Document:

exv10w22

Exhibit 10.22

EXECUTION COPY

Clear Channel Worldwide Holdings, Inc.

9.250/0 Series B Senior Notes Due 2017

unconditionally guaranteed as to the

payment of principal, premium,

if any, and interest by the Guarantors

 

 Exchange and Registration Rights Agreement

December 23, 2009

Goldman, Sachs & Co.

     As representative of the several Purchasers named in

     Schedule I to the Purchase Agreement

85 Broad Street New

York, NY 10004

Ladies and Gentlemen:

          Clear Channel Worldwide Holdings, Inc., a Nevada corporation (the “Company”), proposes to
issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase
Agreement (as defined herein) $2,000,000,000 in aggregate principal amount of its 9.25% Series B
Senior Notes due 2017. As an inducement to the Purchasers to enter into the Purchase Agreement and
in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and the
Guarantors agree with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

          1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement (this
’’Agreement’), the following terms shall have the following respective meanings:

     “Base Interest” shall mean the interest that would otherwise accrue on the Securities
under the terms thereof and the Indenture, without giving effect to the provisions of this
Agreement.

     The term “broker-dealer” shall mean any broker or dealer registered with the Commission
under the Exchange Act.

     “Business Day” shall have the meaning set forth in Rule 13e-4(a)(3) promulgated by the
Commission under the Exchange Act, as the same may be amended or succeeded from time to time.

     “Closing Date” shall mean the date on which the Securities are initially issued.

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     “Commission” shall mean the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities Act, whichever is the
relevant statute for the particular purpose.

     “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as
of which the Commission declares the Exchange Registration Statement effective or as of which the
Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall
mean the time and date as of which the Commission declares the Shelf Registration Statement
effective or as of which the Shelf Registration Statement otherwise becomes effective.

     “Electing Holder” shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or
Section 3(d)(iii) and the instructions set forth in the Notice and Questionnaire.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

     “Exchange Offer” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Registration” shall have the meaning assigned thereto in Section 3(c).

     “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Securities” shall have the meaning assigned thereto in Section 2(a).

     “Guarantor” shall have the meaning assigned thereto in the Indenture.

     The term “holder” shall mean each of the Purchasers and other persons who acquire Securities
from time to time (including any successors or assigns), in each case for so long as such person
owns any Securities.

     “IDEA System” means the IDEA filing system of the Commission and the rules and regulations
pertaining thereto promulgated by the Commission in Regulation S-T under the Securities Act and the
Exchange Act, in each case as the same may be amended or succeeded from time to time (and without
regard to format).

     “Indenture” shall mean the trust indenture related to the Series B Notes, dated as of December
23, 2009, between the Company, the Guarantors and U.S. Bank National Association, as trustee, as
the same may be amended from time to time.

     “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder
Questionnaire substantially in the form of Exhibit A hereto.

     The term “person” shall mean a corporation, limited liability company, association,
partnership, organization, business, individual, government or political subdivision thereof or
governmental agency.

     “Purchase Agreement” shall mean the Purchase Agreement, dated as of December 18, 2009, between
the Purchasers, the Company and the Guarantors relating to the Securities.

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     “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement.

     “Registrable Securities” shall mean the Securities; provided, however, that a Security shall
cease to be a Registrable Security upon the earliest to occur of the following: (i) in the
circumstances contemplated by Section 2(a), the Security has been exchanged for an Exchange
Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security
that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in
connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect
to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the
Resale Period); (ii) in the circumstances contemplated by Section 2(b), a Shelf Registration
Statement registering such Security under the Securities Act has been declared or becomes effective
and such Security has been sold or otherwise transferred by the holder thereof pursuant to and in a
manner contemplated by such effective Shelf Registration Statement; (iii) subject to Section 8(b),
such Security is actually sold by the holder thereof pursuant to Rule 144 under circumstances in
which any legend borne by such Security relating to restrictions on transferability thereof, under
the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; or (iv)
such Security shall cease to be outstanding.

     “Registration Default” shall have the meaning assigned thereto in Section 2(c).

     “Registration Default Period” shall have the meaning assigned thereto in Section 2(c).

     “Registration Expenses” shall have the meaning assigned thereto in Section 4.

     “Resale Period” shall have the meaning assigned thereto in Section 2(a).

     “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of
such holder’s business, (iii) a holder who has arrangements or understandings with any person to
participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a
holder that is a broker-dealer, but only with respect to Exchange Securities received by such
broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the
broker-dealer directly from the Company.

     “Rule 144,” “Rule 405”, “Rule 415’: “Rule 424”, “Rule 430B”
and “Rule 433” shall mean, in each
case, such rule promulgated by the Commission under the Securities Act (or any successor
provision), as the same may be amended or succeeded from time to time.

     “Securities” shall mean the $2,000,000,000 in aggregate principal amount of the Company’s
9.25% Series B Senior Notes due 2017 (the “Series B Notes”) to be issued and sold to
the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the
Indenture. Each Security is entitled to the benefit of the guarantees provided by the Guarantors in
the Indenture (the “Guarantees”) and, unless the context otherwise requires, any reference herein
to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to
the related Guarantees.

     “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

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     “Shelf Registration” shall have the meaning assigned thereto in Section 2(b).

     “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b).

     “Special Interest” shall have the meaning assigned thereto in Section 2(c).

     “Suspension Period” shall have the meaning assigned thereto in Section 2(b).

     ’’Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the
rules and regulations promulgated by the Commission thereunder, as the same may be amended or
succeeded from time to time.

     “Trustee” shall mean U.S. Bank National Association, as trustee under the Indenture,
together with any successors thereto in such capacity.

          Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers
to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof’ and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision.

          2. Registration Under the Securities Act.

     (a) Except as set forth in Section 2(b) below, the Company and the Guarantors agree to use
commercially reasonable efforts to file under the Securities Act, within 210 days after the
Closing Date, a registration statement relating to an offer to exchange (such registration
statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer’) any and
all of the Securities for a like aggregate principal amount of debt securities issued by the
Company and guaranteed by the Guarantors, which debt securities and guarantees are
substantially identical to the Securities and the related Guarantees, respectively (and are
entitled to the benefits of the Indenture), except that they have been registered pursuant to
an effective registration statement under the Securities Act and do not contain provisions for
Special Interest contemplated in Section 2(c) below (such new debt securities hereinafter
called “Exchange Securities’). The Company and the Guarantors agree to use commercially
reasonable efforts to cause the Exchange Registration Statement to become effective under the
Securities Act no later than 270 days after the Closing Date. The Exchange Offer will be
registered under the Securities Act on the appropriate form and will comply with all applicable
tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not
be permitted by applicable law or Commission policy, the Company further agrees to use
commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than
10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii)
hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E
promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for
all Registrable Securities that have been properly tendered and not withdrawn promptly
following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been
“completed” only (i) if the debt securities and related guarantees received by holders other
than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt,
transferable by each such holder without restriction under the Securities Act and the Exchange
Act and (ii) upon the Company having exchanged, pursuant to the Exchange Offer, Exchange
Securities for all Registrable Securities that have been properly tendered and not withdrawn
before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and
not more than 30 Business Days following the commencement of the Exchange Offer. The Company

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and the Guarantors agree, that upon request, they will (x) include in the Exchange
Registration Statement a prospectus for use in any resales by any holder of Exchange Securities
that is a broker-dealer and (y) keep such Exchange Registration Statement effective for a period
(the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and
ending upon the earlier of the expiration of the 180th day after the Exchange Offer has
been completed or such time as such broker-dealers no longer own any Registrable Securities. With
respect to such Exchange Registration Statement, such holders shall have the benefit of the rights
of indemnification and contribution set forth in Subsections 6(a), (c), (d) and (e).

     (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission
interpretations are changed such that the debt securities or the related guarantees received by
holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or
would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 270
days following the Closing Date and the Exchange Offer has not been completed within 30 Business
Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company
prior to the 20th Business Day following the completion of the Exchange Offer that: (A)
it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may
not resell the Exchange Securities to the public without delivering a prospectus and the prospectus
supplement contained in the Exchange Registration Statement is not appropriate or available for
such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or
an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case
of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file
under the Securities Act no later than 30 days after the time such obligation to file arises (but
no earlier than 210 days after the Closing Date), a “shelf’ registration statement providing for
the registration of, and the sale on a continuous or delayed basis by the holders of, all of the
Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf
Registration Statement’). The Company and the Guarantors agree to use commercially reasonable
efforts to cause the Shelf Registration Statement to become or be declared effective no later than
90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 270
days after the Closing Date); provided, that if at any time the Company is or becomes a “well-known
seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration
statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf
Registration Statement in the form of an automatic shelf registration statement as provided in Rule
405. The Company and the Guarantors agree to use commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective for a period ending on the earlier of the second
anniversary of the Effective Time or such time as there are no longer any Registrable Securities
outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement or to use the prospectus forming a part thereof for resales of Registrable
Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after
the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder
of Registrable Securities that is not then an Electing Holder, to use commercially reasonable
efforts to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to identify such holder
as a selling securityholder in the Shelf Registration Statement (whether by post-
effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under
the

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Securities Act identifying such holder), provided, however, that nothing in this sentence
shall relieve any such holder of the obligation to return a completed and signed Notice and
Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to
the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend
the use or the effectiveness of such Shelf Registration Statement which shall not exceed 45 days
in any three-month period or 90 days in any twelve-month period (a “Suspension Period’) if the
Board of Directors of the Company determines that there is a valid business purpose for
suspension of the Shelf Registration Statement; provided that the Company shall promptly notify
the Electing Holders when the Shelf Registration Statement may once again be used or is
effective.

     (c) In the event that (i) the Company and the Guarantors have not filed the Shelf
Registration Statement on or before the date on which such Shelf Registration Statement is
required to be filed pursuant to Section 2(b), or (ii) the Exchange Registration Statement or
Shelf Registration Statement has not become effective or been declared effective by the
Commission on or before the date on which such registration statement is required to become or
be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the
Exchange Offer has not been completed within 30 Business Days after the Effective Time of the
Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then
required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement
required by Section 2(a) or Section 2(b) is filed and declared effective but shall thereafter
either be withdrawn by the Company or shall become subject to an effective stop order issued
pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration
statement (except as specifically permitted herein, including, with respect to any Shelf
Registration Statement, during any applicable Suspension Period in accordance with the last
sentence of Section 2(b)) without being succeeded immediately by an additional registration
statement filed and declared effective (each such event referred to in clauses (i) through (iv),
a “Registration Default” and each period during which a Registration Default has occurred and is
continuing, a “Registration Default Period’), then, as liquidated damages for such Registration
Default, subject to the provisions of Section 9(b), special interest (“Special Interest’), in
addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a
per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per
annum rate of 0.50% thereafter for the remaining portion of the Registration Default Period.

     (d) Any reference herein to a registration statement or prospectus as of any time shall be
deemed to include any document incorporated, or deemed to be incorporated, therein by reference
as of such time; and any reference herein to any post-effective amendment to a registration
statement or to any prospectus supplement as of any time shall be deemed to include any
document incorporated, or deemed to be incorporated, therein by reference as of such time.

          3. Registration Procedures.

          If the Company and the Guarantors file a registration statement pursuant to Section 2(a) or
Section 2(b), the following provisions shall apply:

     (a) At or before the Effective Time of the Exchange Registration or any Shelf
Registration, whichever may occur first, the Company shall qualify the Indenture under the
Trust Indenture Act.

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     (b) In the event that such qualification would require the appointment of a new trustee under
the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable
provisions of the Indenture.

     (c) In connection with the Company’s and the Guarantors’ obligations with respect to the
registration of Exchange Securities as contemplated by Section 2(a) (the “Exchange Registration’),
if applicable, the Company and the Guarantors shall:

     (i) use commercially reasonable efforts to prepare and file with the Commission an
Exchange Registration Statement on any form which may be utilized by the Company and the
Guarantors and which shall permit the Exchange Offer and resales of Exchange Securities by
broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and
use commercially reasonable efforts to cause such Exchange Registration Statement to become
effective no later than 270 days after the Closing Date;

     (ii) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included therein as
may be necessary to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) and as may be required
by the applicable rules and regulations of the Commission and the instructions applicable
to the form of such Exchange Registration Statement, and promptly provide each
broker-dealer holding Exchange Securities with such number of copies of the prospectus
included therein (as then amended or supplemented), in conformity in all material respects
with the requirements of the Securities Act and the Trust Indenture Act, as such
broker-dealer reasonably may request prior to the expiration of the Resale Period, for use
in connection with resales of Exchange Securities;

     (iii) promptly notify each broker-dealer that has requested or received copies of the
prospectus included in such Exchange Registration Statement, and confirm such advice in
writing, (A) when such Exchange Registration Statement or the prospectus included therein
or any prospectus amendment or supplement or post-effective amendment has been filed, and,
with respect to such Exchange Registration Statement or any post-effective amendment, when
the same has become effective, (8) of any comments by the Commission and by the blue sky or
securities commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration Statement or
prospectus or for additional information, (C) of the issuance by the Commission of any stop
order suspending the effectiveness of such Exchange Registration Statement or the
initiation or threatening of any proceedings for that purpose, (0) if at any time the
representations and warranties of the Company or any of the Guarantors contemplated by
Section 5 cease to be true and correct in all material respects, (E) of the receipt by the
Company of any notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, (F) the occurrence of any event that causes the Company to
become an “ineligible issuer” as defined in Rule 405, or (G) if at any time during the
Resale Period when a prospectus is required to be delivered under the Securities Act, that
such Exchange Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the applicable

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requirements of the Securities Act and the Trust Indenture Act or contains an untrue
statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (iv) in the event that the Company and the Guarantors would be required, pursuant to
Section 3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities (except as
otherwise permitted during any Suspension Period), promptly prepare and furnish to each
such holder a reasonable number of copies of a prospectus supplemented or amended so that,
as thereafter delivered to purchasers of such Exchange Securities during the Resale Period,
such prospectus shall conform in all material respects to the applicable requirements of
the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances then existing;

     (v) use all commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;

     (vi) use commercially reasonable efforts to (A) register or qualify the Exchange
Securities under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange Offer, to the
extent required by such laws, (B) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period, (C) take any and all other
actions as may be reasonably necessary or advisable to enable each broker-dealer holding
Exchange Securities to consummate the disposition thereof in such jurisdictions and (0)
obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Exchange Registration, the Exchange
Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale
Period; provided, however, that neither the Company nor the Guarantors shall be
required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements of this
Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or
become subject to taxation in any such jurisdiction or (3) make any changes to its
certificate of incorporation or by-laws or other governing documents or any agreement
between it and its stockholders;

     (vii) obtain a CUSIP number for all Exchange Securities, not later than the applicable
Effective Time; and

     (viii) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Exchange Registration Statement, an “earning statement” of
the Company, the Guarantors and their respective subsidiaries complying with Section 11 (a)
of the Securities Act (including, at the option of the Company, Rule 158 thereunder).

     (d) In connection with the Company’s and the Guarantors’ obligations with respect to the Shelf
Registration, if applicable, the Company and the Guarantors shall:

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     (i) prepare and file with the Commission, within the time periods specified in
Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company
and which shall register all of the Registrable Securities for resale by the holders thereof
in accordance with such method or methods of disposition as may be specified by the holders of
Registrable Securities as, from time to time, may be Electing Holders and use commercially
reasonable efforts to cause such Shelf Registration Statement to become effective within the
time periods specified in Section 2(b);

     (ii) mail the Notice and Questionnaire to the holders of Registrable
Securities (A) not less than 30 days prior to the anticipated Effective Time of the Shelf
Registration Statement or (8) in the case of an “automatic shelf registration statement” (as
defined in Rule 405), mail the Notice and Questionnaire to the holders of Registrable
Securities not later than the Effective Time of such Shelf Registration Statement, and in any
such case no holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement, and no holder shall be entitled to use the prospectus forming a part
thereof for resales of Registrable Securities at any time, unless and until such holder has
returned a completed and signed Notice and Questionnaire to the Company;

     (iii) after the Effective Time of the Shelf Registration Statement, upon the request of
any holder of Registrable Securities that is not then an Electing Holder, promptly send a
Notice and Questionnaire to such holder; provided that the Company shall not be required to
take any action to name such holder as a selling securityholder in the Shelf Registration
Statement or to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities until such holder has returned a completed and signed Notice and
Questionnaire to the Company;

     (iv) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration Statement for
the period specified in Section 2(b) and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of such Shelf
Registration Statement, and furnish to the Electing Holders copies of any such supplement or
amendment simultaneously with or prior to its being used or filed with the Commission to the
extent such documents are not publicly available on the Commission’s IDEA System;

     (v) comply with the provisions of the Securities Act with respect to the disposition of
all of the Registrable Securities covered by such Shelf Registration Statement in accordance
with the intended methods of disposition by the Electing Holders provided for in such Shelf
Registration Statement;

     (vi) provide the Electing Holders and not more than one counsel for all the Electing
Holders the opportunity to participate in the preparation of such Shelf Registration
Statement, each prospectus included therein or filed with the Commission and each amendment or
supplement thereto;

     (vii) for a reasonable period prior to the filing of such Shelf Registration Statement,
and throughout the period specified in Section 2(b), make available at

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reasonable times at the Company’s principal place of business or such other
reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall
certify to the Company that they have a current intention to sell the Registrable Securities
pursuant to the Shelf Registration such financial and other information and books and records
of the Company and the Guarantors, and cause the officers, employees, counsel and independent
certified public accountants of the Company and the Guarantors to respond to such inquiries,
as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client
privilege, in such counsel’s reasonable belief), in the judgment of the respective counsel
referred to in Section 3(d)(vi), to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that the foregoing inspection
and information gathering on behalf of the Electing Holders shall be conducted by one counsel
designated by the holders of at least a majority in aggregate principal amount of the
Registrable Securities held by the Electing Holders at the time outstanding and
provided further that each such party shall be required to maintain in confidence
and not to disclose to any other person any information or records reasonably designated by
the Company or the Guarantors as being confidential, until such time as (A) such information
becomes a matter of public record (whether by virtue of its inclusion in such Shelf
Registration Statement or otherwise), or (B) such person shall be required so to disclose such
information pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and only after
such person shall have given the Company prompt prior written notice of such requirement), or
(C) such information is required to be set forth in such Shelf Registration Statement or the
prospectus included therein or in an amendment to such Shelf Registration Statement or an
amendment or supplement to such prospectus in order that such Shelf Registration Statement,
prospectus, amendment or supplement, as the case may be, complies with applicable requirements
of the federal securities laws and the rules and regulations of the Commission and does not
contain an untrue statement of a material fact or omit to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

     (viii) promptly notify each of the Electing Holders and confirm such advice in writing,
(A) when such Shelf Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to such
Shelf Registration Statement or any post-effective amendment, when the same has become
effective, (B) of any comments by the Commission and by the blue sky or securities commissioner
or regulator of any state with respect thereto or any request by the Commission for amendments
or supplements to such Shelf Registration Statement or prospectus or for additional
information, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of such Shelf Registration Statement or the initiation or threatening of any
proceedings for that purpose, (D) if at any time the representations and warranties of the
Company or any of the Guarantors set forth in Section 5 cease to be true and correct in all
material respects, (E) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose, (F) the occurrence of any
event that causes the Company or any of the Guarantors to become an “ineligible issuer” as
defined in Rule 405, or (G) if at any time when a prospectus is required to be delivered under

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the Securities Act, that such Shelf Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all material respects
to the applicable requirements of the Securities Act and the Trust Indenture Act or contains
an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (ix) use commercially reasonable efforts to obtain the withdrawal of any order suspending
the effectiveness of such Shelf Registration Statement or any post-effective amendment thereto
at the earliest practicable date;

     (x) if requested by any Electing Holder, promptly incorporate in a prospectus supplement
or post-effective amendment such information as is required by the applicable rules and
regulations of the Commission and as such Electing Holder specifies should be included therein
relating to the terms of the sale of such Registrable Securities, including information with
respect to the principal amount of Registrable Securities being sold by such Electing Holder,
the name and description of such Electing Holder, the offering price of such Registrable
Securities and any discount, commission or other compensation payable in respect thereof and
with respect to any other terms of the offering of the Registrable Securities to be sold by
such Electing Holder; and make all required filings of such prospectus supplement or
post-effective amendment promptly after notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment;

     (xi) furnish to each Electing Holder and the counsel referred to in Section 3(d)(vi) an
executed copy (or a conformed copy) of such Shelf Registration Statement, each such amendment
and supplement thereto (in each case including all exhibits thereto (in the case of an
Electing Holder of Registrable Securities, upon request) and documents incorporated by
reference therein) and such number of copies of such Shelf Registration Statement (excluding
exhibits thereto and documents incorporated by reference therein unless specifically so
requested by such Electing Holder) and of the prospectus included in such Shelf Registration
Statement (including each preliminary prospectus and any summary prospectus), in conformity in
all material respects with the applicable requirements of the Securities Act and the Trust
Indenture Act to the extent such documents are not available through the Commission’s IDEA
System, and such other documents, as such Electing Holder may reasonably request in order to
facilitate the offering and disposition of the Registrable Securities owned by such Electing
Holder and to permit such Electing Holder to satisfy the prospectus delivery requirements of
the Securities Act; and subject to Section 3(e), the Company hereby consents to the use of
such prospectus (including such preliminary and summary prospectus) and any amendment or
supplement thereto by each such Electing Holder (subject to any applicable Suspension Period),
in each case in the form most recently provided to such person by the Company, in connection
with the offering and sale of the Registrable Securities covered by the prospectus (including
such preliminary and summary prospectus) or any supplement or amendment thereto;

     (xii) use commercially reasonable efforts to (A) register or qualify the Registrable
Securities to be included in such Shelf Registration Statement under such securities laws or
blue sky laws of such jurisdictions as any Electing Holder shall reasonably request, (8) keep
such registrations or qualifications in effect and

11

 

comply with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions during the period the Shelf Registration Statement is
required to remain effective under Section 2(b) and for so long as may be necessary to
enable any such Electing Holder to complete its distribution of Registrable Securities
pursuant to such Shelf Registration Statement, (C) take any and all other actions as may be
reasonably necessary or advisable to enable each such Electing Holder to consummate the
disposition in such jurisdictions of such Registrable Securities and (D) obtain the consent
or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Shelf Registration or the offering or sale in
connection therewith or to enable the selling holder or holders to offer, or to consummate
the disposition of, their Registrable Securities; provided, however, that
neither the Company nor the Guarantors shall be required for any such purpose to (1)
qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to
general service of process in any such jurisdiction or become subject to taxation in any
such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or
other governing documents or any agreement between it and its stockholders;

     (xiii) unless any Registrable Securities shall be in book-entry only form, cooperate
with the Electing Holders to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold, which certificates, if so required by any
securities exchange upon which any Registrable Securities are listed, shall be printed,
penned, lithographed, engraved or otherwise produced by any combination of such methods, on
steel engraved borders, and which certificates shall not bear any restrictive legends;

     (xiv) obtain a CUSIP number for all Securities that have been registered under the
Securities Act, not later than the applicable Effective Time;

     (xv) notify in writing each holder of Registrable Securities of any proposal by the
Company to amend or waive any provision of this Agreement pursuant to Section 9(h) and of
any amendment or waiver effected pursuant thereto, each of which notices shall contain the
text of the amendment or waiver proposed or effected, as the case may be; and

     (xvi) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Shelf Registration Statement an “earning statement” of the
Company and its subsidiaries complying with Section 11(a) of the Securities Act (inclUding,
at the option of the Company, Rule 158 thereunder).

     (e) In the event that the Company would be required, pursuant to Section 3(d)(viii)(G), to
notify the Electing Holders, the Company shall promptly prepare and furnish to each of the Electing
Holders a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all
material respects to the applicable requirements of the Securities Act and the Trust Indenture Act
and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice
from the Company pursuant to Section 3(d)(viii)(G), such Electing Holder shall forthwith
discontinue the disposition of

12

 

Registrable Securities pursuant to the Shelf Registration Statement applicable to such
Registrable Securities until such Electing Holder shall have received copies of such amended or
supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to
the Company (at the Company’s expense) all copies, other than permanent file copies, of the
prospectus covering such Registrable Securities in such Electing Holder’s possession at the time of
receipt of such notice.

     (f) In the event of a Shelf Registration, in addition to the information required to be
provided by each Electing Holder in its Notice and Questionnaire, the Company may require such
Electing Holder to furnish to the Company such additional information regarding such Electing
Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may
be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify
the Company as promptly as practicable of any inaccuracy or change in information previously
furnished by such Electing Holder to the Company or of the occurrence of any event in either case
as a result of which any prospectus relating to such Shelf Registration contains or would contain
an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s
intended method of disposition of such Registrable Securities or omits to state any material fact
regarding such Electing Holder or such Electing Holder’s intended method of disposition of such
Registrable Securities required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly to furnish to the Company
any additional information required to correct and update any previously furnished information or
required so that such prospectus shall not contain, with respect to such Electing Holder or the
disposition of such Registrable Securities, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing.

     (g) Until the expiration of one year after the Closing Date, the Company will not, and will
not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that
have been reacquired by any of them except pursuant to an effective registration statement, or a
valid exemption from the registration requirements, under the Securities Act.

     (h) As a condition to its participation in the Exchange Offer, each holder of Registrable
Securities shall furnish, upon the request of the Company, a written representation to the Company
(which may be contained in the letter of transmittal or “agent’s message” transmitted via The
Depository Trust Company’s Automated Tender Offer Procedures, in either case contemplated by the
Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Company, as
defined in Rule 405 of the Securities Act, or if it is such an “affiliate”, it will comply with the
registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(8) it is not engaged in and does not intend to engage in, and has no arrangement or understanding
with any person to participate in, a distribution of the Exchange Securities to be issued in the
Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D)
if it is a broker-dealer that holds Securities that were acquired for its own account as a result
of market-making activities or other trading activities (other than Securities acquired directly
from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements
of the Securities Act in connection with any resales of the Exchange Securities received by it in
the Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the Securities to be
exchanged in the Exchange Offer from the Company or any of its affiliates, and (F) it is not acting
on behalf of any person who could not truthfully and completely make the representations contained
in the foregoing subclauses (A) through (E).

13

 

     4. Registration Expenses.

          The Company and the Guarantors agree to bear and to payor cause to be paid promptly all
expenses incident to the Company’s performance of or compliance with this Agreement, including (a)
all Commission and any FINRA registration, filing and review fees and expenses including reasonable
fees and disbursements of counsel for the Eligible Holders in connection with such registration,
filing and review, (b) all fees and expenses in connection with the qualification of the
Registrable Securities and the Exchange Securities, as applicable, for offering and sale under the
State securities and blue sky laws referred to in Section 3(d)(xii) and determination of their
eligibility for investment under the laws of such jurisdictions as the Electing Holders may
designate, including any reasonable fees and disbursements of counsel for the Electing Holders in
connection with such qualification and determination, (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration statement required to be
filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto,
each amendment or supplement to the foregoing, the expenses of preparing the Securities or Exchange
Securities, as applicable, for delivery and the expenses of printing or producing any selling
agreements and blue sky or legal investment memoranda and all other documents in connection with
the offering, sale or delivery of Securities or Exchange Securities, as applicable, to be disposed
of (including certificates representing the Securities or Exchange Securities, as applicable), (d)
messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities
or Exchange Securities, as applicable, and the preparation of documents referred in clause (c)
above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any
counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including
all salaries and expenses of the Company’s officers and employees performing legal or accounting
duties), (g) fees, disbursements and expenses of counsel and independent certified public
accountants of the Company, (h) reasonable fees, disbursements and expenses of one counsel for the
Electing Holders retained in connection with a Shelf Registration, as selected by the Electing
Holders of at least a majority in aggregate principal amount of the Registrable Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the Company), (i) any fees
charged by securities rating services for rating the Registrable Securities or the Exchange
Securities, as applicable, and 0) fees, expenses and disbursements of any other persons, including
special experts, retained by the Company in connection with such registration (collectively, the
“Registration Expenses’). To the extent that any Registration Expenses are incurred, assumed or
paid by any holder of Registrable Securities, Securities or Exchange Securities, as applicable, the
Company shall reimburse such person for the full amount of the Registration Expenses so incurred,
assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the
holders of the Registrable Securities being registered shall pay all agency fees and commissions
and underwriting discounts and commissions, if any, and transfer taxes, if any, attributable to the
sale of such Registrable Securities and Exchange Securities, as applicable, and the fees and
disbursements of any counselor other advisors or experts retained by such holders (severally or
jointly), other than the counsel and experts specifically referred to above.

     5. Representations and Warranties.

          Each of the Company and the Guarantors, jointly and severally, represents and warrants to, and
agrees with, each Purchaser and each of the holders from time to time of Registrable Securities
that:

14

 

     (a) Each registration statement covering Registrable Securities, Securities or Exchange
Securities, as applicable, and each prospectus (including any preliminary or summary prospectus)
contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is
filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and at all times subsequent to the
Effective Time when a prospectus would be required to be delivered under the Securities Act, other
than (A) from (i) such time as a notice has been given to holders of Registrable Securities
pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until (ii) such time as the Company
furnishes an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) or (8)
during any applicable Suspension Period, each such registration statement, and each prospectus
(including any summary prospectus) contained therein or furnished pursuant to Section 3(c) or
Section 3(d), as then amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then
existing; provided, however, that this representation and warranty shall not apply to
any statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by a holder of Registrable Securities expressly for use therein.

     (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a),
when they become or became effective or are or were filed with the Commission, as the case may be,
will conform or conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and none of such documents will contain or contained an untrue
statement of a material fact or will omit or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Company by a holder of
Registrable Securities expressly for use therein.

     (c) The compliance by the Company and the Guarantors with all of the provisions of this
Agreement and the consummation of the transactions herein contemplated will not (i) conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company, the Guarantors or any of their respective subsidiaries is a party or by which
the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the
property or assets of the Company, the Guarantors or any of their respective subsidiaries is
subject, (ii) result in any violation of the provisions of the certificate of incorporation, as
amended, or the by-laws or other governing documents, as applicable, of the Company or the
Guarantors or (iii) result in any violation of any statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over the Company, the Guarantors or any of
their respective subsidiaries or any of their respective properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or governmental
agency or body is required for the consummation by the Company and the Guarantors of the
transactions contemplated by this Agreement, except (x) the
registration under the Securities Act of the Registrable Securities and the Exchange
Securities, as applicable, and qualification of the

15

 

Indenture under the Trust Indenture Act, (y) such consents, approvals, authorizations,
registrations or qualifications as may be required under state securities or blue sky laws in
connection with the offering and distribution of the Registrable Securities and the Exchange
Securities, as applicable, and (z) such consents, approvals, authorizations, registrations or
qualifications that have been obtained and are in full force and effect as of the date hereof.

     (d) This Agreement has been dUly authorized, executed and delivered by the Company and by the
Guarantors.

     6. Indemnification and Contribution.

     (a) Indemnification by the Company and the Guarantors. The Company and the Guarantors, jointly
and severally, will indemnify and hold harmless each of the holders of Registrable Securities
included in an Exchange Registration Statement and each of the Electing Holders as holders of
Registrable Securities included in a Shelf Registration Statement against any losses, claims,
damages or liabilities, joint or several, to which such holder or such Electing Holder may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in any Exchange Registration Statement or any
Shelf Registration Statement, as the case may be, under which such Registrable Securities or
Exchange Securities were registered under the Securities Act, or any preliminary, final or summary
prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule
433) contained therein or furnished by the Company to any such holder or any such Electing Holder,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse each such holder and each such Electing
Holder for any and all legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that neither the Company nor the Guarantors shall be liable to any such person in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus (including, without limitation,
any “issuer free writing prospectus” as defined in Rule 433), or amendment or supplement thereto,
in reliance upon and in conformity with written information furnished to the Company by such person
expressly for use therein.

     (b) Indemnification by the Electing Holders. The Company may require, as a condition to
including any Registrable Securities in any Shelf Registration Statement filed pursuant to Section
2(b), that the Company shall have received an undertaking reasonably satisfactory to it from each
Electing Holder of Registrable Securities included in such Shelf Registration Statement, severally
and not jointly, to (i) indemnify and hold harmless the Company, the Guarantors and all other
Electing Holders of Registrable Securities included in such Shelf Registration Statement, against
any losses, claims, damages or liabilities to which the Company, the Guarantors or such other
Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus (including, without limitation, any
“issuer free writing prospectus” as defined in Rule 433) contained therein or furnished by the
Company to any Electing Holder,

16

 

or any amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with written information furnished to the Company by such Electing
Holder expressly for use therein, and (ii) reimburse the Company and the Guarantors for any legal
or other expenses reasonably incurred by the Company and the Guarantors in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that no such Electing Holder shall be required to undertake liability to any person
under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be
received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities
pursuant to such registration.

     (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of written notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party
pursuant to the indemnification provisions of or contemplated by this Section 6, notify such
indemnifying party in writing of the commencement of such action; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or
Section 6(b). In case any such action shall be brought against any indemnified party and it shall
notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled
to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party (who shall not, except with the consent of the indemnified party, be counsel
to the indemnifying party), and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, such indemnifying party shall not be liable to
such indemnified party for any legal expenses of other counselor any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the prior written consent
of the indemnified party, effect the settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the indemnified party from all liability arising out of
such action or claim and (ii) does not include a statement as to, or an admission of, fault,
culpability or a failure to act by or on behalf of any indemnified party.

     (d) Contribution. If for any reason the indemnification provisions contemplated by
Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and the indemnified party in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or
alleged untrue

17

 

statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by such indemnifying party or by such indemnified party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation
(even if the holders were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to in this
Section 6(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, or liabilities (or actions in respect thereof) referred to above shall be
deemed to include any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 6(d), no Electing Holder shall be required to contribute any
amount in excess of the amount by which the dollar amount of the proceeds received by such
holder from the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11 (f) of the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. The holders’ obligations in this Section 6(d)
to contribute shall be several in proportion to the principal amount of Registrable Securities
registered by them and not joint.

     (e) The obligations of the Company and the Guarantors under this Section 6 shall be in
addition to any liability which the Company or the Guarantors may otherwise have and shall
extend, upon the same terms and conditions, to each officer, director and partner of each
holder, each Electing Holder, and each person, if any, who controls any of the foregoing within
the meaning of the Securities Act; and the obligations of the holders and the Electing Holders
contemplated by this Section 6 shall be in addition to any liability which the respective
holder or Electing Holder may otherwise have and shall extend, upon the same terms and
conditions, to each officer and director of the Company or the Guarantors and to each person,
if any, who controls the Company or any of the Guarantors within the meaning of the Securities
Act, as well as to each officer and director of the other holders and to each person, if any,
who controls such other holders within the meaning of the Securities Act.

     7. Underwritten Offerings.

               Each holder of Registrable Securities hereby agrees with the Company and each other such
holder that no holder of Registrable Securities may participate in any underwritten offering
hereunder unless (a) the Company gives its prior written consent to such underwritten offering, (b)
the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at
least a majority in aggregate principal amount of the Registrable Securities to be included in such
offering, provided that such designated managing underwriter or underwriters is or are reasonably
acceptable to the Company, (c) each holder of Registrable Securities participating in such
underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the persons entitled selecting the managing underwriter
or underwriters hereunder and (d) each holder of Registrable Securities participating in such
underwritten offering completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements. The Company hereby agrees with each holder of Registrable Securities that, to the extent it consents to an
underwritten offering hereunder, it will negotiate in good faith and execute all indemnities,

18

 

underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements, including using commercially reasonable efforts to procure customary
legal opinions and auditor “comfort” letters.

     8. Rule 144.

     (a) Facilitation of Sales Pursuant to Rule 144. The Company and each of the Guarantors
covenant to the holders of Registrable Securities that to the extent it shall be required to do
so under the Exchange Act, the Company and the Guarantors shall timely file the reports
required to be filed by it under the Exchange Act or the Securities Act (including the reports
under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule
144), and shall take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations of the
exemption provided by Rule 144. Upon the request of any holder of Registrable Securities in
connection with that holder’s sale pursuant to Rule 144, the Company and the Guarantors shall
deliver to such holder a written statement as to whether it has complied with such
requirements.

     (b) Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that
holders of Registrable Securities may become eligible to sell such Registrable Securities
pursuant to Rule 144 shall not (1) cause such Securities to cease to be Registrable Securities
or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2 of this
Agreement, including without limitation the obligations in respect of an Exchange Offer, Shelf
Registration and Special Interest.

     9. Miscellaneous.

     (a) No Inconsistent Agreements. The Company and each of the Guarantors represents,
warrants, covenants and agrees that it has not granted, and shall not grant, registration
rights with respect to Registrable Securities, Exchange Securities or Securities, as
applicable, or any other securities which would be inconsistent with the terms contained in
this Agreement.

     (b) Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if the Company or the Guarantors fail to perform any of their obligations
hereunder and that the Purchasers and the holders from time to time of the Registrable
Securities may be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such holders, in addition to any other remedy to which they may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of the
Company and the Guarantors under this Agreement in accordance with the terms and conditions of
this Agreement, in any court of the United States or any State thereof having jurisdiction.
Time shall be of the essence in this Agreement.

     (c) Notices. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by
hand, if delivered personally, by facsimile or by courier, or three days after being deposited
in the mail (registered or certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at 200 East Basse Road, San Antonio, TX 78209, Attention:
General Counsel, and if to a holder, to the address of such holder set forth in the security
register or other records of the Company, or to such other address as the Company

19

 

or any such holder may have furnished to the other in writing in accordance herewith, except
that notices of change of address shall be effective only upon receipt.

     (d) Parties in Interest. All the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto, the
holders from time to time of the Registrable Securities and the respective successors and assigns
of the foregoing. In the event that any transferee of any holder of Registrable Securities shall
acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law
or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable Securities such transferee
shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound
by all of the applicable terms and provisions of this Agreement. If the Company shall so request,
any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all of the applicable terms hereof.

     (e) Survival. The respective indemnities, agreements, representations, warranties
and each other provision set forth in this Agreement or made pursuant hereto shall remain in full
force and effect regardless of any investigation (or statement as to the results thereof) made by
or on behalf of any holder of Registrable Securities, any director, officer or partner of such
holder, or any controlling person of any of the foregoing, and shall survive delivery of and
payment for the Registrable Securities pursuant to the Purchase Agreement, the transfer and
registration of Registrable Securities by such holder and the consummation of an Exchange Offer.

     (f) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

     (g) Headings. The descriptive headings of the several Sections and paragraphs of
this Agreement are inserted for convenience only, do not constitute a part of this Agreement and
shall not affect in any way the meaning or interpretation of this Agreement.

     (h) Entire Agreement; Amendments. This Agreement and the other writings referred
to herein (including the Indenture and the form of Securities) or delivered pursuant hereto which
form a part hereof contain the entire understanding of the parties with respect to its subject
matter. This Agreement supersedes all prior agreements and understandings between the parties with
respect to its subject matter. This Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Company and the holders of at
least a majority in aggregate principal amount of the Registrable Securities at the time
outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall
be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any
notice, writing or marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder.

     (i) Inspection. For so long as this Agreement shall be in effect, this Agreement
and a complete list of the names and addresses of all the record holders of Registrable Securities
shall be made available for inspection and copying on any Business Day by any holder of Registrable
Securities for proper purposes only (which shall include any purpose related to the rights of the
holders of Registrable Securities under the Securities, the Indenture and

20

 

this Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) and
at the office of the Trustee under the Indenture.

     U) Counterparts. This Agreement may be executed by the parties in counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall
together constitute one and the same instrument.

     (k) Severability. If any provision of this Agreement, or the application thereof
in any circumstance, is held to be invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of such provision in every other respect and of the
remaining provisions contained in this Agreement shall not be affected or impaired thereby.

21

 

     If the foregoing is in accordance with your understanding, please sign and return to
us one for the Company and the Representative plus one for each counsel counterparts hereof, and
upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such
acceptance hereof shall constitute a binding agreement between each of the Purchasers, the
Guarantors and the Company. It is understood that your acceptance of this letter on behalf of
each of the Purchasers is pursuant to the authority set forth in a form of Agreement among
Purchasers, the form of which shall be submitted to the Company for examination upon request,
but without warranty on your part as to the authority of the signers thereof.

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Worldwide Holdings, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Executive Vice President, Chief	 	 
	 

	 	 	 	 	 	Financial Officer, Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Outdoor Holdings, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Outdoor, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Adshel, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	1567 Media LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 

[Series B Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Clear Channel Spectacolor, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clear Channel Taxi Media, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clear Channel Outdoor Holdings Company Canada	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Outdoor Management Services, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Inter-space Services, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 

[Series B Registration Rights Agreement}

 

 

Accepted as of the date hereof:

	 	 	 	 	 
	Goldman, Sachs & Co.	 	 
	 
	 	 	 	 
	By:

	 	 /s/ Goldman, Sachs & Co.	 	 
	 

	 	 

(Goldman, Sachs & Co.)
	 	 

On behalf of each of the Purchasers

[Exchange and Registration Rights Agreement]

23

 

Exhibit A

Clear Channel Worldwide Holdings, Inc.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE]*

The
Depository Trust Company (“DTC”) has identified you as a DTC Participant through
which beneficial interests in the Clear Channel Worldwide Holdings,
Inc. (the “Company’) 9.25%
Series B Senior Notes due 2017 (the “Securities’) are held.

The Company is in the process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. In order to have their Securities included in the
registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the registration
statement depend upon their returning the Notice and Questionnaire by [Deadline For Response].
Please forward a copy of the enclosed documents to each beneficial owner that holds interests in
the Securities through you. If you require more copies of the enclosed materials or have any
questions pertaining to this matter, please contact Clear Channel Worldwide Holdings, Inc., 200
East Basse Road, San Antonio, TX 78209, Attention: General Counsel.

 

			
	*	 	Not less than 28 calendar days from date of mailing.

A-1

 

Clear Channel Worldwide Holdings, Inc.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange
and Registration Rights Agreement’’) between Clear Channel Worldwide Holdings, Inc. (the
“Company’’) and the Purchasers named therein. Pursuant to the Exchange and Registration
Rights Agreement, the Company has filed or will file with the United States Securities and Exchange
Commission (the “Commission’’) a registration
statement on Form [     ] (the
“Shelf Registration Statement’’) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of the Company’s 9.25%
Series B Senior Notes due 2017 (the “Securities’’). A copy of the Exchange and
Registration Rights Agreement has been filed as an exhibit to the Shelf Registration Statement and
can be obtained from the Commission’s website at www.sec.gov. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights
Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the
Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Registrable Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire’’)
must be completed, executed and delivered to the Company’s counsel at the address set forth
herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable
Securities who do not properly complete, execute and return this Notice and Questionnaire by such
date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii)
may not use the Prospectus forming a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

The term “Registrable Securities” is defined in the Exchange and Registration Rights
Agreement.

A-2

 

ELECTION

The undersigned holder (the “Selling SecurityhoJder”) of Registrable Securities hereby
elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned
by it and listed below in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if
the undersigned Selling Securityholder were an original party thereto.

Pursuant to the Exchange and Registration Rights Agreement, the undersigned has agreed to
indemnify and hold harmless the Company, its officers who sign any Shelf Registration Statement,
and each person, if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act of 1934, as amended (the “Exchange Act’),
against certain loses arising out of an untrue statement, or the alleged untrue statement, of
a material fact in the Shelf Registration Statement or the related prospectus or the omission, or
alleged omission, to state a material fact required to be stated in such Shelf Registration
Statement or the related prospectus, but only to the extent such untrue statement or omission, or
alleged untrue statement or omission, was made in reliance on and in conformity with the
information provided in this Notice and Questionnaire.

Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the
Selling Securityholder will be required to deliver to the Company and Trustee the Notice of
Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and
Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the Company and represents
and warrants that such information is accurate and complete:

A-3

 

QUESTIONNAIRE

	 	 	 	 	 
	(1)

	 	(a)
	 	Full legal name of Selling Securityholder:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	(b)
	 	Full legal name of registered Holder (if not the same as in (a) above) of Registrable
Securities listed in Item (3) below:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	(c)
	 	Full legal name of DTC Participant (if applicable and if not the same as (b) above) through
which Registrable Securities listed in Item (3) below are held:
	 
	 	 	 	 
	 

	 	 	 	 

(2) Address for notices to Selling Securityholder:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Contact Person:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	E-mail for Contact Person:
	 	 
	 

	 	 	 	 

(3) Beneficial Ownership of Securities:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below in this Item (3), the undersigned
does not beneficially own any Securities.
	 
	 	 	 	 
	 

	 	(a)
	 	Principal amount of Registrable Securities beneficially owned:   

	 

	 	 	 	CUSIP No(s). of such Registrable Securities:   

	 
	 	 	 	 
	 

	 	(b)
	 	Principal amount of Securities other than Registrable Securities beneficially owned:   

	 

	 	 	 	CUSIP No(s). of such other Securities:   

	 
	 	 	 	 
	 

	 	(c)
	 	Principal amount of Registrable Securities that the undersigned wishes to be included in
the Shelf Registration 
Statement:     

	 

	 	 	 	CUSIP No(s). of such Registrable Securities to be included in
the Shelf Registration
Statement:    

(4) Beneficial Ownership of Other Securities of the Company:

	 	 	 
	 

	 	Except as set forth below in this Item (4), the undersigned
Selling Securityholder is not the beneficial or registered owner of any other securities
of the Company, other than the Securities listed above in Item (3).
	 
	 	 
	 

	 	State any exceptions here:
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

A-4

 

(5) Individuals who exercise dispositive powers with respect to the Securities:

	 	 	 	 	 
	 

	 	 	 	If the Selling Securityholder is not an entity that is required to file reports with
the Commission pursuant to Section 13 or 15(d) of the Exchange
Act (a “Reporting Company”), then the Selling Securityholder must
disclose the name of the natural person(s) who exercise sole or shared
dispositive powers with respect to the Securities. Selling Securityholders should
disclose the beneficial holders, not nominee holders or other such others of
record. In addition, the Commission has provided guidance that Rule 13d-3 of
the Securities Exchange Act of 1934 should be used by analogy
when determining the person or persons sharing voting and/or dispositive powers with
respect to the Securities.
	 
	 	 	 	 
	 

	 	(a)
	 	Is the holder a Reporting Company?
	 
	 	 	 	 
	 

	 	 	 	Yes          
                              
No                               
	 
	 	 	 	 
	 

	 	 	 	If “No”, please answer Item (5)(b).
	 
	 	 	 	 
	 

	 	(b)
	 	List below the individual or individuals who exercise dispositive powers with
respect to the Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	Please note that the names of the persons listed in (b) above will be
included in the Shelf Registration Statement and related Prospectus.

(6) Relationships with the Company:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below, neither the Selling Securityholder nor any
of its affiliates, officers, directors or principal equity holders (5%
or more) has held any position or office or has had any other material relationship
with the Company (or its predecessors or affiliates) during the past three years.
	 
	 	 	 	 
	 

	 	 	 	State any exceptions here:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

(7) Plan of Distribution:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below, the undersigned Selling Securityholder
intends to distribute the Registrable Securities listed above in Item (3)
only as follows (if at all): Such Registrable Securities may be sold
from time to time directly by the undersigned Selling Securityholder. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at varying prices determined at the time
of sale, or at negotiated prices. Such sales may be effected in transactions
(which may involve crosses or block transactions) (i) on any national securities exchange
or quotation service on which the Registered Securities may be listed or quoted at the
time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market, or (iv)
through the writing of options. In connection with sales of the

A-5

 

	 	 	 	 	 
	 

	 	 	 	Registrable Securities or otherwise, the Selling Securityholder may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of the
Registrable Securities in the course of hedging the positions they assume. The Selling
Securityholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.
	 
	 	 	 	 
	 

	 	 	 	State any exceptions here:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	Note: In no event may such methodes) of distribution take the form
of an underwritten offering of Registrable Securities without the
prior written agreement of the Company.

(8) Broker-Dealers:

	 	 	 	 	 
	 

	 	 	 	The Commission requires that all Selling Securityholders that are registered
broker-dealers or affiliates of registered broker-dealers be so
identified in the Shelf Registration Statement. In addition, the Commission requires
that all Selling Securityholders that are registered broker-dealers be named as
underwriters in the Shelf Registration Statement and related Prospectus, even if
they did not receive the Registrable Securities as compensation for
underwriting activities.
	 
	 	 	 	 
	 

	 	(a)
	 	State whether the undersigned Selling Securityholder is a registered broker-dealer:
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	(b)
	 	If the answer to (a) is “Yes”, you must answer (i) and (ii) below, and (iii) below if
applicable. Your answers to (i) and (ii) below, and (iii) below if applicable, will be
included in the Shelf Registration Statement and related Prospectus.
	 
	 

	 	 	 	(i) Were the Securities acquired as compensation for underwriting activities?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If you answered “Yes”, please provide a brief description of the transaction(s) in which
the Securities were acquired as compensation:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	(ii) Were the Securities acquired for investment purposes?
	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 

	 	 	 	(iii) If you answered “No” to both (i) and (ii), please explain the Selling
Securityholder’s reason for acquiring the Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

A-6

 

	 	 	 	 	 
	 

	 	(c)
	 	State whether the undersigned Selling Securityholder is an affiliate of a registered
broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	(d)
	 	If you answered “Yes” to question (c) above:
	 
	 	 	 	 
	 

	 	 	 	(i) Did the undersigned Selling Securityholder purchase Registrable Securities in the
ordinary course of business?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
    No                              
	 
	 	 	 	 
	 

	 	 	 	If the answer is “No” to question (d)(i), provide a brief explanation of the
circumstances in which the Selling Securityholder acquired the Registrable Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	(ii) At the time of the purchase of the Registrable Securities, did the undersigned
Selling Securityholder have any agreements, understandings or arrangements, directly or
indirectly, with any person to dispose of or distribute the Registrable Securities?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If the answer is “Yes” to question (d)(ii), provide a brief explanation of such
agreements, understandings or arrangements:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	If the answer is “No” to Item (B)(d)(i) or “Yes” to Item
(B)(d)(ii), you will be named as an underwriter in the Shelf Registration Statement and
the related Prospectus.

(9) Hedging and short sales:

	 	 	 	 	 
	 

	 	(a)
	 	State whether the undersigned Selling Securityholder has or will enter into “hedging
transactions” with respect to the Registrable Securities:
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If “Yes”, provide below a complete description of the hedging transactions into
which the undersigned Selling Securityholder has entered or will enter and the purpose of
such hedging transactions, including the extent to which such hedging transactions remain
in place:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

A-7

 

	 	(b)	 	Set forth below is Interpretation A.65 of the Commission’s July 1997 Manual of
Publicly Available Interpretations regarding short selling:
	 
	 	 	 	“An issuer filed a Form S-3 registration statement for a
secondary offering of common stock which is not yet effective. One of the selling
shareholders wanted to do a short sale of common stock “against the box” and
cover the short sale with registered shares after the effective date. The issuer was
advised that the short sale could not be made before the registration statement becomes
effective, because the shares underlying the short sale are deemed to be sold at the time
such sale is made. There would, therefore, be a violation of Section 5
if the shares were effectively sold prior to the effective date.”
	 
	 	 	 	By returning this Notice and Questionnaire, the undersigned Selling
Securityholder will be deemed to be aware of the foregoing interpretation.

*   *   *   *   *

By signing below, the Selling Securityholder acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act,
particularly Regulation M (or any successor rule or regulation).

The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration
Rights Agreement to indemnify and hold harmless the Company and certain other persons as set forth
in the Exchange and Registration Rights Agreement.

In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration
Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (9) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange
and Registration Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect
and to provide such additional information that the Company may reasonably request regarding such
Selling Securityholder and the intended method of distribution of Registrable Securities in order
to comply with the Securities Act. Except as otherwise provided in the Exchange and Registration
Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows:

A-8

 

	 	 	 	 	 	 	 
	 

	 	(i) To the Company:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	(ii) With a copy to:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

Once this Notice and Questionnaire is executed by the Selling Securityholder and received by
the Company’s counsel, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This Notice and Questionnaire
shall be governed in all respects by the laws of the State of New York.

A-9

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Dated:
                                        

	 	 	 	 	 
	 
	 
	 	 	 
	 
	 	 	Selling Securityholder
	 	 	(Print/type full legal name of beneficial owner of Registrable Securities)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL

AT:

 

 

 

 

 

A-10

 

Exhibit B

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

[Name of Trustee]

Clear Channel Worldwide Holdings, Inc.

c/o [Name of Trustee]

[Address of Trustee]

Attention: Trust Officer

			
	          Re:	 	Clear Channel Worldwide Holdings, Inc. (the “Company”)

9.25% Series B Senior Notes due 2017

Dear Sirs:

Please be advised that                     has transferred
$                    
aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form
[                    ] (File
No. 333-                    ) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as
a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that
the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus
opposite such owner’s name. .

Dated:

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

(Name)
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

(Authorized Signature)
	 	 

B-1exv10w23

Exhibit
10.23

CONTRACT OF EMPLOYMENT

THIS CONTRACT is made the 31 August 2009 and is made between:

	(1)	 	CLEAR CHANNEL OUTDOOR LTD whose registered office is 33 Golden
Square London W1F 9JT (the Company); and
	 
	(2)	 	CHRISTOPHER WILLIAM ECCLESHARE of 9 The Mount, London NW3 6SZ (You).
	 
	1.	 	GENERAL
	 
	1.1	 	This Contract of Employment (the Contract) sets out the
particulars of your employment with the Company as at the date of
this Contract and complies with section 1 of the Employment
Rights Act 1996.
	 
	1.2	 	Your employment under this agreement will begin with effect from
31 August 2009. For the purposes of the Employment Rights Act
1996, your period of continuous employment with the Company shall
begin on the same date (the Employment).
	 
	1.3	 	In the event of any inconsistency between the terms of this
Contract and the Employee Handbook, the terms of this Contract
will prevail.
	 
	1.4	 	In this Contract, Group Company shall mean any company which is
for the time being a subsidiary or holding company of the Company
(as defined in section 736 of the Companies Act 1985) and any
company in which the Company or any subsidiary or holding company
of the Company (as defined in section 736 of the Companies Act
1985) has a beneficial ownership of or controls 20% or more of
the issued share capital.
	 
	2.	 	JOB TITLE/DUTIES
	 
	2.1	 	You are employed as the Company’s Chief Executive Officer,
International (Europe, the Middle East and Asia) and will report
to the Chief Executive Officer of Clear Channel Outdoor (“Global
CEO”), currently Mark Mays (Your Director). The Company reserves
the right to change Your Director to another person who is Global
CEO or of commensurate position at any time without your prior
agreement although the Company will notify you of any such
change.

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	2.2	 	You will devote the whole of your working time attention and
abilities to the duties which you will perform on behalf of the
Company and any Group Company for the time being and you will not
during the course of the Employment without the prior written
consent of Your Director provide your services to or engage in
any other business or activity which is in any way similar or
related to the business of the Company or any Group Company.
	 
	2.3	 	You acknowledge and agree that the Company has the right to
monitor your use of computer and telecommunications equipment
provided to you for the purpose of the Employment and including
your use of internet, email and telephone correspondence.
	 
	2.4	 	You will promptly disclose to the Board in writing:

	 	2.4.1	 	any actual or intended material breach of duty or lawful
obligation owed by you or by any other employee to the Company
or any Group Company of which you become aware;
	 
	 	2.4.2	 	any offer of employment made to you or any offer of employment
made to any other employee of the Company or any Group Company
of which you become aware in each case where that offer of
employment is made by or on behalf of any third party engaged
in providing products or services in outdoor advertising in
competition with the Company or any Group Company;
	 
	 	2.4.3	 	any approach made by or on behalf of any third party, whether
to you or to any other employee of the Company or any Group
Company of which you become aware and which you know (or ought
reasonably to have known) is intended to result in the
diversion of business away from the Company or any Group
Company.

	 	 	For the avoidance of doubt, it is acknowledged that you hold a non-executive directorship with
Hays plc and may continue to do so and that, on that ceasing, you may with the Company’s prior
written consent (which shall not be unreasonably withheld) take up one non-executive role at
any given time with a business that does not compete with the Company or any Group Company.

	2.5	 	You acknowledge and agree that you are at all times during your
employment, including during any period of suspension or during
any Garden Leave Period, subject to a duty of goodwill, trust,
confidence, exclusive service, faith and fidelity to the Company.
These duties include, without limitation the duty throughout the
duration of this Contract:

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	 	2.5.1	 	not to compete with the Company or any Group Company;
	 
	 	2.5.2	 	not to make preparations (during such hours as you should be
providing services under this Contract) to compete with the
Company or any Group Company after this Contract has
terminated;
	 
	 	2.5.3	 	not to solicit in competition with the Company or any Group
Company any customer or customers of the Company or Group
Company;
	 
	 	2.5.4	 	not to entertain invitations to provide services either in a
personal capacity or on behalf of any third party from actual
or prospective customers of the Company or any Group Company
where such invitations relate to services which could be
provided by the Company or any Group Company;
	 
	 	2.5.5	 	not to offer employment elsewhere to employees of the company
or any Group Company (other than employment by the Company or
any Group Company);
	 
	 	2.5.6	 	not to copy or memorise confidential information or trade
secrets of the Company or any Group Company with a view to
using or disclosing such information for a purpose other than
for the benefit of the Company or the Group Company; and
	 
	 	2.5.7	 	not to conspire, collude, cooperate with or otherwise
encourage, procure or assist any third party to do anything
which, if done by you, would be a breach of 2.5.1 to 2.5.6
above.

	3.	 	PLACE OF WORK
	 
	3.1	 	Your normal place of work will be 33 Golden Square, London, W1F
9JT however you will be required to travel to other places within
the United Kingdom and abroad as required to fulfil your duties.
The Company’s policies relating to travel and expenses as amended
from time to time will apply in respect of the costs of such
travel. The Company also reserves the right to change your normal
place of work to any other location within Greater London which
is the Company’s headquarters.
	 
	4.	 	HOURS OF WORK
	 
	4.1	 	Your normal hours of work are 9 am to 5.30 pm, Monday to Friday.
You will work such additional hours and at different times as may
reasonably be required to meet the needs of

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	 	 	the business.     

	4.2	 	There is no contractual right to overtime and any overtime
payments are at the sole and absolute discretion of the Company.
	 
	4.3	 	You agree that the limits on working time in Regulation 4(1) of
the Working Time Regulations 1998 will not apply to your
Employment (opt-out). You may (subject to the provisions of the
Regulations) give three months’ written notice to the Company
that you wish to revoke your agreement to this opt-out.
	 
	5.	 	REMUNERATION
	 
	 
	5.1	 	You will be paid your basic salary monthly in arrears by credit
transfer to your Bank account on or about the
25th day of each month at the rate of £402,685
per annum (each instalment being deemed to accrue
rateably from day to day). Your salary (and any other payments
(if any) due to you from time to time under the terms of this
agreement) will be paid to you via the Company’s payroll subject
to appropriate deductions for income tax and National Insurance
contributions.
	 
	5.2	 	Your basic salary will be reviewed annually from 1 April at the absolute discretion of the Company.
	 
	5.3	 	Details of the bonus arrangements applicable to you are set out in Schedule 2.
	 
	5.4	 	In addition to your basic salary, you will be entitled to receive
a non-pensionable car allowance of £18,000 per annum. This
allowance will be paid in equal monthly instalments with your
salary less tax and National Insurance contributions. The
allowance shall be deemed to include all costs of road fund
licence, insurance premiums and running costs of the car,
including fuel, oil, maintenance and repairs.
	 
	5.5	 	During this agreement, you will be entitled to participate at the
Company’s expense in the Company’s life assurance and private
medical insurance schemes. Your membership of these schemes is
subject to the rules of those schemes from time to time (and any
replacement schemes provided by the Company) and to you (and if
appropriate your spouse and dependent children) being eligible to
participate in or benefit from such schemes pursuant to their
rules. If any scheme provider (including but not limited to any
insurance company) refuses for any reason (whether based on its
own interpretation of the terms of the

4

 

	 	 	insurance policy or otherwise) to provide any benefits, the Company is not
liable to provide any replacement benefits of the same or similar kind or to
pay compensation in lieu of such benefit.

	5.6	 	The Company will contribute to a personal pension plan registered
under Chapter 2 Part 4 of the Finance Act 2004 nominated by you
an annual amount equal to 15% of your annual basic salary from
time to time, unless you first notify the Company in writing (in
sufficient time to allow the Company to reduce any such payment)
that the Company should make a lower contribution in order that
you may avoid exceeding a level of personal pension inputs which
shall give rise to an annual allowance charge. In this paragraph,
expressions shall, unless the context otherwise requires, have
the same meaning as in sections 227 to 238 inclusive of the
Finance Act 2004. There is no contracting out certificate in
force with respect to your employment pursuant to this Agreement.
	 
	5.7	 	You may be granted further stock awards from time to time at the discretion of the Company.
	 
	6.	 	ABSENCE FROM WORK
	 
	6.1	 	If you are absent for any reason you should inform the Company as
soon as possible but by the end of the first day.
	 
	6.2	 	You must submit a medical certificate to the Company signed by
your doctor as to the reason for the absence if you are absent
for any period of 8 consecutive days or more. A new medical
certificate should be sent each week thereafter.
	 
	6.3	 	For the purposes of Statutory Sick Pay the agreed “qualifying days” are Monday to Friday.
	 
	6.4	 	There is no contractual entitlement to sick pay in the event of
absence from work by reason of illness or incapacity. Any payment
made will be at the sole and absolute discretion of the Company
as detailed in the employee handbook.
	 
	6.5	 	For the avoidance of doubt the provisions of this clause 6 will
not prejudice or limit in any way the Company’s right to
terminate the Employment pursuant to clauses 8 or otherwise
pursuant to its terms.
	 
	6.6	 	The Company reserves the right to require you at any time to
undergo a medical examination and you authorise the Company’s
Board of Directors to have unconditional access to any report or
reports (including copies) produced as a result of any such
examination as the

5

 

	 	 	Board may from time to time require to the extent the contents are
relevant to your ability to carry out your duties.
	 
	7.	 	HOLIDAYS
	 
	7.1	 	You are entitled to the following holidays during which you will
be paid your normal remuneration:

	 	7.1.1	 	Subject to clause 7.2 below, eight Statutory holidays, which
are New Year’s Day, Good Friday, Easter Monday, May Day, Spring
Bank Holiday, Late Summer Bank Holiday, Christmas Day and
Boxing Day unless on any such Bank Holiday you are required to
carry out your duties of the Employment, in which case you will
be given another day’s holiday in lieu of the Bank Holiday
worked.
	 
	 	7.1.2	 	additional entitlement period of 30 working days accumulating
at the rate of 2.5 days per completed calendar month’s service.
This entitlement is subject to the following sub clauses of
this Clause 7 and shall be taken at times to be agreed in
advance with the Company.

	7.2	 	The Company reserves the right to require you to work on any
statutory holiday. In the event that you are required to work on
a statutory holiday you will be given a day’s holiday in lieu to
be taken at a time to be agreed with Your Director.
	 
	7.3	 	The holiday year is the calendar year from 1 January to 31
December and you should take your holidays during this period.
You will not be permitted to carry over more than 5 unused
holiday days’ entitlement into a following holiday year except in
exceptional circumstances with the express written consent of
Your Director.
	 
	7.4	 	You may not take as holiday more than 10 working days
consecutively out of your entitlement without the prior written
consent of the Company.
	 
	7.5	 	If you leave the Employment with outstanding holiday entitlement,
you will, in addition to any other sums to which you may be
entitled, be paid a sum representing salary for the number of
days’ holiday entitlement outstanding. If you leave the
Employment having taken more than the accumulated holiday
entitlement for the current holiday year then a sum equivalent to
wages for the additional holiday taken will be deducted from any
final payment to you and the balance will be paid to you.

6

 

	7.6	 	A day’s pay for holiday pay purposes is calculated as 1/260th of your annual basic salary.
	 
	7.7	 	The Company may require that you take any unused holiday during a
period of notice being served by you and if the Company exercises
its right to place you on garden leave pursuant to clause 8.5
below, you will be deemed to take any accrued untaken holiday
during your garden leave period and so will have no separate
entitlement to payment for it when your Employment actually
terminates. You have no right to take holiday during a period of
notice except with the Company’s prior agreement.
	 
	8.	 	TERMINATION OF EMPLOYMENT
	 
	8.1	 	Subject to clause 8.7 the Company may terminate the employment by
serving not less than twelve months’ notice in writing. You may
resign your employment by serving not less than six months’
notice in writing.
	 
	8.2	 	Subject to clause 8.7, as an alternative to notice pursuant to
clause 8.1, the Company may, in its absolute discretion terminate
this Contract without prior notice and make a) a payment in lieu
of the basic salary (but not other benefits) to which you would
have been entitled during the period of notice of termination
provided under clause 8.1 and b) a payment of 20% of the amount
payable in a) above in lieu of the benefits to which you would
have been entitled during the period of notice of termination
provided under clause 8.1.
	 
	8.3	 	Once notice has been given, either by the Company or by you
pursuant to clause 8.1, the Company may in its absolute
discretion, at any time during such notice terminate this
Contract and make a) a payment in lieu of the basic salary (but
not other benefits) to which you would have been entitled during
the during the unexpired period of notice and b) a payment of 20%
of the amount payable in a) above in lieu of the benefits to
which you would have been entitled during the unexpired period of
notice.
	 
	8.4	 	The Company shall have the right to suspend you (subject to the
continued payment of your salary and benefits) pending any
investigation into any potential dishonesty, gross misconduct or
any other circumstances which may give rise to a right to the
Company to terminate your employment for such period as it thinks
fit.
	 
	8.5	 	You agree that you have no right to be provided with work by the
Company and at any time after either you or the Company have
given notice to terminate the Employment (or if you breach this
Contract by resigning without giving the required notice and the
Company does not accept your resignation on that basis) then the
Company may:

7

 

	 	8.5.1	 	require you not to carry out your duties or to exercise your
powers or responsibilities under this Contract during the remaining
period of your notice period (or any part of such period);

	 
	 	8.5.2	 	require you to resign immediately from any offices you may hold
in the Company or in any Group Company;
	 
	 	8.5.3	 	require you not to attend your place of work or any other
premises of the Company or any Group Company during the
remaining period of your notice (or any part of such period);
	 
	 	8.5.4	 	require you not to make contact with any employees, agents or
customers or clients of the Company or any Group Company except
as directed by the Company during the remaining period of your
notice (or any part of such period);
	 
	 	8.5.5	 	require you to return to the Company all documents, computer
disks and other property (including summaries, extracts or
copies) belonging to the Company or any Group Company or to its
or their clients or customers;
	 
	 	8.5.6	 	require you to work from your home and/or to carry out
exceptional duties or special projects outside the normal scope
of your duties and responsibilities provided these are
commensurate with your status.

	 	 	The exercise of the right contained in this clause 8.5 shall be described in this Contract as
Garden Leave and the period during which it is exercised shall be described as the Garden
Leave Period.
	 
	8.6	 	If the Company exercises its right under clause 8.5 above it will
continue to pay to you your normal contractual remuneration as
described in 5 above as long as you comply with your obligations
under this Contract. Where the Company terminates your employment
during any financial year the Company will pay your annual bonus
as set out in Schedule 2 pro-rata for the period of the year
worked to the date of termination PROVIDED THAT the bonus payment
shall be calculated at year end based on actual audited results
and shall be paid as soon as possible at the commencement of the
following financial year.
	 
	8.7	 	Nothing in this Contract prevents the Company from terminating
the Employment summarily in the event of any serious breach by
you of any material and fundamental term(s)

8

 

	 	 	of this Contract (including, without limitation, breach of clause 18.2) or
any gross misconduct by you. In the event of such termination, the Company
shall not be obliged to make you any further payment beyond the amount of any
remuneration and payment in lieu of outstanding untaken holiday entitlement
actually accrued up to and including the date of such termination and the
Company shall be entitled to deduct from such remuneration any sums you owe it
or any Group Company, to which deduction you hereby expressly consent.
	 
	8.8	 	At any time during the Employment, including during any Garden
Leave Period, the Company may require you to return promptly to
the Company all original and copy documents, software and any
other information-storing medium belonging or relating to the
Company or any other Group Company and any other property
belonging to the Company or any Group Company or belonging to any
third party who has provided the property to the Company or any
Group Company for the use of that company which is in your
possession or under your control.
	 
	8.9	 	You will on the termination of your employment for any reason
return to the Company all confidential information or property
belonging or relating to the business of the Company or any Group
Company which is in your possession or under your control on the
Termination Date, including but not limited to any company car,
mobile telephone, laptop computer, software, disks or data (held
in whatever form) and keys.
	 
	9.	 	RESIGNATION AS DIRECTOR
	 
	9.1	 	Without prejudice to clause 8.5.2 you will on termination of your
Employment for any reason at the request of the Company resign
immediately without claim for compensation:

	 
	9.1.1	 	as a director of the Company and any Group Company of which you are a director; and
	 
	9.1.2	 	from all trusteeships held by you of any pension scheme or
other trusts established by the Company or any Group Company or
any other company with which you have had dealings as a
consequence of your employment with the Company.

	 
	9.2	 	If you fail to resign within seven days of request, the Company
is irrevocably authorised to appoint a person to execute any
documents and to do everything necessary to effect such
resignation or resignations on your behalf.

9

 

	10.	 	INTELLECTUAL PROPERTY
	 
	10.1	 	You acknowledge that because of the nature of your duties and
the particular responsibilities arising as a result of such
duties that you owe to the Company and any Group Company you
have a special obligation to further the interests of the
Company and each Group Company.
	 
	10.2	 	You shall promptly disclose to the Company any idea or invention
created in the manner prescribed by sections 39(1) and 39(2) of
the Patents Act 1977. Any such inventions will then be dealt
with in accordance with the provisions expressed in that Act.
	 
	10.3	 	You acknowledge that all trade marks, registered designs, design
rights, copyright, database rights and other intellectual
property rights (together, where registerable with the right to
apply for registration of the same, aside from those described
in clause 10.2), whether in existence now or coming into
existence at any time in the future, will, on creation either
during the normal course of employment or by using materials,
tools or knowledge made available through your employment, vest
in and be the exclusive property of the Company or any Group
Company which the Company shall nominate and if required to do
so (whether during or after the termination of his employment),
you shall execute all instruments and do all things necessary to
vest ownership in the above rights in the Company as sole
beneficial owner. Where the same does not automatically vest by
Act of Parliament, you shall immediately assign the same to the
Company. You irrevocably waive all your rights pursuant to
sections 77 to 83 inclusive of the Copyright Designs and Patents
Act 1988 and any statutory amendment thereto.
	 
	10.4	 	You appoint the Company to be your attorney in your name and on
your behalf to execute any such instrument or do any such thing
necessary for the purpose of giving to the Company or its
nominee, the full benefit of the provisions of this clause 10
and acknowledge in favour of any third party that a certificate
in writing signed by any director or secretary of the Company,
that any instrument or act falls within the authority conferred
shall be conclusive evidence that such is the case.
	 
	10.5	 	Clauses 10.1, 10.2, 10.3 and 10.4 cannot be amended or varied
other than by written agreement with the parties.
	 
	11.	 	NORMAL RETIREMENT AGE

10

 

	 	 	The Company’s normal retirement age for Directors is 65.
	 
	12.	 	CONFIDENTIALITY AND RESTRICTIONS
	 
	12.1	 	In consideration for the payments and other benefits due to you
under this Contract, you agree to enter into the restrictions in
Schedule 1 to protect the legitimate interests of the Company
and any other Group Company.
	 
	12.2	 	You agree that if you receive any offer of employment or any
other work during your Employment (including any Garden Leave
Period) or at any time during the Restricted Period, you will
give to the person offering you the employment or engagement a
copy of this clause 12 and Schedule 1.
	 
	13.	 	GRIEVANCE AND DISCIPLINARY PROCEDURES
	 
	13.1	 	The disciplinary rules and procedure and the grievance procedure
applicable to the Employment are set out in the Employee
Handbook.
	 
	13.2	 	Please note that those rules and procedures are not part of your
contract of employment and do not have contractual force and
effect unless expressly stated to the contrary.
	 
	14.	 	DATA PROTECTION
	 
	14.1	 	Your personal data will be held by the Company in its manual and
automated filing systems. You hereby consent to the processing
and disclosure of such data internally and, so far as is
reasonably necessary, externally in order for the Employment
under this Contract to be performed, for decisions to be made
regarding your employment, or for the purpose of any potential
sale or transfer of at least 50% (fifty per cent) or the shares
of the Company or any Group Company or any potential sale or
transfer of any business of the Company or any Group Company to
which in either case you are at the relevant time assigned
including, in the event of a potential sale or transfer,
disclosure of such data to any proposed purchases or its
advisers in confidence.
	 
	14.2	 	You further consent to the Company processing and disclosing
sensitive data internally and externally to professional
advisors in confidence or medical practitioners including
medical information for the purpose of assessing your ability to
continue with Employment and data regarding sex, marital status,
race, ethnic origin, disability for a purpose of monitoring to
ensure equality of opportunity within the Company.

11

 

	14.3	 	You shall keep the Company informed of changes to his personal data.
	 
	15.	 	DEDUCTIONS
	 
	 	 	For the purposes of the Employment Rights Act 1996, you hereby authorise the Company at any
time during the continuance of this Contract and in any event on termination howsoever
arising, to deduct from your remuneration (which for this purpose includes salary, pay in lieu
of notice, commission, bonus, holiday pay and sick pay) all debts owed by you to the Company
or any Group Company, including but without limitation the balance outstanding of any loans
(and interest where appropriate) advanced by the Company to you, the cost of repairing any
damage or loss to the Company’s property caused by you.
	 
	16.	 	COLLECTIVE AGREEMENTS
	 
	16.1	 	There are no collective agreements that directly affect the
terms and conditions of your employment.
	 
	17.	 	SMOKING POLICY
	 
	17.1	 	The Company operates a no smoking policy in respect of all of its premises.
	 
	18.	 	PRIOR AND OTHER AGREEMENTS
	 
	18.1	 	This Contract cancels and is in substitution for all previous
letters of engagement, agreements and arrangements (whether oral
or in writing) relating to the subject matter hereof between the
Company or any Group Company and you all of which shall be
deemed to have been terminated by mutual consent.
	 
	18.2	 	You hereby warrant that by entering into this Contract and
performing your duties hereunder you will not be in breach of
any terms or obligations under any further or other agreement
with any third party.
	 
	19.	 	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	 
	19.1	 	This Contract does not confer rights on your spouse or
dependants or any third party under the Contracts (Rights of
Third Parties) Act 1999. Clauses 2, 8, 9, 10, 12, 14, 15 and 18
of this agreement do confer rights and shall be enforceable by
any Group Company under the Contracts (Rights of Third Parties)
Act 1999. Save as expressly stated, no other rights are
conferred on any Group Company or to any other third party.

12

 

	20.	 	GOVERNING LAW AND JURISDICTION
	 
	20.1	 	This agreement shall be governed by and interpreted in
accordance with the law of England and Wales.
	 
	20.2	 	The parties to this agreement submit to the exclusive
jurisdiction of the English Courts in relation to any claim,
dispute or matter arising out of or relating to this agreement.
	 
	20.3	 	Any delay by the Company in exercising any of its rights under
this agreement will not constitute a waiver of such rights.

EXECUTED as a Deed by the parties on the date set out at the beginning of this Contract

SIGNED and delivered as a deed by CLEAR

CHANNEL OUTDOOR LIMITED acting by

two directors or by one director and the secretary:

	 	 	 
	Director
	 	 
	Signature

	 	/s/ Jonathan Bevan:
	Name

	 	JONATHAN BEVAN
	 
	 	 
	Director/Secretary
	 	 
	Signature

	 	/s/ Mark Mays:
	Name

	 	MARK MAYS

SIGNED by CHRISTOPHER WILLIAM

ECCLESHARE: /s/ William Eccleshare

13

 

SCHEDULE 1

PART 1

CONFIDENTIALITY

	1	 	You acknowledge that in the ordinary course of your employment you will be exposed to
information about the Company’s business and the business of each Group Company and that
of the Company’s and each Group Company’s suppliers and customers which amounts to a
trade secret, is confidential or is commercially sensitive and which may not be readily
available to others engaged in a similar business to that of the Company or any Group
Company or to the general public and which if disclosed will be liable to cause significant
harm to the Company or any such Group Company. Such information (whether recorded in
writing, on computer disk or in any other medium) is referred to as “Confidential
Information”. You have therefore agreed to accept the restrictions in this Schedule.
	 
	2	 	You will not either directly or indirectly during this agreement or after its termination without
limit in time for his own purposes or for any purposes other than those of the Company or any
Group Company (for any reason and in any manner) use or divulge or communicate to any
person, firm, company or organisation except to those officials of the Company or any Group
Company whose province it is to know the same any secret or Confidential Information or
information constituting a trade secret acquired or discovered by you in the course of your
employment with the Company relating to the private affairs or business of the Company or
any Group Company or their suppliers, customers, management or shareholders.
	 
	3	 	The restrictions contained in this clause do not apply to:

	 	a.	 	any disclosure authorised by the Board or required in the ordinary and proper
course
of your employment or as required by the order of the court of competent jurisdiction
or an appropriate regulatory authority or otherwise required by law; or
	 
	 	b.	 	any information, or Confidential Information that you can demonstrate was
known to
you prior to the commencement of your employment by the Company or by any
Group Company;
	 
	 	c.	 	a protected disclosure by you, in accordance with the provisions of the Public
Interest
Disclosure Act 1998.

	4	 	You will not other than with the approval of Your Director make or issue any press, radio or

14

 

	 	 	television statement, or publish or submit for publication any letter or article relating
directly
or indirectly to the business affairs of the Company or Group Company save in the ordinary
course of carrying out your duties .
	 
	5	 	The provisions set out above are without prejudice to your duties and obligations to be
implied
into this Contract at common law.

PART 2

PROTECTIVE COVENANTS

	1	 	In order to protect the Confidential Information, trade secrets, customer connections,
stable
workforce and other legitimate business interests of the Company and each Group Company,
you undertake (except in the event of a wrongful termination by the Company) to the
Company on behalf of itself and as agent and trustee for each Group Company that you will
not directly or indirectly and whether alone or in conjunction with or on behalf of any other
person and whether as a principal, shareholder, director, employee, agent, consultant, partner
or otherwise:

	 	a.	 	at any time during the period of 9 months from the Effective Date within the
Restricted Territory, take any steps preparatory to or be engaged, employed, interested
or concerned in (i) any business that provides any Competing Business and/or (ii) any
Target Business Entity and/or (iii) any firm, company or other entity directly or
indirectly owning or controlling either a business that provides any Competing
Business or a Target Business Entity;
	 
	 	b.	 	at any time during the period of 9 months from the Effective Date within the
Restricted Territory, acquire a substantial or controlling interest directly or by or
through any nominee or nominees in any business providing any Competing Business,
a Target Business Entity or in any firm, company or other entity owning or controlling
a business that provides any Competing Business or a Target Business Entity;
	 
	 	c.	 	at any time during the period of 9 months from the Effective Date solicit or
induce or
endeavour to solicit or induce any Key Person to leave the employ of the Company or
any Relevant Group Company, whether or not such person would commit any breach
of his or her own contract of employment or engagement by leaving the service of the
Company or any Relevant Group Company; or

15

 

	 	d.	 	at any time during the period of 9 months from the Effective Date solicit or induce
or
endeavour to solicit or induce any person who is a Restricted Client or Prospective
Client away from the Company or any Group Company or interfere with or endeavour
to interfere with the Company’s or any Group Company’s relationship with any
person who is a Restricted Client or Prospective Client provided always that nothing
contained in this clause shall be deemed to prohibit the seeking or doing of business
not in direct or indirect competition with the Restricted Business; or
	 
	 	e.	 	at any time during the period of 9 months from the Effective Date have business
dealings directly or indirectly with any person who is a Restricted Client or
Prospective Client provided always that nothing contained in this clause shall be
deemed to prohibit the seeking or doing of business not in direct or indirect
competition with the Restricted Business; or
	 
	 	f.	 	encourage, assist or procure any third party to do anything which, if done by him
would be in breach of sub-paragraphs 1a to e of Part 2 of this Schedule 1,

	 	 	 	but for the avoidance of doubt nothing in these restrictions will prevent you from working
in the restricted period for a company or business which is not (i) a Competing Business;
(ii) a Target Business Entity; or (iii) a firm, company or other entity which owns or
controls a business that provides any Competing Business or a Target Business Entity and
in which business you have a material involvement.

	2	 	Each of the restrictions in Part 2 of this Schedule 1 is intended to be separate and severable
and in the event that any of such restrictions shall be adjudged to be void or ineffective for
whatever reason but would be adjudged to be valid and effective if part of the wording or
range of services or products were reduced in scope or deleted, the said restrictions shall apply
with such modifications as may be necessary to make them valid and effective.

	3	 	Since you may also obtain in the course of your employment by reason of services rendered to
or offices held in any other Relevant Group Companies knowledge of the trade secrets or
other Confidential Information of such Group Company, you hereby agree that you will at the
request and cost of the Company enter into a direct agreement or undertaking with such Group
Company whereby you will accept restrictions corresponding to the restrictions contained in
this agreement (or such of them as may be appropriate in the circumstances) in relation to such
products and services and such area and for such period as such Group Company may
reasonably require for the protection of its legitimate interests.

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	4	 	If you apply for or are offered a new employment, appointment or engagement, before
entering into any related contract, you will bring the terms of this schedule 2 to the attention
of
a third party proposing directly or indirectly to employ, appoint or engage you.
	 
	5	 	For the purposes of this Schedule 1, the following expressions shall have the following
meanings:

	 	a.	 	“Competing Business” shall mean any products or services which are the same as or
materially similar to and competitive with any Restricted Business to include without
limitation the businesses of Stroer, JCD, News Outdoor, Titan and CBS;
	 
	 	b.	 	“Effective Date” means the date on which your employment terminates (the
“Termination Date”) provided always that if no duties have been assigned to you or
you have carried out duties other than your normal duties or have been excluded from
the Company’s premises immediately preceding the Termination Date in accordance
with clause 8.5, it means the last date on which you carried out your normal duties;
	 
	 	c.	 	“Key Person” shall mean any person who on the Effective Date is a director or
officer
or manager or executive or of the same grade to you employed or engaged by the
Company or any Relevant Group Company or any consultant working for the
Company or any Relevant Group Company as a director or officer or manager or
executive or in a similar capacity (or any person who would have been so employed
by or working for the Company or any Relevant Group Company on the Effective
Date but for your breach of your obligations under this Agreement and/or implied by
law) with whom you worked or had material dealings or for whose work you were
responsible or managed in the course of your employment under this agreement at any
time during the Relevant Period;
	 
	 	d.	 	“Prospective Client” shall mean any person who at any time during the Relevant
Period was a prospective client or prospective customer of the Company or any Group
Company and with whom you had a material involvement during the course of your
employment at any time during the Relevant Period;
	 
	 	e.	 	“Relevant Group Company” shall mean any Group Company (other than the
Company) for which you have performed services under this Contract or for which
you have had operational or management responsibility or have provided services at
any time during the Relevant Period;

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	 	f.	 	“Relevant Period” shall mean the period of 12 months immediately before the
Effective Date;
	 
	 	g.	 	“Restricted Business” shall mean the business of owning, operating and developing
advertising structures both static and moveable, indoor and outdoor including
advertising panels designed to display advertisements and any other products or
services provided by the Company or any Relevant Group Company at any time
during the Relevant Period with which you had a material involvement during the
course of your employment at any time during the Relevant Period;
	 
	 	h.	 	“Restricted Client” shall mean any person who at any time during the Relevant Period
was a client or customer of the Company or any Group Company and with whom you
had a material involvement during the course of your employment at any time during
the Relevant Period;
	 
	 	i.	 	“Restricted Territory” shall mean within the United Kingdom and any other country in
the world where on the Effective Date the Company or any Relevant Group Company
was engaged in the research into, development, manufacture, distribution, sale or
supply or otherwise dealt in any Restricted Business;
	 
	 	j.	 	“Target Business Entity” means any business howsoever constituted (whether or not
providing Competing Business) which was at the Effective Date or at any time during
the Relevant Period a business which the Company or any Relevant Group Company
had entered into negotiations with, had approached or had identified as (i) a potential
target with a view to its acquisition by the Company or any Relevant Group Company
and/or (ii) a potential party to any joint venture with the Company or any Relevant
Group Company, in either case where such approach or negotiations or identification
were known to a material degree by you during the Relevant Period.

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SCHEDULE 2

ADDITIONAL REMUNERATION

09 Opts: 132,163

DISCRETIONARY BONUS

You may be entitled to a bonus payment for each financial year. The terms of the annual bonus shall
be determined by Your Director at his absolute discretion but will generally be structured to pay out
100% of your base salary upon achieving the financial and qualitative targets defined by Your
Director for each financial year. For the financial year January-December 2009 only, the Company
agrees to pay you a minimum discretionary bonus payment of £134,228 (being an amount equivalent
to 100% of your base salary, pro rated for the four months of 2009 that you will be employed by the
Company), providing that your employment has not been terminated before 31 December 2009, in
which case you will be paid such sum pro rata to the date of termination. This sum shall be paid by 28
February 2010. This does not imply any obligation on the Company to pay a discretionary bonus at a
similar level in future years.

Any bonus payment shall not be deemed to part of your salary for pension purposes. Apart from as
described above (in relation to 2009) and below (one-off bonus in payment in February 2012) and in
8.6 of this Agreement the Company is not obliged to pay any bonus payment unless you have been in
employment for the entire financial year during which the bonus payment has accrued.

ADDITIONAL ONE-OFF BONUS

You shall be entitled to payment of an additional one-off bonus calculated as follows:

$1,200,000 — (A + B + C)

Where:

“A” means the gross amount of the discretionary bonus payable in respect of the financial year
January — December 2010;

“B” means the gross amount of the discretionary bonus payable in respect of the financial year January
— December 2011; and

“C” means the gross amount (less payment in respect of the applicable Option Price but before
payment by you in respect of any Tax Liability) which would be received by you if you were to

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exercise in full Option A (granted to you under the terms of a stock option agreement with Clear
Channel Outdoor Holdings, Inc. entered into on or around the date of this agreement, the “Option
Agreement”) on 31 December 2011 and immediately sell the resulting shares of Common Stock,
provided that if this results in C being a negative figure, C shall be deemed to be zero. For the
purposes of this paragraph, defined terms have the same meaning as in the Option Agreement.

Where any amount is to be converted into or from US dollars for the purposes of the calculation above
or payment of the additional one-off bonus, it shall be converted using an exchange rate of $1.49 : £1.

The additional one-off bonus shall be subject to deductions under PAYE and payment shall be made
by 28 February 2012. However, no payment shall be made in respect of the additional one-off bonus
if:

- the aggregate of the amounts A, B and C is greater than $1,200,000; or

- your employment is terminated by the Company for Cause at any time up to and including 28 February 2012; or

- you choose to exercise any part of Option A at any time up to and including 30 December 2011.

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