What is the primary purpose of the Retention and Completion Bonus Program?

The primary purpose of the program is to incentivize and retain key executive officers during the pending merger with SpectraSite, Inc., ensuring their continued commitment and contribution through the transaction's completion.

Who is eligible for the bonus program?

The program is designed for certain executive officers, including the Chief Financial Officer (Bradley E. Singer), President of American Tower International (J. Michael Gearon, Jr.), President of U.S. Tower Division (Steven J. Moskowitz), and General Counsel (William H. Hess). The CEO, James D. Taiclet, Jr., is explicitly excluded from this program.

What are the financial implications for the executives involved?

Eligible executives will see an increase in their base salaries and will receive one-time special cash bonuses upon the merger's consummation. Additionally, Steven J. Moskowitz will receive a stock option grant. These base salary increases will also result in a higher potential for annual cash bonuses.

When will these bonuses and salary increases take effect?

The salary increases and special bonuses are contingent upon the successful consummation of the merger with SpectraSite, Inc. The stock option for Mr. Moskowitz will also be granted upon the merger's completion.

AMT 8-K: Material Agreements

Summary

American Tower Corporation (AMT) has filed an 8-K report detailing a material definitive agreement concerning a retention and completion bonus program for certain executive officers in connection with the previously announced merger with SpectraSite, Inc. The program, approved by the Compensation Committee on June 23, 2005, will provide increased base salaries and one-time special bonuses for eligible employees, subject to the consummation of the merger. These adjustments are expected to impact target annual cash bonus potential as well, reflecting the importance of retaining key personnel through this significant corporate transaction. Notably, the CEO, James D. Taiclet, Jr., is not eligible for this specific program.

Key Highlights

1American Tower Corporation (AMT) announced a Retention and Completion Bonus Program for certain executives related to the SpectraSite merger.
2The program was approved by the Compensation Committee on June 23, 2005.
3Key executives, excluding the CEO, will receive increased base salaries and one-time special bonuses upon completion of the SpectraSite merger.
4Increased base salaries will also raise the target annual cash bonus potential for these executives.
5Specific bonus amounts include $300,000 for CFO Bradley E. Singer, $475,000 plus a stock option for Steven J. Moskowitz, and $200,000 for William H. Hess.
6The CEO, James D. Taiclet, Jr., is not eligible for this retention program.
7The filing references the ongoing merger process with SpectraSite, Inc., previously disclosed in earlier filings and a Form S-4 registration statement.

AMERICAN TOWER CORP /MA/ 8-K Report, Material Agreement (Jun 28, 2005)

Summary

Key Highlights

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