Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 157

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 157
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 on achievement of specified stock price performance hurdles of $2.50, $3.25 and $4.25 during the four-year period, beginning on May 31, 2024, subject to additional service-based vesting conditions set forth in the applicable award agreement. The maximum number of shares that may be earned with respect to these PSUs is 100% of the PSUs granted. The PSUs are subject to accelerated vesting and distribution upon certain qualifying terminations and in connection with a change in control, as set forth in the applicable award agreement.PSUs, which are considered market-condition awards pursuant to ASC 260, are measured at the grant-date fair value based on a Monte Carlo simulation model as of the grant date. The following assumptions were used to calculate the fair value of the Company’s PSUs on the date of grant:Year Ended December 31,202420232022Expected volatility83.3%79.3%68.6%Risk-free interest rate4.5%3.7%2.8%Expected dividend yield—%—%—%

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the Company’s PSUs outstanding, assuming a 100% payout, at December 31, 2024, and related activity during the year: (Shares in thousands)Number of PSUsWeighted-Average Grant-Date Fair ValueOutstanding, January 1, 2024(1)6,813 $2.16 Granted(2)8,561 $1.47 Forfeited(3)(1,959)$2.52 Outstanding, December 31, 202413,415 $1.67 (1)Excludes PSUs granted to employees of discontinued operations.(2)The weighted-average grant-date fair value of the Company’s PSUs granted during 2024, 2023 and 2022 was $1.47, $1.62 and $2.69 per share, respectively.(3)Forfeitures include the PSUs granted in 2021 that were not earned based on the Company’s Relative TSR over the three-year performance period.Stock OptionsThe Company historically granted options to purchase shares of its common stock under its equity incentive plan, with exercise prices set at no less than the fair value of the underlying stock at the grant date. All outstanding options were fully