Company: IHETW
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001400891-25-000022
Chunk: 48

Company: iHeartMedia, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 48
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 of their annual equity award:

u Performance over the long term;

u Performance during the prior year;

u Long-term potential;

u Retention considerations; and

u Market practices for comparable positions.

2024 Annual Long-Term Incentive Compensation Awards

On February 25, 2024, the Compensation Committee granted Messrs. Pittman and Bressler annual long-term incentive awards consisting of 35% Restricted Stock Units ("RSUs") and 65% Performance Stock Units ("PSUs"), a change from the 50% / 50% mix that was granted in 2023. The Compensation Committee believes the change for Messrs. Pittman and Bressler builds further alignment between executives' equity-based compensation awards and stockholder value creation. Our Deputy CFO Mr. McGuinness continued to receive a mix of 50% RSUs and 50% PSUs to balance a focus on performance with retention considerations, while reflecting competitive market practices. The PSUs consist of equally weighted Adjusted EBITDA and Cost Savings metrics, modified + / - 25% by Relative TSR. We believe that the mix of RSUs and PSUs helps to link compensation to the achievement of multi-year performance goals while simultaneously strengthening the alignment of management and stockholder interests by creating meaningful levels of Company stock ownership.

Restricted Stock Units

The RSUs are designed to promote executive retention and reinforce ownership in the company while promoting alignment with stockholder interests. These awards comprise 35% of the total long-term incentive award in 2024.

Performance Stock Units

The PSUs are designed to incentivize achievement of key financial and strategic priorities over a three-year performance period ending December 31, 2026. The two metrics associated with the standard PSUs - Adjusted EBITDA and one-year Cost Savings, modified + /- 25% by Relative TSR, are equally weighted and will be used to assess NEOs' performance for 50% of their overall long-term incentive awards. The Adjusted EBITDA and Cost Savings PSUs will be earned from 0% to 150% of target based on the achievement of discrete measures over the performance period, with any earned PSUs vesting on the third anniversary of the grant date. The Relative TSR modifier is based on three-year performance versus the constituents of the S&P U.S. BMI Media & Entertainment Index.

For Messrs. Pittman and Bressler only, the remaining 15% of the PSU awards for 2024 were tied to a debt performance goal and assessed