iHeartMedia 2010 Annual Report Download - page 149

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Exhibit 10.39
EXECUTIVE OPTION AGREEMENT
Optionee: JOHN HOGAN
This Option and any securities issued upon exercise of this Option are subject to restrictions on transfer and requirements of
sale and other provisions as set forth below.
CC MEDIA HOLDINGS, INC.
NON-QUALIFIED STOCK OPTION AGREEMENT
This stock option (the “Option”) is granted by CC Media Holdings, Inc., a Delaware corporation (the “Company”), to the
Optionee, pursuant to the Company’s 2008 Executive Incentive Plan (as amended from time to time, the “Plan”). For the purpose of
this Executive Option Agreement (the “Agreement”), the “Grant Date” shall mean July 30, 2008.
1. Grant of Option. The Agreement evidences the grant by the Company on the Grant Date to the Optionee of an option to
purchase, in whole or in part, on the terms provided herein and in the Plan, shares of Class A Common Stock, par value $.001 per
share (the “Shares”), as set forth below:
(a) 54148 Shares at $36.00 per Share (the “Tranche 1 Options”);
(b) 54148 Shares at $36.00 per Share (the “Tranche 2 Options”); and
(c) 54149 Shares at $36.00 per Share (the “Tranche 3 Options”).”
The Option evidenced by this Agreement is not intended to qualify as an incentive stock option under Section 422 of the Code.
2. Vesting.
(a) During Employment. During the Optionee’s Employment, this Option shall vest as follows:
(i) Tranche 1: The Tranche 1 Options will vest and become exercisable with respect to 20% of the Tranche 1 Options
on each of the first, second, third, fourth and fifth anniversaries of the Grant Date.
(ii) Tranche 2: The Tranche 2 Options will become eligible to vest (subject to achieving a 2.0x Return to Investor)
with respect to 20% of the Tranche 2 Options on each of the first, second, third, fourth and fifth anniversaries of the Grant
Date. Tranche 2 Options that are eligible to vest shall only vest and become exercisable upon the achievement of a
2.0x Return to Investor. Subject to the other terms and provisions of this Agreement and the Plan, Tranche 2 Options not
eligible to vest on the date a 2.0x Return to Investor is achieved, shall thereafter vest and become exercisable when they
become eligible to vest.
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