations of iHeartMedia,
Inc. (the "Company"), and the Company's subsidiary, iHeartMedia Management
Services, Inc., entered into an amendment, dated January 4, 2021 (the "First
Amendment") to Mr. McGuinness's Employment Agreement, dated September 5, 2019
(the "Original Employment Agreement"), effective January 1, 2021, to extend Mr.
McGuinness's initial term of employment through December 31, 2024. The First
Amendment also amends the Notice of Non-Renewal Period (as defined in the
Original Employment Agreement) to be the period between June 1st and July 1st
prior to the end of the then applicable employment period, increases Mr.
McGuinness's annual base salary to $725,000 and increases his target annual
bonus to 110% of his annual base salary.
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