Company: CCO
Filing Date: 2025-01-10
Form Type: 8-K
Source: 0001193125-25-004043
Chunk: 2

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-01-10
Form: 8-K
Item: Item 1.01
Chunk 2
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24-month non-competeundertaking with respect to the territories where the Target and its subsidiaries operate and a24-month non-solicitundertaking with respect to certain senior employees of the Target and its subsidiaries. These undertakings are subject to customary carve-outs and will not apply to any third-party purchaser that acquires the Seller or any of its affiliates in the future. The Purchaser has agreed to provide the Seller with a reciprocal24-month non-competewith respect to certain territories and a reciprocal 18-month non-solicitwith respect to certain senior employees of the Seller and its affiliates. These undertakings are subject to equivalent customary carve-outs.

Termination

The Share Purchase Agreement will automatically terminate if receipt of any regulatory clearance or approval of the transaction by a relevant antitrust authority is not obtained by the Outside Termination Date (or the Extended Outside Termination Date, if applicable), if any such antitrust authority prohibits the transaction prior to such date, or if the Purchaser determines that it does not wish to accept or agree to any condition, obligation, or reservation required by any such antitrust authority in order for it to give the relevant regulatory clearance or approval. If the Share Purchase Agreement is automatically terminated because of these events, the Purchaser will be obligated to pay to the Seller a cash termination fee equal to $20.0 million within fifteen business days following the date of such termination.

In addition, the Purchaser is entitled to terminate the Share Purchase Agreement in the event that the Seller or its subsidiaries take certain specified actions (including a disposal of assets of the Target and its subsidiaries) in violation of the Share Purchase Agreement and which results in a reduction of greater than $10.0 million in the value of the Target’s shares, as confirmed by an independent third party.

Governing Law

The Share Purchase Agreement is governed by, and shall be construed in accordance with, the laws of England and Wales.

The foregoing summaries of the Share Purchase Agreement and the transaction do not purport to be complete and are qualified in their entirety by the terms and conditions of the Share Purchase Agreement, a copy of which is attached as Exhibit 2.1 hereto and is incorporated herein by reference.

The Share Purchase Agreement and the foregoing description thereof are not intended to provide any other factual information about the Company or the parties to such agreement. The representations, warranties, undertakings, and covenants contained in the Share Purchase Agreement were made only as of specified dates for the purposes of such agreement, were solely for the benefit of