Document:

Letter Agreement - Jason A. Bates

 Exhibit 10.4 

			
	

	  	

 June 29, 2017 

Jason A. Bates 
 Address on file with Parkway, Inc. 

Dear Jason: 
 The purpose of this letter (the
“Letter Agreement”) is to set forth the agreement, by and between Canada Pension Plan Investment Board (the “Buyer”), Parkway, Inc. (the “Company”) and you, regarding your continued employment with
the Company and investment by you in the same equity securities received by Buyer and its affiliates in connection with the Agreement and Plan of Merger, dated June 29, 2017, among the Company, Real Estate Houston US Trust, Real Estate Houston
US, LLC, Parkway Properties LP and Real Estate Houston US LP (the “Merger Agreement,” and the transactions contemplated therein, the “Merger”). 

This Letter Agreement shall be deemed to have been executed as of the date first set forth above, but shall be effective only upon the
occurrence of the closing of the Merger (the “Closing”) in accordance with the Merger Agreement. Upon effectiveness, this Letter Agreement shall serve as an amendment to your Employment Agreement with the Company, dated
December 12, 2016 (the “Employment Agreement”), and your and Buyer’s respective obligations under this Letter Agreement are conditioned upon the occurrence of the Closing and your continued employment with the Company
through the Closing. In the event the Merger Agreement is terminated pursuant to its terms prior to Closing or your employment with the Company terminates for any reason prior to the Closing, then this Letter Agreement shall be null and void ab
initio and shall be of no force or effect. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Employment Agreement. 

1. Employment Terms. From and after the Closing, the terms and conditions of your employment will continue to be governed by the
Employment Agreement in accordance with its terms, except as set forth below: 
 (a) Term. Section 1(a) of the Employment
Agreement is amended in its entirety to read as follows: 
 The Executive shall be employed by the Company for the period commencing as of
the Effective Date and ending on the date that is the one (1) year anniversary of the Closing (as defined in the Agreement and Plan of Merger, dated June •, 2017, among Parkway, Inc., Real Estate Houston US Trust, Real Estate Houston US,
LLC, Parkway Properties LP and Real Estate Houston US LP (the “Merger Agreement,” and the transactions contemplated therein, the “Merger”)) (the “Term”). 

 (b) Annual Bonus. Section 3(b) of the Employment Agreement is amended in its
entirety to read as follows: 
 In addition to the Base Salary, during the Term, the Executive shall be entitled to receive an annual bonus
(the “Annual Bonus”) with a target Annual Bonus opportunity of 85% of Base Salary (the “Target Bonus”) payable upon the earlier of (i) the expiration of the Term and (ii) the termination of the
Executive’s employment by the Company without Cause or by the Executive for Good Reason in an amount equal to (x) the Target Bonus multiplied by (y) a fraction, the numerator of which is the number of calendar days elapsed from the
date immediately following the date of the Closing through the date of the expiration of the Term or the termination of the Executive’s employment and the denominator of which is 365. 

(c) 2018 Long Term Incentive Award. (i) The first sentence of Section 3(c) of the Employment Agreement is amended in its
entirety to read as follows: 
 Notwithstanding anything to the contrary in this Agreement, during the Term, the Executive shall not be
eligible or entitled to receive an annual or any other grant of any equity-based compensation awards. 
 (ii) Section 3(c)(2) of the
Employment Agreement is deleted in its entirety. 
 (d) Good Reason Waiver. Section 5(a)(4) of the Employment Agreement is
amended to add the following to the end thereof: 
 Notwithstanding the foregoing or any other provision of this Agreement to the contrary,
the Executive shall not have “Good Reason” to terminate his employment with the Company as a result of the (x) the Merger, or (y) the terms of the Letter Agreement among the Company, Canada Pension Plan Investment Board and the
Executive dated as of June 29, 2017 (including, without limitation, not being granted a 2018 annual equity-based award following the Closing and waiving severance benefits other than payment of the CIC Cash as described below). 

(e) Termination Payment and Change in Control Cash Payment. Section 6(c) of your Employment Agreement is amended to add the
following after the third sentence thereof: 
 Notwithstanding the foregoing or any other provision of this Agreement to the contrary, on the
Closing, in lieu of the CIC Cash payment described in clauses (i) through (iv) above, the Executive will be entitled to receive a CIC Cash payment equal to the sum of: (i) 2.0 times the sum of the Executive’s (x) current
Base Salary and (y) current Target Bonus; and (ii) a pro-rated Target Bonus in respect of 2017 equal to the 

 
Executive’s Target Bonus multiplied by a fraction, the numerator of which is the number of calendar days elapsed from January 1, 2017 through the date of the Closing and the denominator
of which is 365, in each case, provided that the Executive remains employed by the Company through the date immediately preceding the date of the Closing, the total amount of which is set forth on Exhibit 1. Upon any subsequent termination of
employment during the Term, the Executive will not be eligible or entitled to receive any additional termination or severance payments or benefits under this Agreement except as mutually agreed to by the parties. The payment of the pro-rata Target
Bonus is in respect of 2017 will satisfy the payment of the Executive’s Annual Bonus in respect of 2017 in full. 
 2. Treatment of
Equity Awards. Unless otherwise agreed in writing by the Buyer and you, and notwithstanding any provision of the Employment Agreement or any equity plan or award agreement to the contrary, all of your equity-based compensation awards (including
your options, restricted stock, RSUs and LTIP units, if any) that are outstanding as of the Closing (collectively, the “Equity Awards”) will, to the extent unvested, vest in full (with performance-based awards vesting based on
actual performance as set forth on Exhibit 1) and will be cashed out at the Closing in accordance with the Merger Agreement. The number of your Equity Awards that will be vested and cashed out at the Closing in accordance with Merger Agreement is
set forth on Exhibit 1 hereto. 
 3. Re-Investment. 

(a) You agree to reinvest, directly or indirectly, immediately following the Closing, 100% of the after-tax proceeds you receive from the
Equity Awards being cashed out on the Closing (your “Re-Investment Amount”) on a pari passu basis in the same equity securities received by Buyer and its affiliates and other equity co-investors (if any) in the acquisition
vehicle (the “Acquisition Vehicle”) in consideration of their equity contributions in connection with the Merger. You further agree that, to the extent your Re-Investment Amount, together with the aggregate amounts reinvested by
each of Mr. Heistand, Mr. Lipsey and Mr. Francis in respect of 100% of the after-tax proceeds they receive from their outstanding equity awards as of the Closing, is less than the amount needed to purchase 1% of the equity securities
of the Acquisition Vehicle as of the Closing (the “Shortfall”), you will invest an additional cash amount, directly or indirectly, in the Acquisition Vehicle equal to your pro-rata portion of the Shortfall. Your pro-rata portion of
the Shortfall will be equal to the product of (i) the Shortfall and (ii) a fraction, the numerator of which is your Re-Investment Amount and the denominator of which is the sum of your Re-Investment Amount and the aggregate amounts
reinvested by each of Mr. Heistand, Mr. Lipsey and Mr. Francis in respect of 100% of the after-tax proceeds they receive from their outstanding equity awards as of the Closing. Notwithstanding the foregoing, the parties agree to
negotiate in good faith and use commercially reasonable efforts to structure the re-investment in a tax deferred manner in accordance with applicable law. 

(b) You will be entitled to redeem all of your equity securities in the Acquisition Vehicle at the original cost paid by you for such equity
securities on the expiration of the Term (as defined in the Employment Agreement, as amended by this Letter Agreement) or the termination of your employment by the Company for any reason prior to the end of the Term. 

 (c) The Company will be entitled to call all of your equity securities in the Acquisition
Vehicle at the original cost paid by you for such equity securities on the expiration of the Term or the termination of your employment by the Company for any reason prior to the end of the Term. After the expiration of the Term, the parties agree
to negotiate a call right in good faith. 
 4. Miscellaneous. Except as specifically and expressly amended herein, the Employment
Agreement shall remain in full force and effect in accordance with its terms. This Letter Agreement will be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law
rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. This Letter Agreement may be executed and delivered in any number of
counterparts (including via facsimile and .pdf format) and each such counterpart shall be deemed to be an original, but all such counterparts together shall constitute one and the same instrument. This Letter Agreement may only be amended or
modified in a written instrument signed by each of the parties hereto. 
 We look forward to working with you. If you agree that this letter
correctly memorializes our understandings, please sign and return this letter, which will become a binding agreement on our receipt. 

*            *           
 *            * 

  

					
	 Sincerely,
  

Canada Plan Pension Investment Board

		
	By:	 	/s/ Peter Ballon
		 	Name:	 	Peter Ballon
		 	Title:	 	Authorized Signatory
		
	By:	 	/s/ Graeme Eadie
		 	Name:	 	Graeme Eadie
		 	Title:	 	Authorized Signatory

  

					
	 Accepted and Agreed:
  

Parkway, Inc.

		
	By:	 	/s/ A. Noni Holmes-Kidd
		 	Name:	 	A. Noni Holmes-Kidd
		 	Title:	 	Vice President and General Counsel

  

	
	/s/ Jason A. Bates
	Jason A. Bates

 Date: June 29, 2017 

[Signature Page for Letter Agreement] 

 EXHIBIT 1 
  

																	
	 	  	 	 	  	Equity Awards	 
	 Executive
	  	CIC Cash1	 	  	TRSUs	 	  	PRSUs	 	  	Options	 
	 Jason A. Bates
	  	$	1,632,021	 	  	 	20,690	 	  	 	37,308	 	  	 	N/A	 

  

	1 	Amounts assume a Closing date of October 7, 2017 for the pro-rated Target Bonus in respect of 2017 described in paragraph 1(e) of this Letter Agreement and will be recalculated to reflect the actual Closing date if
such date is not October 7, 2017.EX-10.1

 Exhibit 10.1 

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 

2012 AMENDED AND RESTATED STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”), made as of this “grant date, DD” day of
“grant date, MM” , “grant date, YYYY” (the “Grant Date”) by and between Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the “Company”), and “participant
name” (the “Grantee”), evidences the grant by the Company of an award of restricted stock units (the “Award”) to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the
provisions of the Clear Channel Outdoor Holdings, Inc. 2012 Amended and Restated Stock Incentive Plan, as it may be amended from time to time (the “Plan”). All capitalized terms not defined herein shall have the meaning ascribed to
them as set forth in the Plan. The Company and the Grantee agree as follows: 
 1. Grant of Award. Subject to the terms and
conditions set forth herein and in the Plan, the Company hereby grants to the Grantee the Award, giving the Grantee the conditional right to receive “Shares granted” shares of Class A Common Stock of the Company (the
“Shares”). 
 2. Vesting. Except as otherwise provided in this Agreement, the Award will vest with respect to 100%
of the Shares on the [            ] anniversary of the Grant Date (the “Vesting Date”); provided, that, the Grantee is still employed by or providing services to the
Company on the Vesting Date. 
 3. Payment of Award. The Company shall, as soon as practicable upon the vesting of the Award (but in
no event later than the date that is 2 1/2 months after the Award becomes vested), issue (if necessary) and transfer to the Grantee the Shares with respect to such vested Award, and shall deliver to the Grantee or have deposited in the
Grantee’s brokerage account with the Company’s transfer agent or designated third-party administrator such Shares, at the Grantee’s election either electronically or represented by a certificate or certificates therefor, registered in
the Grantee’s name. No Shares will be issued pursuant to this Award unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction of the Company. 

4. Termination of Employment. 

(a) If the Grantee’s employment or service is terminated due to death and such death occurs before this Award is vested in
full, this Award shall automatically vest in full. 
 (b) If the Grantee’s employment or service is terminated due to
Disability (as defined herein) or Retirement (as defined herein) and such Disability or Retirement, as the case may be, occurs prior to the date this Award is vested in full, for purposes of this Agreement only, the Grantee shall be treated, as if
his employment or service continued with the Company until the date this Award would have vested in full under Section 2 

 
(the “Extension Period”) and the Award will vest in accordance with the schedule set forth in Section 2; provided, that, if the Grantee dies during the Extension Period and
the Restricted Stock has not otherwise been forfeited in accordance with this Agreement, this Award shall automatically vest in full on the date of death; provided further, that notwithstanding any other provision of this Agreement or the Plan to
the contrary, including, without limitation, Section 3, to the extent that this Award becomes vested in accordance with this Section 4(b), payment of the Award shall in no event be later than the date that is 2 1/2 months after the date
the Award becomes vested under this Section 4(b) in accordance with the schedule set forth in Section 2 (with each payment deemed a separate installment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), to the extent such section of the Code is applicable). 
 For purposes of this Agreement,
“Disability” shall mean (i) if the Grantee’s employment or service with the Company is subject to the terms of an employment or other service agreement between such Grantee and the Company, which agreement includes a
definition of “Disability”, the term “Disability” shall have the meaning set forth in such agreement; and (ii) in all other cases, the term “Disability” shall mean a physical or mental
infirmity which impairs the Grantee’s ability to perform substantially his or her duties for a period of one hundred eighty (180) consecutive days. 

For purposes of this Agreement, “Retirement” shall mean the Grantee’s resignation from the Company on or after the date
on which the sum of his/her (i) full years of age (measured as of his/her last birthday preceding the date of termination of employment or service) and (ii) full years of service with the Company (or any parent or subsidiary) measured from
his date of hire (or re-hire, if later), is equal at least seventy (70); provided, that, the Grantee must have attained at least the age of sixty (60) and completed at least five (5) full years of service with the Company (or any parent or
subsidiary) prior to the date of his/her resignation. Any disputes relating to whether the Grantee is eligible for Retirement under this Agreement, including, without limitation, years’ of service, shall be settled by the Committee in its sole
discretion. 
 (c) If the termination of the Grantee’s employment or service is for any other reason, then the Award, to
the extent unvested at such time, shall be immediately forfeited without consideration and the Grantee shall have no further rights to the Award hereunder. The Grantee’s status as an employee or other service-provider shall not be considered
terminated in the case of a leave of absence agreed to in writing by the Company (including, but not limited to, military and sick leave); provided, that, such leave is for a period of not more than three months or re-employment or re-engagement
upon expiration of such leave is guaranteed by contract or statute. 
 (d) Notwithstanding any other provision of this
Agreement or the Plan to the contrary: 
 (i) If it is determined by the Committee that the Grantee engaged (or is engaging
in) any activity that is harmful to the business or reputation of the Company (or any parent or subsidiary), including, without limitation, any “Competitive Activity” (as defined below) or conduct prejudicial to or in conflict

  
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with the Company (or any parent or subsidiary) or any material breach of a contractual obligation to the Company (or any parent or subsidiary) (collectively, “Prohibited Acts”),
then, upon such determination by the Committee, the Award to the extent unvested at such time shall be forfeited without consideration. 

(ii) If it is determined by the Committee that the Grantee engaged in (or is engaging in) any Prohibited Act where such
Prohibited Act occurred or is occurring within the one (1) year period immediately following the vesting of the Award, the Grantee agrees that he/she will repay to the Company any gain realized on the vesting of the Award (such gain to be
valued as of the Vesting Date based on the Fair Market Value (as defined in Section 5.2 of the Plan) of the Shares vesting on the Vesting Date). Such repayment obligation will be effective as of the date specified by the Committee. Any
repayment obligation must be satisfied in cash or, if permitted in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the gain realized upon vesting of such portion of the Award. The Company is
specifically authorized to off-set and deduct from any other payments, if any, including, without limitation, wages, salary or bonus, that it may own the Grantee to secure the repayment obligations herein contained. 

The determination of whether the Grantee has engaged in a Prohibited Act shall be determined by the Committee in good faith and in its sole
discretion. 
 For purposes of this Agreement, the term “Competitive Activity” shall mean the Grantee, without the prior
written permission of the Committee, anywhere in the world where the Company (or any parent or subsidiary) engages in business, directly or indirectly, (i) entering into the employ of or rendering any services to any person, entity or
organization engaged in a business which is directly or indirectly related to the businesses of the Company or any parent or subsidiary (“Competitive Business”) or (ii) becoming associated with or interested in any Competitive
Business as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor or in any other relationship or capacity other than ownership of passive investments not exceeding 1% of the vote
or value of such Competitive Business. 
 (e) The term “Company” as used in this Agreement with reference to
the employment or service of the Grantee shall include the Company and its parent and subsidiaries, as appropriate. 
 5. Change in
Control. In the event that within twelve (12) months following the occurrence of a Change in Control (as defined herein) of the Company, the Grantee’s employment or service relationship with the Company is terminated by the Company
without Cause (as defined herein) and other than due to the Grantee’s death or Disability, then the Award, to the extent unvested at such time, shall immediately vest. For the purposes hereof, the term “Change in Control” of
the Company shall mean a transaction or series of transactions that constitutes an “Exchange Transaction” within the meaning of the Plan (or such other event involving a change in ownership or control of the business or assets of
the Company as the Board, acting in its sole discretion, may determine) but only to the extent such transaction or 

  
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series of transactions constitutes a change in control pursuant to Section 409A of the Code and the regulations promulgated thereunder. For the avoidance of doubt, the determination of
whether a transaction or series of transactions constitutes an Exchange Transaction within the meaning of the Plan shall be determined by the Board, acting in its sole discretion. For purposes hereof, “Cause” shall have the meaning
ascribed to such term in any employment agreement or other similar agreement between the Grantee and the Company or any of its subsidiaries, or, if no such agreement exists, or if there are multiple such agreements and the provisions of such
agreements conflict, means (a) the Grantee’s failure to perform (other than by reason of Disability), or material negligence in the performance of, his or her duties and responsibilities to the Company or any of its affiliates;
(b) material breach by the Grantee of any provision of this Agreement or any employment or other written agreement; or (c) other conduct by the Grantee that is materially harmful to the business, interests or reputation of the Company or
any of its affiliates. 
 6. Withholding. The Grantee agrees that no later than the Vesting Date, the Grantee shall pay to the
Administrator (or at the option of the Company, to the Company) such amount as the Company deems necessary to satisfy its obligation to withhold federal, state or local income or other taxes incurred with respect to the Award. The Grantee may elect
to pay to the Administrator (or at the option of the Company, to the Company) an amount equal to the amount of the taxes which the Company shall be required to withhold by delivering to the Administrator (or at the option of the Company, to the
Company), cash, a check or at the sole discretion of the Company, shares of Common Stock having a Fair Market Value equal to the amount of the withholding tax obligation as determined by the Company. 

7. Section 409A. 

(a) It is the intent of the Company that the payments and benefits under this Agreement shall comply with, or be exempt from,
Section 409A of the Code and applicable regulations and guidance thereunder (collectively, “Section 409A”) and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with, or be
exempt from, Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Grantee by Section 409A or for any damages for failing to comply with Section 409A.

 (b) For purposes of Section 409A and to the extent Section 409A is applicable to any payment hereunder,
Grantee’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

(c) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,
“payment shall be made within 2 1/2 months following the date specified in Section 2”), the actual date of payment within the specified period shall be within the Company’s sole discretion. 

(d) If Grantee is deemed on the date of termination to be a “specified employee” within the meaning of
Section 409A(a)(2)(B) of the Code, any amounts to which Grantee is entitled under this Agreement that constitute “non-qualified deferred 

  
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compensation” payable on “separation from service” under Section 409A and would otherwise be payable prior to the earlier of (i) the 6-month anniversary of
the Employee’s date of termination and (ii) the date of the Employee’s death (the “Delay Period”) shall instead be paid in a lump sum immediately upon (and not before) the expiration of the Delay Period to the extent
required under Section 409A. 
 8. Rights as a Stockholder. No Shares shall be issued under this Award until payment of the
applicable tax withholding obligations have been satisfied or provided for to the satisfaction of the Company, and the Grantee shall have no rights as a stockholder with respect to any Shares covered by this Award until such shares are duly and
validly issued by the Company to or on behalf of the Grantee. 
 9. Non-Transferability. This Award is not assignable or transferable
except upon the Grantee’s death to a beneficiary designated by the Grantee in a manner prescribed or approved for this purpose by the Committee or, if no designated beneficiary shall survive the Grantee, pursuant to the Grantee’s will or
by the laws of descent and distribution. 
 10. Limitation of Rights. Nothing contained in this Agreement shall confer upon the
Grantee any right with respect to the continuation of his employment or service with the Company, or interfere in any way with the right of the Company at any time to terminate such employment or other service or to increase or decrease, or
otherwise adjust, the compensation and/or other terms and conditions of the Grantee’s employment or other service. 
 11. Securities
Representations. The Grantee agrees, by acceptance of this Award, that, upon issuance of any Shares hereunder, that, unless such Shares are then registered under applicable federal and state securities laws, (i) acquisition of such Shares
will be for investment and not with a view to the distribution thereof, and (ii) the Company may require an investment letter from the Grantee in such form as may be recommended by Company counsel. The Company shall in no event be obliged to
register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to the issuance or transfer of Shares pursuant to this Award to comply with any law or
regulation of any governmental authority. 
 12. Notice. Any notice to the Company provided for in this Agreement shall be addressed
to it in care of its Secretary at its executive offices at Clear Channel Outdoor Holdings, Inc., 200 East Basse Road, San Antonio, Texas 78209-8328, and any notice to the Grantee shall be addressed to the Grantee at the current address shown on the
payroll records of the Company. Any notice shall be deemed to be duly given if and when properly addressed and posted by registered or certified mail, postage prepaid. 

13. Incorporation of Plan by Reference. This Award is granted pursuant to the terms of the Plan, the terms of which are incorporated
herein by reference, and this Award shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement and its interpretations and determinations shall be conclusive and binding
on the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. In the event of a conflict or inconsistency between the 

  
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terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

14. Governing Law. This Agreement and the rights of all persons claiming under this Agreement shall be governed by the laws of the
State of Delaware, without giving effect to conflicts of laws principles thereof. 
 15. Miscellaneous. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and may not be
modified other than by written instrument executed by the parties. The issuance of the Awards or unrestricted Shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal
and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation
applicable thereto. The Company shall not be obligated to issue any Shares pursuant to this Agreement if any such issuance would violate any such requirements. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original, but all of which shall constitute one and the same instrument. 
 16. Consent. By signing this Agreement, the
Grantee acknowledges and agrees that: 
 (a) The Company and the Company’s affiliates are permitted to hold and process
personal (and sensitive) information and data about the Grantee as part of its personnel and other business records and may use such information in the course of such entity’s business. 

(b) In the event that disclosure is required for the proper conduct of the business (as determined by the Company and the
Company’s affiliates), the Company and the Company’s affiliates may disclose the information referenced in Section 16(a) to third parties, including when such entities are situated outside the European Economic Area. 

(c) This Section 16 applies to information held, used or disclosed in any medium. 

  
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 IN WITNESS WHEREOF, the Company has caused this Award to be executed under its corporate seal by its duly
authorized officer. This Award shall take effect as a sealed instrument. 
  

							
		 		 	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  

							
		 		 	 Dated: “acceptance date”

Acknowledged and Agreed
 “Electronic
Signature”
 Name: “Participant Name”

Address of Principal Residence:

			
		 		 	 
		 		 	 

  
 Signature Page to
Restricted Stock Unit Award Agreement

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