Company: CCO
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001193125-25-077985
Chunk: 53

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 53
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 employment agreement. For Mr. Coleman, his severance entitlements were set forth in the December 2023 Coleman Employment Agreement and the Coleman Consulting Agreement (each as defined in the section below entitled “ Executive Compensation—Potential Post-Employment Payments”).

| Notice and Proxy Statement 2025  47 |

On August 5, 2024, the Compensation Committee adopted the Change in Control Severance Plan, which provides certain severance pay and benefits to eligible executives participating in the Change in Control Severance Plan (which includes Messrs. Wells, Dilger and Sailer, and Ms. Feldman) whose employment is terminated in certain situations following the occurrence of a change in control (as defined therein). Clear Channel Outdoor believes that the Change in Control Severance Plan and its other severance arrangements facilitate an orderly transition in the event of changes in management. For further information on severance payments and benefits (or notice or pay in lieu of notice), see the section below entitled “ Executive Compensation—Potential Post-Employment Payments”. TAX AND ACCOUNTING TREATMENT Deductibility of Executive Compensation Section 162(m) of the Code placed a limit of $1,000,000 on the amount of compensation Clear Channel Outdoor could deduct for Federal income tax purposes in any one year with respect to certain senior executives of Clear Channel Outdoor, which we referred to herein as the “Covered Employees.” The exemption from Section 162(m)’s deduction limit for performance-based compensation has been repealed, effective for taxable years beginning after December 31, 2018, such that compensation paid to Clear Channel Outdoor’s covered executive officers in excess of $1 million will not be deductible unless it qualifies for transition relief applicable to certain arrangements in place as of November 2, 2017. In reviewing the effectiveness of the executive compensation program, the Compensation Committee considers the anticipated tax treatment to Clear Channel Outdoor and to the Covered Employees of various payments and benefits. To maintain flexibility in compensating the NEOs in a manner designed to promote varying corporate goals, the Compensation Committee will not necessarily limit executive compensation to that which is deductible under Section 162(m) of the Code and has not adopted a policy requiring all compensation to be deductible. The Compensation Committee will consider various alternatives to preserving the deductibility of compensation payments and may award compensation that is not deductible to the extent consistent with its other compensation objectives. Accounting for Stock-Based Compensation Clear Channel Outdoor accounts for stock-based payments, including awards under the 2024 Plan