Document:

EX-10.3

 Exhibit 10.3 

TRANSITION SERVICES AGREEMENT 

DATED [●], 2019 

AMONG 
 IHEARTMEDIA
MANAGEMENT SERVICES, INC., 
 IHEARTMEDIA, INC., 

IHEARTCOMMUNICATIONS, INC. 

AND 
 CLEAR CHANNEL
OUTDOOR HOLDINGS, INC. 

 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
	 TRANSITION SERVICES AGREEMENT
	  	 	1	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section
	  	1.1	  	 Certain Defined Terms
	  	 	1	 
	 Section
	  	1.2	  	 Other Terms
	  	 	4	 
		
	 ARTICLE II SERVICES AND TERMS
	  	 	4	 
	 Section
	  	2.1	  	 Services; Scope
	  	 	4	 
	 Section
	  	2.2	  	 Reserved
	  	 	6	 
	 Section
	  	2.3	  	 Services Managers.
	  	 	6	 
	 Section
	  	2.4	  	 Performance and Receipt of Services.
	  	 	7	 
	 Section
	  	2.5	  	 Representations and Warranties.
	  	 	7	 
	 Section
	  	2.6	  	 DISCLAIMER
	  	 	7	 
	 Section
	  	2.7	  	 Parent Guarantee.
	  	 	8	 
		
	 ARTICLE III ADDITIONAL AGREEMENTS
	  	 	8	 
	 Section
	  	3.1	  	 Computer-Based Resources
	  	 	8	 
	 Section
	  	3.2	  	 Access.
	  	 	8	 
		
	 ARTICLE IV COSTS AND DISBURSEMENTS; PAYMENTS
	  	 	8	 
	 Section
	  	4.1	  	 Service Charges
	  	 	8	 
	 Section
	  	4.2	  	 Consents
	  	 	9	 
		
	 ARTICLE V STANDARD FOR SERVICE; COMPLIANCE WITH LAWS
	  	 	10	 
	 Section
	  	5.1	  	 Standard for Service
	  	 	10	 
	 Section
	  	5.2	  	 Compliance with Laws.
	  	 	11	 
	 Section
	  	5.3	  	 Data Protection Agreement.
	  	 	11	 
		
	 ARTICLE VI INDEMNIFICATION; LIMITATION ON LIABILITY
	  	 	11	 
	 Section
	  	6.1	  	 Indemnification by Each Provider.
	  	 	11	 
	 Section
	  	6.2	  	 Indemnification by Each Recipient
	  	 	12	 
	 Section
	  	6.3	  	 Indemnification Matters; Exclusive Remedies
	  	 	12	 
	 Section
	  	6.4	  	 Limitations on Liability.
	  	 	12	 
	 Section
	  	6.5	  	 Liability for Payment Obligations
	  	 	13	 
		
	 ARTICLE VII DISPUTE RESOLUTION
	  	 	13	 
	 Section
	  	7.1	  	 Applicable Law.
	  	 	13	 
	 Section
	  	7.2	  	 Dispute Resolution.
	  	 	13	 
		
	 ARTICLE VIII TERM; TERMINATION
	  	 	14	 
	 Section
	  	8.1	  	 Term.
	  	 	14	 
	 Section
	  	8.2	  	 Termination.
	  	 	14	 
	 Section
	  	8.3	  	 Effect of Termination
	  	 	15	 
	 Section
	  	8.4	  	 Survival.
	  	 	16	 
	 Section
	  	8.5	  	 Force Majeure
	  	 	16	 

									
	 ARTICLE IX GENERAL PROVISIONS
	  	 	16	 
	 Section
	  	9.1	  	 Independent Contractors.
	  	 	16	 
	 Section
	  	9.2	  	 Subcontractors.
	  	 	16	 
	 Section
	  	9.3	  	 Additional Services; Books and Records.
	  	 	17	 
	 Section
	  	9.4	  	 Confidential Information.
	  	 	17	 
	 Section
	  	9.5	  	 Notices.
	  	 	17	 
	 Section
	  	9.6	  	 Taxes.
	  	 	19	 
	 Section
	  	9.7	  	 Severability.
	  	 	19	 
	 Section
	  	9.8	  	 Entire Agreement.
	  	 	20	 
	 Section
	  	9.9	  	 Assignment; No Third Party Beneficiaries
	  	 	20	 
	 Section
	  	9.10	  	 Amendment.
	  	 	20	 
	 Section
	  	9.11	  	 Rules of Construction.
	  	 	20	 
	 Section
	  	9.12	  	 Counterparts
	  	 	21	 
	 Section
	  	9.13	  	 No Right to Set-Off
	  	 	21	 
	 Section
	  	9.14	  	 Specific Performance.
	  	 	21	 

  

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated to be effective as of [●], 2019 (this “Agreement”), is made by and among
iHeartMedia Management Services, Inc., a Delaware corporation (“Management Services”), and Clear Channel Outdoor Holdings, Inc., a Delaware corporation (“CCOH”), and, with respect to Sections 2.7 and
5.3 only, iHeartMedia, Inc., a Delaware corporation (“IHM”) and iHeartCommunications, Inc., a Texas corporation (“IHC”). Certain capitalized terms used in this Agreement are defined in
Section 1.1 and the definitions of the other capitalized terms used in this Agreement are cross-referenced in Section 1.2. 

R E C I T A L S 
 WHEREAS, IHM,
IHC, CCOH and Clear Channel Holdings, Inc., a Delaware corporation (“CCH”), have entered into a Settlement and Separation Agreement, dated as of March 27, 2019 (the “Separation Agreement”), pursuant to which,
among other things, IHM and its subsidiaries will separate the iHeart Business and the Outdoor Business, and CCOH will merge with and into CCH (such surviving corporation, “New CCOH”) with New CCOH thereafter existing as an
independent, publicly traded company, as set forth in the Separation Agreement; 
 WHEREAS, prior to such separation, members of the iHeart
Group previously provided certain administrative and support services and other assistance to members of the Outdoor Group pursuant to that certain Corporate Services Agreement between Clear Channel Management Services, L.P. and Clear Channel
Outdoor Holdings, Inc. dated December 10, 2005 (the “CCOH Corporate Services Agreement”); 
 WHEREAS, after such
separation, both CCOH and IHM desire for Management Services to provide certain administrative and support services and other assistance to the Outdoor Group in accordance with the terms and subject to the conditions set forth herein, and Management
Services desires to provide or cause to be provided by other members of the iHeart Group, such services and assistance to the Outdoor Group; 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Certain Defined Terms. 

The following capitalized terms used in this Agreement will have the meanings set forth below: 

“Force Majeure” means, with respect to a party, an event beyond the reasonable control of such party (or any Person acting on
its behalf), which by its nature could not have been reasonably foreseen by such party (or such Person), or, if it could have been reasonably foreseen, was unavoidable, and includes, without limitation, (i) acts of God, storms, floods, riots,
fires, 

  
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explosions, blackouts, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international
calamity or one or more acts of terrorism or failure of energy sources or distribution facilities, (ii) change in Law or (c) labor strikes, lockouts or any other kind of labor dispute. 

“Information Systems” means computing, telecommunications or other digital operating or processing systems or environments,
including, without limitation, computer programs, data, databases, computers, computer libraries, communications equipment networks and systems. When referenced in connection with Services, Information Systems will mean the Information Systems
accessed and/or used in connection with the Services. 
 “Intellectual Property” means all of the following, whether
protected, created or arising under the laws of the United States or any other foreign jurisdiction: (i) patents, patent applications (along with all patents issuing thereon), statutory invention registrations, divisions, continuations, continuations-in-part, substitute applications of the foregoing and any extensions, reissues, restorations and reexaminations thereof, and all rights therein provided by
international treaties or conventions; (ii) copyrights, mask work rights, database rights and design rights, whether or not registered, published or unpublished, and registrations and applications for registration thereof, and all rights
therein whether provided by international treaties or conventions or otherwise; (iii) trademarks, service marks, trade dress, logos and other identifiers of source, including all goodwill associated therewith and all common law rights,
registrations and applications for registration thereof, and all rights therein provided by international treaties or conventions, and all reissues, extensions and renewals of any of the foregoing; (iv) intellectual property rights arising from
or in respect of domain names, domain name registrations and reservations and URLs; (v) trade secrets; (vi) intellectual property rights arising from or in respect of Technology; and (vii) all other applications and registrations
related to any of the intellectual property rights set forth in the foregoing clauses (i) through (vi) above. 
 “IT-Based Service” means (i) each Service specifically identified on Schedule A as an “IT Service,” and (ii) any other Service the use and enjoyment of which by a Recipient
reasonably requires the use of another IT Service. 
 “Outdoor Group” means CCOH and each Subsidiary of CCOH immediately
after the Distribution Date (excluding, for the avoidance of doubt, Outdoor and any member of the iHeart Group). 

“Provider” means Management Services or another member of the iHeart Group that is providing a Service pursuant to this
Agreement. 
 “Provider Owned Technology” means Technology owned by Provider, its Affiliates or any of its or their
respective subcontractors or personnel and used in connection with the Services, including any modifications, enhancements or derivative works of such Technology or any new Technology developed by Provider, and all Intellectual Property rights
subsisting in any of the foregoing. 

  
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 “Provider Third Party Technology” means all Technology licensed (other than
by Recipient) to Provider that is provided to Recipient for use in connection with the Services, and all Intellectual Property rights subsisting in the foregoing. 

“Recipient” means CCOH or another member of the Outdoor Group to whom a Service pursuant to this Agreement is being provided.

 “Recipient Owned Technology” means: (a) Technology owned by Recipient or any of its Affiliates; (b) Technology
developed or acquired by Recipient after the date hereof; (c) derivative works, modifications and enhancements to any of the foregoing; and (d) all Intellectual Property rights subsisting in any of the foregoing. 

“Recipient Third Party Technology” means all Technology licensed (other than by Provider) to Recipient that is provided to
Provider for use in connection with the Services, and all Intellectual Property rights subsisting in the foregoing. 
 “Service
Termination Date” means the effective date of the termination of this Agreement pursuant to Section 8.2(a) or such earlier termination date as may be determined in accordance with
Section 8.2(a) in respect of any specified Service. 
 “Software” means the object and source
code versions of computer programs and any associated documentation therefor. 
 “Technology” means, collectively, all
designs, formulas, algorithms, procedures, techniques, ideas, know-how, software, programs, models, routines, confidential and proprietary information, databases, tools, inventions, invention disclosures,
creations, improvements, works of authorship, and all recordings, graphs, drawings, reports, analyses, other writings, and any other embodiment of the above, in any form, whether or not specifically listed herein. 

  
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 Section 1.2    Other Terms. 

For purposes of this Agreement, the following terms have the meanings set forth in the sections or agreements indicated. 

 

			
	 Term
	  	Section
	Affiliate	  	Separation Agreement
	Agreement	  	Preamble
	Breaching Party	  	Section 8.2(a)
	CCH	  	Recitals
	CCOH	  	Preamble
	CCOH Corporate Services Agreement	  	Separation Agreement
	CCOH Stock	  	Separation Agreement
	Consents	  	Section 4.2
	Distribution Date	  	Separation Agreement
	Effective Date	  	Separation Agreement
	Group	  	Separation Agreement
	iHeart Business	  	Separation Agreement
	iHeart Group	  	Separation Agreement
	iHeart Services Manager(s)	  	Section 2.3
	IHC	  	Preamble
	IHM	  	Preamble
	Laws	  	Separation Agreement
	Liabilities	  	Separation Agreement
	Management Services	  	Preamble
	New Tax Matters Agreement	  	Separation Agreement
	Non-Breaching Party	  	Section 8.2(a)
	Outdoor Business	  	Separation Agreement
	Outdoor Services Manager(s)	  	Section 2.3
	Person	  	Separation Agreement
	Provider Indemnified Party	  	Section 6.3
	Recipient Indemnified Party	  	Section 6.2
	Representative	  	Separation Agreement
	Separation Agreement	  	Recitals
	Services	  	Section 2.1(a)
	Service Charges	  	Section 4.1(a)
	Standard for Services	  	Section 5.1
	Subsidiary	  	Separation Agreement
	Substitute Service	  	Section 2.1(a)
	Taxes	  	Separation Agreement
	Term	  	Section 8.1

 ARTICLE II 

SERVICES AND TERMS 

Section 2.1    Services; Scope. 

(a)    During the Term, subject to the terms and conditions set forth in this Agreement, Management Services will provide,
or will cause to be provided, to the Outdoor Group, (i) the services set forth on Schedule A, and (ii) reasonably promptly following CCOH’s prior written request therefor at any time during the first three months following the
date hereof, any other finance, information technology, human resources, legal services, management oversight and other general services of an administrative and/or advisory nature with respect to the Outdoor Business, as such services were provided
as of, and at any time during the one year period prior to, the last day prior to the date hereof under the CCOH Corporate Services Agreement (collectively, the “Services”); provided, however, that the Services under
clause (ii) will not include any of the services set forth on Schedule C (the “Excluded Services”); provided, further, that to the extent CCOH requests Management Services to provide such additional
services and such additional services were not contemplated in the determination of the Service Charges set forth on Schedule A, CCOH shall pay for such additional services an amount consistent with the methodology for pricing set forth on
Schedule A (which, for the avoidance of doubt, means amounts that are consistent with what was previously paid by CCOH under the CCOH Corporate Services Agreement) and Schedule A shall be appropriately amended to reflect such
additional services and fees. Subject to the exclusion of the Excluded Services, the “Services” also will include any Services to be provided by the iHeart Group to the Outdoor Group as agreed pursuant to
Section 9.3(a). During the first three months following the Effective Date, IHM will 

  
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promptly notify CCOH in writing of any other services (other than the Excluded Services) of which it becomes aware, and of which CCOH is not aware, that were provided at any time during the one
year period prior to the date hereof under the CCOH Corporate Services Agreement but are (A) not included on Schedule A and (B) that have not otherwise been transferred, licensed or assigned to CCOH or any member of the Outdoor
Group. Unless a broader scope is set forth on the Schedules or otherwise agreed to by the parties, the scope and manner of provision of each Service will at least be substantially the same as the scope and manner of provision of such service
provided by the iHeart Group to the Outdoor Group during such one year period prior to the date hereof. Nothing in this Agreement will require that any Service be provided other than for use in, or in connection with, the Outdoor Business as
conducted prior to the date hereof and any reasonable expansions thereof (other than through an acquisition, however structured). Nothing in the preceding sentence or elsewhere in this Agreement will be deemed to restrict or otherwise limit the
volume or quantity of any Service; provided, that, volume or quantity changes with respect to a Service that change a Provider’s costs of providing that Service in any material respect shall require the parties to negotiate in good faith
and use their commercially reasonable efforts to agree upon a price change with respect to such Service. 
 (b)    The
Services will include, and the Service Charges reflect charges for, such maintenance, support, error correction, training, updates and enhancements normally and customarily provided by members of the iHeart Group to other iHeart Group members that
receive such services. If CCOH requests that Management Services provides a custom modification in connection with any Service, and such custom modification is not contemplated by the Services set forth on Schedule A and does not arise from a
Provider’s failure to meet the Standard for Services or the applicable service levels set forth on Schedule A, then the parties will negotiate in good faith and use their commercially reasonable efforts to agree upon a price change with
respect to such Service. The Services will include all functions, responsibilities, activities and tasks, and the materials, documentation, resources, rights and licenses to be used, granted or provided by the iHeart Group that are not specifically
described in this Agreement as a part of the Services, but are incidental to, and would normally be considered an inherent part of, or necessary subpart included within, the Services or are otherwise necessary for the iHeart Group to provide, or the
Outdoor Group to receive, the Services except for any Excluded Services. 
 (c)    Technology, Software and
Proprietary Rights. 
 (i)    Recipient hereby grants, and shall cause its Affiliates to grant, to each Provider
(and solely to the extent necessary for Provider to provide the Services, to subcontractors under Section 9.2) a nonexclusive, worldwide, nontransferable (except as provided in Section 9.9),
irrevocable (except as provided in Section 8.3), fully paid-up, royalty-free right and license, solely during the Term, for the express and sole purpose of providing the Services, to
use the Recipient Owned Technology and the Recipient Third Party Technology made available by Recipient to Provider pursuant to this Agreement. Except as otherwise requested or approved in writing by Recipient, Provider will, and will cause its
Affiliates and its and their subcontractors and personnel to, cease all use of Recipient Owned Technology and Recipient Third Party Technology upon the termination of the Services, and the parties acknowledge that such right and license will
terminate upon the termination of the Services. 

  
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 (ii)    Provider hereby grants, and shall cause its Affiliates to grant,
to each Recipient a nonexclusive, worldwide, nontransferable (except as provided in Section 9.9), irrevocable (except as provided in Section 8.3), fully paid-up,
royalty-free right and license, solely during the Term, to the extent required to fully and completely use the Services, to use the Provider Owned Technology and the Provider Third Party Technology (to the extent Provider can grant such rights). The
parties acknowledge that such right and license will terminate upon the termination of the Services. 
 (iii)    This
Agreement will not assign any rights to Technology, Software or Intellectual Property between the parties; assignment of the foregoing is set forth in the Separation Agreement. 

(d)    Without limiting Article V, throughout the term of this Agreement, the Provider and the Recipient of any
Service will cooperate with one another and use their good faith, commercially reasonable efforts to effect the efficient, timely and seamless provision and receipt of the Services. 

(e)    Any Software delivered by a Provider hereunder will be delivered, at the election of the Provider (acting
reasonably), either (i) with the assistance of the Provider, through electronic transmission or downloaded by the Recipient from the applicable intranet, or (ii) by installation by the Provider on the relevant equipment, with retention by
the Provider of all tangible media on which such Software resides. Provider shall transfer to Recipient a tangible medium containing such Software (including any enhancements, upgrades or updates) to the extent necessary to perform the Services.
Upon the Termination or expiration of the Services, Recipient will return or certify the destruction of such tangible medium containing such Software. Each party will comply with all reasonable security measures implemented by the other party in
connection with the delivery of Software. 
 Section 2.2    Reserved. 

Section 2.3    Services Managers. Promptly after the Effective Date, Management
Services will designate in writing a dedicated services account manager(s) with a title not lower than Vice President (or equivalent) (the “iHeart Services Manager(s)”) for each functional department providing a
Service who will be directly responsible for coordinating and managing the delivery of the Services and will have authority to act on the iHeart Group’s behalf with respect to the Services. Promptly after the Effective Date, CCOH will designate
in writing a dedicated services account manager(s) with a title not lower than Vice President (or equivalent) (the “Outdoor Services Manager(s)”) for each functional department providing a Service who will be directly responsible
for coordinating and managing the delivery of the Services and will have authority to act on the Outdoor Group’s behalf with respect to the Services. The iHeart Services Manager(s) and the Outdoor Services Manager(s) will work together in good
faith to address the Outdoor Group’s issues and the parties’ relationship under this Agreement. 

  
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 Section 2.4    Performance and Receipt of Services.

 Each of Management Services and CCOH will, and will cause its respective Groups to, comply with the following provisions with respect
to the Services: 
 (a)    Each Provider and Recipient will at all times comply with its own then in-force written security guidelines and policies applicable to the performance, access and/or use of the Services and Information Systems. To the extent that either party is accessing the other party’s
facilities or Information Systems, such party will adhere to the guidelines and policies of the other party. 

(b)    Each Provider and Recipient will take commercially reasonable measures to ensure that no computer viruses or
similar items are coded or introduced into the Services or Information Systems. If a computer virus is found to have been introduced into the Services or Information Systems, the parties hereto will use their commercially reasonable efforts to
cooperate and to diligently work together to eliminate the effects of such computer virus. 
 (c)    Each Provider and
Recipient will exercise reasonable care in providing and receiving the Services to (i) prevent access to the Services or Information Systems by unauthorized Persons, and (ii) not damage, disrupt or interrupt the Services or Information
Systems. 
 Section 2.5    Representations and Warranties. 

(a)    Each party represents and warrants to the other that: (i) it has all requisite legal and corporate power to
execute and deliver this Agreement; (ii) it has taken all corporate action necessary for the authorization, execution and delivery of this Agreement; (iii) it is not a party to a contract with any other Person, firm, or other entity that
would violate or interfere with its obligations hereunder; and (iv) this Agreement is a legal, valid and binding obligation of it, enforceable against it in accordance with the terms of this Agreement. 

(b)    Each party represents and warrants that it is duly licensed or qualified to do business and is in good standing in
every jurisdiction in which a license or other qualification is required for the conduct of its business, except where the failure to be so licensed or qualified would have no material adverse effect on its ability to fulfill its obligations under
this Agreement. 
 (c)    Each of Management Services, IHM and IHC represents and warrants to CCOH that: to its
knowledge, except for the Excluded Services set forth on Schedule C, the Services set forth on Schedule A constitute all of the services that were provided as of, or at any time during the one year period prior to, the last day prior
to the date hereof under the CCOH Corporate Services Agreement, except for (A) services that CCOH knows were provided during such period under the CCOH Corporate Services and are nonetheless not included on Schedule A, (B) services
that have been transferred, licensed or assigned to CCOH or any member of the Outdoor Group prior to the date hereof. 

Section 2.6    DISCLAIMER. 

EXCEPT AS EXPRESSLY PROVIDED HEREIN, THERE ARE NO OTHER, AND PROVIDER DOES NOT MAKE AND HEREBY DISCLAIMERS ALL OTHER, REPRESENTATIONS,
WARRANTIES, OR GUARANTEES OF ANY KIND WITH RESPECT TO THE SERVICES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, NONINFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE. 

  
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 Section 2.7    Parent Guarantee. 

Each of IHM and IHC absolutely, unconditionally and irrevocably guarantees (on a joint and several basis) to CCOH the full and complete
performance of all obligations, covenants and agreements required to be observed and performed or reimbursed or credited by any member of the iHeart Group to any member of the Outdoor Group under this Agreement. 

ARTICLE III 
 ADDITIONAL
AGREEMENTS 
 Section 3.1    Computer-Based Resources. 

(a)    Management Services and CCOH agree that the Outdoor Group will not have access to all or any part of the Information
Systems of the iHeart Group pursuant to this Agreement, except to the extent necessary for the Outdoor Group to receive the Services (subject to the Outdoor Group complying with all reasonable security measures implemented by the iHeart Group as
deemed necessary by the iHeart Group to protect its Information Systems). 
 (b)    Management Services and CCOH agree
that the iHeart Group will not have access to all or any part of the Information Systems of the Outdoor Group pursuant to this Agreement, except to the extent necessary for the iHeart Group to perform the Services (subject to the iHeart Group
complying with all reasonable security measures implemented by the Outdoor Group as deemed necessary by the Outdoor Group to protect its Information Systems). 

Section 3.2    Access. 

CCOH will allow the iHeart Group and its Representatives reasonable access to the facilities of the Outdoor Group necessary for the performance
of the Services and to enable the iHeart Group to fulfill its obligations under this Agreement. Management Services will allow the Outdoor Group and its Representatives reasonable access to the facilities of the iHeart Group necessary for the
performance of the Services and to enable the Outdoor Group to fulfill its obligations under this Agreement. All such access shall be subject to the reasonable security and insurance requirements of the party providing the access and shall not
unreasonably interfere with the operations at such facilities. 
 ARTICLE IV 

COSTS AND DISBURSEMENTS; PAYMENTS 

Section 4.1    Service Charges. 

(a)    Schedule A sets forth with respect to each Service a description of the charges for such Service or the basis
for the determination thereof (the “Service Charges”). Further, without duplication to the Services Charges, in connection with performance of the Services, the Provider will make payments for the benefit of and on behalf of the
Recipient and will incur out-of-pocket costs and expenses (collectively, the “Other Costs”), which will be reimbursed to the

  
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Provider by the Recipient to the extent such Other Costs are reasonably incurred and of the type previously passed through to and reimbursed by CCOH under the CCOH Corporate Services Agreement;
provided, that any Other Costs incurred outside of the ordinary course of business will only be payable if the Recipient has, in each case, pre-approved such Other Costs in writing; it being agreed that
if Recipient withholds its consent, Provider’s obligation to provide such Service shall be excused to the extent such provision would require Provider to incur such Other Costs); provided, further, that all Other Costs will only
be payable by the Recipient if it has received from the Provider reasonably detailed data and other documentation sufficient to support the calculation of amounts due to the Provider as a result of such Other Costs. Except for the Service Charges,
the Other Costs reimbursable pursuant to the preceding sentence and any amounts that may become payable pursuant to Section 6.2, there are no other amounts payable by CCOH or any Recipient in respect of any Services or this
Agreement. 
 (b)    The Provider will deliver an invoice to the Recipient at the start of each calendar month (or at
such other frequency as is set forth on Schedule A) in arrears for the Service Charges and Other Costs. The invoice shall contain reasonably detailed data and documentation sufficient to support the calculation of any amount due to the
Provider under this Agreement. The Recipient will pay the undisputed amount of such invoice to the Provider in U.S. dollars within 45 days of the date of such invoice; provided, that to the extent consistent with past practice with respect to
Services rendered outside the United States, payments may be made in local currency. If the Recipient fails to pay such amount (excluding any amount contested in good faith) by such date, the Recipient will be obligated to pay to the Provider, in
addition to the amount due, interest on such amount at the lesser of (i) the three month London Interbank Offered Rate (LIBOR) plus 100 basis points or (ii) the maximum rate of interest allowed by applicable law, from the date the payment
was due through the date of payment. If, within 45 days of receipt of an invoice, the Recipient disputes the Provider’s calculation of any amount due to the Provider, then the dispute will be resolved pursuant to
Section 7.2. 
 Section 4.2    Consents. 

Management Services and CCOH acknowledge and agree that certain Software licenses and other licenses, consents, approvals, notices,
registrations, recordings, filings and other actions (collectively, “Consents”) may be required by Management Services, CCOH or members of their respective Groups in connection with the provision of the Services. Other than any
license fees (100% of which shall be borne by Recipient), with respect to each Service, the Provider and the Recipient shall each pay 50% of all costs incurred in order to obtain, perform or otherwise satisfy each such Consent. To the extent that a
Consent is obtained, performed or otherwise satisfied entirely by either the Provider or the Recipient, as applicable (the “Paying Party”), then the non-Paying Party shall reimburse the Paying
Party for 50% of the actual, out-of-pocket costs incurred by the Paying Party. In the event that any required Consent is not obtained, then unless and until such Consent
is obtained, Provider shall use all commercially reasonable efforts to determine and promptly adopt, subject to Recipient’s approval (which shall not be unreasonably withheld conditioned or delayed), an alternative approach as necessary and
sufficient to provide the Services without such Consent to put Recipient in the same or substantially the same position as if such Consent had been obtained (it being agreed that Provider shall not be in breach of this Agreement as a result of not
adopting an alternative approach not approved by Recipient so long as Provider continues to comply with its efforts set 

  
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forth in this sentence to find another alternative approach). The Provider and the Recipient shall each pay 50% of all costs incurred in order to obtain such alternative approach (other than with
respect to license fees, 100% of which shall be borne by Recipient). To the extent that any Consent is required under a Shared Contract, the provisions set forth in Section 2.9(a) of the Separation Agreement are hereby incorporated into, and
made a part of this Section 4.2. Prior to payment of, or reimbursement for, such out-of-pocket expenses, Provider will provide the Recipient
with an invoice accompanied by reasonably detailed data and documentation sufficient to evidence the out-of-pocket expenses for which the Provider is seeking payment or
reimbursement. Upon receipt of such invoice and data and documentation, the Recipient will either pay the amount of such invoice directly in accordance with its general payment terms with vendors or reimburse the Provider for its payment of the
invoice within 30 days of the date of its receipt of such invoice. If within 30 days of receipt of an invoice, Recipient disputes the invoiced amount, then the parties will work together to resolve such dispute. If the parties are unable to resolve
such dispute, the dispute will be resolved pursuant to Section 7.2. 
 ARTICLE V 

STANDARD FOR SERVICE; COMPLIANCE WITH LAWS 

Section 5.1    Standard for Service. 

Without limiting any other provisions in this Agreement (including any applicable standards set forth in Schedule A),
Management Services agrees that the Provider will perform the Services such that the nature, quality, degree of skill, standard of care and the service levels at which such Services are performed are no less than the nature, quality, degree of
skill, standard of care and the service levels at which the substantially same services were provided to the members of the Outdoor Group by or on behalf of the Provider on the date immediately prior to the date hereof or during the one year period
prior thereto and, in any case, shall be performed in a timely, professional, workmanlike manner (the “Standard for Services”); provided, that (i) during the first six (6) months following the Effective Date,
Provider shall not modify the manner in which Provider or its Affiliates provides the Services or the Standard of Services in a manner that is adverse to Recipient and (ii) for the remainder of the term of this Agreement, Provider, in its sole
discretion and upon at least 15 days’ prior written notice to Recipient, may modify the manner in which it provides the Services to such Recipient to conform to modifications in the manner in which Provider or its Affiliates generally provide
services to any member of the iHeart Group, in each case, only to the extent such modification is not adverse (including with respect to the Standard for Services) to Recipient in any material respect. Management Services shall assign (to the extent
such individuals are available) each of the employees or contractors that have been mutually agreed between IHM and CCOH expressly identified as “dedicated employees” on Schedule A opposite an individual Service to provide the
corresponding Services for the period of time set forth on Schedule A throughout the term of such Service. IHM and IHC shall not, and shall cause each Provider to not, terminate the employment or contracting relationship with such employee or
contractor for the period of time set forth on Schedule A following the Effective Date, except for material breach of any employment or service agreement, gross negligence, willful misconduct, fraud or other “cause” event. In
the event any such employee or contractor is unable to provide such Service at any time during the term of the applicable Service, then Management Services will cause the applicable Provider to assign a substitute employee or contractor of
comparable skill and 

  
 - 10 - 

 
experience to provide such Service for the remainder of the term of such Service, which substitute employee or contractor will be subject to prior written approval of the applicable Recipient(s),
which approval will not be unreasonably withheld, conditioned or delayed (it being agreed that Provider shall not be in breach of this Agreement as a result of not assigning a substitute employee or contractor not approved by Recipient so long as
Provider continues to comply with its efforts set forth in this sentence to find a substitute employee or contractor). 

Section 5.2    Compliance with Laws. 

Each of Management Services and CCOH will be responsible for its, and its respective Group’s, compliance with any and all Laws applicable
to its performance under this Agreement; provided, however, that each of Management Services and CCOH will, subject to reimbursement of out-of-pocket
expenses by the requesting party, use commercially reasonable efforts to cooperate and provide the other party with all reasonably requested assistance (including, without limitation, the execution of documents and the provision of relevant
information) to ensure compliance with all applicable Laws in connection with any regulatory action, requirement, inquiry or examination related to this Agreement or the Services. 

Section 5.3    Data Processing Agreement. 

On or prior to the Effective Date, Management Services, IHM, IHC, and CCOH agree to enter into a Data Processing Agreement (the
“DPA”) in a form mutually agreed to by the parties that is consistent with the requirements of Article 28 of the General Data Protection Regulation. In the event of any conflict between this Agreement and the DPA, the DPA shall
prevail. 
 ARTICLE VI 

INDEMNIFICATION; LIMITATION ON LIABILITY 

Section 6.1    Indemnification by Each Provider. 

Management Services will, and will cause each Provider to indemnify, defend and hold harmless each relevant Recipient and each of its
Affiliates and each of their respective directors, officers, employees and subcontractors, and each of the heirs, executors, successors and assigns of any of the foregoing (each, a “Recipient Indemnified Party”), from and against
any and all Liabilities of the Recipient Indemnified Parties relating to, arising out of, or resulting from: 

(a)    the gross negligence or willful misconduct of a Provider Indemnified Party in connection with such Provider
Indemnified Party’s provision of the Services; 
 (b)    any alleged infringement, violation or misappropriation by
a Recipient of any Software, Technology or any other Intellectual Property (other than Recipient Owned Technology) used or made accessible to Recipient by or on behalf of a Provider in connection with the provision of the Services; 

(c)    the improper use or improper disclosure of information of, or regarding, a customer or potential customer of a
Recipient Indemnified Party in connection with the transactions contemplated by this Agreement or a Provider Indemnified Party’s provision of the Services; or 

  
 - 11 - 

 (d)    any violation of applicable Law by a Provider Indemnified Party
in connection with the transactions contemplated by this Agreement or such Provider Indemnified Party’s provision of the Services; 

Section 6.2    Indemnification by Each Recipient. 

CCOH will, and will cause each Recipient to, indemnify, defend and hold harmless each relevant Provider and each of its Affiliates and each of
their respective directors, officers, employees and subcontractors, and each of the heirs, executors, successors and assigns of any of the foregoing (each, a “Provider Indemnified Party”) from and against any and all Liabilities of
the Provider Indemnified Parties relating to, arising out of, or resulting from: 
 (a)    any Taxes, together with
interest and penalties, that are the responsibility of CCOH under Section 9.6; 
 (b)    the
gross negligence or willful misconduct of a Recipient or its Affiliates in connection with such party’s use of the Services; 

(c)    any alleged infringement, violation or misappropriation by a Provider of any Software, Technology or any other
Intellectual Property (other than Provider Owned Technology) used or made accessible to Provider by or on behalf of Recipient in connection with the receipt of the Services; or 

(d)    any violation of applicable Law by a Recipient Indemnified Party in connection with the transactions contemplated
by this Agreement or such Recipient Indemnified Party’s receipt or use of the Services. 

Section 6.3    Indemnification Matters; Exclusive Remedies. 

The indemnification procedures set forth in Sections 5.4 through 5.6 of the Separation Agreement are hereby incorporated into,
and made a part of this Article VI and as otherwise applicable to this Agreement. The provisions of this Article VI, as well as each party’s right to pursue and obtain damages for a breach of this Agreement,
specific performance and/or injunctive relief, will constitute the sole and exclusive remedies for Liabilities arising under this Agreement, whether in contract, tort or otherwise, including for any such party’s ordinary or contributory
negligence. 
 Section 6.4    Limitations on Liability. 

Notwithstanding any other provision contained in this Agreement, Management Services and CCOH agree on their behalf, and on behalf of their
respective Groups, that no member of the iHeart Group on the one hand, and no member of the Outdoor Group, on the other hand, will be liable to any member of the other Group, whether based on contract, tort (including negligence), warranty or any
other legal or equitable grounds, for any special, indirect, punitive, incidental or consequential losses, damages or expenses of the other Group, including, without limitation, loss of data, loss of profits, interest or revenue, or use or
interruption of business, arising from any claim relating to breach of this Agreement or otherwise relating to any of the Services provided hereunder; provided  

  
 - 12 - 

 
that the foregoing limitation on liability shall not apply to (i) damages awarded to a third party pursuant to a third party claim for which a Provider is required to
indemnify, defend and hold harmless any Recipient Indemnified Party under Section 6.1 or (ii) damages awarded to a third party pursuant to a third party claim for which a
Recipient is required to indemnify, defend and hold harmless any Provider Indemnified under Section 6.2. Notwithstanding anything to the contrary contained in this Agreement, the aggregate
liability of the Provider Indemnified Parties, on the one hand, or the Recipient Indemnified Parties, on the other hand, whether based on contract, tort (including negligence), warranty or any other legal or equitable grounds, will in no event
exceed an amount equal to the aggregate payments made by the Recipients to the Providers for Services pursuant to this Agreement for the 12-month period preceding the date of such event giving rise to a claim
hereunder. 
 Section 6.5    Liability for Payment Obligations. 

Nothing in this Article VI will be deemed to eliminate or limit, in any respect, any member of the iHeart Group’s or any member of
the Outdoor Group’s express obligation in this Agreement to pay or reimburse, as applicable, for (a) Service Charges; (b) applicable Other Costs; (c) amounts payable or reimbursable with respect to any custom modification
provided pursuant to Section 2.1(b); (d) any amounts payable or reimbursable pursuant to the terms of the leases referred to in Section 3.1; (e) amounts payable or reimbursable in respect of
50% of the Consents pursuant to Section 4.2, (f) amounts payable or reimbursable pursuant to Section 5.2 with respect to compliance with Laws; (g) amounts payable or reimbursable pursuant to
Section 9.3(b) with respect to books and records; and (h) amounts payable or reimbursable pursuant to Section 9.6 with respect to Taxes. 

ARTICLE VII 
 DISPUTE
RESOLUTION 
 Section 7.1    Applicable Law. 

This Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, without giving effect
to any conflicts of law rule or principle that might require the application of the laws of another jurisdiction. 

Section 7.2    Dispute Resolution. 

To the extent not resolved through discussions between the iHeart Services Manager(s) and the Outdoor Services Manager(s), any dispute,
controversy or claim arising out of, or relating to, this Agreement will be resolved in accordance with Article IX of the Separation Agreement, which dispute resolution provisions are hereby incorporated into, and made a part of, this
Section 7.2. 

  
 - 13 - 

 ARTICLE VIII 

TERM; TERMINATION 

Section 8.1    Term. 

The term of this Agreement will begin on the Effective Date (as defined in the Separation Agreement) and end at midnight on the one-year anniversary of the Effective Date, unless earlier terminated in accordance with the terms of this Agreement (the “Term”). Notwithstanding the foregoing, CCOH may, in its sole discretion,
extend the Term as to all or any individual Service (an “Extended Service”) for one-month periods up to an aggregate of 12 additional months for each individual Service by providing to
Management Services 30 days’ prior written notice of each such extension, in each case, on the same terms and conditions as set forth herein; provided, that with respect to any Extended Service other than an IT-Based Service, the Service Charge for such Extended Service shall be increased by: (i) 20% of the amount set forth opposite such Extended Service on Schedule A for any such Extended Services performed
during the first three months following such one-year anniversary; (ii) 30% of the amount set forth opposite such Extended Service on Schedule A for any such Extended Services performed following such
three-month extension and prior to six months following such one-year anniversary; and (iii) 40% of the amount set forth opposite such Extended Service on Schedule A for any such Extended Services
performed following such six-month extension; provided, further, that with respect to any Extended Service that is an IT-Based Service, no increase shall
be made to the Service Charge with respect thereto during the first twelve months following such one-year anniversary. 

Section 8.2    Termination. 

(a)    This Agreement may be terminated with respect to all or any individual Service, in whole or in part, at any time by
CCOH upon 30 days’ prior written notice; provided, that CCOH may not terminate any individual Service (or portion thereof) that Provider reasonably determines is required in connection with the continued provision of any other non-terminated Service, unless all such co-dependent Services are terminated concurrently. Notwithstanding the foregoing, with respect to specific Services provided hereunder:
(i) either party hereto (the “Non-Breaching Party”) may terminate this Agreement with respect to any individual Service, in whole or in part, at any time upon prior written notice by the Non-Breaching Party to the other party (the “Breaching Party”) if the Breaching Party (including any member of its respective Group) has failed to perform any of its material obligations under this
Agreement relating to such Service or part thereof, and such failure will have continued without cure for a period of 30 days after receipt by the Breaching Party of a written notice of such failure from the
Non-Breaching Party seeking to terminate such Service or part thereof; provided, however, that no Service or part thereof may be terminated pursuant to this clause (i) until the parties have
completed the dispute resolution process set forth in Section 7.2 with respect to such Service or part thereof; and (ii) Management Services and CCOH may from time to time mutually agree to terminate any individual
Service, in whole or in part; provided that any such agreement to terminate a Service or part thereof will comply with Section 9.10 and include all terms and conditions applicable to termination of the Service or
part thereof to be terminated. Any such termination of an individual Service or part thereof will not in any way affect the obligations of the terminating party to continue to receive all other Services (or parts thereof) not so terminated and to
continue to 

  
 - 14 - 

 
provide Services as required by this Agreement. Subject to the proviso in the first sentence of this Section 8.2(a), a Recipient’s termination of part of an
individual Service may include, without limitation, such part of the Service as may be provided by an individual employee or contractor of the Provider or a member of the Provider’s Group (e.g., where Recipient has engaged a replacement
or corresponding employee or contractor to perform such activities) and the benefits of any licenses or other contracts that may be utilized by the Provider or a member of the Provider’s Group in connection with the provision of the Services
(e.g., where the license or contract is assigned to the Recipient or the Recipient has obtained a replacement or corresponding license or contract). In the event any individual Service or portion thereof is terminated in part pursuant to the
terms of this Agreement, the applicable Provider and the applicable Recipient shall cooperate in good faith to determine the amount of Service Charges and Other Costs reasonably attributable to the terminated part, and the Service Charges and Other
Costs for such Service or portion thereof shall be automatically deemed reduced by such amount. In the event the Provider and Recipient disagree on the amount that should be attributed to the terminated part, the parties shall first attempt to
resolve the disagreement pursuant to the dispute resolution process set forth in Section 7.2. 

(b)    In addition to and not in limitation of the rights and obligations set forth in
Section 2.4(d) or Section 2.6 of the Separation Agreement, upon the written request of the Recipient of a Service, the Provider of a Service will cooperate with the Recipient and use its good
faith, commercially reasonable efforts to assist with the efficient and timely transition of such Service to the Recipient (or Affiliate of the Recipient or such third party vendor designated by the Recipient) by the Service Termination Date for
such Service, in each case to enable the Recipient to perform such Service itself in substantially the same manner as such Service was performed by the Provider prior to the Service Termination Date. 

Section 8.3    Effect of Termination. 

Upon termination or expiration of any Service or part thereof pursuant to this Agreement, the relevant Provider will have no further obligation
to provide such terminated Service or part, and the relevant Recipient will have no obligation to pay any Service Charges or Other Costs relating to any such Service or part (other than for or in respect of Services or parts thereof provided in
accordance with the terms of this Agreement and received by such Recipient prior to such termination). Upon termination of this Agreement in accordance with its terms, (i) no Provider will have any further obligation to provide any Service, and
no Recipient will have any obligation to pay any Service Charges or Other Costs relating to any Service or make any other payments under this Agreement (other than for or in respect of Services received by such Recipient prior to such termination);
and (ii) all licenses granted under this Agreement shall immediately terminate and each party (and any member of its Group or any other Person acting on its behalf) shall immediately cease all use of the Software, Technology or any other
Intellectual Property provided or made accessible to it by or on behalf of the other party under this Agreement. 

  
 - 15 - 

 Section 8.4    Survival. 

Each of Section 2.7 (Parent Guarantee), Section 3.2 (Computer-Based Resources),
Article IV (Costs and Disbursements; Payments), Article VI (Indemnification; Limitation on Liability), Article VII (Dispute Resolution),
Section 8.3 (Effect of Termination), this Section 8.4 (Survival), and Article IX (General Provisions) will survive the expiration or other termination of this Agreement
and remain in full force and effect. 
 Section 8.5    Force Majeure. 

No party hereto (or any member of its Group or any other Person acting on its behalf) will have any liability or responsibility for any breach,
including failure to fulfill any obligation (other than a payment obligation), under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of
circumstances of Force Majeure. A party claiming the benefit of this provision will promptly, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other party of the nature and extent of any such Force
Majeure condition and (b) use reasonable efforts to remedy and overcome such event. Upon remedying or overcoming the circumstances giving rise to Force Majeure, the Provider shall promptly notify the Recipient of the termination of such Force
Majeure condition and shall promptly resume its performance of Services as soon as feasible. If the Force Majeure in question prevails for a continuous period in excess of sixty (60) days after the date on which the Force Majeure begins, the
parties shall consult together with a view to determining mutually acceptable measures to overcome the difficulties arising therefrom. 

ARTICLE IX 
 GENERAL
PROVISIONS 
 Section 9.1    Independent Contractors. 

In providing Services hereunder, the Provider will act solely as independent contractor and nothing in this Agreement will constitute or be
construed to be or create a partnership, joint venture, or principal/agent relationship between the Provider, on the one hand, and the Recipient, on the other hand. All Persons employed by the Provider in the performance of its obligations under
this Agreement will be the sole responsibility of the Provider. 
 Section 9.2    Subcontractors.

 Any Provider may hire or engage, with the applicable Recipient’s prior written approval (which approval shall not be unreasonably
withheld, conditioned or delayed), one or more subcontractors to perform any or all of its Services; provided, that Management Services will remain responsible for all its obligations under this Agreement, including, without limitation, with
respect to the scope of the Services, the Standard for Services and the content of the Services provided to the Recipient. Schedule D attached hereto lists subcontractors approved as of the date hereof and the Services that are proposed to be
subcontracted to them. Except as set forth in Schedule D, no Provider may subcontract the performance of any Services without the prior written approval of the applicable Recipient (which approval shall not be unreasonably withheld,
conditioned or delayed). Under no circumstances will any Recipient be responsible for making any payments directly to any subcontractor engaged by a Provider. 

  
 - 16 - 

 Section 9.3    Additional Services; Books and Records.

 (a)    If, during the term of this Agreement, a party hereto identifies a need for additional or other transition
services to be provided by or on behalf of Management Services, the parties hereto agree to negotiate in good faith to provide such requested services (provided that such services are of a type generally provided by the iHeart Group at such time)
and the applicable service fees, payment procedures, and other rights and obligations with respect thereto. To the extent practicable, such additional or other services will be provided on terms substantially similar to those applicable to Services
of similar types and otherwise on terms consistent with those contained in this Agreement. 
 (b)    All books, records
and data maintained by a Provider for a Recipient with respect to the provision of a Service will be the exclusive property of such Recipient. The Recipient, at its sole cost and expense, will have the right to inspect, and make copies of, any such
books, records and data during regular business hours upon reasonable advance notice to the Provider. At the sole cost and expense of the Provider, upon termination of the provision of any Service, all relevant books, records and data relating to
such terminated Service will be delivered by the Provider to the Recipient in a mutually agreed upon format to the address of CCOH set forth in Section 9.5 or any other mutually agreed upon location; provided,
however, that the Provider will be entitled to retain one copy of all such books, records and data relating to such terminated Service for archival purposes and for purposes of responding to any dispute that may arise with respect thereto. 

Section 9.4    Confidential Information. 

CCOH agrees to, and will cause the other members of the Outdoor Group to, maintain and safeguard all Confidential Information pursuant to
Section 6.8 of the Separation Agreement, and Management Services agrees to, and will cause the other members of the iHeart Group to, maintain and safeguard all Confidential Information pursuant to
Section 6.8 of the Separation Agreement, and each party hereto agrees that Section 6.8 of the Separation Agreement is hereby incorporated by reference into, and made a part of, this Agreement. 

Section 9.5    Notices. 

All notices, requests, claims, demands and other communications under this Agreement will be in writing and will be given or made (and will be
deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as will be specified in a notice given in accordance with this Section 9.5): 

 

			
	 If to Management Services:
	  	 If to CCOH:

		
	 iHeartMedia Management Services, Inc.

20880 Stone Oak Parkway

San Antonio, Texas 78258

Attention: Lauren Dean
 E-mail: LaurenDean@iheartmedia.com
	  	 Clear Channel Outdoor Holdings, Inc.

99 Park Avenue, 2nd Floor

New York, NY 10016

Attention: Lynn Feldman
 E-mail: LynnFeldman@clearchannel.com

  
 - 17 - 

			
		  	 and
  

Clear Channel Outdoor Holdings, Inc.

c/o Clear Channel International Ltd.

33 Golden Square
 London
W1F9JT
 United Kingdom

Attention: Adam Tow
 E-mail: AdamTow@clearchannel.com

  

			
	with a copy (which shall not constitute notice) to:	  	with a copy (which shall not constitute notice) to:

  

			
	 Kirkland & Ellis LLP

601 Lexington Avenue
 New
York, NY 10014
 Attention: Douglas A. Ryder, P.C.,

Dvir Oren, P.C.; Brian D. Wolfe

E-mail: douglas.ryder@kirkland.com;

dvir.oren@kirkland.com;

brian.wolfe@kirkland.com
	  	 Wilson, Sonsini, Goodrich & Rosati, P.C.

1303 Avenue of the Americas

New York, NY 10019

Attention: Benjamin Hoch

                 Bradley Finkelstein

                 James Clessuras

E-mail: bhoch@wsgr.com

             bfinkelstein@wsgr.com

             jclessuras@wsgr.com

		
	If to any other member of the iHeart Group:	  	If to any other member of the Outdoor Group:

  

			
	 iHeartMedia, Inc.

20880 Stone Oak Parkway

San Antonio, Texas 78258

Attention: Lauren Dean
 E-mail: LaurenDean@iheartmedia.com
	  	 Clear Channel Outdoor Holdings, Inc.

99 Park Avenue, 2nd Floor

New York, NY 10016

Attention: Lynn Feldman

E-mail: LynnFeldman@clearchannel.com

 
 and

 
 Clear Channel Outdoor Holdings, Inc.

c/o Clear Channel International Ltd.

33 Golden Square

London W1F9JT

United Kingdom

Attention: Adam Tow

E-mail: AdamTow@clearchannel.com

  
 - 18 - 

			
	with a copy (which shall not constitute notice) to:	  	with a copy (which shall not constitute notice) to:
		
	 Kirkland & Ellis LLP

601 Lexington Avenue
 New
York, NY 10014
 Attention: Douglas A. Ryder, P.C., Dvir

Oren, P.C.; Brian D. Wolfe

E-mail: douglas.ryder@kirkland.com;

dvir.oren@kirkland.com;

brian.wolfe@kirkland.com
	  	 Wilson, Sonsini, Goodrich & Rosati, P.C.

1303 Avenue of the Americas

New York, NY 10019

Attention: Benjamin Hoch

                 Bradley Finkelstein

                 James Clessuras

E-mail: bhoch@wsgr.com

             bfinkelstein@wsgr.com

             jclessuras@wsgr.com

 Section 9.6    Taxes. 

Except as otherwise specifically provided for in the New Tax Matters Agreement: 

(a)    Each party will be responsible for any personal property Taxes on property it owns or leases, for franchise and
privilege Taxes on its business, and for Taxes based on its net income or gross receipts. 
 (b)    Each Recipient may
report and (as appropriate) pay any sales, use, excise, value-added, services, consumption, and other Taxes directly if the Recipient provides the applicable Provider with a direct pay or exemption certificate. 

(c)    A Provider will promptly notify the applicable Recipient of, and coordinate with the Recipient the response to and
settlement of, any claim for Taxes asserted by applicable taxing authorities for which the Recipient is alleged to be financially responsible hereunder. 

(d)    Each Recipient will be entitled to receive and to retain any refund of Taxes paid to a Provider pursuant to this
Agreement. In the event a Provider receives a refund of any Taxes paid by a Recipient to the Provider, the Provider will promptly pay, or cause the payment of, such refund to the Recipient. 

(e)    Each of the parties hereto agrees that if reasonably requested by the other party, it will cooperate with such
other party to enable the accurate determination of such other party’s Tax liability and assist such other party in minimizing its Tax, liability to the extent legally permissible. The Provider’s invoices will separately state the amounts
of any Taxes the Provider is proposing to collect from the Recipient. 
 Section 9.7    Severability.

 If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any law or as a matter of
public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as
originally contemplated to the greatest extent possible. 

  
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 Section 9.8    Entire Agreement. 

Except as otherwise expressly provided in this Agreement, this Agreement constitutes the entire agreement of the parties hereto with respect to
the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the parties hereto with respect to the subject matter of this Agreement, including the CCOH Corporate Services
Agreement. The Schedules and Recitals to this Agreement are hereby incorporated by reference into and made part of this Agreement for all purposes. 

Section 9.9    Assignment; No Third Party Beneficiaries. 

This Agreement will not be assigned by any party hereto without the prior written consent of the other party hereto; provided,
however, that Management Services may assign this Agreement in connection with a merger, consolidation, reorganization, sale of all or substantially all of its assets or similar transaction within the iHeart Group whether or not Management
Services is the surviving entity. Except as provided in Article VI with respect to indemnified parties and subject to the proviso below, this Agreement is for the sole benefit of the parties to this Agreement, the members
of their respective Group and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or will confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement; provided, that if CCOH sells, transfers or spins off a member of the Outdoor Group or a business line of any member of the Outdoor Group (a “SpinCo”), Management Services will continue to
provide the Services to such SpinCo (but not more than the amount and level of Services that were provided to the applicable member of the Outdoor Group prior to the consummation of such sale, transfer or spin off) on the terms and conditions of
this Agreement for the remainder of the term hereof. CCOH will cause each member of the Outdoor Group receiving Services hereunder as a Recipient to abide by the terms and conditions of this Agreement, and Management Services will cause each member
of the iHeart Group providing Services hereunder as a Provider to abide by the terms and conditions of this Agreement. 

Section 9.10    Amendment. 

No provision of this Agreement may be amended or modified except by a written instrument signed by all the parties of this Agreement to such
agreement. No waiver by any party of any provision hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of any provision of this Agreement will not
operate or be construed as a waiver of any other subsequent breach. 
 Section 9.11    Rules of
Construction. 
 (a)    Interpretation of this Agreement will be governed by the following rules of construction:
(i) words in the singular will be held to include the plural and vice versa and words of one gender will be held to include the other gender as the context requires, (ii) references to the terms Article, Section, paragraph, and Schedule
are references to the Articles, Sections, paragraphs, and Schedules to this Agreement unless otherwise specified, (iii) the word “including” and words of similar import will mean “including, without limitation,”

  
 - 20 - 

 
(iv) provisions will apply, when appropriate, to successive events and transactions, (v) the headings contained herein are for reference purposes only and will not affect in any way the
meaning or interpretation of this Agreement, and (vi) this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

(b)    Unless specifically stated in the Separation Agreement that a particular provision of the Separation Agreement
should be given effect in lieu of a conflicting provision in this Agreement, to the extent that any provision contained in this Agreement conflicts with, or cannot logically be read in accordance with, any provision of the Separation Agreement, the
provision contained in this Agreement will prevail. 
 (c)    Unless specifically stated in the Schedules to this
Agreement, to the extent that any provision contained in this Agreement conflicts with, or cannot logically be read in accordance with, any provision of a Schedule to this Agreement the provision contained in such Schedule will prevail. 

Section 9.12    Counterparts. 

This Agreement may be executed in one or more counterparts, and by the different parties to each such agreement in separate counterparts, each
of which when executed will be deemed to be an original but all of which taken together will constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail will be as
effective as delivery of a manually executed counterpart of any such Agreement. 
 Section 9.13    No Right
to Set-Off. 
 CCOH will, and will cause each other Recipient to, pay the full amount of
costs and disbursements, including Other Costs, incurred under this Agreement, and will not set-off, counterclaim or otherwise withhold any other amount owed to a Provider on account of any obligation owed by
a Provider to a Recipient. 
 Section 9.14    Specific Performance. 

Subject to the provisions of Section 7.2, in the event of any actual or threatened default in, or breach of, any of
the terms, conditions and provisions of this Agreement, the party or parties who are, or are to be, thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief (on an interim or permanent basis) in respect
of its or their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The parties hereto agree that the remedies at law for any breach or
threatened breach, including monetary damages, are inadequate compensation for any losses and liabilities, and hereby waive any defense in any action or proceeding for specific performance that a remedy at law would be adequate. Any requirements for
the securing or posting of any bond with such remedy are waived by each of the parties hereto. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties have caused this Transition Services Agreement to be
executed to be, effective on the date first written above by their respective duly authorized officers. 
  

			
	IHEARTMEDIA MANAGEMENT SERVICES, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	IHEARTMEDIA, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	IHEARTMEDIACOMMUNICATIONS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [SIGNATURE PAGE TO
TRANSITION SERVICES AGREEMENT]EX-10.4

 Exhibit 10.4 

TAX MATTERS AGREEMENT 

This Tax Matters Agreement (this “Agreement”), dated as of [●], 2019, is entered into by and among iHeartMedia,
Inc., a Delaware corporation (“IHM”), iHeartCommunications, Inc., a Texas corporation (“IHC”), iHeart Operations, Inc., a Delaware corporation (“Radio Newco”), Clear Channel
Holdings, Inc., a Nevada corporation (“CCH”), Clear Channel Outdoor Holdings, Inc., a Delaware corporation (“CCOH”), Clear Channel Outdoor, Inc. (“CCOI”). 

RECITALS 
 WHEREAS,
certain IHM Group Members (as defined below), on the one hand, and certain Outdoor Group Members (as defined below), on the other hand, file Income Tax Returns (as defined below) on a consolidated, combined or unitary basis for certain federal,
state, local and foreign Income Tax (as defined below) purposes; 
 WHEREAS, IHM prepares and files, or causes to be prepared and filed, the
Income Tax Returns of each Outdoor Group Member, whether or not such Outdoor Group Member files an Income Tax Return on a consolidated, combined or unitary basis with any IHM Group Member; 

WHEREAS, IHC (f/k/a Clear Channel Communications, Inc.), which is an IHM Group Member, and CCOH, which is an Outdoor Group Member, are parties
to that certain Tax Matters Agreement dated as of November 10, 2005 (the “2005 Tax Matters Agreement”); 

WHEREAS, on March 14, 2018, IHM and certain of its subsidiaries, including IHC and CCH (collectively, the
“Debtors”), filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District
of Texas, Houston Division (the “Court”); 
 WHEREAS, on April 28, 2018 the Debtors filed with the Court a plan
of reorganization that was amended on August 5, 2018, and further amended or modified on August 23, 2018, August 28, 2018, September 12, 2018, September 18, 2018, October 10, 2018, October 17, 2018,
December 17, 2018, and January 22, 2019 (as the same may be further amended, the “Plan”) and confirmed by the Court by order dated January 22, 2019, pursuant to which the Debtors will undertake certain
restructuring and recapitalization transactions with respect to its capital structure, including a separation of CCOH from IHM, IHC and the other Debtors, all as further described in the Transaction Documents (the
“Transactions”), 
 WHEREAS, in connection with the Plan, CCH shall convert from a Nevada corporation to a Delaware
corporation by filing a certificate of conversion in accordance with Delaware law, which is intended to qualify as a reorganization under Section 368(a)(1)(F) of the Code; 

WHEREAS, in connection with the Plan, CCH will be fully and unconditionally released and discharged from all of its obligations under
guarantees of IHC’s indebtedness (the “CCH Release”); 
 WHEREAS, in connection with the Plan, CCH shall form
Radio Newco which will not be a guarantor of IHC’s pre-petition indebtedness; 
 WHEREAS, in
connection with the Plan, CCOH shall cause the conversion of CCOI, a direct wholly owned subsidiary of CCOH, into a limited liability company (the “Conversion”), which is intended to qualify as a complete liquidation
described in Section 332 of the Code pursuant to which the excess loss account in the stock of CCOI is eliminated; 

 WHEREAS, in connection with the Plan, CCH shall contribute the Radio Business Subsidiaries
to Radio Newco in a taxable transaction in exchange for common stock and preferred stock of Radio Newco, which preferred stock CCH will sell to one or more third parties for cash pursuant to a pre-arranged and
binding commitment (the “Radio Contribution”); 
 WHEREAS, in connection with the Plan, following the Radio
Contribution, CCH shall distribute to IHC in a taxable distribution the common stock of Radio Newco and the proceeds of the sale of the preferred stock of Radio Newco (the “Radio Distribution”);     

WHEREAS, in connection with the Plan, following the Conversion and the distribution to CCH of the shares of CCOH stock owned by Broader Media
LLC and CC Finco LLC, each a direct wholly owned subsidiary of CCH, CCOH shall merge with and into CCH, and CCH shall be the surviving corporation in such merger (the “CCOH Merger”), which merger is intended to qualify as a
complete liquidation described in Section 332 of the Code with respect to CCH pursuant to which the excess loss account in the stock of CCOH is eliminated and as a reorganization under Section 368(a) of the Code with respect to the public
shareholders of CCOH; 
 WHEREAS, in connection with the Plan, CCH or CCOH will issue preferred stock to one or more third parties for cash;

 WHEREAS, in connection with the Plan, following the CCOH Merger and pursuant to the terms of the Plan, IHC shall transfer to its
creditors the stock of CCH owned by IHC (the “CCH Distribution”) in a taxable transaction; 
 WHEREAS, in connection
with the Plan, the parties desire to enter into this Agreement which the parties intend shall replace and supersede in full the 2005 Tax Matters Agreement, to provide for and agree upon the allocation between the parties of liabilities for Taxes
arising prior and subsequent to, and/or in connection with the Transactions and to provide for and agree upon other matters relating to Taxes; 

NOW THEREFORE, in consideration of the premises set forth above and the terms and conditions set forth below, the parties hereto agree as
follows: 
 ARTICLE I 

Definitions 

Section 1.1    Definitions. For purposes of this Agreement, the following capitalized terms shall have the
meanings set forth below: 
 “Adjustment” shall mean any proposed or final change in the Tax liability of any
Person. 
 “Affiliate” shall mean any Person that directly or indirectly is “controlled” by the other
Person in question. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an Entity, whether through ownership of voting securities, by contract or
otherwise. Except as otherwise provided herein, the term Affiliate shall refer to Affiliates of a Person as determined immediately after the CCH Distribution. 

  
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 “Affiliated Group” shall mean an affiliated group of corporations
within the meaning of Section 1504(a) of the Code (or any analogous combined, consolidated, unitary or other similar group under state, local or non-U.S. income Tax law). 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Deconsolidation Date” shall mean the date on which a Deconsolidation Event occurs. 

“Deconsolidation Event” shall mean, with respect to each Outdoor Group Member, any event or transaction that causes
such Outdoor Group Member to no longer be eligible to join any IHM Group Member in filing an applicable Tax Return on a consolidated, combined or unitary basis; for the avoidance of doubt, the CCH Distribution shall be a Deconsolidation Event with
respect to CCH and each Outdoor Group Member for U.S. federal income tax purposes. 
 “Entity” shall mean a
partnership (whether general or limited), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or any other entity, without regard to whether it is treated as a
disregarded entity for U.S. federal tax purposes. 
 “Final Determination” shall mean the final resolution of any
Tax matter by issuance of IRS Form 4549, a closing agreement with the IRS or other relevant Taxing Authority, a deficiency notice with respect to which the period for filing a petition with the Tax Court or the relevant foreign, state or local
tribunal has expired, a decision of any court of competent jurisdiction that is not subject to appeal or as to which the time for appeal has expired, any allowance of a Refund in respect of an overpayment of Tax, but only after the expiration of all
periods during which such Refund may be recovered by the jurisdiction imposing the Tax, or any other final resolution, including by reason of the expiration of the applicable statute of limitations. 

“IHM Group” shall mean IHM and its Subsidiaries, excluding, however, any Outdoor Group Member; for the avoidance of
doubt, the IHM Group shall include CCH, except that with respect to the operations and activities of CCH in any Taxable Period or portion thereof beginning after the CCOH Merger and in its capacity as transferee of or successor to CCOH in the CCOH
Merger, CCH shall be considered an Outdoor Group Member. 
 “IHM Group Member” shall mean each Entity that is
included in the IHM Group. 
 “Income Tax Return” shall mean any Tax Return filed or required to be filed with any
Taxing Authority with respect to Income Taxes. 
 “Income Taxes” shall mean all Taxes imposed on or measured in
whole or in part by net income or profits or net worth or a taxable base in the nature of net income or profits or net worth, including franchise Taxes based on such factors and any alternative minimum Tax, and shall include any addition to Tax,
additional amount, interest and penalty imposed with respect to such Taxes. 
 “Indemnified Party” shall mean, with
respect to a matter, a Person that is entitled to seek indemnification pursuant to the terms and conditions of this Agreement with respect to such matter. 

“Indemnifying Party” shall mean, with respect to a matter, a Person that is obligated to provide indemnification
pursuant to the terms and conditions of this Agreement with respect to such matter. 

  
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 “Indirect Gains Taxes” shall mean all Taxes, other than U.S. federal
(or applicable state or local) Income Taxes and Transfer Taxes, imposed on the transfer of any assets or equity interests as a result of the transfer in the Transactions of the equity interests in an entity holding such assets or interests. 

“Intended Tax Treatment” shall mean the intended income tax treatment of each of the Transactions, as described in the
recitals of this Agreement and in Schedule 3.3 attached hereto. 
 “IRS” shall mean the United States Internal
Revenue Service or any successor thereto, including but not limited to its agents, representatives and attorneys acting in their official capacity. 

“Losses” shall mean any loss, cost, fine, penalty, fee, damage, obligation, liability, payment in settlement, Tax or
other expense of any kind, including reasonable attorneys’ fees and costs, but excluding any consequential, special, punitive or exemplary damages.      

“Non-Income Tax Return” shall mean any Tax Return filed or required to be
filed with any Taxing Authority with respect to Non-Income Taxes. 
 “Non-Income Taxes” shall mean any Taxes other than Income Taxes. 
 “Outdoor
Group” shall mean CCOH and its Subsidiaries, and in any Taxable Period or portion thereof beginning after the CCOH Merger, CCH, with respect to its operations and activities after the CCOH Merger and in its capacity as transferee of or
successor to CCOH in the CCOH Merger, and its Subsidiaries. 
 “Outdoor Group Member” shall mean each Entity that is
included in the Outdoor Group. 
 “Person” shall mean an individual or any Entity. 

“Radio Business Subsidiaries” shall mean all Subsidiaries of CCH other than CCOH and its Subsidiaries. 

“Refund” shall mean any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be
refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes. 

“Settlement and Separation Agreement” shall mean that certain Settlement and Separation Agreement, dated as of
March 27, 2019, by and among IHM, IHC, CCH and CCOH. 
 “Straddle Period” shall mean any Taxable Period that
begins on or before and ends after the date of the CCH Distribution (or, if later with respect to a Tax, the date of the Deconsolidation Event applicable to such Tax). 

“Subsidiary” shall mean, with respect to any Person, any other Person of which at least (i) ownership interests
constituting more than fifty percent (50%) of the total combined equity economic interest or the capital or profits, in the case of a partnership, or (ii) a majority of the securities or other ownership interests having by their terms ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions, is directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries. 

“Tax Benefit” shall mean a reduction in the Tax liability of any Person (or of the Affiliated Group of which it is a
member) for any Taxable Period. Except as otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been realized or received from a Tax 

  
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Item in a Taxable Period only if, and to the extent that, the Tax liability of the Person (or of the Affiliated Group of which it is a member) for such Taxable Period is less than it would have
been if such Tax liability were determined without regard to such Tax Item. 
 “Tax Controversy” shall mean any
audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including
proceedings relating to competent authority determinations. 
 “Tax Detriment” shall mean an increase in the Tax
liability of any Person (or of the Affiliated Group of which it is a member) for any Taxable Period. Except as otherwise provided in this Agreement, a Tax Detriment shall be deemed to have been realized or suffered from a Tax Item in a Taxable
Period only if, and to the extent that, the Tax liability of the Person (or the Affiliated Group of which it is a member) for such period is greater than it would have been if such Tax liability were determined without regard to such Tax Item. 

“Tax Item” shall mean any item of income, gain, loss, deduction, credit, recapture of credit, tax basis, or any other
item which may have the effect of increasing or decreasing Taxes paid or payable by any Person (or the Affiliated Group of which it is a member). 

“Tax Return” shall mean any return, report, certificate, form or similar statement or document (including any related
supporting information or schedule attached thereto and any information return or declaration of estimated Tax) supplied to, filed with or required to be supplied to or filed with a Taxing Authority in connection with the payment, determination,
assessment or collection of any Tax or the administration of any laws relating to any Tax return or claim for Refund.     

“Taxable Period” shall mean any taxable year or portion thereof. 

“Taxes” shall mean any and all U.S. federal, state, local, foreign or other governmental taxes, assessments, duties,
fees, levies or similar charges of any kind, including all income, gross receipts, license, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, excise, social security (or
similar), unemployment, disability, real property, personal property, sales, use, intangibles, transfer, value-added, registration, alternative or add-on minimum, ad valorem, payroll, employment,
withholding, estimated and other taxes of any kind whatsoever, whether disputed or not, and including all additions to tax, additional amounts, interest and penalties imposed with respect to such taxes. 

“Taxing Authority” shall mean, with respect to any Tax, the government or governmental or regulatory body thereof, or
political subdivision thereof, whether federal, state, local or foreign, or any agency, instrumentality or authority thereof, that imposes such Tax, and the agency (if any) charged with the collection of such Tax, including the IRS. 

“Transaction Document” shall mean any document executed by any IHM Group Member and/or any Outdoor Group Member, as
the case may be, in connection with the Transactions, including this Agreement and the Plan. 
 “Transaction Taxes”
shall mean any Taxes imposed on any IHM Group Member or Outdoor Group Member in connection with the Transactions, other than Transfer Taxes and Indirect Gains Taxes. 

  
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 “Transition Services Agreement” shall mean that certain
Transition Services Agreement, dated as of the date hereof, by and among iHeartMedia Management Services, Inc., a Delaware corporation, CCOH, IHM, and IHC. 

“Transfer Taxes” shall mean all U.S. federal, state, local or foreign sales, use, privilege, gains, transfer
(including real property transfer), documentary, stamp, duties, recording, and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any party hereto or any of its Subsidiaries in connection with the
Transactions. 
 Other capitalized terms defined elsewhere in this Agreement shall have the meaning given them in this Agreement. 

ARTICLE II 

Preparation, Filing and Payment of Taxes Shown Due on Tax Returns 

Section 2.1    Tax Payments. Subject in each case to the provisions of Article V: 

(a)    Estimated Income Tax Payments. 

(i)    For each Taxable Period ending on or before the date of the CCH Distribution (or, if later with
respect to a Tax, the date of the Deconsolidation Event applicable to such Tax), CCOH or, after the CCOH Merger, CCH shall pay, or cause to be paid, to IHM the amount of any estimated Income Taxes owed by any Outdoor Group Member and paid by IHM on
such Outdoor Group Member’s behalf, whether or not such estimated Income Tax is attributable to an Income Tax Return filed on a consolidated, combined or unitary basis with any IHM Group Member (“Estimated Income Tax
Payments”). In the case of any Estimated Income Tax Payments with respect to which any Outdoor Group Member joins any IHM Group Member in filing an Income Tax Return on a consolidated, combined or unitary basis, the amount of such
Estimated Income Tax Payments that are owed to IHM by such Outdoor Group Member shall be determined as if such Outdoor Group Member filed a separate Income Tax Return based solely on the income, apportionment factors and other Tax Items of such
Outdoor Group Member. 
 (ii)    For any Straddle Period, the Estimated Income Tax Payments of such
Outdoor Group Member shall be determined based on the Tax Items of such Outdoor Group Member that accrue before or on the Deconsolidation Date (a “Pre-Deconsolidation Straddle Period”),
calculated as if there were an interim closing of the books of such Outdoor Group Member as of the close of business on the date of the Deconsolidation Event, except that exemptions, allowances or deductions that are calculated on an annual basis
(including depreciation and amortization deductions, other than with respect to property placed in service after the Deconsolidation Event or taken out of service prior to the Deconsolidation Event) shall be allocated on a daily basis. For purposes
of determining the amount of Estimated Income Tax Payments of each Outdoor Group Member, to the extent that such Outdoor Group Member would be entitled to file an Income 

  
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Tax Return with respect to the applicable Income Tax on a consolidated, combined or unitary basis with any other Outdoor Group Member, the Estimated Income Tax Payments of such Outdoor Group
Members shall be determined as though such Outdoor Group Members filed an Income Tax Return with respect to such Income Tax on a consolidated, combined or unitary basis based solely on the income, apportionment factors and other Tax Items of such
Outdoor Group Members. 
 (b)    Separate Income Tax Liability. 

(i)    CCOH or, after the CCOH Merger, CCH shall pay, or cause to be paid, to IHM an amount equal to the
excess, if any, of (i) the Income Taxes incurred by any Outdoor Group Member under applicable Tax law and paid by IHM on such Outdoor Group Member’s behalf or, in the case of any Income Tax with respect to which any Outdoor Group Member
joins any IHM Group Member in filing an Income Tax Return on a consolidated, combined or unitary basis, the amount of Income Taxes that would be incurred by the Outdoor Group Member had such Outdoor Group Member filed a separate Income Tax Return
based solely on the income, apportionment factors and other Tax Items of such Outdoor Group Member (“Separate Income Tax Liability”), over (ii) the aggregate amount of Estimated Income Tax Payments actually made to IHM
with respect to the Separate Income Tax Liability for such Taxable Period. 
 (ii)    If the aggregate
amount of Estimated Income Tax Payments actually made to IHM with respect to the Separate Income Tax Liability for such Taxable Period exceeds such Separate Income Tax Liability, IHM and IHC shall pay to CCOH or, after the CCOH Merger, CCH an amount
equal to such excess. 
 (iii)    To the extent that any IHM Group Member utilizes any credits or
deductions, including, without limitation, foreign tax credits, alternative minimum tax credits, net operating losses or net capital losses, which are attributable to any Outdoor Group Member, and such utilization results in a Tax Benefit being
realized by such IHM Group Member (treating any credits or deductions attributable to the IHM Group as utilized prior to the utilization of any credits or deductions attributable to the Outdoor Group), then IHM and IHC shall pay to CCOH or, after
the CCOH Merger, CCH the amount of such Tax Benefit at the time of the filing of the Income Tax Return reflecting the realization of the Tax Benefit, and such credits or deductions with respect to which IHM or IHC has paid CCOH or CCH shall not be
utilizable by any Outdoor Group Member for purposes of computing such Outdoor Group Member’s Estimated Income Tax Payments or Separate Income Tax Liability; provided that, (A) the determination of whether any credit or deduction is
attributable to any Person for any Taxable Period ending on or before the effective date of this Agreement shall be determined in accordance with the 2005 Tax Matters Agreement, taking into account any prior utilization of any such credit or
deduction under the 2005 Tax Matters Agreement, notwithstanding, for the avoidance of doubt, any differing attribution of any such credit or deduction under Treasury Regulation Section 1.1502-21 or
otherwise under applicable Law, (B) any credit or deduction attributable to CCH and existing immediately prior to the CCH Merger shall not be treated as a credit or deduction of an Outdoor Group Member, and (C) any reduction under Sections
108(b) or 1017 and Treasury Regulations Sections 1.1502-28 or 1.1502-36 of any credits or deductions, including, without limitation, foreign tax credits, alternative
minimum tax credits, net operating losses, net capital losses tax basis or other Tax Item attributable to any Outdoor Group Member in connection with the Transactions shall not be treated as a utilization of a credit or deduction or other Tax Item
by an IHM Group Member. Schedule 2.1(b)(iii) sets out the difference, if any, between the amount of credits or deductions attributable to the Outdoor Group Members as determined under the 2005 Tax Matters Agreement and as would be determined under
Treasury Regulation Section 1.1502-21 

  
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or otherwise under applicable Law, in each case, as of December 31, 2017; provided that, IHM shall use commercially reasonable efforts to provide CCH, at such time as is reasonably
practicable, an updated draft of Schedule 2.1(b)(iii) that sets out any such differences as of the date of the CCH Distribution. For purposes of determining the amount of an Outdoor Group Member’s Separate Income Tax Liability, to the extent
that such Outdoor Group Member would be entitled to file an Income Tax Return on a consolidated, combined or unitary basis with any other Outdoor Group Member, the Separate Income Tax Liability of such Outdoor Group Members shall be determined as
though such Outdoor Group Members had filed a consolidated, combined or unitary Income Tax Return based solely on the income, apportionment factors and other Tax Items of such Outdoor Group Members. Notwithstanding anything else in this agreement to
the contrary, and acknowledging that the Settlement and Separation Agreement constitutes full and final satisfaction of any claims under the iHeart Note (as defined in the Settlement and Separation Agreement), no amount shall be payable under this
Agreement as a result of any Tax Benefit relating to the settlement of the iHeart Note. 

(c)    Additional Calculations. For purposes of determining the amount of an Outdoor Group
Member’s Estimated Income Tax Payments and Separate Income Tax Liability, IHM shall be entitled to claim all deductions arising by reason of the exercise of any stock options to purchase shares of IHM stock, or arising by reason of the payment
of deferred or other compensation by IHM to the extent such payment is not reimbursed by an Outdoor Group Member. In addition, for purposes of any Income Tax Return filed by, with respect to or on behalf of, any Outdoor Group Member (whether or not
such Outdoor Group Member files an Income Tax Return on a consolidated, combined or unitary basis with any IHM Group Member), IHM shall be, to the extent permitted by applicable Tax law, entitled to claim all deductions arising by reason of the
exercise of any stock options to purchase IHM stock or arising by reason of the payment of deferred or other compensation by IHM to the extent such payment is not reimbursed by an Outdoor Group Member. If, pursuant to a Final Determination, all or
any part of such deduction is disallowed or is proposed to be disallowed to IHM then, to the extent permitted by applicable Tax law, the appropriate Outdoor Group Member shall report such deduction on its Income Tax Return (including an amended
Income Tax Return). If an Outdoor Group Member realizes a Tax Benefit in any Taxable Period beginning after 

  
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the date of the CCH Distribution (or, if later with respect to a Tax, the date of the Deconsolidation Event applicable to such Tax), as a result of a deduction arising by reason of the exercise
of any stock option to purchase shares of IHM stock or arising by reason of the payment of deferred or other compensation by IHM to the extent such payment is not reimbursed by CCOH or CCH, CCH or CCOH shall pay, or cause to be paid, the amount of
such Tax Benefit to IHM. 
 (d)    Non-Income Taxes. Non-Income Taxes shall be allocated between the IHM Group Members, on the one hand, and Outdoor Group Members, on the other hand, based on the applicable items attributable to or arising from any business retained
by any IHM Group Member, on the one hand, and any business contributed to (or otherwise held on the CCH Distribution Date by) any Outdoor Group Member, on the other hand, that contribute to such Taxes (e.g., sales Taxes and value added Taxes shall
be allocated to the IHM Group Members to the extent arising from taxable sales made by any business retained by any IHM Group Member). CCOH or, after the CCOH Merger, CCH shall pay, or cause to be paid, to IHM an amount equal to the Non-Income Taxes incurred by any Outdoor Group Member under applicable Tax law and paid by IHM on such Outdoor Group Member’s behalf (“Separate Non-Income Tax
Liability”), and IHM and IHC shall pay, or cause to be paid, to CCOH or CCH an amount equal to the Non-Income Taxes incurred by any IHM Group Member under applicable Tax law and paid by CCOH or
CCH on such IHM Group Member’s behalf. 
 (e)    Tax Liability of CCH for Taxable Periods Before
the CCH Distribution. For the avoidance of doubt, for all purposes of this Agreement, any Tax liability of CCH attributable to any Taxable Period ending on or before the date of the CCH Distribution, other than any such Tax liability resulting
from CCH’s being a transferee or successor of CCOH in connection with the CCOH Merger or arising from the operations and activities of CCH and its Subsidiaries after the CCOH Merger, shall not be treated as a liability of an Outdoor Group
Member, nor shall any Tax Item of CCH arising during any such Taxable Period, other than any such Tax Item resulting from CCH’s being a transferee or successor of CCOH in connection with the CCOH Merger or arising from the operations and
activities of CCH and its Subsidiaries after the CCOH Merger, be treated as a Tax Item of any Outdoor Group Member. All provisions of this Agreement shall be construed in a manner consistent with this Section 2.1(e). 

(f)    Timing. 

(i)    For each Taxable Period beginning on or before the date of the CCH Distribution (or, if later with
respect to a Tax, the date of the Deconsolidation Event applicable to such Tax), IHM shall prepare and deliver to CCOH or, after the CCOH Merger, CCH a schedule (the “Schedule”) showing in reasonable detail IHM’s
calculation of any Estimated Income Tax Payments, Separate Income Tax Liability and Separate Non-Income Tax Liability, as the case may be, of each Outdoor Group Member and, subject to
Section 4.4, (i) any payments by CCH or CCOH to IHM or IHC required pursuant to Section 2.1(a), (b) or (d) hereof shall be made based on the Schedule no later than the later of (A) fifteen days before
the date that such payment is due and payable to the 

  
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applicable Taxing Authority and (B) ten days after CCOH’s or CCH’s receipt of the Schedule, and (ii) any payments by IHM or IHC to CCOH or CCH required pursuant to
Section 2.1(b) or (d) hereof shall be made, based on the Schedule, no later than the date such Tax Return is filed with the applicable Taxing Authority. 

(ii)    Except as otherwise provided herein, all indemnification or other payments to be made pursuant to
this Agreement shall be made within fifteen days of written notice of a request for indemnification or payment by the Indemnified Party, which notice shall be accompanied by a computation of the amount due. If any payments required to be made
pursuant to this Agreement (including Estimated Income Tax Payments) are not made when due, such payments shall bear interest at the prevailing federal short-term interest rate as determined under Section 6621 of the Code. 

(g)    Adjustments. 

(i)    If, as a result of a Final Determination, there is an Adjustment that would have the effect of
increasing or decreasing an Outdoor Group Member’s Separate Income Tax Liability or Separate Non-Income Tax Liability for Taxable Periods beginning on or before the date of the CCH Distribution (or, if
later with respect to a Tax, the date of the Deconsolidation Event applicable to such Tax), then CCOH or, after the CCOH Merger, CCH shall pay, or cause to be paid, to IHM the amount of any increased Separate Income Tax Liability or Separate
Non-Income Tax Liability, and IHM and IHC shall pay to CCOH or, after the CCOH Merger, CCH the amount of any decreased Separate Income Tax Liability or Separate Non-Income Tax Liability; provided,
however, that IHM’s and IHC’s payment to CCOH or CCH shall not exceed the net amount of payments received by IHM from any Outdoor Group Member or CCH with respect to the Separate Income Tax Liability or Separate Non-Income Tax Liability for such Taxable Periods. 
 (ii)    If, as a
result of a Final Determination, there is an Adjustment to any of the credits or deductions attributable to any Outdoor Group Member which resulted in a payment by IHM to CCOH or CCH pursuant to Section 2.1(b)(iii)
of this Agreement (or to CCOH under Section 2(b) of the 2005 Tax Matters Agreement) that would have the effect of increasing or decreasing the Tax Benefit to the IHM Group Member utilizing such credit or deduction, then CCOH or CCH shall pay,
or cause to be paid, to IHM the amount of any decreased Tax Benefit and IHM and IHC shall pay to CCOH or CCH the amount of any increased Tax Benefit. 

(h)    Other Adjustments. If, as a result of a Final Determination, there is an Adjustment with
respect to any Tax Item of any Outdoor Group Member for any Taxable Period beginning on or before the date of the CCH Distribution (or, if later with respect to a Tax, the date of the Deconsolidation Event applicable to such Tax), including any
portion of a Straddle Period ending on such date, that results in a Tax Detriment being realized by any IHM Group Member, or by any Outdoor Group Member for which the 

  
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IHM Group is otherwise liable, then CCOH or, after the CCOH Merger, CCH shall indemnify IHM against such Tax Detriment. If there is an Adjustment pursuant to Section 482 of the Code
or similar authority under applicable Tax law which results in a Tax Detriment being realized by any IHM Group Member or any Outdoor Group Member, on the one hand, and a corresponding Tax Benefit being realized by any Outdoor Group Member or any IHM
Group Member, on the other, which is not otherwise taken into account through payments or indemnification under this Agreement, then CCOH or, after the CCOH Merger, CCH, on the one hand, shall pay to IHM, on the other hand, or IHM and IHC, on
the one hand, shall pay to CCOH or, after the CCOH Merger, CCH, on the other hand, as the case may be, the amount of such Tax Benefit to the extent of such Tax Detriment. 

(i)    Reimbursements. Each Outdoor Group Member shall repay, or cause to be repaid, any IHM Group
Member for any payment made by such IHM Group Member on behalf of any Outdoor Group Member for Taxes owed by such Outdoor Group Member and that are not otherwise subject to the payment provisions of this Section 2.1. 

Section 2.2    Tax Return Preparation. 

(a)    Subject to Section 2.2(b), (i) IHM shall prepare and file, or cause to be prepared and filed,
all Tax Returns that are required under applicable law to be filed by, with respect to or on behalf of any Outdoor Group Member (whether or not such Outdoor Group Member files a Tax Return on a consolidated, combined or unitary basis with any IHM
Group Member) on or before the date of the CCH Distribution and which IHM has prepared and filed, or caused to be prepared and filed with respect to or on behalf of any Outdoor Group Member pursuant to the most recent past practice of IHM, and
(ii) IHM shall prepare and file, or cause to be prepared and filed, any Tax Return which IHM determines shall be filed on a consolidated, combined or unitary basis with any Outdoor Group Member, for any Taxable Period beginning before a
Deconsolidation Event applicable to the Tax that is the subject matter of the relevant Tax Return. 

(b)    With respect to the Tax Returns prepared by IHM pursuant to Section 2.2(a), CCOH or, after the
CCOH Merger, CCH shall be entitled to review (i) any income Tax Returns which relate solely to the Outdoor Group and (ii) any Tax Returns, or portions thereof, which relate to (x) Taxes for which an Outdoor Group Member may be liable
under applicable law or (y) Taxes or Tax Items in respect of which any Outdoor Group Member is entitled to any rights or benefits, or has any obligations, under this Agreement. IHM shall provide each such Tax Return or portions thereof, as
applicable, to CCOH or, after the CCOH Merger, CCH at least thirty (30) days prior to the due date for filing such Tax Return (including extensions). CCOH or CCH shall provide comments as soon as practicable with respect to such Tax Returns or
portions thereof, and, either (i) IHM shall reflect such comments on such Tax Returns, or (ii) the consent of CCOH or, after the CCOH Merger, CCH, not to be unreasonably withheld or delayed, shall be required, in each case before such Tax
Returns are filed with the applicable Taxing Authority, provided, however, that IHM shall not be required to reflect the comments of CCOH or, after the CCOH Merger, CCH or obtain the consent of CCOH or, after the CCOH Merger, CCH with respect to any
matter reflected on such Tax Return 

  
 -11- 

 
which is not reasonably expected to affect any Taxes or Tax Items in respect of which any Outdoor Group Member is entitled to any rights or benefits, or has any obligations, under this Agreement,
provided further, however, that if a dispute involving a position on a Tax Return cannot be resolved pursuant to those provisions prior to the due date (including extensions) for any such Tax Return, the Tax Return shall be timely filed with
IHM’s position reflected and, following the resolution of such dispute, such Tax Return shall be amended to the extent necessary to reflect the resolution of such dispute. Any disputes with respect to any such Tax Return or portion thereof, as
applicable, shall be subject to Section 3.3 and Section 4.4. 
 (c)    Except as set forth in,
and without duplication of any payments made under, the Transition Services Agreement, CCOH or, after the CCOH Merger, CCH shall reimburse IHM for an allocable portion of its expenses incurred in preparing and filing any Tax Returns described in
Section 2.2(a) on behalf of any Outdoor Group Member, as such allocation is reasonably agreed to by IHM and CCOH or, after the CCOH Merger, CCH. 

(d)    Unless otherwise required by law, the IHM Group Members and Outdoor Group Members, as applicable,
shall file the appropriate information and statements, as required by Treasury Regulations Section and 1.368-3, with the IRS with respect to the CCOH Merger, and shall retain the appropriate information
relating to the CCOH Merger as described in Treasury Regulations Section 1.368-3(d). 

ARTICLE III 
 Tax
Proceedings 
 Section 3.1    Notification of Tax Controversies. Within ten (10) days after an
Indemnified Party becomes aware of the commencement of a Tax Controversy that may give rise to an indemnity payment pursuant to Article II or Article V, such Indemnified Party shall notify the Indemnifying Party in writing of such Tax Controversy,
and thereafter shall promptly forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Controversy. The failure of the Indemnified Party to notify the Indemnifying Party in writing of the
commencement of any such Tax Controversy within such ten (10) day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this
Agreement except to the extent (and only to the extent) that the Indemnifying Party is actually materially prejudiced by such failure. 

Section 3.2    Tax Controversies. CCOH or, after the CCOH Merger, CCH shall have control over any portion of
a Tax Controversy that relates solely to Taxes for which any Outdoor Group Member would be liable under this Agreement, including Taxes for which such Outdoor Group Member joined in filing a Tax Return on a consolidated, combined or unitary basis
with any IHM Group Member. IHM shall have control over any portion of a Tax Controversy that relates solely to Taxes for which any IHM Group Member would liable under this Agreement, including Taxes for which such IHM Group Member joined in filing a
Tax Return on a consolidated, combined or unitary basis with any Outdoor Group Member. To the extent a Tax Controversy relates to Taxes for which both an IHM Group Member and an 

  
 -12- 

 
Outdoor Group Member would be liable under this Agreement, to the extent possible the various portions of such Tax Controversy shall be distinguished and allocated so that each party will control
the portion of such Tax Controversy which relates solely to Taxes for which it would be liable under this Agreement. To the extent any portion of a Tax Controversy cannot be distinguished as being attributable solely to Taxes for which only an IHM
Group Member or an Outdoor Group Member would be liable under this Agreement, if the Tax Return that is the subject of the Tax Controversy was filed by a member of the Outdoor Group, then CCOH or, after the CCOH Merger, CCH shall have control over
such portion of the Tax Controversy, and otherwise, IHM shall have control over such portion of the Tax Controversy. In exercising control over any portion of any Tax Controversy, CCOH, or after the CCOH Merger, CCH or IHM, as applicable,
(i) shall be entitled to act through counsel and other representatives of its own choosing, at its sole expense, (ii) shall consult with the other party with respect to any portion of any Tax Controversy the resolution of which could
reasonably be expected to have an adverse impact on the other party, and (iii) without the consent of the other party (which consent shall not be unreasonably withheld, delayed or conditioned), shall not settle or compromise any portion of any
Tax Controversy if such settlement or compromise could reasonably be expected to have an adverse impact on the other party. IHM (with respect to any portion of a Tax Controversy controlled by CCOH, or after the CCOH Merger, CCH) and CCOH, or after
the CCOH Merger, CCH (with respect to a Tax Controversy controlled by IHM and for which an Outdoor Group Member may have liability under this Agreement) shall have the right to observe the conduct of any proceedings with counsel and other
representatives of its choosing, at its sole expense. Notwithstanding anything to the contrary in the foregoing, CCOH, or after the CCOH Merger, CCH, shall control and IHM shall be entitled to fully participate in any Tax Controversy with respect to
Income Taxes of any Affiliated Group of which Radio Computing Services (UK) Ltd. is a member relating to any Taxable Period beginning before any Deconsolidation Event with respect to Radio Computing Services (UK) Ltd. CCOH, CCH and IHM agree to
fully cooperate as reasonably requested with the other in the negotiation, settlement or litigation of any liability for Taxes of any IHM Group Member or Outdoor Group Member. 

Section 3.3     Consistency. IHM, CCOH and CCH shall (and shall cause each of their respective Subsidiaries
to) take the position on all Tax Returns and in all Tax Controversies that the Transactions shall be subject to Tax in accordance with the Intended Tax Treatment and shall prepare such Tax Returns and defend such Tax Controversies in a manner
consistent with the Intended Tax Treatment, in each case unless otherwise required by a Final Determination. 
 ARTICLE IV 

Cooperation 

Section 4.1    Tax Information. 

(a)    CCOH, and after the CCOH Merger, CCH shall cooperate, and shall cause each Outdoor Group Member to
cooperate, with IHM in the preparation and filing of Tax Returns, as described in Article II, or in the conduct of Tax Controversies, as described in Article III, by maintaining such books and records and providing on a timely basis
such information as may be reasonably necessary or useful in the filing of such Tax Returns or the conduct of such Tax Controversies and executing any documents, providing any further information and taking any actions which IHM may reasonably
request in connection therewith. 

  
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 (b)    If CCOH, and after the CCOH Merger, CCH fails to
provide, or fails to cause any Outdoor Group Member to provide, any information requested pursuant to this Article IV on a timely basis, then IHM shall have the right to engage an independent certified public accountant of its choice to
gather such information. CCOH, and after the CCOH Merger, CCH agrees to permit any such independent certified public accountant full access to all Tax Returns and other relevant information in the possession of any Outdoor Group Member during
reasonable business hours, and to reimburse or pay directly all costs and expenses incurred in connection with the engagement of such independent certified public accountant. 

(c)    If CCOH, and after the CCOH Merger, CCH supplies, or causes any Outdoor Group Member to supply,
information to an IHM Group Member in connection with the preparation and filing of any Tax Return or in connection with the conduct of any Tax Controversy and an officer of the requesting party signs a statement or other document under penalties of
perjury in reliance upon the accuracy of such information, then a duly authorized officer with the requisite knowledge shall certify, under penalties of perjury, the accuracy of the information so supplied. CCOH, and after the CCOH Merger, CCH shall
indemnify and hold harmless each IHM Group Member and its respective officers and employees, against any cost, fine, penalty or other expenses of any kind attributable to an Outdoor Group Member supplying an IHM Group Member with inaccurate
information, in connection with the preparation and filing of any Tax Return or in connection with the conduct of any Tax Controversy. 

Section 4.2    Other Cooperation. Whenever any Outdoor Group Member or IHM Group Member learns of a breach or
a violation of any obligation or provision contained in this Agreement, CCOH, and after the CCOH Merger, CCH or IHM, as applicable, shall give notice to the other party within ten days of becoming aware of such breach or violation. 

Section 4.3    Retention of Records. CCOH, and after the CCOH Merger, CCH, and IHM and IHC agree to retain,
and cause each IHM Group Member or Outdoor Group Member, respectively, to retain, the appropriate records which may affect the determination of the Separate Income Tax Liability or Separate Non-Income Tax
Liability of any Outdoor Group Member or the Tax liability of any IHM Group Member which files a Tax Return on a consolidated, combined or unitary basis with any Outdoor Group Member until such time as there has been a Final Determination with
respect thereto. Any IHM Group Member or Outdoor Group Member intending to destroy any materials, records, or documents relating to the foregoing matters shall provide CCH or IHM, respectively, with 90 days advance notice and the opportunity to
copy or take possession of such materials, records and documents. 
 Section 4.4    Resolution of Disputes.
Any dispute concerning (i) the calculation or basis of determination of any payment provided for hereunder or (ii) any Tax Return or portion thereof provided to CCOH or, after the CCOH Merger, CCH, shall be resolved by a nationally
recognized firm of independent certified public accountants mutually acceptable to IHM, on the one hand, and CCOH or, after the CCOH Merger, CCH, on the other hand, whose judgment shall be conclusive and binding upon the parties. 

  
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 ARTICLE V 

Tax Indemnity 

Section 5.1    Indemnities for Transaction Taxes and Other Taxes. 

(a)    CCOH’s and CCH’S Indemnity of IHM and IHC. Notwithstanding any provision of this
Agreement to the contrary but except as provided in Section 5.1(b)(ii), CCOH, and after the CCOH Merger, CCH, shall indemnify IHM and each IHM Group Member, and their respective directors, officers and employees, and hold them harmless, on an after-Tax basis, from and against any Transaction Taxes imposed on any Outdoor Group Member. 

(b)    IHM’s and IHC’s Indemnity of CCOH and CCH. Notwithstanding any provision of this
Agreement to the contrary, IHM and IHC shall indemnify CCOH, and after the CCOH Merger, CCH and each Outdoor Group Member, and their respective directors, officers and employees, and hold them harmless, on an
after-Tax basis, from and against (i) (A) any Transaction Taxes imposed on any IHM Group Member, (B) any Transfer Taxes and Indirect Gains Taxes which are the responsibility of the IHM Group pursuant
to Section 5.2 and, (C) any Tax liability imposed on CCH or any other Outdoor Group Member for any Taxable Period beginning before the date of the CCH Distribution (in excess of the Separate Income Tax Liabilities and Separate Non-Income Tax Liabilities of the Outdoor Group) for which CCH or any Outdoor Group Member is liable solely as a result of Treasury Regulation Section 1.1502-6 (or any
similar provision under foreign, state or local law) as a result of being or having been a member of the affiliated group of which IHM is the common parent corporation for federal tax purposes, or a member of a combined, consolidated, unitary or
similar group for foreign, state or local tax purposes, which includes any IHM Group Member, and (ii) an amount equal to 50% of the amount by which (A) the amount of any Transaction Taxes imposed on any Outdoor Group Member which are paid
to the applicable Taxing Authority on or prior to the third anniversary of the CCH Distribution, exceeds (B) $5,000,000; provided that, the aggregate liability of the IHM and IHC pursuant to this Section 5.1(b)(ii) shall in no event exceed
$15,000,000. For the avoidance of doubt, the obligations of IHM and IHC pursuant to Section 5.1(b)(ii) shall not apply to, and IHM and IHC shall not bear any liability pursuant to Section 5.1(b)(ii) for, any Transaction Taxes imposed on
any Outdoor Group Member which are paid to the applicable Taxing Authority after the third anniversary of the CCH Distribution. 

Section 5.2    Transfer Taxes and Indirect Gains Taxes. Notwithstanding any other provision in this
Agreement, all Transfer Taxes and Indirect Gains Taxes shall be borne by the IHM Group. 

  
 -15- 

 ARTICLE VI 

Miscellaneous 

Section 6.1    Term of the Agreement. This Agreement shall become effective as of the date of its execution
and, except as otherwise expressly provided herein, shall continue in full force and effect indefinitely. 

Section 6.2    Other Tax Sharing Arrangements. Other than any agreement entered into pursuant to the
Settlement and Separation Agreement, all Tax sharing, indemnification, and similar agreements, written or unwritten, as between an IHM Group Member, on the one hand, and an Outdoor Group Member, on the other hand, addressing the same or
substantially similar issues as are addressed by this Agreement (including, for the avoidance of doubt, the 2005 Tax Matters Agreement) shall be or shall have been terminated no later than the date hereof and, following the date hereof, no IHM Group
Member or Outdoor Group Member shall have any further rights or obligations under any such Tax sharing, indemnification, or similar agreements; provided that this Section 6.2 shall not affect any claim by any IHM Group Member or Outdoor Group
Member arising before the effective date of this Agreement under the 2005 Tax Matters Agreement. 

Section 6.3    Injunctions. The parties acknowledge that irreparable damage would occur in the event that any
of the provisions of this Agreement 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 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. 

Section 6.4    Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect, and shall in no way be affected, impaired or
invalidated. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid,
void or unenforceable. In the event that any such term, provision, covenant or restriction is held to be invalid, void or unforeseeable, the parties hereto shall use their best efforts to find and employ an alternate means to achieve the same or
substantially the same result as that contemplated by such term, provision, covenant or restriction. 

Section 6.5    Assignment. Except by operation of law or in connection with the sale of all or substantially
all the assets of a party hereto, this Agreement shall not be assignable, in whole or in part, directly or indirectly, by any party hereto without the advance written consent of the other party, and any attempt to assign any rights or obligations
arising under this Agreement without such consent shall be void; provided, however, that the provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by, the parties hereto and their respective successors and
permitted assigns. 

  
 -16- 

 Section 6.6    Further Assurances. Subject to the
provisions hereof, the parties hereto shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to
consummate the transactions contemplated hereby. Subject to the provisions hereof, each of the parties shall, in connection with entering into this Agreement, performing its obligations hereunder and taking any and all actions relating hereto,
comply with all applicable laws, regulations, orders and decrees, obtain all required consents and approvals and make all required filings with any Taxing Authority, governmental agency, other regulatory or administrative agency, commission or
similar authority, and promptly provide the other parties with all such information as they may reasonably request in order to be able to comply with the provisions of this sentence. 

Section 6.7    Joint and Several Liability. Each of CCOH, and after the CCOH Merger, CCH, and CCOI
shall be jointly and severally liable to IHM, IHC and Radio Newco for any obligations of any Outdoor Group Member under this Agreement. Each of IHM, IHC and Radio Newco shall be jointly and severally liable to CCOH, and after the CCOH Merger, CCH
and CCOI for any obligations of any IHM Group Member under this Agreement. 
 Section 6.8    Parties in
Interest. Except as herein otherwise specifically provided, nothing in this Agreement expressed or implied is intended to confer any right or benefit upon any Person other than the parties hereto and their respective successors and permitted
assigns. 
 Section 6.9    Waivers, Etc. No failure or delay on the part of the parties in exercising any
power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. No modification or waiver of any provision of this Agreement, nor the consent to any departure by the parties therefrom, shall in any event be effective unless the same shall be in writing, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

Section 6.10    Setoff. All payments to be made by any party under this Agreement shall be made without
setoff, counterclaim or withholding, all of which are expressly waived. 
 Section 6.11    Change of Law.
If, due to any change in applicable law or regulations or their interpretation by any court of law or other governing body having jurisdiction subsequent to the date of this Agreement, the performance of any provision of this Agreement or any
transaction contemplated hereby shall become impracticable or impossible, the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
provision. 
 Section 6.12    Confidentiality. Subject to any contrary requirement of law and the right of
each party to enforce its rights hereunder in any arbitration or legal action, each party agrees that it shall keep strictly confidential, and shall cause its employees and agents to keep strictly confidential, any information which it or any of its
employees or agents may acquire pursuant to, or in the course of performing its obligations under, any provision of this Agreement. 

  
 -17- 

 Section 6.13    Headings. Descriptive headings are for
convenience only and shall not control or affect the meaning or construction of any provision of this Agreement. 

Section 6.14    Counterparts. For the convenience of the parties, any number of counterparts of this
Agreement may be executed by the parties hereto, and each such executed counterpart shall be, and shall be deemed to be, an original instrument. 

Section 6.15    Notices. All notices, consents, requests, instructions, approvals and other communications
provided for herein shall be validly given, made or served, if in writing and delivered personally, by telegram or sent by registered mail, postage prepaid, or by facsimile or other electronic transmission to: 

If to IHM or any other member of the IHM Group, to:  

iHeartMedia, Inc. 
 20880 Stone
Oak Parkway 
 San Antonio, Texas 78258 

Attention:       Lauren Dean 

E-mail:           LaurenDean@iheartmedia.com 

with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Attention:        Gregory W. Gallagher, P.C. 

               Douglas A. Ryder, P.C., 

               Dvir Oren, P.C. 

               Brian D.Wolfe 

E-mail:             ggallagher@kirkland.com

                douglas.ryder@kirkland.com 

               dvir.oren@kirkland.com 

               brian.wolfe@kirkland.com 

If to CCH or any other member of the Outdoor Group, to: 

Clear Channel Holdings, Inc. 
 99
Park Avenue, 2nd Floor 
 New York, NY 10016 

Attention:        Lynn Feldman 

E-mail:            LynnFeldman@clearchannel.com

  
 -18- 

 Clear Channel Holdings, Inc. 

c/o Clear Channel International Ltd. 

33 Golden Square 
 London W1F9JT

 United Kingdom 
 Attention:
      Adam Tow 
 E-mail:
          Adam.Tow@clearchannel.com 
 with a copy (which shall not constitute notice) to:

 Wilson, Sonsini, Goodrich & Rosati 

1301 Avenue of the Americas 
 New
York, NY 10019 
 Attention:       Benjamin Hoch 

              Bradley Finkelstein 

              Eileen Marshall 

E-mail:            bhoch@wsgr.com 

              bfinkelstein@wsgr.com 

              emarshall@wsgr.com 

or to such other address as any party may, from time to time, designate in a written notice given in a like manner. Notice delivered personally or given by
telegram shall be deemed delivered when received by the recipient. Notice given by mail as set out above shall be deemed delivered five calendar days after the date the same is mailed. Notice given by facsimile or other electronic transmission shall
be deemed delivered on the day of transmission provided telephone confirmation of receipt is obtained promptly after completion of transmission. 

Section 6.16    Costs and Expenses. Unless otherwise specifically provided herein, each party agrees to pay
its own costs and expenses resulting from the exercise of its respective rights or the fulfillment of its respective obligations hereunder. 

Section 6.17    Applicable Law. This Agreement shall be governed by and construed and enforced in accordance
with the domestic substantive laws of the State of Delaware without regard to any choice or conflict of laws, rules or provisions that would cause the application of the domestic substantive laws of any other jurisdiction. 

[REMAINDER OF THE PAGE INTENTIONALLY BLANK] 

  
 -19- 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed by their respective
officers, each of whom is duly authorized, all as of the day and year first above written. 
  

			
	iHEARTMEDIA, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

	
	iHEARTCOMMUNICATIONS, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

	
	iHEART OPERATIONS, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

  
 -20- 

 
			
	CLEAR CHANNEL HOLDINGS, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

	
	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

	
	CLEAR CHANNEL OUTDOOR, INC.
		
	By:	 	
                     
                    

		
	Name:	 	
                     
                    

		
	Title:	 	
                     
                    

  
 -21-

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