iHeartMedia 2002 Annual Report Download - page 169

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EXHIBIT B SUMMARY OF STOCK OPTION TERMS
The Executive has been granted and/or will be granted certain
non-qualified options to purchase shares of common stock on the terms and
conditions set forth in the applicable stock option plan under which they have
been and/or will be issued and in accordance with this summary subject to
Paragraph 8(d) of this Agreement:
o Options to purchase 202,500 shares of the Company’s common stock with an
exercise price of $27.20 per share were granted to the Executive; such
options will continue to be governed under the terms of the applicable
stock option plan under which they were issued, except if the Executive’s
employment is terminated for any reason, such options will be fully vested
on the date of such termination;
o Options to purchase 50,000 shares of the Company’s common stock with an
exercise price equal to $52.00 per share were granted to the Executive at
the October 27, 2000 meeting of the Company’s Board of Directors; such
options will be fully vested on the date of grant.
o Options to purchase 35,000 shares of the Company’s common stock with an
exercise price equal to $52.00 per share were granted to the Executive at
the October 27, 2000 meeting of the Company’s Board of Directors; such
options will be subject to a 3year cliff vesting schedule unless on or
before the vesting date the Executive’s employment is terminated by the
Company not for Cause or by the Executive for Good Reason whereupon such
options will be fully vested on the date of such termination.
o Options to purchase 150,000 shares of the Company’s common stock with an
exercise price equal to $52.00 per share were granted to the Executive at
the October 27, 2000 meeting of the Company’s Board of Directors;
one-third of such options will be subject to a 3-year cliff vesting
schedule; one-third of such options will be subject to a 4-year cliff
vesting schedule; and one-third of such options will be fully vested on
the expiration date of the Executive’s term of employment stated in
Paragraph 1 of this Agreement, unless on or before the vesting date the
Executive’s employment is terminated by the Company not for Cause or by
the Executive for Good Reason whereupon such options will be fully vested
on the date of such termination.
o Options to purchase 50,000 shares of the Company’s common stock with an
exercise price equal to $58.01 per share were granted to the Executive at
the February 13, 2001 meeting of the Company’s Board of Directors;
one-third of such options will be subject to a 3-year cliff vesting
schedule; one-third of such options will be subject to a 4-year cliff
vesting schedule; and one-third of such options will be fully vested on
the expiration date of the Executive’s term of employment stated in
Paragraph 1 of this Agreement, unless on or before the vesting date the
Executive’s employment is terminated by the Company not for Cause or by
the Executive for Good Reason whereupon such options will be fully vested
on the date of such termination.