Company: IHETW
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001400891-25-000022
Chunk: 58

Company: iHeartMedia, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 58
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 achievement of the performance goals as determined at the date of grant, which was determined to be the target level of performance in each case.

For the portion of PSU awards granted in 2024 tied to the Relative TSR modifier, the grant date fair value included in the "Stock Awards" column above is calculated based on the Monte Carlo simulation model, which incorporated the following significant inputs; (i) the stock price on the date of grant; (ii) the performance period for the award which is February 25, 2024 to December 31, 2026; (iii) a risk-free interest rate derived from the U.S. Department of Treasury constant maturities yields on the grant date as reported in the H.15 Federal Reserve Statistical Release commensurate with the remaining length of the performance period; (iv) a dividend yield of 0% because the Company does not pay dividends; (v) the stock price volatility of the Company and each company in the S&P U.S. BMI Media & Entertainment Index over the time horizons matching the performance periods; and (vi) the starting TSR was calculated for the Company and each of the S&P U.S. BMI Media & Entertainment Index component companies based on closing prices on the grant date compared to the average closing prices over the 20 trading days immediately preceding the first day of the performance period.

The following table presents the fair value assumptions used in the valuation of the PSUs tied to Relative TSR performance granted during the fiscal year ended December 31, 2024:

| February 25, 2024                                        |     | Grant Date |       |   |
|:---------------------------------------------------------|:----|:-----------|------:|:--|
| Closing Price                                            |     | $          |  2.32 |   |
| Risk Free Rate                                           |     |            |   4.5 | % |
| Dividend Yield                                           |     |            |     — | % |
| Volatility                                               |     |            |  26.0 | % |
| Initial TSR Performance                                  |     |            | -12.5 | % |
| Fair Value per share based on the Monte Carlo Simulation |     | $          |  2.64 |   |

The highest level of performance that may be achieved for these PSUs is 120% of the target. The grant date fair values for the PSUs granted in February 2024 to Messrs. Pittman, Bressler and McGuinness (assuming performance at the maximum level