Document:

EX-10.9

 Exhibit 10.9 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is between Clear Channel Outdoor, Inc. (such entity together with all past, present, and
future parents, divisions, operating companies, subsidiaries, and affiliates are referred to collectively herein as “Company”) and Lynn Feldman (“Employee”). 

 

	1.	 TERM OF EMPLOYMENT 

This Agreement commences June 27, 2016 (“Effective Date”), and ends on July 26, 2020 (the “Employment Period”), and
shall be automatically extended for additional two (2) year periods, unless either Company or Employee gives written notice of non-renewal that the Employment Period shall not be extended, or otherwise
terminated in accordance with the provisions herein. Notice must be provided between May 1st and May 31st prior to the end of the then
applicable Employment Period (the “Notice of Non-Renewal Period”). The term “Employment Period” shall refer to the initial Employment Period if and as so extended. 

 

	2.	 TITLE AND EXCLUSIVE SERVICES 

 

	(a)	 Title and Duties. Employee’s title is Executive Vice President and General Counsel –
Clear Channel Outdoor Americas, and Employee will perform job duties that are usual and customary for this position. 

  

	(b)	 Exclusive Services. Employee shall not be employed or render services elsewhere during the
Employment Period; provided, however, that Employee may participate in professional, civic or charitable organizations so long as such participation is unpaid and does not interfere with the performance of Employee’s duties.

  

	(c)	 Prior Employment. Employee affirms that no obligation exists with any prior employer or entity which
would prevent full performance of this Agreement by Employee, or, to the Employee’s knowledge, subject Company to any claim with respect to Company’s employment of Employee. 

 

	3.	 COMPENSATION AND BENEFITS 

 

	(a)	 Base Salary. Employee shall be paid an annualized salary of Four Hundred Fifteen Thousand Dollars
($415,000.00) (“Base Salary”). The Base Salary shall be payable in accordance with the Company’s regular payroll practices and pursuant to Company policy, which may be amended from time to time. Employee is eligible for salary
increases at Company’s discretion based on Company and/or individual performance. 

  

	(b)	 Vacation. Employee is eligible for twenty (20) vacation days per calendar year, prorated as
necessary, and subject to the Employee Guide. 

  

	(c)	 Annual Bonus. Eligibility for an annual bonus (“Annual Bonus”) is based on financial and
performance criteria established by Company and approved in the annual budget, pursuant to the terms of the applicable bonus plan which operates at the discretion of Company and its Board of Directors, and is not a guarantee of compensation. The
payment of any Bonus shall be no later than March 15 each calendar year following the year in which the Bonus was earned, 

  

					
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within the Short-Term Deferral period under the Internal Revenue Code Section 409A (“Section 409A”) and applicable regulations. Employee’s bonus target shall be
sixty percent (60%) of Employee’s annual Base Salary. 

  

	(d)	 One-Time Long Term Incentive Grant. As additional consideration
for entering into this Agreement, and as a material condition for Employee entering into this Agreement, Employee shall be awarded a one-time Long Term Incentive Grant with a value of no less than $400,000.00
pursuant to the Clear Channel Outdoor Holdings, Inc. (“CCOH”) 2012 Stock Incentive Plan (the “Plan”) and applicable award agreement, subject to approval by the Board of Directors or the Compensation Committee of CCOH, as
applicable, such award to be granted as soon as practicable after the Effective Date, but no later than July 25, 2016. Fifty percent (50%) of the award shall be in the form of stock options (such number of options to be determined by the
Compensation Committee of CCOH) and fifty percent (50%) of the award shall be in the form of restricted shares of Class A common stock of CCOH. 

  

	(e)	 Annual Long Term Incentive. Beginning in 2017, Employee will be awarded additional Long Term Incentive
grants with a value of no less than $200,000.00 for each award (the allocation of such award between stock options and restricted shares of Class A common stock of CCOH to be determined by the Compensation Committee of CCOH), consistent with
other comparable positions pursuant to the terms of the award agreement(s), taking into consideration demonstrated performance and potential, and subject to approval by the Board of Directors or the Compensation Committee of CCOH, as applicable.

  

	(f)	 Employment Benefit Plans. Employee may participate in employee welfare benefit plans in which other
similarly situated employees may participate, according to the terms of applicable policies and as stated in the Employee Guide. 

  

	(g)	 Expenses. Company will reimburse Employee for business expenses, consistent with past practices pursuant
to Company policy. Any reimbursement that would constitute nonqualified deferred compensation shall be paid pursuant to Section 409A. 

  

	(h)	 Compensation pursuant to this section shall be subject to overtime eligibility, if applicable, and in
all cases be less applicable payroll taxes and other deductions. 

  

	4.	 NONDISCLOSURE OF CONFIDENTIAL INFORMATION 

 

	(a)	 Company has provided and will continue to provide to Employee confidential information and trade secrets
including but not limited to Company’s permits, landlord and property owner information, marketing plans, growth strategies, target lists, performance goals, operational strategies, specialized training expertise, employee development,
engineering information, sales information, terms of negotiated leases, client and customer lists, contracts, representation agreements, pricing information, production and cost data, fee information, strategic business plans, budgets, financial
statements, technological initiatives, proprietary research or software purchased or developed by Company, information about employees obtained by virtue of an employee’s job responsibilities and other information Company treats as confidential
or proprietary (collectively the “Confidential Information”); provided, however, that Confidential Information excludes information that is or generally becomes available to the public unless through unauthorized disclosure by Employee.
Employee acknowledges that such Confidential 

  

					
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Information is proprietary and agrees not to disclose it to anyone outside Company except to the extent that: (i) it is necessary in connection with performing Employee’s duties or
(ii) Employee is required by court order to disclose the Confidential Information, provided that Employee shall promptly inform Company, shall reasonably cooperate with Company, at Company’s expense, to obtain a protective order or
otherwise restrict disclosure, and shall only disclose Confidential Information to the minimum extent necessary to comply with the court order. Employee agrees to never use trade secrets in competing, directly or indirectly, with Company. When
employment ends, Employee will immediately return all Confidential Information to Company. 

  

	(b)	 Employee understands, agrees and acknowledges that the provisions in this Agreement do not prohibit or
restrict Employee from communicating with the DOJ, SEC, DOL, NLRB, EEOC or any other governmental authority, exercising Employee’s rights, if any, under the National Labor Relations Act to engage in protected concerted activity, making a report
in good faith and with a reasonable belief of any violations of law or regulation to a governmental authority or cooperating with or participating in a legal proceeding relating to such violations. 

 

	(c)	 The terms of this Section 4 shall survive the expiration or termination of this Agreement for any
reason. Further, this Section 4 shall not be applied to interfere with Employee’s Section 7 rights under the National Labor Relations Act. 

  

	5.	 NON-INTERFERENCE WITH COMPANY EMPLOYEES 

 

	(a)	 To further preserve Company’s Confidential Information, goodwill and legitimate business interests,
during employment and for twelve (12) months after employment ends (the “Non-Interference Period”), Employee will not, directly or indirectly, hire, engage or solicit any current employee of Company with whom Employee had contact or
supervised within the twelve (12) months prior to Employee’s termination, to provide services elsewhere or cease providing services to Company. For purposes of this Section 5, the term “Company” shall mean only Clear Channel
Outdoor Americas. 

  

	(b)	 The terms of this Section 5 shall survive the expiration or termination of this Agreement for any
reason. 

  

	6.	 NON-SOLICITATION OF CLIENTS 

 

	(a)	 To further preserve Company’s Confidential Information, goodwill and legitimate business interests,
for twelve (12) months after employment ends (the “Non-Solicitation Period”), Employee will not, directly or indirectly, solicit Company’s clients, governmental or quasi-governmental
organizations or their affiliated agencies, or property owners/tenants, licensors, or property managers with whom Employee engaged or had contact within the twelve (12) months prior to Employee’s termination to: (i) encourage such
party or entity to reduce or discontinue doing business with Company; or (ii) sell products or services to such party or entity that are the same or substantially similar to those provided to or from Company. For purposes of this
Section 6, the term “Company” shall mean only Clear Channel Outdoor Americas. 

  

	(b)	 The terms of this Section 6 shall survive the expiration or termination of this Agreement for any
reason. 

  

					
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	7.	 NON-COMPETITION AGREEMENT 

 

	(a)	 To further preserve Company’s Confidential Information, goodwill, specialized training expertise,
and legitimate business interests, Employee agrees that during employment and for twelve (12) months after employment ends (the “Non-Compete Period”), Employee will not perform, directly or
indirectly, the same or substantially similar services provided by Employee for Company, or in a capacity that would otherwise likely result in the use or disclosure of Confidential Information, for any entity engaged in a business in which Company
is engaged (including such business that is in the research, development or implementation stages), and with which Employee participated at the time of Employee’s termination or within the twelve (12) months prior to Employee’s
termination, (“Competitor”), including, but not limited to: JC Decaux Corporation; Titan Media Company; Fairway Outdoor; Adams Outdoor; Outfront Media or Lamar Advertising Company, in any geographic region in which Employee has or had
duties (the “Non-Compete Area”). For purposes of this Section 7, the term “Company” shall mean only Clear Channel Outdoor Americas. 

 

	(b)	 The terms of this Section 7 shall survive the expiration or termination of this Agreement for any
reason. 

  

	8.	 TERMINATION 

This Agreement and/or Employee’s employment may be terminated at any time by mutual agreement or: 

 

	(a)	 Death. The date of Employee’s death shall be the termination date. 

 

	(b)	 Disability. Company may terminate this Agreement and/or Employee’s employment if Employee is unable
to perform the essential functions of Employee’s full-time position for more than 180 days in any 12-month period, subject to applicable law. 

 

	(c)	 Termination By Company. Company may terminate employment with or without Cause, and in the event such
termination is for Cause, Company shall provide written notice to Employee of the reason for such termination and follow the procedures below. “Cause” means: 

 

	 	(i)	 willful misconduct, including, without limitation, violation of sexual or other harassment policy,
misappropriation of or material misrepresentation regarding material property of Company, other than customary and de minimis use of Company property for personal purposes, as determined in the reasonable discretion of Company;

  

	 	(ii)	 material non-performance of duties (other than by reason of
disability); 

  

	 	(iii)	 repeated failure to follow lawful directives; 

 

	 	(iv)	 a felony conviction, a plea of nolo contendere by Employee, or other conduct by Employee that has or would
result in material injury to Company’s reputation, including conviction of fraud, theft, embezzlement, or a crime involving moral turpitude; 

  

					
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	 	(v)	 a material breach of this Agreement; or 

 

	 	(vi)	 a material violation of Company’s employment and management policies. 

If Company desires to terminate for Cause under (c)(i), (ii), (iii), (v) or (vi), Employee shall have ten (10) days to cure after
receiving written notice from Company, except where such cause, by its nature, is not curable or the termination is based upon a recurrence of an act previously cured by Employee. 

 

	(d)	 Non-Renewal. Following notice by either party under
Section 1, Company may, in its sole discretion, modify Employee’s duties and/or responsibilities at any point after such notice has been provided, through the end of the Employment Period. Modification of Employee’s duties and/or
responsibilities pursuant to this subsection shall not trigger Good Cause by Employee under Section 8(e). 

  

	(e)	 Termination by Employee For Good Cause. Subject to Section 8(d), Employee may terminate
Employee’s employment at any time for “Good Cause,” which is: (i) a material and substantial diminution of Employee’s duties or responsibilities or Employee’s removal as Executive Vice President and/or General Counsel
of Clear Channel Outdoor Americas; or (ii) a requirement that Employee’s principal place of work be greater than thirty (30) miles from the current location in New York, NY; or (iii) a significant reduction in Employee’s
base salary and Annual Bonus target. If Employee elects to terminate Employee’s employment for “Good Cause,” Employee must provide Company written notice within thirty (30) days, after which Company shall have twenty
(20) days to cure. If Company has not cured and Employee elects to terminate Employee’s employment, Employee must do so within ten (10) days after the end of the cure period. 

 

	9.	 COMPENSATION UPON TERMINATION 

 

	(a)	 Death. Company shall, within thirty (30) days, pay to Employee’s designee or, if no person is
designated, to Employee’s estate, Employee’s accrued and unpaid Base Salary and any unpaid prior year bonus, if any, through the date of termination, and any payments required under applicable employee benefit plans. 

 

	(b)	 Disability. Company shall, within thirty (30) days, pay to Employee all accrued and unpaid Base
Salary and any unpaid prior year bonus, if any, through the termination date and any payments required under applicable employee benefit plans. 

  

	(c)	 Termination By Company For Cause. Company shall, within thirty (30) days, pay to Employee
Employee’s accrued and unpaid Base Salary through the termination date and any payments required under applicable employee benefit plans. 

  

	(d)	 Termination By Company Without Cause/Non-Renewal by
Company/Termination by Employee For Good Cause. If Company terminates employment without Cause or if Employee terminates for Good Cause, Company will pay the accrued and unpaid Base Salary through the termination date determined by Company,
unpaid prior year bonus, if any, and any payments required under applicable employee benefit plans. If Company non-renews pursuant to Section 1, Company will pay the accrued and unpaid Base Salary through
the end of the Employment Period, unpaid prior year bonus, if any, and any payments required under applicable employee 

  

					
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benefit plans. In addition, if Employee signs a Severance Agreement and General Release of claims in a form reasonably satisfactory to Company, Company will pay Employee, in periodic payments in
accordance with ordinary payroll practices and deductions, Employee’s current Base Salary for twelve (12) months (the “Severance Payments” or “Severance Pay Period”). Further, Employee shall be eligible for a pro-rata portion of the Annual Bonus (“Pro-Rata Bonus”), calculated based upon performance as of the termination date as related to overall performance at the end of
the calendar year. Employee is eligible only if a bonus would have been earned by the end of the calendar year. Calculation and payment of the bonus, if any, will be pursuant to the plan in effect during the termination year. 

 

	(e)	 Non-Renewal By Employee. If Employee gives notice of non-renewal under Section 1, Company shall pay the accrued and unpaid Base Salary through the end of the Employment Period, unpaid prior year Bonus, if any, and any payments required under applicable employee
benefit plans. 

  

	(f)	 Employment by Competitor or Re-hire by Company During Severance Pay
Period. 

  

	 	(i)	 If Employee is in breach of any post-employment obligations or covenants, or if Employee is hired or engaged in
any capacity by any Competitor of Company (which for purposes of this sub-section shall mean only Clear Channel Outdoor Americas), in Company’s sole discretion, in any location during any Severance Pay
Period, Severance Payments shall cease. The foregoing shall not affect Company’s right to enforce the Non-Compete pursuant to Section 7. Employee acknowledges that each individual Severance Payment
received is adequate and independent consideration to support Employee’s General Release of claims referenced in Section 9, as each is something of value to which Employee would not have otherwise been entitled at termination had Employee
not executed a General Release of claims. 

  

	 	(ii)	 If Employee is rehired by Company during any Severance Pay Period, Severance Payments shall cease; however, if
Employee’s new Base Salary is less than Employee’s previous Base Salary, Company shall pay Employee the difference between Employee’s previous and new Base Salary for the remainder of the Severance Pay Period. 

 

	10.	 OWNERSHIP OF MATERIALS 

 

	(a)	 Employee agrees that all inventions, improvements, discoveries, designs, technology, and works of
authorship (including but not limited to computer software) made, created, conceived, or reduced to practice by Employee, whether alone or in cooperation with others, during employment, together with all patent, trademark, copyright, trade secret,
and other intellectual property rights related to any of the foregoing throughout the world, are among other things works made for hire (the “Works”) and at all times are owned exclusively by Company, and in any event, Employee hereby
assigns all ownership in such rights to Company. Employee understands that the Works may be modified or altered and expressly waives any rights of attribution or integrity or other rights in the nature of moral right (droit morale) for all
uses of the Works. Employee agrees to provide written notification to Company of any Works covered by this Agreement, execute any reasonable documents, testify in any legal proceedings, and do all things necessary or desirable to secure
Company’s rights to the foregoing, including without limitation executing inventors’ declarations and assignment forms, even if no longer employed by Company, but such activities will be at Company’s expense. Employee agrees that
Employee 

  

					
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shall have no right to reproduce, distribute copies of, perform publicly, display publicly, or prepare derivative works based upon the Works. Employee hereby irrevocably designates and appoints
the Company as Employee’s agent and attorney-in-fact, to act for and on Employee’s behalf regarding obtaining and enforcing any intellectual property rights
that were created by Employee during employment and related to the performance of Employee’s job. Employee agrees not to incorporate any intellectual property created by Employee prior to Employee’s employment, or created by any third
party, into any Company work product. This Agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret information of Company was used and which invention was developed entirely on Employee’s own time,
so long as the invention does not: (i) relate directly to the business of the Company; (ii) relate to the Company’s actual or demonstrably anticipated research or development, or (iii) result from any work performed by Employee
for Company. 

  

	(b)	 The terms of this Section 10 shall survive the expiration or termination of this Agreement for any
reason. 

  

	11.	 PARTIES BENEFITED; ASSIGNMENTS 

This Agreement shall be binding upon Employee, Employee’s heirs and Employee’s personal representative or representatives, and upon
Company and its respective successors and assigns. Employee hereby consents to the Agreement being enforced by any successor or assign of the Company without the need for further notice to or consent by Employee, provided such successor or assignee
assumes the obligations under this Agreement. Neither this Agreement nor any rights or obligations hereunder may be assigned by Employee, other than by will or by the laws of descent and distribution. 

 

	12.	 GOVERNING LAW 

This Agreement shall be governed by the laws of the State of Texas. 
  

	13.	 LITIGATION AND REGULATORY COOPERATION 

During and after employment, Employee shall reasonably cooperate in the defense or prosecution of claims, investigations, or other actions
which relate to events or occurrences during employment. Employee’s cooperation shall include being available to prepare for discovery or trial and to act as a witness. Company will pay an hourly rate (based on Base Salary as of the last day of
employment) for cooperation that occurs after employment, and reimburse for reasonable expenses, including travel expenses, reasonable attorneys’ fees and costs. 
  

	14.	 INDEMNIFICATION 

Company shall defend and indemnify Employee to the fullest extent permitted by law, for acts committed in the course and scope of employment
and shall provide coverage to Employee under Company’s D&O insurance policy. Employee shall indemnify Company for claims of any type concerning Employee’s conduct outside the scope of employment, or the breach by Employee of this
Agreement. 

  

					
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	15.	 DISPUTE RESOLUTION 

 

	(a)	 Arbitration. This Agreement is governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq.
and evidences a transaction involving commerce. This Agreement applies to any dispute arising out of or related to Employee’s employment with Company or termination of employment. Nothing contained in this Agreement shall be construed to
prevent or excuse Employee from using the Company’s existing internal procedures for resolution of complaints, and this Agreement is not intended to be a substitute for the use of such procedures. Except as it otherwise provides, this Agreement
is intended to apply to the resolution of disputes that otherwise would be resolved in a court of law, and therefore this Agreement requires all such disputes to be resolved only by an arbitrator through final and binding arbitration and not by way
of court or jury trial. Such disputes include without limitation disputes arising out of or relating to interpretation or application of this Agreement, including the enforceability, revocability or validity of the Agreement or any portion of the
Agreement. The Agreement also applies, without limitation, to disputes regarding the employment relationship, trade secrets, unfair competition, compensation, breaks and rest periods, termination, or harassment and claims arising under the Uniform
Trade Secrets Act, Civil Rights Act of 1964, Americans With Disabilities Act, Age Discrimination in Employment Act, Family Medical Leave Act, Fair Labor Standards Act, Employee Retirement Income Security Act, and state statutes, if any, addressing
the same or similar subject matters, and all other state statutory and common law claims (excluding workers compensation, state disability insurance and unemployment insurance claims). Claims may be brought before an administrative agency but only
to the extent applicable law permits access to such an agency notwithstanding the existence of an agreement to arbitrate. Such administrative claims include without limitation claims or charges brought before the Equal Employment Opportunity
Commission (www.eeoc.gov), the U.S. Department of Labor (www.dol.gov), the National Labor Relations Board (www.nlrb.gov), the Office of Federal Contract Compliance Programs (www.dol.gov/esa/ofccp). Nothing in this
Agreement shall be deemed to preclude or excuse a party from bringing an administrative claim before any agency in order to fulfill the party’s obligation to exhaust administrative remedies before making a claim in arbitration. Disputes that
may not be subject to pre-dispute arbitration agreement as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) are excluded
from the coverage of this Agreement. 

  

	(b)	 The Arbitrator shall be selected by mutual agreement of the Company and the Employee. Unless the
Employee and Company mutually agree otherwise, the Arbitrator shall be an attorney licensed to practice in the location where the arbitration proceeding will be conducted or a retired federal or state judicial officer who presided in the
jurisdiction where the arbitration will be conducted. If for any reason the parties cannot agree to an Arbitrator, either party may apply to a court of competent jurisdiction with authority over the location where the arbitration will be conducted
for appointment of a neutral Arbitrator. The court shall then appoint an Arbitrator, who shall act under this Agreement with the same force and effect as if the parties had selected the Arbitrator by mutual agreement. The location of the arbitration
proceeding shall be no more than 20 miles from the place where the Employee last worked for the Company, unless each party to the arbitration agrees in writing otherwise. 

 

	(c)	 A demand for arbitration must be in writing and delivered by hand or first class mail, certified mail
with return receipt requested, to the other party within the applicable statute of limitations period. Any demand for arbitration made to the Company shall be provided to the Company’s Legal Department, 200 East Basse Road, Suite 100, San
Antonio, Texas 78209. The Arbitrator shall resolve all disputes regarding the timeliness or propriety of the demand for arbitration. 

  

					
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	(d)	 In arbitration, the parties will have the right to conduct adequate civil discovery, bring dispositive
motions, and present witnesses and evidence as needed to present their cases and defenses, and any disputes in this regard shall be resolved by the Arbitrator. The Federal Rules of Civil Procedure shall govern any depositions or discovery efforts,
and the arbitrator shall apply the Federal Rules of Civil Procedure when resolving any discovery disputes. However, there will be no right or authority for any dispute to be brought, heard or arbitrated as a class, collective or representative
action or as a class member in any purported class, collective action or representative proceeding (“Class Action Waiver”). Notwithstanding any other clause contained in this Agreement, the preceding sentence shall
not be severable from this Agreement in any case in which the dispute to be arbitrated is brought as a class, collective or representative action. Although an Employee will not be retaliated against, disciplined or threatened with discipline as a
result of Employee’s exercising his or her rights under Section 7 of the National Labor Relations Act by the filing of or participation in a class, collective or representative action in any forum, the Company may lawfully seek enforcement
of this Agreement and the Class Action Waiver under the Federal Arbitration Act and seek dismissal of such class, collective or representative actions or claims. Notwithstanding any other clause contained in this Agreement, any claim that all
or part of the Class Action Waiver is unenforceable, unconscionable, void or voidable may be determined only by a court of competent jurisdiction and not by an arbitrator. 

 

	(e)	 Each party will pay the fees for his, her or its own attorneys, subject to any remedies to which that
party may later be entitled under applicable law. However, in all cases where required by law, the Company will pay the Arbitrator’s and arbitration fees. If under applicable law the Company is not required to pay all of the Arbitrator’s
and/or arbitration fees, such fee(s) will be apportioned between the parties by the Arbitrator in accordance with applicable law. 

  

	(f)	 Within thirty (30) days of the close of the arbitration hearing, any party will have the right to
prepare, serve on the other party and file with the Arbitrator a brief. The Arbitrator may award any party any remedy to which that party is entitled under applicable law, but such remedies shall be limited to those that would be available to a
party in a court of law, including a court of equity, for the claims presented to and decided by the Arbitrator. The Arbitrator will issue a decision or award in writing, stating the essential findings of fact and conclusions of law. Except as may
be permitted or required by law, and except as to Employee, to Employee’s family and professional advisors (provided that any individual to whom such disclosure is made agrees to abide by the terms of this Section), neither a party nor an
Arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all parties. A court of competent jurisdiction shall have the authority to enter a judgment upon the award made pursuant to
the arbitration. 

  

	(g)	 Injunctive Relief. A party may apply to a court of competent jurisdiction for temporary or preliminary
injunctive relief in connection with an arbitrable controversy, but only upon the ground that the award to which that party may be entitled may be rendered ineffectual without such provisional relief. 

 

	(h)	 This Section 15 is the full and complete agreement relating to the formal resolution of
employment-related disputes. In the event any portion of this Section 15 is deemed unenforceable and except as set forth in Section 15(d), the remainder of this Agreement will be enforceable. 

  

					
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	(i)	 This Section 15 shall survive the expiration or termination of this Agreement for any reason.

  

			
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	16.	 REPRESENTATIONS AND WARRANTIES OF EMPLOYEE 

Employee shall keep all terms of this Agreement confidential, except as may be disclosed to Employee’s spouse, accountants, attorneys or
other professional advisors. Employee represents that Employee is under no contractual or other restriction inconsistent with the execution of this Agreement, the performance of Employee’s duties hereunder, or the rights of Company. During the
Employment Period and any restrictive covenant period provided in Section 5, 6 or 7, Employee authorizes the Company to inform any prospective employer of the existence and non-compensation terms of this
Agreement without liability for interference with Employee’s prospective employment. Employee represents that Employee is capable of performing the essential functions of Employee’s position, with or without reasonable accommodation. 

 

	17.	 SECTION 409A COMPLIANCE 

Payments under this Agreement (the “Payments”) shall be designed and operated in such a manner that they are either exempt from the
application of, or comply with, the requirements of Section 409A, the Regulations, applicable case law and administrative guidance. All Payments shall be deemed to come from an unfunded plan. Notwithstanding any provision in this Agreement, all
Payments subject to Section 409A will not be accelerated in time or schedule. Employee and Company will not be able to change the designated time or form of any Payments subject to Section 409A. In addition, all Severance Payments
that are deferred compensation and subject to Section 409A will only be payable upon a “separation from service” (as that term is defined at Section 1.409A-1(h) of the Treasury Regulations)
from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3). All
references in this Agreement to a termination of employment and correlative terms shall be construed to require a “separation from service.” 
  

	18.	 MISCELLANEOUS 

This Agreement contains the entire understanding of the parties with respect to the subject matter hereof for the period defined and, upon its
Effective Date, supersedes and nullifies all prior or contemporaneous conversations, negotiations, or agreements (oral or written) regarding the subject matter of this Agreement. To the extent the Agreement has been signed before its Effective Date
and other agreements are in place as of the signing date, such other agreements remain in place until the Effective Date has been reached. This Agreement may not be modified or amended except in writing signed by Employee and Company, and approved
by a representative of Company’s Legal Department. This Agreement may be executed in counterparts, a counterpart transmitted via electronic means, and all executed counterparts, when taken together, shall constitute sufficient proof of the
parties’ entry into this Agreement. The parties agree to execute any further or future documents which may be necessary to allow the full performance of this Agreement. The failure of a party to require performance of any provision of this
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any provision. A waiver of the breach of any term or condition of this Agreement shall not be deemed a waiver of any subsequent breach of the same or any other term or condition. If any provision
of this Agreement shall, for any reason, be held unenforceable, such unenforceability shall not affect the remaining provisions hereof, except as specifically noted in this Agreement, or the application of such provisions to other persons or
circumstances, all of which shall be enforced to the greatest extent permitted by law. Company and Employee agree that the restrictions contained in Section 4, 5, 6, 7 and 10 are material terms of this Agreement, reasonable in scope and
duration and are necessary to protect Company’s Confidential Information, goodwill, specialized training expertise, and legitimate business interests. If any restrictive covenant is held to be unenforceable because of the scope, duration or
geographic area, the parties agree that the court or arbitrator may reduce the scope, duration, or geographic area, and in its reduced form, such provision shall be enforceable. Should Employee violate the provisions of Sections 5, 6, or 7, then in
addition to all other remedies available to Company, the duration of these covenants shall be extended for the period of time when Employee began such violation until Employee permanently ceases such violation. Employee agrees that no bond will be
required if an injunction is sought to enforce any of the covenants previously set forth herein. The headings in this Agreement are inserted for convenience of reference only and shall not control the meaning of any provision hereof. Nothing in this
Agreement shall be construed to control or modify which entity (among the Company’s family of entities) is the Employee’s legal employer for purposes of any laws or regulations governing the employment relationship. Employee acknowledges
receipt of the iHeartMedia Employee Guide (“Employee Guide”), Code of Conduct and other Company policies (available on the Company’s intranet website) and agrees to review and abide by their terms, which along with any other policy
referenced in this Agreement may be amended from time to time at Company’s discretion. Employee understands that Company policies do not constitute a contract between Employee and Company. Any conflict between such policies and this Agreement
shall be resolved in favor of this Agreement. 
 Upon full execution by all parties, this Agreement shall be effective on the Effective Date
in Section 1. 
  

					
	EMPLOYEE:	 		 	
			
	 /s/ Lynn Feldman
	 		 	Date: 6/27/16
	Lynn Feldman	 		 	
			
	COMPANY:	 		 	
			
	 /s/ Rob Walls
	 		 	Date: 6/27/16
	Rob Walls, Executive Vice President, General Counsel iHeartMedia, Inc.	 		 	
			
	 /s/ Scott Wells
	 		 	Date: 6/27/16
	 Scott Wells, Chief Executive Officer
 Clear
Channel Outdoor Americas
	 		 	

  

					
		 	11	 	
		 		 	 Initials:
             

		 		 	 Company:           

		 		 	 Employee:Share Handling Regulations

 Exhibit 4.2 

SHARE HANDLING REGULATIONS OF 

MITSUBISHI UFJ FINANCIAL GROUP, INC., 

AS AMENDED ON JUNE 25, 2015 

(ENGLISH TRANSLATION) 

 CHAPTER I. GENERAL PROVISIONS 

Article 1. (Purpose) 
 1. The handling with respect to the shares
and stock acquisition rights and the fees therefor provided for in Article 12 of the Articles of Incorporation of the Company shall be governed by the rules prescribed by the Japan Securities Depository Center, Inc., as a depository company
(hereinafter referred to as the “Center”), and account management institutions, such as securities companies and trust banks (hereinafter referred to as the “Securities Companies, Etc.”) as well as these Regulations. 

2. The handling of special accounts opened pursuant to the agreement entered into by and between the Company and a trust bank designated by the Company and
the fees therefor shall be governed by the rules prescribed by such trust bank as well as these Regulations. 
 Article 2. (Share Transfer Agent) 

The Company’s share transfer agent and its handling office shall be as follows: 

 

			
	Share Transfer Agent:	 	Mitsubishi UFJ Trust and Banking Corporation
		 	4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo
		
	Handling Office:	 	Mitsubishi UFJ Trust and Banking Corporation
		 	Corporate Agency Division
		 	4-5, Marunouchi 1-chome, Chiyoda-ku, Tokyo

 Article 3. (Method of Making Requests or Notifications) 

1. All requests or notifications to the Company shall be made in the form prescribed by the Company, except in the event where such request or notification is
made through the Securities Companies, Etc. and the Center or through the Securities Companies, Etc., and in the event set forth in Article 36, Paragraph 1 hereof. 

2. In case any request or notification as described in the preceding paragraph is made by a proxy or requires consent of a protector (hosanin) or an
assistant (hojonin), a document evidencing the authority of such proxy; or such consent, respectively, shall be submitted. 
 3. In the event that
the request or the notification set forth in Paragraph 1 is made through the Securities Companies, Etc. and the Center or through the Securities Companies, Etc., such request or notification may be deemed to have been made by a shareholder
himself/herself. 
 4. The Company may require the person who made the request or the notification set forth in Paragraph 1 to submit materials certifying
that the person is a shareholder or a proxy himself/herself. 

  
 1 

 5. In the event that the Company requires the person to submit the materials provided for in the preceding
paragraph, the Company shall not accept the request or the notification set forth in Paragraph 1 unless such materials are submitted. 

CHAPTER II. ENTRIES OR RECORDS, ETC. IN REGISTER OF SHAREHOLDERS 

Article 4. (Entries or Records in Register of Shareholders) 
 1.
The Company shall make entries or records in the register of shareholders in accordance with the notice concerning all shareholders (sokabunushi tsuchi) (which means the notice provided for in Article 151 of the Law Concerning Central
Clearing of Bonds, Shares and Other Securities; hereinafter referred to as the “Clearing Law”) given by the Center. 
 2. In the event that the
Company receives a notice of a change of address of a person entered or recorded in the register of shareholders (hereinafter referred to as the “Shareholder(s), Etc.”) or a notice of any other change in the matters entered or recorded in
the register of shareholders (other than an individual shareholder notice (kobetsu kabunushi tsuchi) (which means the notice provided for in Article 154, Paragraph 3 of the Clearing Law; the same shall apply hereinafter)) through the
Securities Companies, Etc. and the Center, the Company shall change the entry or the record in the register of shareholders pursuant to such notice. 
 3.
In addition to the provisions of the preceding two (2) paragraphs, in the case of the issuance of new shares or in any other case prescribed by laws or regulations, the Company shall make entries or records in the register of shareholders. 

Article 5. (Characters, Etc. to be Used in Register of Shareholders) 

Entries or records in the register of shareholders of the Company shall be made using the characters and/or symbols designated by the Center.

 Article 6. (Entries or Records, Etc. in Ledger of Stock Acquisition Rights) 

1. A request for entries or records in the ledger of stock acquisition rights, a request for registration, transfer or cancellation of a pledge with respect to
stock acquisition rights, and/or a request for the recordation of shares held in trust or cancellation thereof shall be made to the share transfer agent. 

2. In addition to the provisions of the preceding paragraph, the handling of stock acquisition rights may be separately prescribed. 

  
 2 

 CHAPTER III. NOTIFICATIONS 

Article 7. (Notification of Address, and Name or Trade Name) 
 1.
Shareholders, Etc. shall notify the Company of their addresses and names or trade names. 
 2. The notification set forth in the preceding paragraph or any
change in such notification shall be made through the Securities Companies, Etc. and the Center, except in the case of the issuance of new shares or in any other case prescribed by laws or regulations. 

Article 8. (Notification of Nonresident Shareholders, etc.) 
 1.
Shareholders, Etc. residing in foreign countries shall either appoint their standing proxies in Japan or designate their mailing addresses in Japan for receiving notices and notify the Company thereof. 

2. Standing proxies shall be included in the Shareholders, Etc. set forth in Paragraph 1 of the preceding article. 

3. The notification set forth in Paragraph 1 or any change in such notification shall be made through the Securities Companies, Etc. and the Center, except in
the case of the issuance of new shares or in any other case prescribed by laws or regulations. 
 Article 9. (Representative of Corporation) 

1. In case a Shareholder, Etc. is a corporation, the title and the name of one (1) representative of such corporation shall be notified. 

2. The notification set forth in the preceding paragraph or any change in such notification shall be made through the Securities Companies, Etc. and the
Center, except in the case of the issuance of new shares or in any other case prescribed by laws or regulations. 
 Article 10. (Representative, Etc. of Co-owned Shares) 
 1. Shareholders who co-own shares shall appoint one
(1) representative on their behalf, and shall notify the address and the name or the trade name of such representative. 
 2. The notification set
forth in the preceding paragraph or any change in such notification shall be made through the Securities Companies, Etc. and the Center, except in the case of the issuance of new shares or in any other case prescribed by laws or regulations. 

3. In case a Shareholder, Etc. is an unincorporated association, the provisions of the preceding two (2) paragraphs shall apply. 

Article 11. (Statutory Agent) 
 1. In case a statutory agent,
such as a person in parental authority or a guardian (kokennin) represents a Shareholder, Etc., the address and the name or the trade name of such statutory agent shall be notified. 

  
 3 

 2. The notification set forth in the preceding paragraph, or any change or cancellation thereof, shall be
made through the Securities Companies, Etc. and the Center, except in the case of the issuance of new shares or in any other case prescribed by laws or regulations. 

Article 12. (Other Notifications) 
 1. In addition to the
notifications set forth in Article 7 hereof through the preceding article, unless otherwise designated by the Company, any notification to the Company shall be made through the Securities Companies, Etc. and the Center, or through the Securities
Companies, Etc., except in the case of the issuance of new shares or in any other case prescribed by laws or regulations. 
 2. Any notification that is
unable to be accepted or handled by the Securities Companies, Etc. shall be made to the share transfer agent. 
 Article 13. (Matters, Etc. to be Notified
concerning Holders of Stock Acquisition Rights) 
 The provisions of Article 7 hereof through the preceding article shall apply mutatis
mutandis to the matters to be notified concerning the person who is entered or recorded and the method of notification thereof in the ledger of stock acquisition rights of the Company, except that such notification shall be made to the share
transfer agent, unless otherwise prescribed pursuant to Article 6, Paragraph 2 hereof. 
 CHAPTER IV. PURCHASE OF FRACTIONAL UNIT SHARES 

Article 14. (Request for Purchase of Fractional Unit Shares) 

In case a shareholder requests the Company to purchase fractional unit shares, such request shall be made through the Securities Companies,
Etc. and the Center in accordance with the rules prescribed by the Center. 
 Article 15. (Determination of Purchase Price) 

The purchase price of fractional unit shares shall be the amount equivalent to the closing price per share of the shares of the Company as
reported by the Tokyo Stock Exchange on the day when a request pursuant to the preceding article reaches the handling office of the share transfer agent provided for in Article 2 hereof, multiplied by the number of such fractional unit shares;
provided, however, that if there is no trading of the shares of the Company effected on such day or if such day falls on a day when the Tokyo Stock Exchange is closed, such closing price shall be deemed the amount equivalent to the first trading
price per share effected thereafter. 

  
 4 

 Article 16. (Payment of Purchase Proceeds) 

1. The Company shall pay to the shareholder who requested for purchase of fractional unit shares the amount equivalent to the purchase price as calculated
pursuant to the preceding article after deducting the handling fees set forth in Article 39 hereof (hereinafter referred to as the “Purchase Proceeds”) on the fourth (4th) business day from the day immediately following the day on which
the purchase price is determined, unless the Company otherwise determines; provided, however, that if the purchase price reflects the right to receive dividends from a surplus or shares arising from a stock split, etc., such purchase price shall be
paid by the record date. 
 2. Upon request of the shareholder who requested for purchase of fractional unit shares, the Purchase Proceeds may be paid by
transfer to a bank account designated by him/her or by Japan Post Bank cash payment. In such cases, the payment of the Purchase Proceeds is deemed to be completed when the procedures for such transfer or the procedures for Japan Post Bank cash
payment are taken. 
 Article 17. (Transfer of Shares Purchased) 

The fractional unit shares for which a request for purchase is made shall be transferred to the transfer account of the Company on the day on
which the payment of the Purchase Proceeds, as prescribed in the preceding article, has been completed. 
 CHAPTER V. PURCHASE OF ADDITIONAL
FRACTIONAL UNIT SHARES BY FRACTIONAL UNIT SHAREHOLDERS 
 Article 18. (Request for Purchase of Additional Fractional Unit Shares by Fractional Unit
Shareholders) 
 In case a shareholder holding fractional unit shares makes a request for the Company to sell to such fractional unit
shareholder shares held by the Company in the number as will constitute one (1) full unit of shares when added to the fractional unit shares held by such shareholder (hereinafter referred to as the “Request for Additional Purchase”),
such request shall be made through the Securities Companies, Etc. and the Center pursuant to the rules prescribed by the Center. 
 Article 19. (Restriction
on Request for Additional Purchase) 
 If an aggregate number of fractional unit shares for which the Requests for Additional Purchase are
made on the same day exceeds the number of shares owned by the Company which shall be transferred, the Company shall not transfer any fractional unit share for any of the Requests for Additional Purchase made on such day. 

  
 5 

 Article 20. (Effective Date of Request for Additional Purchase) 

Requests for Additional Purchase shall be deemed to be made on the day when a request as described in Article 18 hereof is accepted at the
handling office of the share transfer agent provided for in Article 2 hereof. 
 Article 21. (Determination of Additional Purchase Price) 

The additional purchase price of fractional unit shares shall be the amount equivalent to the closing price per share of the shares of the
Company as reported by the Tokyo Stock Exchange on the day when the request set forth in Article 18 hereof is accepted at the handling office of the share transfer agent provided for in Article 2 hereof, multiplied by the number of such fractional
unit shares; provided, however, that if there is no trading of the shares of the Company effected on such day or if such day falls on a day when the Tokyo Stock Exchange is closed, such closing price shall be deemed the amount equivalent to the
first trading price per share effected thereafter. 
 Article 22. (Timing of Transfer of Shares Additionally Purchased) 

With respect to the fractional unit shares for which the Request for Additional Purchase is made, the application for the transfer thereof to
the transfer account of the shareholder who made such Request for Additional Purchase shall be made on the day on which it is confirmed that the amount of the additional purchase price calculated pursuant to the preceding article and the fees
provided for in Article 39 hereof (hereinafter referred to as the “Proceeds from Additional Purchase”) have been remitted to the bank account designated by the Company. 

Article 23. (Suspension of Acceptance of Request for Additional Purchase) 

1. The Company shall suspend the acceptance of Requests for Additional Purchase during the period beginning ten (10) business days prior to any of the
days provided for in the following items up to the day provided for in such item: 
  

	 	(1)	 March 31; 

  

	 	(2)	 September 30; and 

  

	 	(3)	 Any other determination date of shareholders. 

2. In addition to the case provided for in the preceding paragraph, when the Company or the Center deems necessary, the Company may suspend the acceptance of
Requests for Additional Purchase. 

  
 6 

 CHAPTER VI. PREFERRED SHARES 

Article 24. (Exceptions for Preferred Shares) 
 1. With respect
to the provisions concerning the Preferred Shares, notwithstanding any other provisions hereof, the provisions of this Chapter shall prevail and apply. 

2. All request or notification procedures, or any other handling, concerning the Preferred Shares shall be made to the share transfer agent, unless otherwise
provided for in this Chapter. 
 Article 25. (Entries or Records in Register of Holders of Preferred Shares) 

1. In case of a request for entries or records in the register of holders of the Preferred Shares (hereinafter referred to as the “Registration of
Transfer”), a written request therefor, with the names and seals of both the holder of the Preferred Shares entered or recorded in the register of shareholders and the person who acquired such Preferred Shares affixed thereto, shall be
submitted together with the materials evidencing the matters regarding the Registration of Transfer. 
 2. In case a request for the Registration of
Transfer is made with respect to the Preferred Shares acquired due to inheritance, merger or any other event other than assignment, a written request therefor shall be submitted together with a document evidencing the cause for such acquisition.

 Article 26. (Notifications of Holders, Etc. of Preferred Shares) 

1. Holders of the Preferred Shares and the registered preferred share pledgees, or their statutory agents, in addition to the notification set forth in Article
7 hereof, shall notify the Company of their seal impressions; provided, however, that foreigners may substitute their specimen signatures for seal impressions. 

2. In case of a change in the matters notified pursuant to the preceding paragraph, such change shall be notified. 

3. All requests, notifications or any other exercises of holders’ rights concerning the Preferred Shares to the Company shall be made in the form
prescribed by the Company, bearing the seal impressions notified pursuant to the provisions of Paragraph 1. 
 Article 27. (Registration of Transfer in Case
of Special Procedures Required by Laws and Regulations) 
 If any special procedure is required by laws and regulations in connection with
transfer of the Preferred Shares, a written request therefor shall be submitted together with a document evidencing the completion of such procedure. 

  
 7 

 Article 28. (Registration of Pledges, Transfer or Cancellation Thereof) 

In case of a request for the registration of pledges on the Preferred Shares, transfer or cancellation thereof, a written request therefor with
the names and seals of both a pledgor and a pledgee affixed thereto shall be submitted. 
 Article 29. (Recordation of Shares Held in Trust or Cancellation
Thereof) 
 In case of a request for the recordation of the Preferred Shares held in trust or cancellation thereof, a written request
therefor shall be submitted either by a trustor or a trustee. 
 Article 30. (Method for Request for Acquisition of Preferred Shares) 

1. In case of a request to the Company for acquisition of Class 6 Preferred Shares (the First to the Fourth Series) and Class 7 Preferred Shares (the
First to the Fourth Series), in exchange for ordinary shares of the Company (hereinafter referred to as the “Ordinary Shares”) in the number as is calculated by the formula set forth in Article 19 of the Articles of Incorporation, such
request shall be made in the prescribed written form through the Securities Companies, Etc. or otherwise in accordance with the rules prescribed by the Center, and a transfer account (other than a special account) which has been opened for
himself/herself for the purpose of the transfer of such Ordinary Shares shall be designated. 
 2. The request provided for in the preceding paragraph may
not be cancelled after submitting the written request therefor. 
 3. The delivery of the Ordinary Shares set forth in Paragraph 1 shall be made by a
notification of new record or an application for the transfer of such Ordinary Shares to the transfer account designated pursuant to the provisions of such paragraph. 

Article 31. (Effect of Request for Acquisition of Preferred Shares) 

The request set forth in the preceding article shall come into effect when the written request therefor reaches the handling office of the
share transfer agent provided for in Article 2 hereof. 
 Article 32. (Notice or Public Notice of Change in Acquisition Price and Delivery Ratio of
Preferred Shares) 
 In case the acquisition price or the delivery ratio included in the terms of the acquisition of Preferred Shares
provided for in Article 19 of the Articles of Incorporation shall be reset or adjusted, details of such reset or adjustment and the number of the Ordinary Shares to be delivered in exchange for acquisition of Preferred Shares shall be notified or
notified publicly to the holders of the Preferred Shares by the day preceding the reset date or the day on which such adjusted acquisition price or delivery ratio shall be applied (hereinafter referred to as the “Reset Date, Etc.”);
provided, however, that in case the Company is not able to give notices or public notices of such change to the holders of the Preferred Shares by the day preceding the Reset Date, Etc., the Company shall give notices or public notices of such
change to the holders of the Preferred Shares promptly after the Reset Date, Etc. 

  
 8 

 Article 33. (Notice or Public Notice of Restriction on Period for Request for Acquisition of Preferred
Shares) 
 In case there is a provision which excludes a certain period within the period in which the holders of the Preferred Shares are
entitled to request acquisition, included in the terms of the acquisition of Preferred Shares provided for in Article 19 of the Articles of Incorporation, the Company shall give notices or public notices of such excluded period to the holders of the
Preferred Shares in advance. 
 Article 34. (Procedures for Acquisition pursuant to Provisions of Acquisition of Preferred Shares) 

1. In case of acquisition of Preferred Shares set forth in Article 18 of the Articles of Incorporation, the Company shall give notices or public notices of the
amount of cash to be delivered to the holders of the Preferred Shares in exchange for the acquisition of one (1) share of such Preferred Shares and any other necessary matters to the holders of the Preferred Shares. 

2. In case of mandatory acquisition of Preferred Shares provided for in Article 20 of the Articles of Incorporation, the Company shall give notices or public
notices of (i) the acquisition date, (ii) the occurrence of any acquisition event, (iii) if the Ordinary Shares will be delivered in exchange for the acquisition of such Preferred Shares set forth in the said article, the number of
the Ordinary Shares to be delivered, (iv) if such Preferred Shares will be acquired free of consideration, the fact that such Preferred Shares will be acquired free of consideration, and (v) any other necessary matters, to the holders of
the Preferred Shares. 
 Article 35. (Delivery of New Shares upon Mandatory Acquisition of Preferred Shares) 

1. In case of mandatory acquisition of Preferred Shares provided for in Article 20 of the Articles of Incorporation, a holder of the Preferred Shares shall
give written notice of a transfer account (other than a special account) which has been opened for himself/herself for the purpose of the transfer of such Ordinary Shares. 

2. The delivery of the Ordinary Shares set forth in the preceding paragraph shall be made by a notification of new record or an application for the transfer
of such Ordinary Shares to the transfer account notified pursuant to the provisions of the preceding paragraph. 

  
 9 

 CHAPTER VII. METHODS BY WHICH TO EXERCISE 

MINORITY SHAREHOLDERS’ RIGHTS, ETC. 
 Article
36. (Methods by Which to Exercise Minority Shareholders’ Rights, Etc.) 
 1. In case of direct exercise of the minority shareholders’ rights, etc.
set forth in Article 147, Paragraph 4 of the Clearing Law against the Company, a shareholder shall submit a document on which his/her printed name and seal is affixed, after requesting the individual shareholder notice; provided, however, that a
foreigner may substitute his/her signature for such printed name and seal. 
 2. Notwithstanding the provisions of the preceding paragraph, in case of
exercise of the minority shareholders’ rights, etc. by the holders of the Preferred Shares, the request for the individual shareholder notice shall not be required. 

3. The provisions of Article 3, Paragraphs 2, 4 and 5 hereof shall apply mutatis mutandis to the exercise of the minority shareholders’ rights,
etc. referred to in the preceding two (2) paragraphs. 
 Article 37. (Agenda that are Proposed by Shareholders in Reference Materials for General
Meeting of Shareholders) 
 In case of exercise of the shareholders’ proposal rights pursuant to the provisions of Paragraph 1 of the
preceding article, if the description of the following matters that are included in the proposed agenda exceeds 400 characters or is otherwise determined by the Company to be inappropriate to describe all of the matters, such description may be
summarized in the reference materials for a general meeting of shareholders: 
  

	 	(1)	 Reasons for the proposal; or 

 

	 	(2)	 Matters relating to the appointment of directors, accounting advisors, corporate auditors and accounting
auditors. 

 CHAPTER VIII. IDENTIFICATION OF SHAREHOLDERS 

Article 38. (Identification of Shareholders) 
 1. In case of
exercises of shareholders’ rights, except as otherwise provided for in laws and regulations or these Regulations, the Company may request the submission of materials certifying that the person who exercises the rights is a shareholder
himself/herself or a proxy thereof. 
 2. The provisions of Article 3, Paragraphs 2 and 5 hereof shall apply mutatis mutandis to the identifications
of shareholders set forth in the preceding paragraph. 

  
 10 

 CHAPTER IX. HANDLING FEES 

Article 39. (Handling Fees) 
 Fees for handling
of shares of the Company (including consumption tax) shall be as follows: 
  

	 	1.	 In case of purchase of fractional unit shares pursuant to Article 14 hereof or purchase of additional
fractional unit shares pursuant to Article 18 hereof: 

 The fee shall be the amount obtained by multiplying the purchase
price provided for in Article 15 hereof by 0.75%, or the amount obtained by multiplying the additional purchase price provided for in Article 21 hereof by 0.75%, in each case plus consumption tax. (Fractions less than one (1) yen shall be
disregarded.) 
  

	 	2.	 Fees to be paid by the Shareholders, Etc. to the Securities Companies, Etc. or the Center shall be borne by the
Shareholders, Etc. 

  
 11 

 Amendment History 
  

			
	 October 1, 2001
	  	Article 9 amended
	 June 27, 2002
	  	Articles 1, 9, 10, 11, 23, 33, 34, 35 and 36 amended
	 April 1, 2003
	  	Articles 4, 5, 24, 25, 26, 27, 29, 30, 33, 40, 41, Article 2 of Supplemental Provision amended
		  	Articles after No. 28 were renumbered
	 July 1, 2003
	  	Articles 1, 2, 32, 33, 35, 36, 37, 38, 39, 40, 41, 42, 45, 46, 47, 48 and 49 amended
		  	Articles after No. 43 were renumbered
	 June 29, 2004
	  	Articles 1, 45, 46, 47 and 48 amended
	 June 29, 2005
	  	Articles 43, 44, 45, 46, 47 and 48 amended
	 October 1, 2005
	  	Articles 2, 33, 35, 36, 38, 41, 43, 49 and 50 amended
		  	Articles after No. 37 were renumbered
	 May 1, 2006
	  	Articles 2, 4 through 10, 16 through 18, 20, 21, 23 through 27, 29, 31 through 33, and 35 through 50 amended
		  	Articles after No. 37 were renumbered
		  	Articles 1 through 3 of Supplemental Provisions amended
	 June 29, 2006
	  	Articles 1, 9, 23 (newly established), 34, 39, 41, 46, 48, 49, 50, 51, 52 and Article 1 of Supplemental Provisions amended
		  	Articles after No. 34 were renumbered
	 September 30, 2007
	  	Articles 1, 3, 5 through 7, 15 through 17, 26, 29 through 39, 42, 44, 46 through 50 amended
		  	Articles after No. 7 were renumbered
		  	Article 1 of Supplemental Provisions amended
		  	Article 3 of Supplemental Provisions deleted
	 January 5, 2009
	  	The Regulations were wholly amended
	 May 19, 2009
	  	Article 36 amended
		  	Article 1 of Supplemental Provisions deleted
		  	Articles after No. 2 of Supplemental Provisions were renumbered
	 June 26, 2009
	  	Articles 1, 30, and 32 through 35 amended
	 June 27, 2013
	  	Articles 17, 22, 34 and 35 amended
	 June 25, 2015
	  	Article 30 amended
		  	Articles 1 through 4 of Supplemental deleted

 - No further entry - 

  
 12

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