iHeartMedia 2011 Annual Report Download - page 109
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reimbursable expenses of $15.7 million, $17.1 million and $20.5 million, respectively.
As part of the employment agreement for the Company’s new Chief Executive Officer, the Company agreed to provide the Chief
Executive Officer an aircraft for his personal and business use during the term of his employment. Subsequently, a subsidiary of the
Company entered into a six-year aircraft lease with Yet Again Inc., a company controlled by the Chief Executive Officer, to lease an
airplane for use by the Chief Executive Officer in exchange for a one-time upfront lease payment of $3.0 million. The Company’s
subsidiary also is responsible for all related taxes, insurance, and maintenance costs
105