Document:

dais_ex101.htm

EXHIBIT 10.1

 

DAIS ANALYTIC CORPORATION

11552 PROSPEROUS DRIVE

ODESSA, FL 33556

June 15, 2012

Platinum-Montaur Life Sciences LLC

152 West 57th Street, 4th Floor

New York, New York 10019

Ladies and Gentlemen:

 

On March 22, 2011 Dais Analytic Corporation (the “Company”) delivered to Platinum-Montaur Life Sciences, LLC (“Platinum”): (i) the Amended and Restated Convertible Promissory Note dated March 22, 2011 from the Company to Platinum in the original principal amount of $1,000,000 (the “Amended and Restated Note”), and (ii) the Secured Convertible Promissory Note dated March 22, 2011 from the Company to Platinum in the original principal amount of $1,500,000 (as amended, the
“Secured Note” and, together with the Amended and Restated Note, collectively the “Notes”). In connection with the execution and delivery of the Secured Note, on March 22, 2011 the Company executed and delivered to Platinum the Patent Security Agreement between the Company and Platinum (as amended, including, without limitation, as amended by that certain Letter dated June 1, 2012 from Platinum to the Company regarding Schedule I thereto, the “Patent Security Agreement”).

 

On May 18, 2012, Platinum delivered to the Company a notice of default under the Notes for the Company’s failure to pay the principal of and accrued interest on the Notes when due and payable thereunder (the “Existing Defaults”).  In accordance with its rights as a secured creditor, Platinum subsequently delivered to the Company, on June 4, 2012, a Notification of Disposition of Collateral (the “Disposition Notification”) pursuant to the Uniform Commercial Code of the State of New York (the
“UCC”) and the Patent Security Agreement.

 

The Company hereby requests that Platinum take no action in respect of such Existing Defaults against the Company, whether under the Notes or otherwise, including without limitation disposing or selling any Collateral (as defined in the Patent Security Agreement) until the earlier of (i) July 15, 2012, or (ii) the termination of the Forbearance Period pursuant to Section 7 hereof (such period, the “Forbearance Period”), it being understood and agreed that, upon termination of the Forbearance Period and at any time thereafter, Platinum shall be entitled, at its discretion, to (i) dispose of the Collateral (as defined in the Patent
Security Agreement) in the manner set forth in the Disposition Notification, and (ii) exercise any and all rights and remedies available to Platinum in respect of the Existing Defaults as a secured creditor of the Company, including without limitation, those rights and remedies under the Notes and the Patent Security Agreement.  For the avoidance of doubt, the Company acknowledges that it has received notice of the disposition of the Collateral within a reasonable time prior to any potential disposition (to the extent the same occurs on or after termination of the Forbearance Period) for purposes of Section 9-612 of the UCC.

 

  

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As an inducement to Platinum agreeing not to take any action against the Company or the Collateral as requested above until the expiration of the Forbearance Period, the Company hereby represents, warrants and covenants as follows:

 

1. No Duress.  The Company has freely and voluntarily proposed this letter agreement with Platinum (this “Letter Agreement”) after an adequate opportunity to review and discuss the terms and conditions and all factual and legal matters relevant hereto with counsel freely and independently chosen by it and this Letter Agreement is being executed without fraud, duress, undue influence or coercion of any kind or nature whatsoever having been
exerted by or imposed upon any party.

 

2. Amount Due; Validity of Agreements. The Company does not contest the amounts outstanding under the Notes as set forth on Schedule A hereto (the “Outstanding Amount”).   The Company ratifies and confirms its obligations under the Notes, the Exchange Agreement (as defined in the Notes), the Patent Security Agreement, and all related instruments and agreements delivered to
Platinum in connection therewith (collectively, the “Loan Documents”), and acknowledges and agrees that Platinum has a perfected, enforceable first lien on the Collateral securing the Obligations (as defined in the Patent Security Agreement), and further acknowledges and agrees that Platinum has a continuing security interest in all Collateral acquired in the future by the Company.

 

3. Interest. In consideration for the forbearance by Platinum on the terms hereof, the Company agrees that interest on the Notes accruing on and after June 14, 2012 shall accrue at the rate of twenty percent (20%) per annum.

 

4. Legal Fees. The Company shall pay to Platinum the sum of Fifteen Thousand Dollars ($15,000) for legal fees incurred by Platinum in connection with enforcement and collection of the Notes (such sum, the “Legal Fees”).  The Legal Fees shall be added to the principal amount of the Secured Note, and the Company’s obligation to pay the Legal Fees shall be secured by the Collateral.  The Company hereby grants Platinum a security
interest in the Collateral to secure the Company’s obligation to pay the Legal Fees.  Upon execution and delivery hereof by the Company, the Legal Fees shall be added to and included within the definition of “Obligations” under the Patent Security Agreement.

 

5. No Defenses. Neither the Company nor any officer, director, employee, attorney, member, manager, legal representatives or affiliates of the Company (collectively, the “Company Group”) has any defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, or causes of action of any kind or nature whatsoever against Platinum, its officers, directors, employees, attorneys, members, managers, legal
representatives or affiliates (collectively, the “Platinum Group”), directly or indirectly, arising out of, based upon, or in any manner connected with, any transaction, event, circumstance, action, failure to act, or occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted, or began prior to the execution of this Letter Agreement and accrued, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of the Notes or any of the terms or conditions of the Loan Documents, or which directly or indirectly relate to or arise out of or in any manner are connected with the Notes or any of the Loan Documents, the various stock purchase warrants issued by the Company to Platinum (as amended), and other securities of the Company issued to Platinum
and agreements and instruments relating thereto (all of such documents and instruments, collectively the “Transaction Document”).  TO THE EXTENT ANY SUCH DEFENSES, AFFIRMATIVE OR OTHERWISE, RIGHTS OF SETOFF, RIGHTS OF RECOUPMENT, CLAIMS, COUNTERCLAIMS, OR CAUSES OF ACTION EXIST AGAINST THE PLATINUM GROUP, THE COMPANY, ON BEHALF OF ITSELF AND THE COMPANY GROUP, HEREBY FOREVER WAIVES, DISCHARGES AND RELEASES ALL SUCH DEFENSES, RIGHTS, CLAIMS, COUNTERCLAIMS, AND CAUSES OF ACTION.

 

  

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6. No Waiver.  It is understood and agreed that this Letter Agreement does not waive or evidence consent to any default or Event of Default (including Existing Defaults) under the Notes or the Loan Documents. The parties hereto acknowledge and agree that, except with respect to Platinum’s agreement to delay the exercise of its rights and remedies with respect to the Existing Defaults as set forth above, Platinum shall retain all rights and remedies it may now have under the Loan Documents (collectively,
“Default Rights”). The Company further agrees that the exercise of any Default Rights by Platinum on termination of the Forbearance Period and at any time thereafter shall not be affected by reason of this Letter Agreement, and the Company shall not assert as a defense thereto the passage of time, estoppel, laches or any statute of limitations.

 

7. Termination of Forbearance Period. Notwithstanding anything to the contrary contained herein, Platinum shall be entitled to pursue immediately its various rights and remedies, including its Default Rights, against the Company and all Collateral, without regard to notice and cure periods, all of which are hereby waived by the Company, upon the earliest to occur of, and the Forbearance Period shall terminate upon the earliest to occur of :

 

	
a.  

	
12:01 a.m. (New York City Time) on July 15, 2012;

 

	
b.  

	
Two business days after the Company’s receipt of written notice from Platinum of the Company’s failure to observe, perform, or comply with any of the terms, conditions or provisions of this Letter Agreement as and when required;

 

	
c.  

	
Two business days after the Company’s receipt of written notice from Platinum of the occurrence of any default or Event of Default (other than and except for the Existing Defaults) under (i) the Notes, (ii) any of the Loan Documents or any other agreement between the Company and Platinum, and/or (iii) any other indebtedness issued by the Company to Platinum;

 

	
d.  

	
Two business days after the Company’s receipt of written notice from Platinum that any representation or warranty made herein, in any document or instrument executed in connection herewith, or in any report, certificate, financial statement or other instrument or documents now or hereafter furnished by or on behalf of the Company in connection with this Letter Agreement, shall prove to have been false, incomplete or misleading in any material respect;

 

	
e.  

	
Two business days after the Company’s receipt of written notice from Platinum that any suit, proceeding or other action has been commenced by any other creditor against the Company; provided, that the Company has actual notice of such suit, proceeding or other action;

 

	
f.  

	
The date on which a court of competent jurisdiction shall enter an order for relief or take any similar action in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency, reorganization, moratorium or similar law now or hereafter in effect; provided, that, Platinum is not a petitioning creditor in such case and has not otherwise supported such case; or

 

	
g.  

	
The date on which a petition for relief under any applicable bankruptcy, insolvency, reorganization, moratorium or similar law now or hereafter in effect is filed by or against the Company.

 

8. If Platinum is willing, in reliance of the provisions of this Letter Agreement, to delay exercising its rights and remedies with respect to the Existing Defaults until the termination of the Forbearance Period, please so indicate by executing in the space set forth below.

 

  

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9. It is acknowledged and agreed by Platinum that, other than and except for claims for performance or compliance with respect to the Loan Documents, this Agreement, or the Transaction Documents, by executing below Platinum, on behalf of itself and the Platinum Group, waives any and all claims, counterclaims, or causes of action of any kind or nature whatsoever against the Company Group, directly or indirectly, arising out of, based upon, or in any manner connected with, any transaction, event, circumstance, action, failure to act, or occurrence of any sort or type, whether known or unknown,
which occurred, existed, was taken, permitted, or began prior to the execution of this Letter Agreement and accrued, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of the Transaction Documents; provided, that, nothing herein shall be deemed to waive, with respect to the Company only, any Existing Default, potential default or other obligation to comply with the terms and conditions of the Transaction Documents in any respect, including, without limitation, any rights of Platinum as a creditor or shareholder of the Company. TO THE EXTENT ANY SUCH DEFENSES, AFFIRMATIVE OR OTHERWISE, RIGHTS OF SETOFF, RIGHTS OF RECOUPMENT, CLAIMS, COUNTERCLAIMS, OR CAUSES OF ACTION EXIST AGAINST THE COMPANY GROUP, PLATINUM, ON BEHALF OF
ITSELF AND THE PLATINUM GROUP, HEREBY FOREVER WAIVES, DISCHARGES AND RELEASES ALL SUCH DEFENSES, RIGHTS, CLAIMS, COUNTERCLAIMS, AND CAUSES OF ACTION, PROVIDED, THAT, NOTHING HEREIN SHALL BE DEEMED TO WAIVE, DISCHARGE OR RELEASE, WITH RESPECT TO THE COMPANY ONLY, ANY EXISTING DEFAULT, POTENTIAL DEFAULT OR OTHER OBLIGATION TO COMPLY WITH THE TERMS AND CONDITIONS OF THE TRANSACTION DOCUMENTS IN ANY RESPECT, INCLUDING, WITHOUT LIMITATION, ANY RIGHTS OF PLATINUM AS A CREDITOR OR SHAREHOLDER OF THE COMPANY.

 

10. It is understood and agreed to by the Company, and Platinum upon its execution hereof, that: (i) no change to, modification of, waiver and/or consent to departure from any provision of this Letter Agreement shall be valid unless the same is in writing and signed by the parties hereto; (ii) any provision of this Letter Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Letter Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction; (iii) this Letter Agreement is a legally binding contract and each party acknowledges that it has had the opportunity to consult with legal counsel of choice; and (iv) in any construction of the terms of this Letter Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.  The parties hereto understand and agree that any waiver or release set forth herein is subject to the provisions of Section 29 of the Securities Exchange Act of 1934, as amended, and shall be construed in all respects to comply with the limitations of such Section 29.

 

11. Execution may occur in counterparts. This Letter Agreement shall not take effect until it is fully executed by both parties, the confirmation by Timothy Tangredi has been executed, the confirmation by Dr. Michael Goldberg has been executed, and all signature pages have been received by both parties.

 

[signature page follows]

 

  

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	 	Very Truly Yours,	 
	 	 	 
	 	Dais Analytic Corporation	 
	 	 	 	 
	
 

	
By: 

	/s/ Tim Tangredi	 
	 	 	Timothy N. Tangredi	 
	 	 	President & CEO	 

Accepted and Agreed to by the undersigned this 15th day of June, 2012

 

	Platinum-Montaur Life Sciences LLC	 
	 	 	 
	
By: 

	/s/ Michael Goldberg, M.D.	 
	 	Michael Goldberg, M.D.	 
	 	Duly Authorized Agent	 

 

  

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Schedule A

Outstanding Amounts

	
Note

	
Principal

	
Interest

	
Amount Outstanding

	
Secured Note

	
$1,515,000

	
$185,342.47

	
$1,700,342.47

	
Amended and Restated Note

	
$1,000,000

	
$249,589.04

	
$1,249,589.04

	  	
Aggregate Amount Outstanding:

	
$2,949,931.51

 

 

 

6exhibit1049.htm

Exhibit 10.49

 

 

Grantee:                                Thomas W. Casey

Grant Date:                                May 10, 2012

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

2005 STOCK INCENTIVE PLAN, AS AMENDED AND RESTATED

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”), made as of this 10th day of May, 2012 (the “Grant Date”) by and between Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the “Company”), and Thomas W. Casey (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. 2005 Stock Incentive Plan, as amended and restated (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 253,164 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 fifty percent (50%) of the Shares on each of March 26, 2015 and March 26, 2016 (each a “Vesting Date”); provided, that, the Grantee is still employed by or providing services to the Company on each such Vesting Date.

	
3.  

	
Payment of Award. The Company shall, as soon as practicable upon the vesting of any portion of the Award (but in no event later than March 15 of the calendar year following the calendar year in which such vesting occurs), issue (if necessary) and transfer to the Grantee the Shares with respect to such vested portion of the Award, and shall deliver to the Grantee or have deposited in the Grantee’s brokerage account with the 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.

 

 

  

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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 applicable portion of the Award shall in no event be later than the date that is 2 1/2 months after the date such portion 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).

 

“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.

 

“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, the then unvested portion of the Award shall be immediately forfeited without consideration.  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.

 

 

  

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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 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 unvested portion of the Award 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 any portion of the Award, the Grantee agrees that he/she will repay to the Company any gain realized on the vesting of such portion of the Award (such gain to be valued as of the relevant Vesting Date(s) based on the Fair Market Value (as defined in Section 5.2 of the Plan) of the Shares vesting on the relevant 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.

 

 

  

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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.  Upon the occurrence of a Change in Control (as defined herein) of the Company, this Award shall become immediately fully vested.

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 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.

	
6.  

	
Withholding.  The Grantee agrees that no later than each 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 portion of the Award vesting on such Vesting Date.  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” or “payment shall be made no event later than March 15 of the calendar year following the calendar year in which vesting occurs”), the actual date of payment within the specified period shall be within the Company’s sole discretion.

 

 

  

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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 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.  

	
Restrictions on Transfer. 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.

 

 

  

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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 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.

	
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 such information 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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Grantee:                                Thomas W. Casey

Grant Date:                                May 10, 2012

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:

Acknowledged and Agreed

______________________

Name:  ________________

Address of Principal Residence:

__________________________

__________________________

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