iHeartMedia 2010 Annual Report Download - page 168

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Exhibit 10.43
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 December 31, 2010.
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, 170,000 shares of Class A Common Stock, par value
$.001 per share (the “Shares”) from the Company at the price per share of $10.
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 and become exercisable with respect to
25% of the Option on each of the first, second, third and fourth anniversaries of the Grant Date.
(b) Termination of Employment.
(i) Notwithstanding any other provision of this Section 2 and subject to Section 2(c)(ii) below, automatically and
immediately upon the cessation of Employment, the then outstanding and unvested portion of the Option shall terminate.
(ii) Notwithstanding Section 2(c)(i), in the event the Optionee’s Employment is terminated by the Company without
Cause during the twelve (12) months following a Change of Control, 100% of the then outstanding and unvested portion of
the Option will vest and become exercisable in accordance with Section 3(a) below.
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