Document:

EX-10.1

 Exhibit 10.1 

PLATFORM SPECIALTY PRODUCTS CORPORATION 

AMENDED AND RESTATED 

2013 INCENTIVE COMPENSATION PLAN 

 PLATFORM SPECIALTY PRODUCTS CORPORATION 

AMENDED AND RESTATED 

2013 INCENTIVE COMPENSATION PLAN 
  

							
	1.	 	 Purpose
	  	 	1	  
			
	2.	 	 Definitions
	  	 	1	  
			
	3.	 	 Administration
	  	 	6	  
			
	4.	 	 Shares Subject to Plan
	  	 	8	  
			
	5.	 	 Eligibility; Per-Person Award Limitations
	  	 	9	  
			
	6.	 	 Specific Terms of Awards
	  	 	9	  
			
	7.	 	 Certain Provisions Applicable to Awards
	  	 	15	  
			
	8.	 	 Code Section 162(m) Provisions
	  	 	18	  
			
	9.	 	 Change in Control
	  	 	19	  
			
	10.	 	 General Provisions
	  	 	22	  

 PLATFORM SPECIALTY PRODUCTS CORPORATION 

AMENDED AND RESTATED 

2013 INCENTIVE COMPENSATION PLAN 

1. Purpose. The purpose of this PLATFORM SPECIALTY PRODUCTS CORPORATION AMENDED AND RESTATED 2013 INCENTIVE COMPENSATION PLAN
(the “Plan”) is to assist Platform Specialty Products Corporation, a company organized under the laws of the State of Delaware (the “Company”) and its Related Entities (as hereinafter defined) in
attracting, motivating, retaining and rewarding high-quality executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its Related Entities by enabling such persons to acquire or
increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such persons and the Company’s shareholders, and providing such persons with performance incentives to expend their maximum efforts in the
creation of shareholder value. 
 2. Definitions. For purposes of the Plan, the following terms shall be defined as set forth
below, in addition to such terms defined in Section 1 hereof and elsewhere herein. 
 (a) “Award” means any
Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Share granted as a bonus or in lieu of another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or
interest, granted to a Participant under the Plan. 
 (b) “Award Agreement” means any written agreement, contract or
other instrument or document evidencing any Award granted by the Committee hereunder. 
 (c) “Beneficiary” means the
person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to
which Awards or other rights are transferred if and to the extent permitted under Section 10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means
the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits. 
 (d)
“Beneficial Owner” and “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act and any successor
to such Rule. 
 (e) “Board” means the Company’s Board of Directors. 

(f) “Cause” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence
of any definition in the Award Agreement, “Cause” shall have the equivalent meaning or the same meaning as “cause” or “for cause” set forth in any employment, consulting, or other agreement for the performance of
services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure by the Participant to perform, in a reasonable manner,
his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or 

 
other similar agreement with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure and/or other
similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances in a manner that
adversely affects the Participant’s work performance, or (vi) the commission by the Participant of any act, misdemeanor, or crime reflecting unfavorably upon the Participant or the Company or any Related Entity. The good faith
determination by the Committee of whether the Participant’s Continuous Service was terminated by the Company for “Cause” shall be final and binding for all purposes hereunder. 

(g) “Change in Control” means a Change in Control as defined in Section 9(b) of the Plan. 

(h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and
successor provisions and regulations thereto. 
 (i) “Committee” means a committee designated by the Board to
administer the Plan; provided, however, that if the Board fails to designate a committee or if there are no longer any members on the committee so designated by the Board, or for any other reason determined by the Board, then the Board shall serve
as the Committee. In the event that the Company is a Publicly Held Corporation (as hereinafter defined), then the Committee shall consist of at least two directors, each of whom shall be (i) a “non-employee director” within the
meaning of Rule 16b-3 (or any successor rule) under the Exchange Act, unless administration of the Plan by “non-employee directors” is not then required in order for exemptions under Rule 16b-3 to apply to transactions under the Plan,
(ii) an “outside director” within the meaning of Section 162(m) of the Code, and (iii) “Independent”, the failure of the Committee to be so comprised shall not invalidate any Award that otherwise satisfies the
terms of the Plan. 
 (j) “Consultant” means any Person (other than an Employee or a Director, solely with respect
to rendering services in such Person’s capacity as a director), including an independent contractor, who is engaged by the Company or any Related Entity to render consulting, advisory or other services to the Company or such Related Entity.

 (k) “Continuous Service” means the uninterrupted provision of services to the Company or any Related Entity in
any capacity of Employee, Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related
Entities, or any successor entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity
of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. 

(l) “Director” means a member of the Board or the board of directors of any Related Entity. 

  
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 (m) “Disability” means, unless otherwise defined in an Award Agreement,
for purposes of the exercise of an Incentive Stock Option, a permanent and total disability, within the meaning of Code Section 22(e)(3), and for all other purposes, the Participant’s inability to perform the duties of his or her position
with the Company, a Parent or a Subsidiary by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months. 

(n) “Dividend Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash,
Shares, other Awards or other property equal in value to regular dividends paid with respect to a specified number of Shares, or other periodic payments. 

(o) “Effective Date” means the original effective date of the Plan, which shall be November 1, 2013. The
effective date of the Plan, as amended and restated, shall be the date on which the Company effects its domestication as a corporation incorporated under the laws of the State of Delaware. 

(p) “Eligible Person” means each officer, Director, Employee, Consultant and other person who provided bona fide
services to the Company or any Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation of the Company (as those terms are defined in Sections 424(e) and (f) of the Code,
respectively), shall be Eligible Persons for purposes of receiving any Incentive Stock Options. An Employee on leave of absence may, in the discretion of the Committee, be considered as still in the employ of the Company or a Related Entity for
purposes of eligibility for participation in the Plan. 
 (q) “Employee” means any person, including an officer or
Director, who is an employee of the Company or any Related Entity. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by the Company. 

(r) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder
and successor provisions and rules thereto. 
 (s) “Fair Market Value” means the fair market value of Shares, Awards
or other property as determined by the Committee, or under procedures established by the Committee. Unless otherwise determined by the Committee, the Fair Market Value of a Share as of any given date after which the Company is a Publicly Held
Corporation shall be the closing sale price per Share reported on a consolidated basis for stock listed on the principal stock exchange or market on which Shares are traded on the date as of which such value is being determined (or as of such later
measurement date as determined by the Committee on the date the Award is authorized by the Committee), or, if there is no sale on that date, then on the last previous day on which a sale was reported. 

(t) “Good Reason” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the
absence of any definition in the Award Agreement, “Good Reason” shall have the equivalent meaning or the same meaning as “good reason” or “for good reason” set forth in any employment, consulting or other agreement for
the performance of 

  
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services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the
assignment to the Participant of any duties inconsistent in any material respect with the Participant’s duties or responsibilities as assigned by the Company or a Related Entity, or any other action by the Company or a Related Entity which
results in a material diminution in such duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith or any other action which is remedied by the Company or a Related Entity
promptly after receipt of notice thereof given by the Participant; (ii) any material failure by the Company or a Related Entity to comply with its obligations to the Participant as agreed upon, other than an isolated, insubstantial and
inadvertent failure not occurring in bad faith or any other failure which is remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; or (iii) the Company’s or Related Entity’s
requiring the Participant to be based at any office or location outside of fifty (50) miles from the location of employment or service as of the date of Award, except for travel reasonably required in the performance of the Participant’s
responsibilities. 
 (u) “Group” has the meaning of “persons acting as a group” as defined in paragraph
(i)(5)(v)(B) of Treasury Regulation §1.409A-3. 
 (v) “Incentive Stock Option” means any Option intended to be
designated as an incentive stock option within the meaning of Section 422 of the Code or any successor provision thereto. 
 (w)
“Independent”, when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the Listing Market. 

(x) “Listing Market” means the New York Stock Exchange or any other national securities exchange on which any
securities of the Company are listed for trading, and if not listed for trading, by the rules of the Nasdaq Market. 
 (y)
“Option” means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during specified time periods. 

(z) “Optionee” means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of
such person under this Plan. 
 (aa) “Other Stock-Based Awards” means Awards granted to a Participant under
Section 6(i) hereof. 
 (bb) “Participant” means a person who has been granted an Award under the Plan which
remains outstanding, including a person who is no longer an Eligible Person. 
 (cc) “Performance Award” means any
Award of Performance Shares or Performance Units granted pursuant to Section 6(h) hereof. 

  
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 (dd) “Performance Period” means that period established by the Committee
at the time any Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured. 

(ee) “Performance Share” means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a
designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals
during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (ff) “Performance
Unit” means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as
the Committee shall determine, including cash, Shares, other property, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter.

 (gg) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used
in Sections 13(d) and 14(d) thereof, and shall include a “group” as defined in Section 13(d) thereof. 
 (hh)
“Publicly Held Corporation” shall mean a publicly held corporation as that term is used under Section 162(m)(2) of the Code. 

(ii) “Related Entity” means any Subsidiary, and any business, corporation, partnership, limited liability company or
other entity designated by the Board, in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly. 

(jj) “Restricted Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge or
assign such Share and with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions
may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 
 (kk)
“Restricted Stock Award” means an Award granted to a Participant under Section 6(d) hereof. 
 (ll)
“Restricted Stock Unit” means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares or a combination thereof, at the end of a specified deferral period. 

(mm) “Restricted Stock Unit Award” means an Award of Restricted Stock Unit granted to a Participant under
Section 6(e) hereof. 

  
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 (nn) “Restriction Period” means the period of time specified by the
Committee that Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose. 

(oo) “Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants,
promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 
 (pp) “Shares”
means the shares of common stock of the Company, and such other securities as may be substituted (or resubstituted) for Shares pursuant to Section 10(c) hereof. 

(qq) “Stock Appreciation Right” means a right granted to a Participant under Section 6(c) hereof. 

(rr) “Subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership
interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or in which the Company has the right to receive
50% or more of the distribution of profits or 50% or more of the assets on liquidation or dissolution. 
 (ss) “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, Awards previously granted, or the right or obligation to make future Awards, by a company (i) acquired by the
Company or any Related Entity, (ii) which becomes a Related Entity after the date hereof, or (iii) with which the Company or any Related Entity combines. 

3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee, provided, however, that except as otherwise
expressly provided in this Plan, the Board may exercise any power or authority granted to the Committee under this Plan and in that case, references herein shall be deemed to include references to the Board. The Committee shall have full and final
authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine the type, number and other terms and conditions of, and all other matters relating to, Awards, prescribe
Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration of the Plan, construe and interpret the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies
therein, and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. In exercising any discretion granted to the Committee under the Plan or pursuant to any Award, the
Committee shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent with the treatment of any other Eligible Persons or Participants. 

(b) Manner of Exercise of Committee Authority. In the event that the Company is a Publicly Held Corporation, the Committee, and
not the Board, shall exercise sole 

  
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and exclusive discretion (i) on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent necessary in order that
transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act, (ii) with respect to any Award that is intended to qualify as “performance-based compensation” under Section 162(m), to the extent
necessary in order for such Award to so qualify; and (iii) with respect to any Award to an Independent Director. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Related Entities,
Eligible Persons, Participants, Beneficiaries, transferees under Section 10(b) hereof or other persons claiming rights from or through a Participant, and shareholders. The express grant of any specific power to the Committee, and the taking of
any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any Related Entity, or committees thereof, the authority, subject to such
terms and limitations as the Committee shall determine, to perform such functions, including administrative functions as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule
16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based compensation” under Code Section 162(m) to
fail to so qualify. The Committee may appoint agents to assist it in administering the Plan, including, without limitation, appointing one or more members of the Company’s management, with the power or authority otherwise granted to the
Committee under this Plan with respect to a number of Shares reserved and available for delivery under the Plan, subject to the terms and limitations of such power or authority as determined by the Committee in its sole and absolute discretion. In
no event, however, may an agent appointed by the Committee to assist it in administering the Plan be permitted to grant Awards to, or exercise any discretion with respect to any and all other matters relating to Awards previously granted to, such
agent appointed by the Committee to assist it in administering the Plan. 
 (c) Clawback. The Committee shall have full
authority to implement any policies and procedures that it determines to be necessary or appropriate to comply with applicable securities laws or other laws, including, without limitation, Section 10D of the Exchange Act and any rules
promulgated thereunder, including without limitation, including in any Award Agreement, or amending any outstanding Award Agreement, without the consent of any Participant, to include language for the clawback (recapture) by the Company of any
benefits under the Award Agreement that the Committee deems necessary or appropriate to comply with that statutory provision and those rules. 

(d) Limitation of Liability. The Committee and the Board, and each member thereof, shall be entitled to, in good faith, rely or
act upon any report or other information furnished to him or her by any officer or Employee, the Company’s independent auditors, Consultants or any other agents assisting in the administration of the Plan. Members of the Committee and the
Board, and any officer or Employee acting at the direction or on behalf of the Committee or the Board, shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent
permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination. 

  
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 4. Shares Subject to Plan. 

(a) Limitation on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in
Section 10(c) hereof, the total number of Shares reserved and available for delivery under the Plan shall be equal to Fifteen Million Five Hundred Thousand (15,500,000). Any Shares delivered under the Plan may consist, in whole or in part, of
authorized and unissued shares or treasury shares. 
 (b) Application of Limitation to Grants of Awards. No Award may be
granted if the number of Shares to be delivered in connection with such an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding
Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of Shares actually delivered
differs from the number of Shares previously counted in connection with an Award. 
 (c) Availability of Shares Not Delivered under
Awards and Adjustments to Limits. 
 (i) If any Shares subject to an Award are forfeited, expire or otherwise terminate without
issuance of such Shares, or any Award that could have been settled with Shares is settled for cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares shall, to the extent of such
forfeiture, expiration, termination, cash settlement or non-issuance, again be available for delivery with respect to Awards under the Plan, subject to Section 4(c)(iii) below. 

(ii) Substitute Awards shall not reduce the Shares authorized for grant under the Plan or authorized for grant to a Participant in any
period. Additionally, in the event that a company acquired by the Company or any Related Entity or with which the Company or any Related Entity combines has shares available under a pre-existing plan approved by its shareholders and not adopted in
contemplation of such acquisition or combination, the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula
used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized
for delivery under the Plan if and to the extent that the use of such Shares would not require approval of the Company’s shareholders under the rules of the Listing Market. 

(iii) Any Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share. 

(iv) Notwithstanding anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 10(c) hereof,
the maximum aggregate number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock 

  
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Options shall be Fifteen Million Five Hundred Thousand (15,500,000) Shares. In no event shall any Incentive Stock Options be granted under the Plan after the tenth anniversary of the date on
which the Board adopts the Plan. 
 5. Eligibility; Per-Person Award Limitations. Awards may be granted under the Plan only to
Eligible Persons. Subject to adjustment as provided in Section 10(c), in any fiscal year of the Company during any part of which the Plan is in effect and the Company is a Publicly Held Corporation, no Participant may be granted
(i) Options and/or Stock Appreciation Rights with respect to more than 3,100,000 Shares or (ii) Restricted Stock, Restricted Stock Units, Performance Shares and/or Other Stock-Based Awards denominated in or valued by reference to a
designated number of Shares and that are subject to Section 8 hereof, with respect to more than 3,100,000 Shares. In addition, the maximum dollar value payable to any one Participant with respect to Performance Units that are subject to
Section 8 hereof, is (x) $2,000,000 with respect to any 12 month Performance Period (pro-rated for any Performance Period that is less than 12 months based upon the ratio of the number of days in the Performance Period as compared to 365),
and (y) with respect to any Performance Period that is more than 12 months, $4,000,000. 
 6. Specific Terms of Awards.

 (a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee
may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including
terms requiring forfeiture of Awards in the event of termination of the Participant’s Continuous Service and terms permitting a Participant to make elections relating to his or her Award. Except as otherwise expressly provided herein, the
Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan. Except in cases in which the Committee is authorized to require other forms of
consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the laws of the State of Delaware, no consideration other than services may be required for the grant (as opposed to the
exercise) of any Award. 
 (b) Options. The Committee is authorized to grant Options to any Eligible Person on the following
terms and conditions: 
 (i) Exercise Price. Other than in connection with Substitute Awards, the exercise price per Share
purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of the Option and shall not, in any event, be less than the par
value of a Share on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of
the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive Stock Option is granted to such Employee, the exercise price of
such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no 

  
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less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is granted. Other than pursuant to Section 10(c)(i) and (ii), the Committee shall not be permitted
to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in
connection with Substitute Awards), or (C) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the Company’s shareholders. 

(ii) Time and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which an
Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Options shall cease to be or become exercisable following termination of Continuous
Service or upon other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash,
Shares (including without limitation the withholding of Shares otherwise deliverable pursuant to the Award), other Awards or awards granted under other plans of the Company or a Related Entity, or other property (including notes or other contractual
obligations of Participants to make payment on a deferred basis provided that such deferred payments are not in violation of the Sarbanes Oxley Act of 2002, as amended, or any rule or regulation adopted thereunder or any other applicable law), and
the methods by or forms in which Shares will be delivered or deemed to be delivered to Participants. 
 (iii) Restrictions on
Transfer of Shares. The Committee may, in its sole discretion, impose in any Award of an Option restrictions on the transferability of the Shares issued upon exercise of such Option. If any such restrictions are imposed, the Committee may
require the Participant to enter into an escrow agreement providing that the certificates representing the Shares subject to such transfer restrictions will remain in the physical custody of an escrow holder until such restrictions are removed or
have expired. The Committee may require that certificates representing the Shares subject to such restrictions bear a legend making appropriate reference to the restrictions imposed. Subject to any restrictions imposed in accordance with this
Section 6(b)(iii), the Participant will have all rights of a shareholder with respect to any such Shares acquired upon an Option exercise, including the right to vote the Shares and receive all dividends and other distributions paid or made
with respect thereto. 
 (iv) Incentive Stock Options. The terms of any Incentive Stock Option granted under
the Plan shall comply in all respects with the provisions of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock Appreciation Right issued
in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code, unless
the Participant has first requested, or consents to, the change that will result in such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject
to the following special terms and conditions: 
 (A) the Option shall not be exercisable for more than ten years after the date such
Incentive Stock Option is granted; provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the
Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant, the term of the
Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from the date of grant; and 

  
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 (B) the aggregate Fair Market Value (determined as of the date the Incentive Stock Option is
granted) of the Shares with respect to which Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e)
and (f) of the Code, respectively) that become exercisable for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) exceed $100,000; and 

(C) if shares acquired by exercise of an Incentive Stock Option are disposed of within two years following the date the Incentive Stock
Option is granted or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide
such other information regarding the disposition as the Committee may reasonably require. 
 (c) Stock Appreciation Rights.
The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a “Tandem Stock Appreciation Right”),
or without regard to any Option (a “Freestanding Stock Appreciation Right”), in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including the
following: 
 (i) Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is
granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. The grant price of a
Stock Appreciation Right shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Other than pursuant to Section 10(c)(i) and (ii), the Committee shall not be permitted to (A) lower the grant price per Share of
a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute
Awards), or (C) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without shareholder approval. 

(ii) Other Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the
circumstances under which a Stock Appreciation 

  
 11 

 
Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Stock Appreciation Rights shall
cease to be or become exercisable following termination of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered
or deemed to be delivered to Participants, whether or not a Stock Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and conditions of any Stock Appreciation Right. 

(iii) Tandem Stock Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same time as the related
Option is granted. Any Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which
Shares can be acquired pursuant to the Option. In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise or termination of such Option shall not reduce
the number of Shares to which the Tandem Stock Appreciation Right applies until the number of Shares then exercisable under such Option equals the number of Shares to which the Tandem Stock Appreciation Right applies. Any Option related to a Tandem
Stock Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related Option has been exercised.

 (d) Restricted Stock Awards. The Committee is authorized to grant Restricted Stock Awards to any Eligible Person on the
following terms and conditions: 
 (i) Grant and Restrictions. Restricted Stock Awards shall be subject to such restrictions
on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period. The terms of any Restricted Stock Award granted under the Plan shall be set
forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan. The restrictions may lapse separately or in combination at such times, under such circumstances (including based on
achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award
Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any
mandatory reinvestment or other requirement imposed by the Committee). During the period that the Restricted Stock Award is subject to a risk of forfeiture, subject to Section 10(b) below and except as otherwise provided in the Award Agreement,
the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii)
Forfeiture. Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable Restriction Period, the Participant’s Restricted Stock that is at that time subject to
a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided 

  
 12 

 
that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to Restricted Stock Awards shall be
waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock. 

(iii) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall
determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to
such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 

(iv) Dividends and Splits. As a condition to the grant of a Restricted Stock Award, the Committee may require or permit a
Participant to elect that any cash dividends paid on a Share of Restricted Stock be automatically reinvested in additional Shares of Restricted Stock or applied to the purchase of additional Awards under the Plan, in each case in a manner that does
not violate the requirements of Section 409A of the Code. Unless otherwise determined by the Committee, Shares distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property have been distributed. 

(e) Restricted Stock Unit Award. The Committee is authorized to grant Restricted Stock Unit Awards to any Eligible Person on the
following terms and conditions: 
 (i) Award and Restrictions. Satisfaction of a Restricted Stock Unit Award shall occur upon
expiration of the deferral period specified for such Restricted Stock Unit Award by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, a Restricted Stock Unit Award shall be subject to such restrictions
(which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future
service requirements), separately or in combination, in installments or otherwise, as the Committee may determine. A Restricted Stock Unit Award may be satisfied by delivery of Shares, cash equal to the Fair Market Value of the specified number of
Shares covered by the Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to satisfaction of a Restricted Stock Unit Award, a Restricted Stock Unit Award carries no voting or
dividend or other rights associated with Share ownership. 
 (ii) Forfeiture. Except as otherwise determined by the
Committee, upon termination of a Participant’s Continuous Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Stock Unit Award), the
Participant’s Restricted Stock Unit Award that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall 

  
 13 

 
be forfeited; provided that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a
Restricted Stock Unit Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of any Restricted Stock Unit Award. 

(iii) Dividend Equivalents. Unless otherwise determined by the Committee at the date of grant, any Dividend Equivalents that
are granted with respect to any Restricted Stock Unit Award shall be either (A) paid with respect to such Restricted Stock Unit Award at the dividend payment date in cash or in Shares of unrestricted stock having a Fair Market Value equal to
the amount of such dividends, or (B) deferred with respect to such Restricted Stock Unit Award and the amount or value thereof automatically deemed reinvested in additional Restricted Stock Units, other Awards or other investment vehicles, as
the Committee shall determine or permit the Participant to elect. The applicable Award Agreement shall specify whether any Dividend Equivalents shall be paid at the dividend payment date, deferred or deferred at the election of the Participant. If
the Participant may elect to defer the Dividend Equivalents, such election shall be made within 30 days after the grant date of the Restricted Stock Unit Award, but in no event later than 12 months before the first date on which any portion of such
Restricted Stock Unit Award vests (or at such other times prescribed by the Committee as shall not result in a violation of Section 409A of the Code). 

(f) Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant Shares to any Eligible Persons as a
bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under the Plan or under other plans or compensatory arrangements, provided that, in the case of Eligible Persons subject to Section 16 of the
Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or
Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. 
 (g) Dividend
Equivalents. The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash, Shares, other Awards, or other property equal in value to the regular dividends paid with respect to
a specified number of Shares, or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued
or shall be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. Any such determination by the Committee
shall be made at the grant date of the applicable Award. 
 (h) Performance Awards. The Committee is authorized to grant
Performance Awards to any Eligible Person payable in cash, Shares, or other Awards, on terms and conditions established by the Committee, subject to the provisions of Section 8 if and to the extent that the Committee shall, in its sole
discretion, determine that an Award shall be subject to those provisions. The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each

  
 14 

 
Performance Award; provided, however, that a Performance Period shall not be shorter than twelve (12) months nor longer than five (5) years. Except as provided in Section 9 or as
may be provided in an Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period. The performance goals to be achieved for each Performance Period shall be conclusively determined by the Committee
and may be based upon the criteria set forth in Section 8(b), or in the case of an Award that the Committee determines shall not be subject to Section 8 hereof, any other criteria that the Committee, in its sole discretion, shall determine
should be used for that purpose. The amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in
accordance with procedures established by the Committee, on a deferred basis, in each case in a manner that does not violate the requirements of Section 409A of the Code. 

(i) Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible
Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan. Other Stock-Based
Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan. The
Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(i) shall be purchased for such consideration, (including without limitation
loans from the Company or a Related Entity provided that such loans are not in violation of the Sarbanes Oxley Act of 2002, as amended, or any rule or regulation adopted thereunder or any other applicable law) paid for at such times, by such
methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee shall determine. 

7. Certain Provisions Applicable to Awards. 

(a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of the
Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Related Entity, or any business entity to be acquired by the
Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity. Such additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution
or exchange for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of
cash amounts payable under other plans of the Company or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example, Restricted Stock or Restricted Stock Units), or in which the
exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash compensation surrendered (for example, Options or Stock
Appreciation Right granted with an exercise price or grant price “discounted” by the amount of the cash 

  
 15 

 
compensation surrendered), provided that any such determination to grant an Award in lieu of cash compensation must be made in a manner intended to comply with Section 409A of the Code. 

(b) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee; provided that in no
event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as may be required under Section 422 of the Code). 

(c) Form and Timing of Payment Under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement,
payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or
other property, and may be made in a single payment or transfer, in installments, or on a deferred basis, provided that any determination to pay in installments or on a deferred basis shall be made by the Committee at the date of grant. Any
installment or deferral provided for in the preceding sentence shall, however, be subject to the Company’s compliance with applicable law and all applicable rules of the Listing Market, and in a manner intended to be exempt from or otherwise
satisfy the requirements of Section 409A of the Code. Subject to Section 7(e) hereof, the settlement of any Award may be accelerated, and cash paid in lieu of Shares in connection with such settlement, in the sole discretion of the
Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation, may in the case of an Option or
Stock Appreciation Right be limited to the amount if any by which the Fair Market Value of a Share on the settlement date exceeds the exercise or grant price. Installment or deferred payments may be required by the Committee (subject to
Section 7(e) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions
established by the Committee, all in a manner that is intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code. The Committee may, without limitation, make provision for the payment or crediting of a
reasonable interest rate on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Shares. 

(d) Exemptions from Section 16(b) Liability. If the Company is a Publicly Held Corporation, it is the intent of the Company
that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption (except for transactions acknowledged in writing to
be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall be construed or deemed amended to
the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b). 

  
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 (e) Code Section 409A. 

(i) The Award Agreement for any Award that the Committee reasonably determines to constitute a Section 409A Plan, as defined in
Section 7(e)(ii) hereof, and the provisions of the Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the Committee, in its sole discretion and without
the consent of any Participant, may amend any Award Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of
Section 409A of the Code. 
 (ii) If any Award constitutes a “nonqualified deferred compensation plan” under
Section 409A of the Code (a “Section 409A Plan”), then the Award shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A of the Code: 

(A) Payments under the Section 409A Plan may be made only upon (u) the Participant’s “separation from service”,
(v) the date the Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in the Award Agreement at the date of the deferral of such
compensation, (y) a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets” of the Company, or (z) the occurrence of an “unforeseeble emergency”;

 (B) The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in
applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; 
 (C) Any elections with respect to
the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and 

(D) In the case of any Participant who is “specified employee”, a distribution on account of a “separation from service”
may not be made before the date which is six months after the date of the Participant’s “separation from service” (or, if earlier, the date of the Participant’s death). 

For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code, and the
limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are applicable to the Award. 

(iii) Notwithstanding the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to
any Participant or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A of the Code, and the Company shall have no liability or other obligation to indemnify or hold harmless the
Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this Plan, or any Award Agreement, or any amendment or modification thereof, or
any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A of the Code. 

  
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 8. Code Section 162(m) Provisions. 

(a) Covered Employees. If the Company is a Publicly Held Corporation, then, unless otherwise specified by the Committee, the
provisions of this Section 8 shall be applicable to any Restricted Stock Award, Restricted Stock Unit Award, Performance Award, or Other Stock-Based Award if it is granted to an Eligible Person who is, or is likely to be, as of the end of the
tax year in which the Company would claim a tax deduction in connection with such Award, a Covered Employee, and is intended to qualify as “performance-based compensation” that is exempt from the deduction limitations imposed under
Section 162(m) of the Code. 
 (b) Performance Criteria. If an Award is subject to this Section 8, then the payment
or distribution thereof or the lapsing of restrictions thereon and the distribution of cash, Shares or other property pursuant thereto, as applicable, shall be contingent upon achievement of one or more objective performance goals. Performance goals
shall be objective and shall otherwise meet the requirements of Section 162(m) of the Code and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the achievement of
performance goals being “substantially uncertain.” One or more of the following business criteria for the Company, on a consolidated basis, and/or for Related Entities, or for business or geographical units of the Company and/or a Related
Entity (except with respect to the total shareholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for such Awards: (1) earnings per share; (2) revenues or margins; (3) cash
flow; (4) operating margin; (5) return on net assets, investment, capital, or equity; (6) economic value added; (7) direct contribution; (8) net income; pretax earnings; earnings before interest and taxes; earnings before
interest, taxes, depreciation and amortization; earnings after interest expense and before extraordinary or special items; operating income or income from operations; income before interest income or expense, unusual items and income taxes, local,
state or federal and excluding budgeted and actual bonuses which might be paid under any ongoing bonus plans of the Company; (9) working capital; (10) management of fixed costs or variable costs; (11) identification or consummation of
investment opportunities or completion of specified projects in accordance with corporate business plans, including strategic mergers, acquisitions or divestitures; (12) total shareholder return; (13) debt reduction; (14) market
share; (15) entry into new markets, either geographically or by business unit; (16) customer retention and satisfaction; (17) strategic plan development and implementation, including turnaround plans; and/or (18) the Fair Market
Value of a Share. Any of the above goals may be determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard &
Poor’s 500 Stock Index or a group of companies that are comparable to the Company. In determining the achievement of the performance goals, unless otherwise specified by the Committee at the time the performance goals are set, the Committee
shall exclude the impact of (i) restructurings, discontinued operations, extraordinary items (as defined pursuant to generally accepted accounting principles), and other unusual or non-recurring charges, (ii) change in accounting standards
required by generally accepted accounting principles; or (iii) such other exclusions or adjustments as the Committee specifies at the time the Award is granted. 

  
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 (c) Performance Period; Timing For Establishing Performance Goals. Achievement of
performance goals in respect of Awards subject to this Section 8 shall be measured over a Performance Period no shorter than twelve (1) months and no longer than five (5) years, as specified by the Committee. Performance goals shall
be established not later than ninety (90) days after the beginning of any Performance Period applicable to Awards subject to this Section 8, or at such other date as may be required or permitted for “performance-based
compensation” under Section 162(m) of the Code. 
 (d) Adjustments. The Committee may, in its discretion, reduce the
amount of a settlement otherwise to be made in connection with Awards subject to this Section 8, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of an Award subject to this Section 8.
The Committee shall specify the circumstances in which such Awards shall be paid or forfeited in the event of termination of Continuous Service by the Participant prior to the end of a Performance Period or settlement of Awards. 

(e) Committee Certification. No Participant shall receive any payment under the Plan that is subject to this Section 8
unless the Committee has certified, by resolution or other appropriate action in writing, that the performance criteria and any other material terms previously established by the Committee or set forth in the Plan, have been satisfied to the extent
necessary to qualify as “performance based compensation” under Section 162(m) of the Code. 
 9. Change in
Control. 
 (a) Effect of “Change in Control.” If and only to the extent provided in any employment or other
agreement between the Participant and the Company or any Related Entity, or in any Award Agreement, or to the extent otherwise determined by the Committee in its sole discretion and without any requirement that each Participant be treated
consistently, upon the occurrence of a “Change in Control,” as defined in Section 9(b): 
 (i) Any Option or Stock
Appreciation Right that was not previously vested and exercisable as of the time of the Change in Control, shall become immediately vested and exercisable, subject to applicable restrictions set forth in Section 10(a) hereof. 

(ii) Any restrictions, deferral of settlement, and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit Award
or an Other Stock-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed fully vested as of the time of the Change in Control, except to the extent of any waiver by the Participant
and subject to applicable restrictions set forth in Section 10(a) hereof. 
 (iii) With respect to any outstanding Award subject to
achievement of performance goals and conditions under the Plan, the Committee may, in its discretion, deem such performance goals and conditions as having been met as of the date of the Change in Control. 

  
 19 

 (iv) Notwithstanding the foregoing or any provision in any Award Agreement to the contrary, and
unless the Committee otherwise determines in a specific instance, or as is provided in any employment or other agreement between the Participant and the Company or any Related Entity, each outstanding Option, Stock Appreciation Right, Restricted
Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall not be accelerated as described in Sections 9(a)(i), (ii) and (iii), if either (A) the Company is the surviving entity in the Change in Control and the Option, Stock
Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award continues to be outstanding after the Change in Control on the substantially same terms and conditions as were applicable immediately prior to the
Change in Control or (B) the successor company assumes or substitutes for the applicable Award, as determined in accordance with Section 10(c)(ii) hereof. For the purposes of this Agreement, an Option, Stock Appreciation Right, Restricted
Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered assumed or substituted for if following the Change in Control the Award confers the right to purchase or receive, for each Share subject to the Option, Stock
Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award immediately prior to the Change in Control, on substantially the same vesting and other terms and conditions as were applicable to the Award
immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such
transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a
Change in Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or subsidiary, provide that the consideration to be received upon the
exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for each Share subject thereto, will be solely common stock of the successor company or its parent or
subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be
made by the Committee in its sole discretion and its determination shall be conclusive and binding. 
 (b) Definition of “Change
in Control”. Unless otherwise specified in any employment agreement between the Participant and the Company or any Related Entity, or in an Award Agreement, a “Change in Control” shall mean the occurrence of any
of the following: 
 (i) The acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company (the “Outstanding Company Stock”) or (B) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter being referred to as a
“Controlling Interest”); provided, however, that for purposes of this Section 9(b), the following acquisitions shall not constitute or result in a Change in Control: (v) any acquisition directly from the Company;
(w) any acquisition by the Company; (x) any acquisition by any Person that 

  
 20 

 
as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any Related Entity; or (z) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below; or 

(ii) During any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute
the Board on the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (iii) Consummation of (A) a
reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if equity securities of the Company are issued
or issuable in connection with the transaction (each of the events referred to in this clause (A) being hereinafter referred to as a “Business Reorganization”), or (B) a sale or other disposition of all or
substantially all of the assets of the Company, or the acquisition of assets or equity of another entity by the Company or any of its Subsidiaries (each an “Asset Sale”), in each case, unless, following such Business
Reorganization or Asset Sale, (1) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such
Business Reorganization or Asset Sale beneficially own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of members of the board of directors (or comparable governing body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business Reorganization or Asset Sale
(including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Continuing
Entity”) in substantially the same proportions as their ownership, immediately prior to such Business Reorganization or Asset Sale, of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be
(excluding any outstanding equity or voting securities of the Continuing Entity that such Beneficial Owners hold immediately following the consummation of the Business Reorganization or Asset Sale as a result of their ownership, prior to such
consummation, of equity or voting securities of any company or other entity involved in or forming part of such Business Reorganization or Asset Sale other than the Company), (2) no Person (excluding any employee benefit plan (or related trust)
of the Company or any Continuing Entity or any entity controlled by the Continuing Corporation or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent
(50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined voting 

  
 21 

 
power of the then outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior to the Business Reorganization or Asset Sale and (3) at least
a majority of the members of the Board of Directors or other governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such
Business Reorganization or Asset Sale; or 
 (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of
the Company. 
 Notwithstanding anything to the contrary herein, the term “Change in Control” shall not include a sale of assets, a merger or
other transaction effected exclusively for the purpose of changing the domicile of the Company, or an initial public offering underwritten on a firm commitment basis pursuant to a registration statement filed with the Securities Exchange Commission.

 10. General Provisions. 

(a) Compliance With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the Committee,
postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule or regulation, listing or
other required action with respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee, may consider appropriate, and may require any Participant to make such representations, furnish such information and
comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or
other obligations. 
 (b) Limits on Transferability; Beneficiaries. No Award or other right or interest granted under the Plan
shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution or
to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards
and other rights (other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries or other transferees during the lifetime of the Participant, and may be exercised by such
transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject to any terms and conditions which the Committee may
impose thereon) and are otherwise not inconsistent with the rules as to the use of Form S-8 Registration Statement under the Securities Act of 1933, as amended (or any successor or, at the sole discretion of the Committee, other registration
statement pursuant to which Awards, Shares, rights or interests under the Plan are then registered under such Act), if applicable. A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be
subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee.

  
 22 

 (c) Adjustments. 

(i) Adjustments to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash,
Shares, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the
Shares and/or such other securities of the Company or any other issuer, then the Committee shall, in such manner as it may deem equitable, substitute, exchange or adjust any or all of (A) the number and kind of Shares which may be delivered in
connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per-person Award limitations are measured under Section 5 hereof, (C) the number and kind of Shares subject to or deliverable in respect of
outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding Award, and (E) any other aspect of any Award that the
Committee determines to be appropriate. 
 (ii) Adjustments in Case of Certain Transactions. In the event of any merger,
consolidation or other reorganization in which the Company does not survive, or in the event of any Change in Control, any outstanding Awards may be dealt with in accordance with any of the following approaches, without the requirement of obtaining
any consent or agreement of a Participant as such, as determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee: (A) the continuation of the outstanding Awards by the
Company, if the Company is a surviving entity, (B) the assumption or substitution for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (C) full exercisability or vesting and
accelerated expiration of the outstanding Awards, or (D) settlement of the value of the outstanding Awards in cash or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options or Stock
Appreciation Rights, shall be measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation Right as of the effective date of the transaction). For the purposes of
this Plan, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award shall be considered assumed or substituted for if following the applicable transaction the Award confers the right to
purchase or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award immediately prior to the applicable transaction, on substantially the same vesting
and other terms and conditions as were applicable to the Award immediately prior to the applicable transaction, the consideration (whether stock, cash or other securities or property) received in the applicable transaction by holders of Shares for
each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration
received in the applicable transaction is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or subsidiary, provide that the consideration to be

  
 23 

 
received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock-Based Award, for each Share subject thereto, will
be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the applicable transaction. The determination of such substantial
equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. The Committee shall give written notice of any proposed transaction referred to in this
Section 10(c)(ii) at a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have a reasonable period of time
prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction). A Participant may condition his or her exercise
of any Awards upon the consummation of the transaction. 
 (iii) Other Adjustments. The Committee (and the Board if and only
to the extent such authority is not required to be exercised by the Committee to comply with Section 162(m) of the Code) is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including Awards
subject to satisfaction of performance goals, or performance goals and conditions relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting
the Company, any Related Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business
conditions or in view of the Committee’s assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a
Participant, and any other circumstances deemed relevant. Adjustments permitted hereby may include, without limitation, increasing the exercise price of Options and Stock Appreciation Rights, increasing performance goals, or other adjustments that
may be adverse to the Participant. Notwithstanding the foregoing, no adjustments may be made with respect to any Awards subject to Section 8 if and to the extent that such adjustment would cause the Award to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code. 
 (d) Taxes. The Company and any Related
Entity are authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or
potentially payable in connection with any transaction involving an Award not to be in excess of the minimum statutory withholding required, and to take such other action as the Committee may deem advisable to enable the Company or any Related
Entity and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or other property and to make cash payments in
respect thereof in satisfaction of a Participant’s tax obligations not in excess of the minimum statutory withholding required, either on a mandatory or elective basis in the discretion of the Committee. 

  
 24 

 (e) Changes to the Plan and Awards. The Board may amend, alter, suspend,
discontinue or terminate the Plan, or the Committee’s authority to grant Awards under the Plan, without the consent of shareholders or Participants, except that any amendment or alteration to the Plan shall be subject to the approval of the
Company’s shareholders not later than the annual meeting next following such Board action if such shareholder approval is required by any federal or state law or regulation (including, without limitation, Rule 16b-3 or Code Section 162(m))
or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan to shareholders for approval; provided that, except as otherwise permitted by the Plan or Award Agreement, without
the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant under the terms of any previously granted and outstanding Award. The Committee may waive any conditions or rights under,
or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement, without
the consent of an affected Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under terms of such Award. 

(f) Limitation on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder or under any Award shall be
construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a Related Entity; (ii) interfering in any way with the right of the Company
or a Related Entity to terminate any Eligible Person’s or Participant’s Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with
other Participants and Employees, or (iv) conferring on a Participant any of the rights of a shareholder of the Company or any Related Entity including, without limitation, any right to receive dividends or distributions, any right to vote or
act by written consent, any right to attend meetings of shareholders or any right to receive any information concerning the Company’s or any Related Entity’s business, financial condition, results of operation or prospects, unless and
until such time as the Participant is duly issued Shares on the stock books of the Company or any Related Entity in accordance with the terms of an Award. None of the Company, its officers or its directors shall have any fiduciary obligation to the
Participant with respect to any Awards unless and until the Participant is duly issued Shares pursuant to the Award on the stock books of the Company in accordance with the terms of an Award. Neither the Company, nor any Related Entity, nor any of
the their respective officers, directors, representatives or agents are granting any rights under the Plan to the Participant whatsoever, oral or written, express or implied, other than those rights expressly set forth in this Plan or the Award
Agreement. 
 (g) Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such Participant any
rights that are greater than those of a general creditor of the Company or Related Entity that issues the Award; provided that the Committee may authorize the creation of trusts and deposit therein cash, Shares, other Awards or other property, or
make other arrangements to meet the obligations 

  
 25 

 
of the Company or Related Entity under the Plan. Such trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines
with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify and in
accordance with applicable law. 
 (h) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its
submission to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable including incentive
arrangements and awards which do not qualify under Section 162(m) of the Code. 
 (i) Payments in the Event of Forfeitures;
Fractional Shares. Unless otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of such cash or other
consideration. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (j) Governing Law. Except as otherwise
provided in any Award Agreement, the validity, construction and effect of the Plan, any rules and regulations under the Plan, and any Award Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to
principles of conflict of laws, and applicable federal law. 
 (k) Non-U.S. Laws. The Committee shall have the authority to
adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Related Entities may operate to assure the viability of the benefits from
Awards granted to Participants performing services in such countries and to meet the objectives of the Plan. 
 (l) Plan Effective
Date and Shareholder Approval; Termination of Plan. The Plan shall become effective on the Effective Date and, to the extent so required by the rules of any stock exchange or automated quotation system on which the Shares may be listed or
quoted, shall be subject to subsequent approval by the shareholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of such stock exchange or automated quotation system. Notwithstanding the
foregoing, any Awards granted under the Plan that are intended to be Incentive Stock Options or are intended to be exempt from the deduction limitations contained in Section 162(m) of the Code shall not be exercised and/or settled unless and
until the applicable shareholder approval requirements of Sections 422 and/or 162(m) are satisfied. The Plan shall terminate at the earliest of (a) such time as no Shares remain available for issuance under the Plan, (b) termination of
this Plan by the Board, or (c) the tenth anniversary of the Effective Date. Awards outstanding upon expiration of the Plan shall remain in effect until they have been exercised or terminated, or have expired. 

  
 26EX-10.1

 Exhibit 10.1 

FORM OF 
 TAX MATTERS AGREEMENT

 by and between 
 CBS
CORPORATION 
 and 
 CBS OUTDOOR
AMERICAS INC. 
 dated as of 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	Article 1.      Definition of Terms	  	 	2	  
		
	Article 2.      Responsibility for Tax Liabilities	  	 	11	  
	 Section 2.01
	    	 General Rule
	  	 	11	  
	 Section 2.02
	    	 Federal Income Taxes and Canadian Income Taxes
	  	 	11	  
	 Section 2.03
	    	 State Income Taxes and State Other Taxes
	  	 	12	  
	 Section 2.04
	    	 Foreign Income Taxes and Foreign Other Taxes
	  	 	13	  
	 Section 2.05
	    	 Certain Employment and Other Taxes
	  	 	14	  
	 Section 2.06
	    	 Determination of Tax Attributable to the Outdoor Americas Group or the Outdoor Americas Business in respect of any Joint
Return
	  	 	14	  
	 Section 2.07
	    	 Additional Outdoor Americas Liability
	  	 	16	  
	 Section 2.08
	    	 Additional CBS Liability
	  	 	16	  
		
	Article 3.      Preparation and Filing of Tax Returns	  	 	17	  
	 Section 3.01
	    	 CBS Responsibility
	  	 	17	  
	 Section 3.02
	    	 Outdoor Americas Responsibility
	  	 	17	  
	 Section 3.03
	    	 Tax Reporting Practices
	  	 	18	  
	 Section 3.04
	    	 Consolidated or Combined Tax Returns
	  	 	18	  
	 Section 3.05
	    	 Outdoor Americas Carrybacks and Claims for Tax Benefit
	  	 	18	  
	 Section 3.06
	    	 Apportionment of Tax Attributes
	  	 	18	  
		
	Article 4.      Calculation of Tax and Payments	  	 	19	  
	 Section 4.01
	    	 Taxes With Respect to Joint Returns
	  	 	19	  
	 Section 4.02
	    	 Adjustments Resulting in Underpayments
	  	 	19	  
	 Section 4.03
	    	 Method for Making Payments
	  	 	20	  
		
	Article 5.      Refunds	  	 	20	  
	 Section 5.01
	    	 Refunds
	  	 	20	  
		
	Article 6.      Tax-Free Status	  	 	20	  
	 Section 6.01
	    	 Representations of and Restrictions on Outdoor Americas
	  	 	20	  
	 Section 6.02
	    	 Restrictions on CBS
	  	 	23	  
	 Section 6.03
	    	 Procedures Regarding Post Distribution Rulings and Unqualified Tax Opinions
	  	 	23	  
	 Section 6.04
	    	 Liability for Separation Tax Losses
	  	 	24	  
	 Section 6.05
	    	 Payment of Separation Taxes
	  	 	25	  
		
	Article 7.      Assistance and Cooperation	  	 	26	  
	 Section 7.01
	    	 Assistance and Cooperation
	  	 	26	  
	 Section 7.02
	    	 Tax Return Information
	  	 	27	  
	 Section 7.03
	    	 Reliance by CBS
	  	 	27	  
	 Section 7.04
	    	 Reliance by Outdoor Americas
	  	 	27	  
		
	Article 8.      Tax Records	  	 	27	  
	 Section 8.01
	    	 Retention of Tax Records
	  	 	27	  
	 Section 8.02
	    	 Access to Tax Records
	  	 	28	  
	 Section 8.03
	    	 Preservation of Privilege
	  	 	28	  

  
 2 

							
	Article 9.      Tax Contests	  	 	28	  
	 Section 9.01
	    	 Notice
	  	 	28	  
	 Section 9.02
	    	 Control of Tax Contests
	  	 	29	  
		
	Article 10.    Effective Date	  	 	30	  
		
	Article 11.    Survival of Obligations	  	 	30	  
		
	Article 12.    Treatment of Payments	  	 	30	  
	 Section 12.01
	    	 Treatment of Tax Indemnity Payments
	  	 	30	  
	 Section 12.02
	    	 Interest Under This Agreement
	  	 	30	  
		
	Article 13.    Disagreements	  	 	31	  
	 Section 13.01
	    	 Discussion
	  	 	31	  
	 Section 13.02
	    	 Escalation
	  	 	31	  
	 Section 13.03
	    	 Referral to Tax Advisor
	  	 	31	  
	 Section 13.04
	    	 Injunctive Relief
	  	 	31	  
		
	Article 14.    Late Payments	  	 	32	  
		
	Article 15.    Expenses	  	 	32	  
		
	Article 16.    General Provisions	  	 	32	  
	 Section 16.01
	    	 Addresses and Notices
	  	 	32	  
	 Section 16.02
	    	 Binding Effect
	  	 	32	  
	 Section 16.03
	    	 Waiver
	  	 	32	  
	 Section 16.04
	    	 Severability
	  	 	33	  
	 Section 16.05
	    	 Authority
	  	 	33	  
	 Section 16.06
	    	 Further Action
	  	 	33	  
	 Section 16.07
	    	 Integration
	  	 	33	  
	 Section 16.08
	    	 Construction
	  	 	33	  
	 Section 16.09
	    	 No Double Recovery
	  	 	33	  
	 Section 16.10
	    	 Counterparts
	  	 	34	  
	 Section 16.11
	    	 Governing Law
	  	 	34	  
	 Section 16.12
	    	 Jurisdiction
	  	 	34	  
	 Section 16.13
	    	 Amendment
	  	 	34	  
	 Section 16.14
	    	 Outdoor Americas Subsidiaries
	  	 	34	  
	 Section 16.15
	    	 Successors
	  	 	34	  
	 Section 16.16
	    	 Injunctions
	  	 	34	  

  
 3 

 INDEX OF DEFINED TERMS 

 

					
	 	  	Page	 
		
	 Active Trade or Business
	  	 	2	  
	 Adjustment Request
	  	 	2	  
	 Affiliate
	  	 	2	  
	 Agreement
	  	 	2	  
	 Business Day
	  	 	2	  
	 Canadian Income Tax
	  	 	2	  
	 CBS
	  	 	3	  
	 CBS Affiliated Group
	  	 	3	  
	 CBS Federal Consolidated Income Tax Return
	  	 	3	  
	 CBS Group
	  	 	3	  
	 CBS Indemnified Party
	  	 	3	  
	 CBS Separate Return
	  	 	3	  
	 Code
	  	 	3	  
	 Companies
	  	 	1, 3	  
	 Company
	  	 	1, 3	  
	 Contribution
	  	 	3	  
	 Controlled Company
	  	 	3	  
	 Controlling Party
	  	 	3, 30	  
	 Deconsolidation Date
	  	 	3	  
	 Dispute
	  	 	3, 31	  
	 Distributing Company
	  	 	3	  
	 Distributions
	  	 	3	  
	 Employment Tax
	  	 	4	  
	 Federal Income Tax
	  	 	4	  
	 Fifty-Percent or Greater Interest
	  	 	4	  
	 Filing Date
	  	 	4	  
	 Final Determination
	  	 	4	  
	 Final Distribution Date
	  	 	4, 21	  
	 Foreign Income Tax
	  	 	4	  
	 Gain Recognition Agreement
	  	 	4	  
	 Group
	  	 	5	  
	 Indemnitee
	  	 	5, 31	  
	 Indemnitor
	  	 	5, 31	  
	 IPO
	  	 	5	  
	 IPO Closing Date
	  	 	5	  
	 IRS
	  	 	5	  
	 Joint Return
	  	 	5	  
	 Non-Controlling Party
	  	 	5, 30	  
	 Notified Action
	  	 	5, 23	  
	 Outdoor Americas
	  	 	5	  
	 Outdoor Americas Business
	  	 	5	  

					
	 Outdoor Americas Capital Stock
	  	 	5	  
	 Outdoor Americas Carryback
	  	 	5	  
	 Outdoor Americas Common Stock
	  	 	5	  
	 Outdoor Americas Entity
	  	 	5	  
	 Outdoor Americas Group
	  	 	5	  
	 Outdoor Americas Indemnified Party
	  	 	6	  
	 Outdoor Americas Separate Return
	  	 	6	  
	 Past Practice
	  	 	18	  
	 Past Practices
	  	 	6	  
	 Payment Date
	  	 	6	  
	 Person
	  	 	6	  
	 Plan of Reorganization
	  	 	6	  
	 Post-Distribution Ruling
	  	 	6, 22	  
	 Post-IPO Period
	  	 	6	  
	 Pre-Deconsolidation Period
	  	 	6	  
	 Pre-IPO Period
	  	 	6	  
	 Preliminary Tax Advisor
	  	 	6, 32	  
	 Prime Rate
	  	 	7	  
	 Privilege
	  	 	7	  
	 Proposed Acquisition Transaction
	  	 	7	  
	 Radio Media Distribution
	  	 	7	  
	 Refund
	  	 	7	  
	 Representation Letters
	  	 	8	  
	 Responsible Company
	  	 	8	  
	 Retention Date
	  	 	8, 28	  
	 Return
	  	 	10	  
	 Ruling Request
	  	 	8	  
	 Separate Return
	  	 	8	  
	 Separation Agreement
	  	 	8	  
	 Separation Plan
	  	 	8	  
	 Separation Tax Losses
	  	 	8	  
	 Separation Transactions
	  	 	8	  
	 Split-Off
	  	 	9	  
	 Split-Off Date
	  	 	9	  
	 State Income Tax
	  	 	9	  
	 State Other Tax
	  	 	4, 9	  
	 Straddle Period
	  	 	9	  
	 Tax
	  	 	9	  
	 Tax Advisor
	  	 	9	  
	 Tax Attribute
	  	 	9	  
	 Tax Authority
	  	 	9	  
	 Tax Benefit
	  	 	9	  
	 Tax Contest
	  	 	10	  
	 Tax Control
	  	 	10	  
	 Tax Item
	  	 	10	  
	 Tax Law
	  	 	10	  

  
 2 

					
	 Tax Opinions/Rulings
	  	 	10	  
	 Tax Period
	  	 	10	  
	 Tax Records
	  	 	10	  
	 Tax Return
	  	 	10	  
	 Taxes
	  	 	9	  
	 Tax-Free Status
	  	 	10	  
	 Treasury Regulations
	  	 	11	  
	 Underwriters
	  	 	11	  
	 Unqualified Tax Opinion
	  	 	11	  

  
 3 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of
[            ], 2014, by and among CBS Corporation., a Delaware corporation (“CBS”), and CBS Outdoor Americas Inc. a Maryland corporation and an indirect wholly owned
subsidiary of CBS (“Outdoor Americas”) (CBS and Outdoor Americas are sometimes collectively referred to herein as the “Companies” and, as the context requires, individually referred to herein as the
“Company”). 
 RECITALS 

WHEREAS, CBS presently indirectly owns 100% of Outdoor Americas; 

WHEREAS, pursuant to the Plan of Reorganization (as defined below), CBS Radio Media, a Delaware corporation and an indirect wholly
owned subsidiary of CBS (“Radio Media”) transferred the stock or other equity interests of certain of CBS’s Affiliates (as defined below) that own Outdoor Americas Business (as defined below) assets and/or are dedicated to the
Outdoor Americas Business to Outdoor Americas in exchange for Outdoor Americas Common Stock (as defined below) and the Cash Payment (as defined below) (the “Contribution”);  

WHEREAS, as of the Contribution, Radio Media presently owns all of the outstanding shares of Outdoor Americas Common Stock; 

WHEREAS, Outdoor Americas intends to issue shares of Outdoor Americas Common Stock in an IPO (as defined below), immediately following which
Radio Media will own 80% or more of the outstanding shares of Outdoor Americas Common Stock; 
 WHEREAS, after the IPO, CBS intends
to (i) cause Radio Media to distribute the Outdoor Americas Common Stock held directly by Radio Media to its sole shareholder pursuant to the Plan of Reorganization (the “Radio Media Distribution”), (ii) following the
Radio Media Distribution, cause certain of its Subsidiaries to transfer the Outdoor Americas Common Stock held indirectly by CBS to CBS through a series of internal distributions (each such distribution and the Radio Media Distribution,
collectively, the “Internal Spin-Offs”) and (iii) following the last Internal Spin-Off, transfer the Outdoor Americas Common Stock held directly by CBS to its shareholders in the Split-Off (as defined below); 

WHEREAS, CBS intends to effect the Split-Off by (i) consummating an offer to exchange shares of Outdoor Americas Common Stock owned by
CBS for shares of CBS Common Stock then outstanding and (ii) in the event that holders of CBS Common Stock subscribe for less than all of the shares of Outdoor Americas Common Stock owned by CBS in such exchange offer, by (a) offering the
remaining shares of Outdoor Americas Common Stock owned by CBS in one or more subsequent exchange offers and/or (b) distributing the remaining shares of Outdoor Americas Common Stock owned by CBS on a pro rata basis to holders of CBS Common
Stock whose shares of CBS Common Stock remain outstanding after consummation of the exchange offer(s); 

 WHEREAS, the Parties intend that, for U.S. federal income Tax purposes, the Contribution and the
Radio Media Distribution (if effected), taken together, will qualify as a Tax-free “reorganization” pursuant to Sections 368(a)(1)(D) and 355 of the Code (as defined below); 

WHEREAS, the Parties intend that, for U.S. federal income Tax purposes, each of the Internal Spin-Offs (other than the Radio Media
Distribution), if effected, will qualify as a Tax-free transaction under Section 355 of the Code; 
 WHEREAS, the Parties intend that,
for U.S. federal income Tax purposes, the Split-Off, if effected, will qualify as a Tax-free transaction under Section 355 of the Code; 

WHEREAS, the parties desire to provide for and agree upon the allocation between the parties of liabilities for certain Taxes arising prior
to, at the time of, and subsequent to the IPO, and to provide for and agree upon other matters relating to Taxes; 
 NOW THEREFORE, in
consideration of the mutual agreements contained herein, the parties hereby agree as follows: 
 Article 1. Definition of Terms. For
purposes of this Agreement (including the recitals hereof), the following terms have the following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation Agreement: 

“Active Trade or Business” means, with respect to each of CBS and Outdoor Americas and the members of their respective
Groups, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury Regulations thereunder) of the trades or businesses relied upon in the Tax Opinions/Rulings to satisfy Section 355(b) of the Code as conducted
immediately prior to the IPO, or, in connection with a Separation Transaction with respect to which no rulings were requested from the IRS intended to qualify, for U.S. federal income tax purposes, as a Tax-free transaction under Section 355 of
the Code, as conducted immediately prior to such Separation Transaction. 
 “Adjustment Request” means any
formal or informal claim or request filed with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (i) any amended Tax Return claiming adjustment to the Taxes as reported on a
Tax Return or, if applicable, as previously adjusted, (ii) any claim for equitable recoupment or other offset, and (iii) any claim for a Tax Benefit with respect to Taxes previously paid. 

“Affiliate” has the meaning set forth in the Separation Agreement. 

“Agreement” means this Tax Matters Agreement. 

“Business Day” has the meaning set forth in the Separation Agreement. 

  
 2 

 “Canadian Income Tax” means any Tax imposed by Canada, or by any province
or political subdivision thereof, which is an income Tax as defined in Treasury Regulation Section 1.901-2. 
 “Cash
Payment” has the meaning set forth in the Plan of Reorganization. 
 “CBS” has the meaning provided in the
first sentence of this Agreement. 
 “CBS Affiliated Group” means the affiliated group (as that term is
defined in Section 1504 of the Code and the Treasury Regulations thereunder) of which CBS is the common parent. 

“CBS Federal Consolidated Income Tax Return” means any United States federal Income Tax Return for the CBS Affiliated
Group. 
 “CBS Group” means CBS and its Subsidiaries, excluding any entity that is a member of the Outdoor
Americas Group as determined immediately after the IPO. 
 “CBS Indemnified Party” means any officer,
director or employee of CBS or any of its Affiliates. 
 “CBS Separate Return” means any Tax Return of or
including any member of the CBS Group (including any consolidated, combined or unitary Tax Return that does not include any member of the Outdoor Americas Group). 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Companies” and “Company” have the meaning provided in the first sentence of this Agreement.

 “Contribution” has the meaning provided in the Recitals. 

“Controlled Company” means any company the stock of which is distributed pursuant to any of the Distributions. 

 “Controlling Party” has the meaning set forth in Section 9.02(c) of this Agreement. 

“Deconsolidation Date” means the last date on which Outdoor Americas qualifies as a member of the CBS Affiliated
Group. 
 “Dispute” has the meaning set forth in Article 13 of this Agreement. 

“Distributions” refers, collectively, to steps 9, 10, 13, and 20-25 of the Separation Plan. 

“Distributing Company” means any company that distributes the stock of another company pursuant to any of the
Distributions.  

  
 3 

 “Employment Tax” means any tax and any interest, penalty, additions to
tax, or additional amounts with respect thereto the liability or responsibility for which is allocated pursuant to Article IX of the Separation Agreement. 

“Federal Income Tax” means any Tax imposed by Subtitle A of the Code. 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and
(e) of the Code and the Treasury Regulations thereunder. 
 “Filing Date” has the meaning set forth in
Section 6.05 of this Agreement. 
 “Final Determination” means the final resolution of liability for any
Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under
the laws of a State, local, or foreign taxing jurisdiction, except that a Form 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the
taxpayer to file a claim for a Tax Benefit or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (ii) by a decision, judgment, decree, or other
order by a court of competent jurisdiction, which has become final and unappealable; (iii) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of a State,
local, or foreign taxing jurisdiction; or (iv) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the parties. 

“Final Distribution Date” has the meaning set forth in Section 6.01(c) of this Agreement. 

“Foreign Income Tax” means any Tax imposed by any foreign country other than Canada and by any political subdivision
of any foreign country other than Canada, which Tax is an income tax as defined in Treasury Regulation Section 1.901-2. 

“Foreign Other Tax” means any Tax imposed by any foreign country and by any political subdivision of any foreign
country other than any Foreign Income Tax or Canadian Income Tax. 
 “Governmental Authority” has the meaning set
forth in the Separation Agreement. 
 “Group” means the CBS Group or the Outdoor Americas Group, or both, as the
context requires. 
 “Income Tax” means any Tax that is a Canadian Income Tax, a Federal Income Tax, a Foreign
Income Tax or a State Income Tax. 

  
 4 

 “Indemnitee” has the meaning set forth in Section 12.02 of this
Agreement. 
 “Indemnitor” has the meaning set forth in Section 12.02 of this Agreement. 

“IPO” has the meaning set forth in the Separation Agreement. 

“IPO Closing Date” means the date on which the proceeds of any sale of Outdoor Americas Common Stock to the
Underwriters are received, or such other time as is determined by CBS. 
 “IRS” means the United States
Internal Revenue Service. 
 “Joint Return” means any Tax Return that actually includes, by election or
otherwise, or is required to include under applicable Law, one or more members of the CBS Group together with one or more members of the Outdoor Americas Group. 

“Non-Controlling Party” has the meaning set forth in Section 9.02(c) of this Agreement. 

“Notified Action” has the meaning set forth in Section 6.03(a) of this Agreement. 

“Outdoor Americas” has the meaning provided in the first sentence of this Agreement. 

“Outdoor Americas Business” has the meaning set forth in the Separation Agreement. 

“Outdoor Americas Capital Stock” means all classes or series of capital stock of Outdoor Americas (or any entity
treated as a successor to Outdoor Americas), including (i) the Outdoor Americas Common Stock, (ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments treated as stock in Outdoor Americas (or
any entity treated as a successor to Outdoor Americas) for U.S. federal income tax purposes. 
 “Outdoor Americas
Carryback” means any net operating loss, net capital loss, excess tax credit, or other similar Tax item of any member of the Outdoor Americas Group which may or must be carried from one Tax Period to another prior Tax Period under the Code
or other applicable Tax Law. 
 “Outdoor Americas Common Stock” has the meaning set forth in the Separation
Agreement. 
 “Outdoor Americas Entity” means an entity which is a member of the Outdoor Americas Group.

  
 5 

 “Outdoor Americas Group” means (i) Outdoor Americas and its
Subsidiaries, as well as (ii) any entity which (A) was an Affiliate of CBS or an Affiliate of a member of the Outdoor Americas Group, (B) conducted solely or predominantly the Outdoor Americas Business, and (C) is no longer an
Affiliate of CBS as of the IPO. 
 “Outdoor Americas Indemnified Party” means any officer, director or
employee of Outdoor Americas or any of its Affiliates. 
 “Outdoor Americas Separate Return” means any Tax
Return of or including any member of the Outdoor Americas Group (including any consolidated, combined or unitary Tax Return) that does not include any member of the CBS Group. 

“Past Practices” has the meaning set forth in Section 3.03(a) of this Agreement. 

“Payment Date” means (i) with respect to any CBS Federal Consolidated Income Tax Return, (A) the due date
for any required installment of estimated Taxes determined under Section 6655 of the Code, (B) the due date (determined without regard to extensions) for filing such Tax Return determined under Section 6072 of the Code, or
(C) the date such Tax Return is filed, as the case may be, and (ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
 “Plan of Reorganization” has the meaning set forth in the Separation Agreement. 

“Post-Distribution Ruling” has the meaning set forth in Section 6.01(d)(vi) of this Agreement. 

“Post-IPO Period” means any Tax Period beginning after the IPO Closing Date and, in the case of any Straddle Period,
the portion of such Straddle Period beginning after the IPO Closing Date. 
 “Pre-IPO Period” means any Tax
Period ending on or before the IPO Closing Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on the IPO Closing Date. 

“Pre-Deconsolidation Period” means any Tax Period ending on or before the Deconsolidation Date and, in the case of any
Straddle Period, the portion of such Straddle Period ending on the Deconsolidation Date. 

  
 6 

 “Preliminary Tax Advisor” has the meaning set forth in
Section 13.03 of this Agreement. 
 “Prime Rate” means the base rate on corporate loans charged
by Citibank, N.A. from time to time, compounded daily on the basis of a year of 365 or 366 (as applicable) days and actual days elapsed. 

“Privilege” means any privilege that may be asserted under applicable law, including, any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other Treasury Regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such
transaction is supported by Outdoor Americas management or shareholders, is a hostile acquisition, or otherwise, as a result of which Outdoor Americas would merge or consolidate with any other Person or as a result of which any Person or Persons
would (directly or indirectly) acquire, or have the right to acquire, from Outdoor Americas and/or one or more holders of outstanding shares of Outdoor Americas Capital Stock, a number of shares of Outdoor Americas Capital Stock that would, when
combined with any other changes in ownership of Outdoor Americas Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise a 40% or greater interest in Outdoor Americas (i) by value, as of the date of such transaction,
or in the case of a series of transactions, the date of the last transaction of such series, or (ii) by vote, as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series.
Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by Outdoor Americas of a shareholder rights plan or (ii) issuances by Outdoor Americas that satisfy Safe Harbor VIII (relating to
acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer), in each case, of Treasury Regulation Section 1.355-7(d), or (iii) transfers of
Outdoor Americas Capital Stock that satisfy Safe Harbor VII (relating to public trading) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization
resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. For purposes of this definition, each reference to Outdoor Americas shall
include a reference to any entity treated as a successor thereto. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or
change in, the statute, Treasury Regulations promulgated under Section 355(e) of the Code or official IRS guidance with respect thereto shall be incorporated in this definition and its interpretation. 

“Radio Media Distribution” has the meaning provided in the Recitals. 

  
 7 

 “Refund” shall mean any Tax Benefit, but only to the extent such Tax Benefit is
actually realized in cash or as a reduction to Taxes otherwise payable by the relevant party, together with any interest paid on or with respect to such Tax Benefit; provided, however, that the amount of any Tax Benefit shall be net of
any Taxes imposed by any Taxing Authority on the receipt of the Tax Benefit, including any Taxes imposed by way of withholding or offset. 

“Representation Letters” means the statements of facts and representations, officer’s certificates,
representation letters and any other materials (including, without limitation, a Ruling Request and any related supplemental submissions to the IRS or other Tax Authority) delivered by CBS, Outdoor Americas or any of their respective Affiliates or
representatives in connection with the rendering by Tax Advisors, and/or the issuance by the IRS or other Tax Authority, of the Tax Opinions/Rulings. 

“Responsible Company” means, with respect to any Tax Return, the Company required to prepare and file such Tax Return
under this Agreement. 
 “Retention Date” has the meaning set forth in Section 8.01 of this
Agreement. 
 “Ruling Request” means any letter filed by CBS with the IRS or other Tax Authority requesting a
ruling regarding certain tax consequences of any of the Separation Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendments or supplements to such ruling request letter.

 “Separate Return” means a CBS Separate Return or an Outdoor Americas Separate Return, as the case may be.

 “Separation Agreement” means the Master Separation Agreement, as amended from time to time, by and among CBS
and Outdoor Americas dated [            ], 2014. 

“Separation Plan” means the Step Plan dated
[            ], 2014, attached hereto as Exhibit A. 

“Separation Transactions” means those transactions undertaken by the Companies and their Affiliates pursuant to the
Separation Plan to separate ownership of the Outdoor Americas Business from CBS. 
 “Separation Tax Losses”
means (i) all Taxes imposed pursuant to (or any reduction to a Refund resulting from) any Final Determination or otherwise; (ii) all third party accounting, legal and other professional fees and court costs incurred in connection with such
Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes; and (iii) all third party costs, expenses and damages associated with any stockholder litigation or other controversy and any amount paid by CBS (or any CBS
Affiliate) or Outdoor Americas (or any Outdoor Americas Affiliate) in respect of any liability of or to shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from (x) the failure of the
Contribution and the Distributions to have Tax-Free Status; (y) the failure of a Separation Transaction to have the tax treatment described in the Tax  

  
 8 

 
Opinions/Rulings (or, if not so described in the Tax Opinions/Rulings, in the Separation Plan) or to qualify as tax-free to the extent that tax-free treatment was intended; or (z) the
failure of related transactions that would not have occurred had the IPO or Split-Off not occurred to qualify as tax-free to the extent that tax-free treatment was intended. 

“Split-Off” has the meaning set forth in the Separation Agreement. 

“Split-Off Date” has the meaning set forth in the Separation Agreement. 

“State Income Tax” means any Tax imposed by any State of the United States or by any political subdivision of any such State
which is imposed on or measured by income, including state or local franchise or similar Taxes measured by income, as well as any state or local franchise, capital or similar Taxes imposed in lieu of or in addition to a tax imposed on or measured by
income. 
 “State Other Tax” means any Tax imposed by any State of the United States or by any political subdivision of any
such State other than any State Income Tax. 
 “Straddle Period” means, as context requires, any Tax Period that begins
before and ends after the IPO Closing Date or any Tax Period that begins before and ends after the Deconsolidation Date. 

“Tax” or “Taxes” means, other than Employment Taxes, any taxes, fees, assessments, duties or other similar
charges imposed by any Tax Authority, including without limitation, income, gross income, gross receipts, profits, capital stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem,
value added, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, alternative minimum, estimated or other tax (including any fee, assessment, duty, or other charge in the nature of or in lieu of any
tax), and any interest, penalty, additions to tax, or additional amounts in respect of the foregoing. For the avoidance of doubt, Tax includes any increase in Tax as a result of a Final Determination. 

“Tax Advisor” means tax counsel of recognized national standing. 

“Tax Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess
charitable contribution, general business credit, research and development credit or any other Tax Item that could reduce a Tax or create a Tax Benefit. 

“Tax Authority” means any Governmental Authority imposing any Tax, charged with the collection of Taxes or otherwise having
jurisdiction with respect to any Tax. 
 “Tax Benefit” means any refund, reimbursement, offset, credit, or other reduction
in liability for Taxes. 

  
 9 

 “Tax Contest” means an audit, review, examination, or any other
administrative or judicial proceeding with respect to Taxes (including any administrative or judicial review of any claim for any Tax Benefit with respect to Taxes previously paid). 

“Tax Control” means the definition of “control” set forth in Section 368(c) of the Code (or in any successor
statute or provision), as such definition may be amended from time to time. 
 “Tax-Free Status” means the qualification of
(i) the Contribution and the Radio Media Distribution, taken together, as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (ii) each of the Distributions (other than the Radio Media Distribution) as a transaction
described in Section 355(a) of the Code; (iii) the Distributions as transactions in which the stock distributed thereby is “qualified property” for purposes of Sections 355(c) and 361(c) of the Code (and neither
Section 355(d) or 355(e) of the Code cause such stock to be treated as other than “qualified property” for any purposes), (iii) the Contribution and the Distributions as transactions in which the Distributing Companies, the
Controlled Companies and the shareholders of CBS, as applicable, recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361 and/or 1032 of the Code, as applicable, other than, in the case of CBS (or any other
member of the CBS Group) and Outdoor Americas (or any other member of the Outdoor Americas Group), intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the
Code. 
 “Tax Item” means, with respect to any Income Tax, any item of income, gain, loss, deduction, or credit. 

“Tax Law” means the law of any governmental entity or political subdivision thereof relating to any Tax. 

“Tax Opinions/Rulings” means the opinions of Tax Advisors and/or the rulings by the IRS or other Tax Authorities
delivered to CBS in connection with the Contribution and the Distributions or otherwise with respect to the Separation Transactions. 

“Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided under the Code or
other applicable Tax Law. 
 “Tax Records” means any (i) Tax Returns, (ii) Tax Return work papers,
(iii) documentation relating to Tax Contests, and (iv) other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium) maintained
or required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed or required to be filed with respect to or otherwise relating to Taxes. 

“Tax Return” or “Return” means any report of Taxes due, any claim for a Tax Benefit, any information
return or estimated Tax return with respect to Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes, including any attachments, exhibits, or other
materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing.  

  
 10 

 “Treasury Regulations” means the regulations promulgated from time to
time under the Code as in effect for the relevant Tax Period. 
 “Underwriters” has the meaning set forth in the
Separation Agreement. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which
Tax Advisor is acceptable to CBS, and on which CBS may rely to the effect that (a) a transaction will not affect the Tax-Free Status and (b) will not adversely affect any of the conclusions set forth in the Tax Opinions/Rulings. Any such
opinion must assume that the Contribution and the Distributions would have qualified for Tax-Free Status if the transaction in question did not occur. 

Article 2. Responsibility for Tax Liabilities. 

Section 2.01 General Rule. 

(a) CBS Liability. CBS shall be liable for, and shall indemnify, defend, and hold harmless the Outdoor Americas Group and any Outdoor
Americas Indemnified Party from and against any liability for, Taxes for which CBS is responsible under this Article 2. 

(b) Outdoor Americas Liability. Outdoor Americas shall be liable for, and shall indemnify, defend, and hold harmless the CBS Group and
any CBS Indemnified Party from and against any liability for, Taxes for which Outdoor Americas is responsible under this Article 2. 

Section 2.02 Federal Income Taxes and Canadian Income Taxes. Except as provided in Section 2.05, Section 2.07
and/or Section 2.08, CBS and Outdoor Americas shall be responsible for Federal Income Taxes and Canadian Income Taxes as follows: 

(a) Joint Returns 

(i) Joint Returns for Pre-IPO Periods. With respect to any Joint Return, CBS shall be responsible for all Federal Income
Taxes and Canadian Income Taxes due with respect or attributable to or required to be reported on any such Joint Return for any Pre-IPO Period. 

(ii) Joint Returns for Post-IPO Periods. 

(A) Outdoor Americas shall be responsible for all Federal Income Taxes and Canadian Income Taxes due with respect or attributable to or
required to be reported on any Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business, as determined pursuant to Section 2.06. 

(B) CBS shall be responsible for all Federal Income Taxes and Canadian Income Taxes due with respect or attributable to or required to be
reported on any Joint Return for any Post-IPO Period other than those Federal Income Taxes and Canadian Income Taxes described in Section 2.02(a)(ii)(A). 

  
 11 

 (b) Separate Returns. 

(i) CBS shall be responsible for all Federal Income Taxes due with respect or attributable to or required to be reported on any
CBS Separate Return for any Tax Period. 
 (ii) Outdoor Americas shall be responsible for all Federal Income Taxes and
Canadian Income Taxes due with respect or attributable to or required to be reported on any Outdoor Separate Return for any Tax Period. 

Section 2.03 State Income Taxes and State Other Taxes. Except as provided in Section 2.05, Section 2.07 and/or
Section 2.08, CBS and Outdoor Americas shall be responsible for State Income Tax and State Other Tax as follows: 
 (a) State
Income Taxes Relating to Joint Return 
 (i) Pre-IPO Periods. CBS shall be responsible for all State Income Taxes
due with respect or attributable to or required to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii)
Post-IPO Periods. 
 (A) Outdoor Americas shall be responsible for all State Income Taxes due with respect or attributable to or
required to be reported on any Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business, as determined pursuant to Section 2.06. 

(B) CBS shall be responsible for all State Income Taxes due with respect to or required to be reported on any Joint Return for any Post-IPO
Period other than those State Income Taxes described in Section 2.03(a)(ii)(A). 
 (b) State Income Taxes Relating to
Separate Returns. 
 (i) CBS shall be responsible for all State Income Taxes due with respect or attributable to
or required to be reported on any CBS Separate Return for any Tax Period. 
 (ii) Outdoor Americas shall be responsible for
all State Income Taxes due with respect or attributable to or required to be reported on any Outdoor Americas Separate Return for any Tax Period. 

  
 12 

 (c) State Other Taxes Relating to Joint Returns.  

(i) Pre-IPO Periods. CBS shall be responsible for all State Other Taxes due with respect or attributable to or required
to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii) Post-IPO Periods.  

(A) Outdoor Americas shall be responsible for all State Other Taxes due with respect or attributable to or required to be reported on any
Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business. 
 (B) CBS
shall be responsible for all State Other Taxes due with respect or attributable to or required to be reported on any Joint Return for any Post-IPO Period other than those State Other Taxes described in Section 2.03(c)(ii)(A). 

(d) State Other Tax Relating to Separate Returns. 

(i) Outdoor Americas shall be responsible for all State Other Taxes due with respect or attributable to or required to be
reported on any Outdoor Americas Separate Return for any Tax Period. 
 (ii) CBS shall be responsible for all State Other
Taxes due with respect or attributable to or required to be reported on any CBS Separate Return for any Tax Period. 
 Section 2.04
Foreign Income Taxes and Foreign Other Taxes. Except as provided in Section 2.05, Section 2.07 and/or Section 2.08, CBS and Outdoor Americas shall be responsible for Foreign Income Tax and Foreign Other Tax as
follows: 
 (a) Foreign Income Tax Relating to Joint Returns 

(i) Pre-IPO Periods. CBS shall be responsible for all Foreign Income Taxes due with respect or attributable to or
required to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii) Post-IPO Periods.  

(A) Outdoor Americas shall be responsible for all Foreign Income Taxes due with respect or attributable to or required to be reported on any
Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business, as determined pursuant to Section 2.06. 

(B) CBS shall be responsible for all Foreign Income Taxes due with respect or attributable to or required to be reported on any Joint Return
for any Post-IPO Period other than those Foreign Income Taxes described in Section 2.04(a)(ii)(A). 

  
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 (b) Foreign Income Taxes Relating to Separate Returns. 

(i) Outdoor Americas shall be responsible for all Foreign Income Taxes due with respect or attributable to or required to be
reported on any Outdoor Americas Separate Return for any Tax Period, including any Foreign Income Tax of Outdoor Americas or any member of the Outdoor Americas Group imposed or collected by way of withholding by a member of the CBS Group. 

(ii) CBS shall be responsible for all Foreign Income Taxes due with respect or attributable to or required to be reported on
any CBS Separate Return for any Tax Period. 
 (c) Foreign Other Taxes Relating to Joint Returns.  

(i) Pre-IPO Periods. CBS shall be responsible for all Foreign Other Taxes due with respect or attributable to or
required to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii) Post-IPO Periods.  

(A) Outdoor Americas shall be responsible for all Foreign Other Taxes due with respect or attributable to or required to be reported on any
Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business. 
 (B) CBS
shall be responsible for all State Other Taxes due with respect or attributable to or required to be reported on any Joint Return for any Post-IPO Period other than those Foreign Other Taxes described in Section 2.03(c)(ii)(A). 

(d) Foreign Other Tax Relating to Separate Returns. 

(i) Outdoor Americas shall be responsible for all Foreign Other Taxes due with respect or attributable to or required to be
reported on any Outdoor Americas Separate Return for any Tax Period. 
 (ii) CBS shall be responsible for all Foreign Other
Taxes due with respect or attributable to or required to be reported on any CBS Separate Return for any Tax Period. 
 Section 2.05
Certain Employment and Other Taxes. 
 (a) Employment Taxes. Notwithstanding anything contained herein to the contrary, this
Agreement shall not apply with respect to Employment Taxes. Responsibility for Employment Taxes shall be determined as provided in Article IX of the Separation Agreement. 

Section 2.06 Determination of Tax Attributable to the Outdoor Americas Group or the Outdoor Americas Business in respect of any Joint
Return. 
 (a) United States Federal Income Tax. For purposes of this Agreement, the amount of Federal Income Taxes attributable
to the Outdoor Americas Group or the Outdoor Americas 

  
 14 

 
Business with respect to any Joint Return shall be as determined by CBS in good faith (except as otherwise provided in Section 2.06(e)) on a pro forma U.S. federal consolidated return of the
Outdoor Americas Group (of which Outdoor America is the common parent) for any Tax Period or relevant portion thereof beginning after the IPO Closing Date and ending on (and including) or before the Deconsolidation Date prepared: 

(i) assuming that the members of the Outdoor Americas Group were not members of the CBS Affiliated Group; 

(ii) except as provided in subsection (iv) of this Section 2.06(a), using the same elections, accounting
methods and conventions used on the CBS Federal Consolidated Income Tax Return for such period, to the extent applicable; 

(iii) applying the highest statutory marginal corporate income Tax rate in effect for such taxable period; and 

(iv) assuming that the Outdoor Americas Group elects not to or cannot carry back any Tax Attribute without the express written
consent of CBS received pursuant to Section 3.05; provided, however, that for purposes of Sections 2.06(b), 2.06(c), 2.06(d), if a Tax Attribute is required under applicable law to be carried back, then such carryback shall be taken into
account but only to the extent that CBS actually realizes a Tax Benefit; and 
 (v) assuming that the Outdoor Americas
Group’s utilization of any Tax Attribute carryforward is limited to the Tax Attributes of the Outdoor Americas Group that would be available if the Federal Income Tax of the Outdoor Americas Group for each taxable year ending after
December 31, 2013 were determined in accordance with this Section 2.06(a). 
 (b) Canadian Income Tax. For purposes of
this Agreement, the amount of Canadian Income Taxes attributable to the Outdoor Americas Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in a manner consistent with the principles set forth in
Section 2.06(a), to the extent relevant. 
 (c) State Income Tax. For purposes of this Agreement, the amount of
State Income Taxes attributable to the Outdoor Americas Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in a manner consistent with the principles set forth in Section 2.06(a), to the
extent relevant. 
 (d) Foreign Income Tax. For purposes of this Agreement, the amount of Foreign Income Taxes attributable to
the Outdoor Americas Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in a manner consistent with the principles set forth in Section 2.06(a), to the extent relevant. 

(e) Limitation. The amount of Federal Income Taxes, Canadian Income Taxes, State Income Taxes or Foreign Income Taxes attributable to
the Outdoor Americas Group or the Outdoor Americas Business for any Tax Period subject to this Agreement shall, in each case, not be less than zero; unless the Outdoor Americas Group or the Outdoor Americas Business

  
 15 

 
generates a Tax Attribute for a Tax Period or relevant portion thereof beginning after the IPO Closing Date determined under the principles of this Section 2.06, and CBS actually realizes a
net Tax Benefit as a result of the utilization of such Tax Attribute, as determined by CBS in its sole and absolute discretion. 

Section 2.07 Additional Outdoor Americas Liability. Outdoor Americas shall be liable for, and shall indemnify, defend, and hold
harmless the CBS Group and any CBS Indemnified Party from and against, any liability for: 
 (a) any Tax resulting from a breach by
Outdoor Americas of any covenant in this Agreement, the Separation Agreement or any Ancillary Agreement;  
 (b) any Tax
resulting from any breach of or inaccuracy in any representations, or portions thereof, relating primarily to Outdoor Americas or the Outdoor Americas Business in this Agreement, the Separation Agreement or any Ancillary Agreement or in connection
with the Ruling Request, any Representation Letter or the Tax Opinion/Rulings; 
 (c) any Separation Tax Losses for which
Outdoor Americas is responsible pursuant to Section 6.04 of this Agreement; and 
 (d) any costs and expenses (including
reasonable legal fees and expenses) incurred in connection with any amounts for which Outdoor Americas is required to indemnify any Person pursuant to Section 2.01, the above provisions of this Section 2.07, Section 6.04 or otherwise
pursuant to this Agreement. 
 Section 2.08 Additional CBS Liability. CBS shall be liable for, and shall indemnify defend, and
hold harmless the Outdoor Americas Group and any Outdoor Americas Indemnified Party from and against, any liability for: 
 (a) any
Tax resulting from a breach by CBS of any covenant in this Agreement, the Separation Agreement or any Ancillary Agreement; 
 (b)
to the extent not covered by Section 2.07(b), any Tax resulting from any breach of or inaccuracy in any representations made by CBS in this Agreement, the Separation Agreement or any Ancillary Agreement or in connection with the Ruling
Request, any Representation Letter or the Tax Opinion/Rulings;  
 (c) any Separation Tax Losses for which CBS is responsible
pursuant to Section 6.04 of this Agreement; and 
 (d) any liability for Taxes that are not attributable to the Outdoor
Americas Group or the Outdoor Americas Business, as determined pursuant to Section 2.06, and imposed on any member of the Outdoor America Group pursuant to Treasury Regulation Section 1.1502-6 or any analogous provision of state law as a
result of such member of the Outdoor America Group having been a member of an affiliated, combined, consolidated, unitary or other similar group of which a member of the CBS Group was the parent. 

(e) any costs and expenses (including reasonable legal fees and expenses) incurred in connection with any amounts for which Outdoor
Americas is required to indemnify any Person pursuant to Section 2.01, the above provisions of this Section 2.07, Section 6.04 or otherwise pursuant to this Agreement. 

  
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 Article 3. Preparation and Filing of Tax Returns. 

Section 3.01 CBS Responsibility. 

(a) CBS shall prepare and timely file, or cause to be prepared and timely filed (in each case, taking into account extensions),
(x) all Joint Returns relating to Income Taxes and CBS Separate Returns which are required to be filed and (y) all Outdoor Americas Separate Returns relating to Income Taxes which are required to be filed for all Pre-Deconsolidation
Periods. CBS shall pay all Taxes shown to be due on such Tax Returns to the relevant Tax Authority and Outdoor Americas shall make any payments to CBS required pursuant to Section 4.01. 

(b) In the case of any Tax Return required to be prepared by Outdoor Americas pursuant to Section 3.02(a) that is required by law
to be filed by a member of the CBS Group, CBS and Outdoor Americas shall cooperate to cause such Tax Return to be timely filed. 

(c) At least 20 business days prior to the due date of any Tax Return with respect to Income Taxes required to be filed by CBS pursuant
to this Section 3.01, CBS shall make available to Outdoor Americas (i) in the case of a Joint Return described in Section 3.01(a)(x), a draft of the pro forma U.S. federal and state Tax Returns relating to Income Taxes of the Outdoor
Americas Group Affiliates that are included in such Joint Return, and (ii) in the case of an Outdoor Americas Separate Return described in Section 3.01(a)(y), a draft of such Outdoor Americas Separate Return, and, in the case of each of
(i) and (ii), any work papers or other information related to the preparation thereof. CBS shall promptly consider, in good faith, the comments of Outdoor Americas with respect to such Tax Returns. For the avoidance of doubt, CBS shall have no
obligation to make available to Outdoor Americas the entire Joint Return for any Pre-Deconsolidation Period. 
 Section 3.02
Outdoor Americas Responsibility. 
 (a) Outdoor Americas shall prepare and timely file, or cause to be prepared and timely filed
(in each case, taking into account extensions), all Tax Returns required to be filed by or with respect to members of the Outdoor Americas Group other than those Tax Returns which CBS is required to prepare and file under Section 3.01.
Outdoor Americas shall pay all Taxes shown to be due on such Tax Return to the relevant Tax Authority. 
 (b) At least 20 business
days prior to the due date of any Tax Return with respect to Income Taxes required to be filed by Outdoor Americas pursuant to Section 3.02 that relates to or includes any portion of a Pre-Deconsolidation Period, Outdoor Americas shall make
available to CBS a draft of such Tax Return and any work papers or other information related to the preparation thereof. Outdoor America shall accept any reasonable comments of CBS with respect to such Tax Returns. 

  
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 Section 3.03 Tax Reporting Practices. 

(a) CBS General Rule. Except to the extent otherwise provided in Section 3.03(c), CBS shall report any item on any Tax
Return that it is required to prepare and file or to cause to be prepared and filed pursuant to this Agreement in accordance with the past practices, accounting methods, elections or conventions (“Past Practice”)
previously used by CBS with respect to the item in question, and to the extent that there is no Past Practice with respect to such item, in accordance with reasonable Tax accounting or other practices selected by CBS. 

(b) Outdoor Americas General Rule. Except to the extent otherwise provided in Section 3.03(c), Outdoor Americas shall
report any item on any Tax Return that it is required to prepare and file or cause to be prepared and filed pursuant to this Agreement in accordance with Past Practice previously used by CBS or the appropriate Outdoor Americas Entity, as
appropriate, with respect to the item in question, and to the extent that there is no Past Practice, in accordance with reasonable Tax accounting or other practices selected by Outdoor Americas and reasonably acceptable to CBS. 

(c) Reporting of Separation Transactions. The Tax treatment of the Separation Transactions reported on any Tax Return shall be
consistent with the treatment thereof in the relevant Tax Opinions/Rulings (to the extent still valid and in effect), taking into account the jurisdiction in which such Tax Returns are filed, provided, however, that in any case or with
respect to any item where there is no relevant Tax Opinion/Ruling, the Tax treatment of the Separation Transactions shall be as determined by CBS in its good faith judgment.  

Section 3.04 Consolidated or Combined Tax Returns. To the extent required or permissible under applicable law, Outdoor Americas shall
take all necessary and/or appropriate action and shall cause its respective Affiliates to take all necessary and/or appropriate action to join in the filing of any Joint Returns. 

Section 3.05 Outdoor Americas Carrybacks and Claims for Tax Benefit. Unless CBS otherwise consents in writing, Outdoor Americas shall
(i) not file any Adjustment Request with respect to any Joint Return, (ii) waive any available elections to carry back to any Joint Return any Outdoor Americas Carryback arising in a Post-IPO Period, and (iii) not make any affirmative
election to claim any such Outdoor Americas Carryback. 
 Section 3.06 Apportionment of Tax Attributes. CBS shall notify Outdoor
Americas in writing of any Tax Attributes (and the amount thereof) of the CBS Affiliated Group (and, if applicable, any unitary, consolidated or other similar group under any state or foreign Law) that CBS determines, in its sole and absolute
discretion, shall be allocated or apportioned to the Outdoor Americas Group under applicable Tax Law. Outdoor Americas shall and shall cause all members of the Outdoor Americas Group to prepare all Tax Returns in accordance with such allocation and
Outdoor Americas shall not, and shall cause all members of the Outdoor Americas Group not, to take any position inconsistent with such allocation in connection with any Tax Contest or otherwise. Outdoor Americas shall not dispute CBS’s
allocation or apportionment of Tax Attributes. Outdoor Americas may request that CBS undertake a determination of the portion, if any, of any particular Tax Attribute to be allocated or apportioned to the Outdoor

  
 18 

 
Americas Group under applicable Tax Law. If and to the extent that CBS determines, in its sole and absolute discretion, not to undertake such determination, or does not otherwise advise Outdoor
Americas of its intention to undertake such determination within 30 Business Days of the receipt of such request, Outdoor Americas shall be permitted to undertake such determination at its own cost and expense and shall notify CBS of its
determination, which determination shall not be binding upon CBS. 
 Article 4. Calculation of Tax and Payments. 

Section 4.01 Taxes With Respect to Joint Returns. 

(a) Calculation of Taxes With Respect to Joint Returns. In the case of any Joint Return, within 10 business days of a written request
by CBS, Outdoor Americas shall provide CBS with information, documents, and access to Outdoor Americas personnel reasonably requested by CBS to prepare Joint Returns and calculate the Taxes attributable to Outdoor Americas pursuant to
Section 2.06. Any information or documents shall be provided in such form as CBS reasonably requests. Any calculation by CBS of Taxes attributable to Outdoor Americas pursuant to Section 2.06 shall be made in good faith
(except to the extent otherwise provided Section 2.06(e)) and shall be binding on Outdoor Americas absent manifest error. 

(b) Notification of Taxes Owed With Respect to Joint Returns. At least 10 business days prior to any Payment Date for Taxes
attributable to any Joint Return, CBS shall make the portion of such Joint Return and/or related work papers which are relevant to the determination of the Taxes attributable to Outdoor Americas pursuant to Section 2.06 available for
review by Outdoor Americas. CBS shall consider in good faith any reasonable comments of Outdoor Americas with respect to such Joint Returns. The Companies shall attempt in good faith to resolve any issues arising out of the review of such Tax
Return.  
 (c) Payment of Liability With Respect to Tax Due. At least 10 Business Days prior to any Payment Date for any
Joint Return, Outdoor Americas shall pay to CBS the amount attributable to the Outdoor Americas Group under the provisions of Article 2 as calculated by CBS pursuant to Section 4.01(a). To the extent a payment attributable to
estimated taxes is made pursuant to this Section 4.01(c), the amount attributable to Outdoor Americas will be recomputed and appropriate adjustments shall be made at the time the Tax Return for the full year with respect to which such
estimated tax payments were made is filed. 
 Section 4.02 Adjustments Resulting in Underpayments. In the case of any
adjustment pursuant to a Final Determination with respect to any Tax Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be paid as a result of such
adjustment. The Responsible Company shall compute the amounts attributable to the CBS Group and the Outdoor Americas Group in accordance with Article 2 and Outdoor Americas shall pay to CBS any amount due CBS or CBS shall pay Outdoor Americas
any amount due Outdoor Americas under Article 2 within 10 Business Days of the date of receipt of a written notice and demand from the Responsible Company for payment of the amount due, accompanied by evidence of payment and a statement
detailing the Taxes paid and describing in reasonable detail the particulars relating thereto; provided, that no such payment shall be required to be made earlier than 5 Business Days prior to the date the additional Tax is required to be
paid to the applicable Tax Authority. 

  
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 Section 4.03 Method for Making Payments. All payments required to be made under this
Agreement shall be made by CBS directly to Outdoor Americas and by Outdoor Americas directly to CBS; provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the CBS Group,
on the one hand, may make such indemnification payment to any member of the Outdoor Americas Group, on the other hand, and vice versa. Unless otherwise specified in this agreement, all indemnification payments shall be made within 5 business days of
the receipt by the indemnifying party of notification of the amount owed, together with reasonable documentation showing the basis for the calculation of such amount and evidence of payment of such amounts by the indemnified party to the relevant
Taxing Authority or other recipient. All indemnification payments shall be treated in the manner described in Section 12.01. 

Article 5. Refunds. 

Section 5.01 Refunds. CBS shall be entitled to any Refund attributable to Taxes for which CBS is liable hereunder. Outdoor Americas
shall be entitled to any Refund attributable to Taxes for which Outdoor Americas is liable hereunder. Notwithstanding the foregoing two sentences, if CBS determines in its sole and absolute discretion that it has received a Refund as a result of a
Tax Attribute generated by Outdoor Americas or Outdoor Americas Business for a Tax Period or relevant portion thereof beginning after the IPO Closing Date, as determined under the principles of Section 2.06 if applicable, CBS shall pay such
Refund to Outdoor Americas only to the extent such Tax Attribute resulted in a net Tax Benefit to CBS, as determined by CBS in its sole and absolute discretion. A Company receiving a Refund to which another Company is entitled hereunder shall pay
such Refund to such other Company within 20 Business Days after such Refund is received or the benefit of such Refund is realized. 

Article 6. Tax-Free Status. 

Section 6.01 Representations of and Restrictions on Outdoor Americas. 

(a) Outdoor Americas hereby represents and warrants that (A) it has examined the Ruling Request and the Representation Letters
(including, without limitation, the representations to the extent that they relate to the plans, proposals, intentions and policies of Outdoor Americas, its Subsidiaries, the Outdoor Americas Business or the Outdoor Americas Group), (B) to the
extent in reference to Outdoor Americas, its Subsidiaries, the Outdoor Americas Business or the Outdoor Americas Group, the facts presented and the representations made therein are true, correct and complete, (C) it has no plan or intention of
taking any action, or failing to take any action or knows of any circumstance, that could reasonably be expected to (i) adversely affect the Tax-Free Status of the Contribution and the Distributions, (ii) adversely affect the qualification
of any Separation Transaction under any Tax Law as wholly or partially tax-free or tax-deferred to the extent that tax-free or tax-deferred treatment is intended by CBS or (iii) cause any representation or factual statement made in this
Agreement, the Separation Agreement or any Ancillary Agreement, the Ruling Request or the Representation Letters to be untrue, and (D) during the period beginning two-years before the first Distribution Date and ending on the Final

  
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Distribution Date, there was no “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulations
Section 1.355-7(h)) by any one or more officers or directors of any member of the Outdoor Americas Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding an
acquisition of all or a significant portion of the Outdoor Americas Capital Stock (and any predecessor); provided, that no representation or warranty is made by Outdoor Americas regarding any “agreement, understanding, arrangement,
substantial negotiations or discussions” (as such terms are defined in Treasury Regulations Section 1.355-7(h) by any one or more officers or directors of CBS. 

(b) Outdoor Americas shall not take or fail to take, or permit any Outdoor Americas Affiliate to take or fail to take, any action if
such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in any Ruling Request, Representation Letters or Tax Opinions/Rulings. Outdoor Americas shall not take or fail to
take, or permit any Outdoor Americas Affiliate to take or fail to take, any action if such action or failure to act would or reasonably could be expected to adversely affect (A) the Tax-Free Status of the Contribution and the Distributions, or
(B) the qualification of any Separation Transaction under any Tax Law as wholly or partially tax-free or tax-deferred (including, but not limited to, those transactions described in any of the Tax Opinions/Rulings received with respect to such
Separation Transaction) to the extent that tax-free or tax-deferred treatment was intended by CBS.  
 (c) From the date
hereof until the first Business Day after the two-year anniversary of the date of the final distribution of stock of Outdoor Americas by CBS occurring pursuant to the Split-Off (the “Final Distribution Date”), Outdoor
Americas shall (i) maintain its status as a company engaged in an Active Trade or Business, (ii) not engage in any transaction that would or reasonably could result in it ceasing to be a company engaged in an Active Trade or Business,
(iii) cause each Outdoor Americas Affiliate whose Active Trade or Business is represented to or relied upon in the Tax Opinions/Rulings for purposes of qualifying a transaction as tax-free pursuant to Section 355 (and where applicable,
Section 368(a)(1)(D)) of the Code or other Tax Law to maintain its status as a company engaged in such Active Trade or Business, (iv) not engage in any transaction or permit an Outdoor Americas Affiliate to engage in any transaction that
would or reasonably could result in an Outdoor Americas Affiliate described in clause (iii) hereof ceasing to be a company engaged in the relevant Active Trade or Business and (v) not dispose of or permit an Outdoor Americas Affiliate to
dispose of, directly or indirectly, any interest in an Outdoor Americas Affiliate described in clause (iii) hereof. 
 (d)
From the date hereof until the first Business Day after the two-year anniversary of the Final Distribution Date, Outdoor Americas shall not and shall not permit any Outdoor Americas Affiliate described in clause (iii) of
Section 6.01(c) to  
 (i) enter into or permit to occur any Proposed Acquisition Transaction, 

(ii) merge or consolidate with any other Person or liquidate or partially liquidate, provided that this
Section 6.01(d)(ii) shall not apply to mergers, consolidations, liquidations, or partial liquidations effected exclusively between 

  
 21 

 
or among Outdoor Americas Affiliates in existence as of the date of this Agreement and which do not result in Outdoor Americas (or any successor) ceasing to exist as a corporation for U.S.
federal income tax purposes. 
 (iii) in a single transaction or series of transactions sell or transfer (other than sales or
transfers of inventory in the ordinary course of business) all or substantially all of the assets that were transferred to Outdoor Americas pursuant to the Contribution or sell or transfer 25% or more of the gross assets of any Active Trade or
Business, 
 (iv) redeem or otherwise repurchase (directly or through an Outdoor Americas Affiliate) any Outdoor Americas
stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), 

(v) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a
stockholder vote or otherwise, affecting the voting rights of Outdoor Americas Capital Stock (including, without limitation, through the conversion of one class of Outdoor Americas Capital Stock into another class of Outdoor Americas Capital Stock)
or 
 (vi) take any other action or actions (including any action or transaction that would be reasonably likely to be
inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions described in this subparagraph (d)) would or reasonably could have the effect
of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Outdoor Americas (or any successor) or otherwise jeopardize Tax-Free Status,

 (vii) in each case, unless prior to taking any such action set forth in the foregoing clauses (i) through (vi),
(A) Outdoor Americas shall have requested that CBS obtain a private letter ruling (including a supplemental ruling, if applicable) from the IRS (a “Post-Distribution Ruling”) in accordance with Section 6.03(b) and
(d) of this Agreement to the effect that such transaction will not affect the Tax-Free Status and CBS shall have received such a Post Distribution Ruling in form and substance satisfactory to CBS in its sole and absolute discretion, or
(B) Outdoor Americas shall have provided CBS with an Unqualified Tax Opinion in form and substance satisfactory to CBS in its sole and absolute discretion (and in determining whether an opinion is satisfactory, CBS may consider, among other
factors, the appropriateness of any underlying assumptions and any management representations used as a basis for the Unqualified Tax Opinion and CBS may determine that no opinion would be acceptable to CBS) or (C) CBS shall have waived (which
waiver may be withheld by CBS in its sole and absolute discretion) the requirement to obtain such Post-Distribution Ruling or Unqualified Tax Opinion. 

  
 22 

 Section 6.02 Restrictions on CBS. CBS agrees that it shall not take or fail to take, or
permit any CBS Affiliate to take or fail to take, any action if such action or failure to act would or reasonably could be inconsistent with or cause to be untrue any statement, information, covenant or representation in any Representation Letters
or Tax Opinions/Rulings. CBS shall not take or fail to take, or permit any CBS Affiliate to take or fail to take, any action that would or reasonably could be expected to adversely affect (A) the Tax-Free Status of the Contribution and the
Distributions, or (B) the qualification of any Separation Transaction under any Tax Law as wholly or partially tax-free or tax-deferred (including, but not limited to, those transactions described in any of the Tax Opinions/Rulings received
with respect to such Separation Transaction); provided, however, that this Section 6.02 shall not be construed as obligating CBS to consummate the Split-Off. 

Section 6.03 Procedures Regarding Post Distribution Rulings and Unqualified Tax Opinions. 

(a) If Outdoor Americas determines that it desires to take one of the actions described in clauses (i) through (vi) of
Section 6.01(d) (a “Notified Action”), Outdoor Americas shall notify CBS of this fact in writing. 
 (b)
Post-Distribution Rulings or Unqualified Tax Opinions at Outdoor Americas’s Request. Unless CBS shall have waived the requirement to obtain such Post-Distribution Ruling or Unqualified Tax Opinion, upon the reasonable request of Outdoor
Americas pursuant to Section 6.01(d), CBS shall cooperate with Outdoor Americas and use commercially reasonable efforts to seek to obtain, as expeditiously as possible, a Post-Distribution Ruling from the IRS or an Unqualified Tax
Opinion for the purpose of permitting Outdoor Americas to take the Notified Action. Notwithstanding the foregoing, CBS shall not be required to file or cooperate in the filing of any Ruling Request for a Post-Distribution Ruling under this
Section 6.03(b) unless Outdoor Americas represents that (A) it has read the Ruling Request, and (B) all statements, information and representations relating to any member of the Outdoor Americas Group, contained in such Ruling
Request are (subject to any qualifications therein) true, correct and complete. Outdoor Americas shall reimburse CBS for all reasonable costs and expenses, including out-of-pocket expenses and expenses relating to the utilization of CBS personnel,
incurred by the CBS Group in obtaining a Post-Distribution Ruling or Unqualified Tax Opinion requested by Outdoor Americas within ten Business Days after receiving an invoice from CBS therefor. 

(c) Post-Distribution Rulings or Unqualified Tax Opinions at CBS’s Request. CBS shall have the right to obtain a Post-Distribution
Ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion. If CBS determines to obtain a Post-Distribution Ruling or an Unqualified Tax Opinion, Outdoor Americas shall (and shall cause each Affiliate of Outdoor Americas
to) cooperate with CBS and take any and all actions reasonably requested by CBS in connection with obtaining the Post-Distribution Ruling or Unqualified Tax Opinion (including, without limitation, by making any representation or covenant or
providing any materials or information requested by the IRS or Tax Advisor; provided that Outdoor Americas shall not be required to make (or cause any Affiliate of Outdoor Americas to make) any representation or covenant that is inconsistent
with historical facts or as to future matters or events over which matters or events it has no control). CBS shall reimburse Outdoor Americas 

  
 23 

 
for all reasonable costs and expenses, including out-of-pocket expenses and expenses relating to the utilization of Outdoor Americas personnel, incurred by the Outdoor Americas Group in
connection with such cooperation within ten Business Days after receiving an invoice from Outdoor Americas therefor. 
 (d) CBS shall
have sole and exclusive control over the process of obtaining any Post-Distribution Ruling, and only CBS shall be permitted to apply for a Post-Distribution Ruling. In connection with obtaining a Post-Distribution Ruling, (A) CBS shall keep
Outdoor Americas informed in a timely manner of all material actions taken or proposed to be taken by CBS in connection therewith; (B) CBS shall (1) reasonably in advance of the submission of any Ruling Request provide Outdoor Americas
with a draft copy thereof; (2) reasonably consider Outdoor Americas’s comments on such draft copy; and (3) provide Outdoor Americas with a final copy; and (C) provide Outdoor Americas with notice reasonably in advance of, and
Outdoor Americas shall have the right to attend, any formally scheduled meetings with the IRS (subject to the approval of the IRS) that relate to such Post-Distribution Ruling. Neither Outdoor Americas nor any Outdoor Americas Affiliate directly or
indirectly controlled by Outdoor Americas shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) at any time concerning the Separation Transactions (including the impact of any transaction on the
Separation Transactions). 
 Section 6.04 Liability for Separation Tax Losses. 

(a) Notwithstanding anything in this Agreement or the Separation Agreement to the contrary (and in each case regardless of whether a
Post-Distribution Ruling, Unqualified Tax Opinion or waiver described in clause (C) of Section 6.01(d) may have been provided), subject to Section 6.04(b), Outdoor Americas shall be responsible for, and shall indemnify,
defend, and hold harmless CBS and its Affiliates and any CBS Indemnified Party from and against, any Separation Tax Losses that are attributable to or result from any one or more of the following: (A) the acquisition (other than pursuant to the
Contribution, the IPO, or the Distributions) of all or a portion of Outdoor Americas’s and/or its Affiliates’ stock and/or assets by any means whatsoever by any Person, (B) any negotiations, understandings, agreements or arrangements
by Outdoor Americas with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or a series of such
transactions or events) that cause any of the Distributions to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly a Fifty-Percent or Greater Interest in Outdoor Americas (or any successor thereof) or
any other Controlled Company (or any successor thereof) therein, (C) any action or failure to act by Outdoor Americas after the Split-Off (including, without limitation, any amendment to Outdoor Americas’ certificate of incorporation (or
other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Outdoor Americas stock (including, without limitation, through the conversion of one class of Outdoor Americas Capital Stock into
another class of Outdoor Americas Capital Stock), (D) any act or failure to act by Outdoor Americas or any Outdoor Americas Affiliate described in Section 6.01 (regardless whether such act or failure to act may be covered by a
Post-Distribution Ruling, Unqualified Tax Opinion or waiver described in clause (C) of Section 6.01(d)) or (E) any breach by Outdoor Americas of any of its agreements or representations set forth in Section 6.01(a) or
Section 6.01(b). 

  
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 (b) Notwithstanding anything in this Agreement or the Separation Agreement to the
contrary, subject to Section 6.04(b), CBS shall be responsible for, and shall indemnify, defend, and hold harmless Outdoor Americas and its Affiliates and any Outdoor Americas Indemnified Party from and against, any Separation Tax Losses
that are attributable to, or result from any one or more of the following: (A) the acquisition of all or a portion of CBS’s and/or its Affiliates’ stock and/or its assets by any means whatsoever by any Person, (B) any
negotiations, agreements or arrangements by CBS with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or
a series of such transactions or events) that cause any of the Distributions to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly stock of CBS or other Distributing Company representing a Fifty-Percent
or Greater Interest therein, (C) any act or failure to act by CBS or a member of the CBS Group described in Section 6.02 or any breach by CBS of any of its agreements or representations set forth in Section 6.02. 

(c) To the extent that any Separation Tax Loss reasonably could be subject to indemnity under either or both Sections 6.04(a)
and (b), responsibility for such Separation Tax Loss shall be shared by CBS and Outdoor Americas according to relative fault as determined by CBS in good faith. 

Section 6.05 Payment of Separation Taxes. 

(a) Calculation of Separation Taxes Owed. CBS shall calculate in good faith the amount of any Separation Tax Losses for which Outdoor
Americas is responsible under Section 6.04. Such calculation shall be binding on Outdoor Americas absent manifest error. 

(b) Notification of Separation Taxes Owed. At least 15 business days prior to the date of payment of any Separation Tax Losses, CBS
shall notify Outdoor Americas of the amount of any Separation Tax Losses for which Outdoor Americas is responsible under Section 6.04. In connection with such notification, CBS shall make available to Outdoor Americas the portion of any
Tax Return or other documentation and related workpapers that are relevant to the determination of the Separation Tax Losses attributable to Outdoor Americas pursuant to Section 6.04. 

(c) Payment of Separation Taxes Owed.  

(i) At least 10 Business Days prior to the date of payment of any Separation Tax Losses with respect to which Outdoor Americas
has received notification pursuant to Section 6.05(b), Outdoor Americas shall pay to CBS the amount attributable to the Outdoor Americas Group as calculated by CBS pursuant to Section 6.05(a). Notwithstanding anything to the
contrary in Section 3.03(c), if CBS determines that it does not have a reasonable basis to file a Tax Return in a manner consistent with the Tax Opinions/Rulings, Outdoor Americas shall pay the amount of Separation Tax Losses for which it is
responsible, as determined by CBS pursuant to Section 6.05(a) and reported to Outdoor Americas pursuant to Section 6.05(b), at least 10 Business Days before such Tax Return is due (taking into account extensions). 

(ii) With respect to all other Separation Tax Losses, Outdoor Americas shall pay to CBS the amount attributable to the Outdoor
Americas Group as calculated by CBS pursuant to Section 6.05(a) within 5 business days of the receipt by Outdoor Americas of notification of the amount due. 

  
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 Section 6.06 If CBS determines, in its sole discretion, that a protective election
under Section 336(e) of the Code shall be made with respect to the Split-Off, Outdoor Americas agrees to take any such action that is necessary to effect such election. If such a protective election is made, then this Agreement shall be
amended in such a manner as is determined by CBS in its good faith to take into account the Tax Benefits resulting from such election. 

Article 7. Assistance and Cooperation. 

Section 7.01 Assistance and Cooperation. 

(a) The Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s
agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any
Taxes due (including estimated Taxes) or the right to and amount of any Tax Benefit, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such
cooperation shall include making all information and documents in their possession relating to the other Company and its Affiliates available to such other Company as provided in Article 8. Each of the Companies shall also make available
to the other, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents
relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. Outdoor Americas shall cooperate with CBS and
take any and all actions reasonably requested by CBS in connection with obtaining the Tax Opinions/Rulings (including, without limitation, by making any new representation or covenant, confirming any previously made representation or covenant or
providing any materials or information requested by any Tax Advisor or Tax Authority). 
 (b) Any information or documents provided
under this Article 7 shall be kept confidential by the Company receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial
proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither CBS nor any CBS Affiliate shall be required to provide Outdoor Americas or any Outdoor Americas Affiliate or any other
Person access to or copies of any information, documents or procedures (including the proceedings of any Tax Contest) other than information, documents or procedures that relate to Outdoor Americas, the business or assets of Outdoor Americas or any
Outdoor Americas Affiliate and (ii) in no event shall CBS or any CBS Affiliate be required to provide Outdoor Americas, any Outdoor Americas Affiliate or any other Person access to or copies of any information or documents if such action would
or reasonably could be expected to result in the waiver of any Privilege. In addition, in the event that CBS determines that the provision of any information or documents to Outdoor 

  
 26 

 
Americas or any Outdoor Americas Affiliate could be commercially detrimental, violate any law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit
compliance with its obligations under this Article 7 in a manner that avoids any such harm or consequence. 
 Section 7.02
Tax Return Information. Outdoor Americas and CBS acknowledge that time is of the essence in relation to any request for information, assistance or cooperation made by CBS or Outdoor Americas pursuant to this Agreement. Outdoor Americas and CBS
acknowledge that failure to conform to the deadlines set forth in this Agreement could cause irreparable harm. 
 Section 7.03
Reliance by CBS. If any member of the Outdoor Americas Group supplies information to a member of the CBS Group in connection with Taxes and an officer of a member of the CBS Group signs a statement or other document under penalties of perjury in
reliance upon the accuracy of such information, then upon the written request of such member of the CBS Group identifying the information being so relied upon, the chief financial officer of Outdoor Americas (or any officer of Outdoor Americas as
designated by the chief financial officer of Outdoor Americas) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

Section 7.04 Reliance by Outdoor Americas. If any member of the CBS Group supplies information to a member of the Outdoor Americas
Group in connection with Taxes and an officer of a member of the Outdoor Americas Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of
the Outdoor Americas Group identifying the information being so relied upon, the chief financial officer of CBS (or any officer of CBS as designated by the chief financial officer of CBS) shall certify in writing that to his or her knowledge (based
upon consultation with appropriate employees) the information so supplied is accurate and complete. 
 Article 8. Tax Records.

 Section 8.01 Retention of Tax Records. Each Company shall preserve and keep all Tax Records and related work papers and
other documentation in its possession as of the date hereof for so long as the contents thereof may become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (i) the
expiration of any applicable statutes of limitations, or (ii) seven years after the Deconsolidation Date (such later date, the “Retention Date”). After the Retention Date, each Company may dispose of such Tax Records upon 60
Business Days’ prior written notice to the other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it would otherwise be required to preserve and keep under this Article 8 are
no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records upon 60 Business Days’ prior notice to the other Company.
Any notice of an intent to dispose given pursuant to this Section 8.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other record accumulation being disposed. The notified
Company shall have the opportunity, at its cost and expense, to copy or remove, within 

  
 27 

 
such 60 Business Day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, Outdoor Americas determines to decommission or otherwise discontinue any computer
program or information technology system used to access or store any Tax Records, then Outdoor Americas may decommission or discontinue such program or system upon 90 days’ prior notice to CBS and CBS shall have the opportunity, at its cost and
expense, to copy, within such 60 Business Day period, all or any part of the underlying data relating to the Tax Records accessed by or stored on such program or system. 

Section 8.02 Access to Tax Records. The Companies and their respective Affiliates shall make available to each other for inspection and
copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system) in their possession and shall
permit the other Company and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access, at the cost and expense of such other Company, during normal business hours upon
reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Company in connection with the preparation of Tax Returns or financial
accounting statements, audits, litigation, or the resolution of items under this Agreement. 
 Section 8.03 Preservation of
Privilege. No member of the Outdoor Americas Group shall provide access to, copies of, or otherwise disclose to any Person any documentation relating to Taxes existing prior to the Final Distribution Date to which Privilege may reasonably be
asserted without the prior written consent of CBS. 
 Article 9. Tax Contests. 

Section 9.01 Notice. Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax
Authority regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for which it reasonably expects to be indemnified by the other Company hereunder or for which it reasonably may be
required to indemnify the other Company hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability
in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters. If an indemnified party has knowledge of an asserted Tax liability with respect to a matter for
which it is to be indemnified hereunder and such party fails to give the indemnifying party prompt notice of such asserted Tax liability and the indemnifying party is entitled under this Agreement to contest the asserted Tax liability, then
(i) if the indemnifying party is precluded from contesting the asserted Tax liability in any forum as a result of the failure to give prompt notice, the indemnifying party shall have no obligation to indemnify the indemnified party for any
Taxes arising out of such asserted Tax liability, and (ii) if the indemnifying party is not precluded from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary detriment to
the indemnifying party, then any amount which the indemnifying party is otherwise required to pay the indemnified party pursuant to this Agreement shall be reduced by the amount of such detriment. 

  
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 Section 9.02 Control of Tax Contests. 

(a) Separate Returns. In the case of any Tax Contest with respect to any Separate Return, the Company having liability for the Tax
pursuant to Article 2 hereof shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c) and (d) below. 

(b) Joint Return. In the case of any Tax Contest with respect to any Joint Return, CBS shall have exclusive control over the Tax
Contest, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c) and (d) below. 

(c) Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest
without obtaining the prior consent of the Non-Controlling Party. Unless waived by the parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be
expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken
by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax
Contest received from any Tax Authority; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such
potential adjustment in such Tax Contest; (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or
furnished in connection with such potential adjustment in such Tax Contest; and (v) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the
preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling
Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. In the case of any Tax Contest described in
Section 9.02(a) or (b), “Controlling Party” means the Company entitled to control the Tax Contest under such Section and “Non-Controlling Party” means the other
Company. 
 (d) Tax Contest Participation. Unless waived by the parties in writing, the Controlling Party shall provide the
Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in
connection with any potential adjustment in a Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement. The failure of the
Controlling Party to provide any notice specified in this Section 9.02(d) to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this
Agreement except to the extent that the Non-Controlling Party was materially harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling
Party. 

  
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 (e) Power of Attorney. Each member of the Outdoor Americas Group shall execute and deliver
to CBS (or such member of the CBS Group as CBS shall designate) any power of attorney or other similar document reasonably requested by CBS (or such designee) in connection with any Tax Contest (as to which CBS is the Controlling Party) described in
this Article 9 within 2 business days of such request. Each member of the CBS Group shall execute and deliver to Outdoor Americas (or such member of the Outdoor Americas Group as Outdoor Americas shall designate) any power of attorney or
other similar document requested by Outdoor Americas (or such designee) in connection with any Tax Contest (as to which Outdoor Americas is the Controlling Party) described in this Article 9 within 2 business days of such request. 

Article 10. Effective Date. This Agreement shall be effective as of the date hereof. 

Article 11. Survival of Obligations. The representations, warranties, covenants and agreements set forth in this Agreement shall be
unconditional and absolute and shall remain in effect without limitation as to time. 
 Article 12. Treatment of Payments.

 Section 12.01 Treatment of Tax Indemnity Payments. In the absence of any change in Tax treatment under the Code or except as
otherwise required by other applicable Tax Law, any Tax indemnity payments made by a Company under this Agreement shall be reported for Tax purposes by the payor and the recipient as distributions or capital contributions, as appropriate, occurring
immediately before the Contribution (but only to the extent the payment does not relate to a Tax allocated to the payor in accordance with Section 1552 of the Code or the Treasury Regulations thereunder or Treasury Regulation
Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as payments of an assumed or retained liability. Except to the extent provided in Section 12.02, any Tax indemnity payment made by a Company
under this Agreement shall be increased as necessary so that after making all payments in respect to Taxes imposed on or attributable to such indemnity payment, the recipient Company receives an amount equal to the sum it would have received had no
such Taxes been imposed. 
 Section 12.02 Interest Under This Agreement. Notwithstanding anything herein to the contrary, to the
extent one Company (“Indemnitor”) makes a payment of interest to another Company (“Indemnitee”) under this Agreement with respect to the period from the date that the Indemnitee made a payment of Tax to a Tax
Authority to the date that the Indemnitor reimbursed the Indemnitee for such Tax payment, the interest payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by law) and as interest income by the Indemnitee
(includible in income to the extent provided by law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 

  
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 Article 13. Disagreements. 

Section 13.01 Discussion. The Companies mutually desire that friendly collaboration will continue between them. Accordingly, they will
endeavor, and they will cause their respective Group members to endeavor, to resolve in an amicable manner all disagreements and misunderstandings connected with their respective rights and obligations under this Agreement, including any amendments
hereto. In furtherance thereof, in the event of any dispute or disagreement (a “Dispute”) between any member of the CBS Group and any member of the Outdoor Americas Group as to the interpretation of any provision of this Agreement
or the performance of obligations hereunder, the Tax departments of the Companies shall negotiate in good faith to resolve the Dispute. 

Section 13.02 Escalation. If such good faith negotiations do not resolve the Dispute, then the matter, upon written request of either
Company, will be referred for resolution to representatives of the parties at a senior level of management of the parties pursuant to the procedures set forth in Section 8.02(a) of the Separation Agreement. 

Section 13.03 Referral to Tax Advisor. If the parties are not able to resolve the Dispute through the escalation process referred to
above, then the matter will be referred to a Tax Advisor acceptable to each of the Companies to act as an arbitrator in order to resolve the Dispute. In the event that the Companies are unable to agree upon a Tax Advisor within 15 Business Days
following the completion of the escalation process, the Companies shall each separately retain an independent, nationally recognized law or accounting firm (each, a “Preliminary Tax Advisor”), which Preliminary Tax Advisors shall
jointly select a Tax Advisor on behalf of the Companies to act as an arbitrator in order to resolve the Dispute. The Tax Advisor may, in its discretion, obtain the services of any third-party appraiser, accounting firm or consultant that the Tax
Advisor deems necessary to assist it in resolving such disagreement. The Tax Advisor shall furnish written notice to the Companies of its resolution of any such Dispute as soon as practical, but in any event no later than 30 Business Days after its
acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies. Following receipt of the Tax Advisor’s written notice to the Companies of its resolution of the Dispute, the
Companies shall each take or cause to be taken any action necessary to implement such resolution of the Tax Advisor. Each Company shall pay its own fees and expenses (including the fees and expenses of its representatives) incurred in connection
with the referral of the matter to the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and the Preliminary Tax Advisors, if any) in connection with such referral shall be shared equally by the
Companies. 
 Section 13.04 Injunctive Relief. Nothing in this Article 13 will prevent either Company from seeking injunctive
relief if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious and irreparable injury to either Company. Notwithstanding anything to the contrary in this Agreement, CBS and Outdoor
Americas are the only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of CBS and Outdoor Americas will cause its respective Group members not to commence any dispute resolution
procedure other than through such party as provided in this Article 13. 

  
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 Article 14. Late Payments. Any amount owed by one party to another party under this
Agreement which is not paid when due shall bear interest at the Prime Rate plus two percent, compounded semiannually, from the due date of the payment to the date paid. To the extent interest required to be paid under this Article 14
duplicates interest required to be paid under any other provision of this Agreement, interest shall be computed at the higher of the interest rate provided under this Article 14 or the interest rate provided under such other provision. 

Article 15. Expenses. Except as otherwise provided in this Agreement, each party and its Affiliates shall bear their own expenses
incurred in connection with preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this Agreement. 

Article 16. General Provisions. 

Section 16.01 Addresses and Notices. Each party giving any notice required or permitted under this Agreement will give the notice in
writing and use one of the following methods of delivery to the party to be notified, at the address set forth below or another address of which the sending party has been notified in accordance with this Section 16.01: (a) personal
delivery; (b) facsimile or telecopy transmission with a reasonable method of confirming transmission; (c) commercial overnight courier with a reasonable method of confirming delivery; or (d) pre-paid, United States of America
certified or registered mail, return receipt requested. Notice to a party is effective for purposes of this Agreement only if given as provided in this Section 16.01 and shall be deemed given on the date that the intended addressee
actually receives the notice. 
  

	 	(i)	if to CBS: 

 CBS Corporation 

51 West 52nd Street 
 New York,
New York 10019 
 Attn: General Tax Counsel 
  

	 	(ii)	if to Outdoor Americas: 

 CBS Outdoor Americas Inc. 

405 Lexington Avenue, 17th Floor 

New York, New York 10174 
 Attn:
General Tax Counsel 
 A party may change the address for receiving notices under this Agreement by providing written notice of the change of address to the
other parties. 
 Section 16.02 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their successors and assigns. 
 Section 16.03 Waiver. The parties may waive a provision of this Agreement only by a writing
signed by the party intended to be bound by the waiver. A party is not prevented from enforcing any right, remedy or condition in the party’s favor because of any failure or delay in 

  
 32 

 
exercising any right or remedy or in requiring satisfaction of any condition, except to the extent that the party specifically waives the same in writing. A written waiver given for one matter or
occasion is effective only in that instance and only for the purpose stated. A waiver once given is not to be construed as a waiver for any other matter or occasion. Any enumeration of a party’s rights and remedies in this Agreement is not
intended to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by law and include any rights and remedies authorized in law or in equity. 

Section 16.04 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining
provisions of this Agreement remain in full force, if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable. 

Section 16.05 Authority. Each of the parties represents to the other that (a) it has the corporate or other requisite power and
authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and
delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and general equity principles. 
 Section 16.06 Further Action. The parties shall execute
and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates
and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with Article
9. 
 Section 16.07 Integration. This Agreement, together with each of the exhibits appended hereto, contains the entire
agreement between the Companies with respect to the subject matter hereof and supersedes all other agreements, whether or not written, in respect of any Tax between or among any member or members of the CBS Group, on the one hand, and any member or
members of the Outdoor Americas Group, on the other hand. In the event of any inconsistency between this Agreement and the Separation Agreement, or any other agreements relating to the transactions contemplated by the Separation Agreement, with
respect to the subject matter hereof, the provisions of this Agreement shall control. 
 Section 16.08 Construction. The language in
all parts of this Agreement shall in all cases be construed according to its fair meaning and shall not be strictly construed for or against any party. The captions, titles and headings included in this Agreement are for convenience only, and do not
affect this Agreement’s construction or interpretation. Unless otherwise indicated, all “Section” references in this Agreement are to sections of this Agreement. 

Section 16.09 No Double Recovery. No provision of this Agreement shall be construed to provide an indemnity or other recovery for any
costs, damages, or other amounts for which the 

  
 33 

 
damaged party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless expressly required in this Agreement, a party
shall not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 

Section 16.10 Counterparts. The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as
against the party that signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart from each party to the other party. The signatures of the parties need not appear on the same
counterpart. The delivery of signed counterparts by facsimile or email transmission that includes a copy of the sending party’s signature is as effective as signing and delivering the counterpart in person. 

Section 16.11 Governing Law. The internal laws of the State of New York (without reference to its principles of conflicts of law)
govern the construction, interpretation and other matters arising out of or in connection with this Agreement and each of the exhibits hereto and thereto (whether arising in contract, tort, equity or otherwise). 

Section 16.12 Jurisdiction. If any dispute arises out of or in connection with this Agreement, except as expressly contemplated by
another provision of this Agreement, the parties irrevocably (and the parties will cause each other member of their respective Group to irrevocably) (a) consent and submit to the exclusive jurisdiction of federal and state courts located in
Delaware, (b) waive any objection to that choice of forum based on venue or to the effect that the forum is not convenient, and (c) WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY JURY. 

Section 16.13 Amendment. The parties may amend this Agreement only by a written agreement signed by each party to be bound by the
amendment and that identifies itself as an amendment to this Agreement. 
 Section 16.14 Outdoor Americas Subsidiaries. If, at any
time, Outdoor Americas acquires or creates one or more subsidiaries that are includable in the Outdoor Americas Group, they shall be subject to this Agreement and all references to the Outdoor Americas Group herein shall thereafter include a
reference to such subsidiaries. 
 Section 16.15 Successors. This Agreement shall be binding on and inure to the benefit of any
successor by merger, acquisition of assets, or otherwise, to any of the parties hereto (including but not limited to any successor of CBS or Outdoor Americas succeeding to the Tax Attributes of either under Section 381 of the Code), to the same
extent as if such successor had been an original party to this Agreement. 
 Section 16.16 Injunctions. The parties acknowledge that
irreparable damage would occur in the event that any of the provisions of this Agreement, including Section 6.01, were not performed in accordance with its specific terms or were otherwise breached. The parties hereto shall be entitled
to an injunction or injunctions to prevent breaches of the provisions of this Agreement, including Section 6.01, and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition
to any other remedy to which they may be entitled at law or in equity. 

  
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 IN WITNESS WHEREOF, each party has caused this Agreement to be executed on its behalf by a duly
authorized officer on the date first set forth above. 
  

			
	CBS CORPORATION, a Delaware corporation
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CBS OUTDOOR AMERICAS INC., a Maryland corporation
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Tax Matters Agreement]

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