Document:

EX-10.1

 Exhibit 10.1 

TAX MATTERS AGREEMENT 
 by and
between 
 CBS CORPORATION 
 and

 CBS OUTDOOR AMERICAS INC. 

dated as of 
 April 2, 2014

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article 1. Definition of Terms	  	 	2	  
		
	Article 2. Responsibility for Tax Liabilities	  	 	10	  
	 Section 2.01
	 	General Rule	  	 	10	  
	 Section 2.02
	 	Federal Income Taxes and Canadian Income Taxes	  	 	10	  
	 Section 2.03
	 	State Income Taxes and State Other Taxes	  	 	11	  
	 Section 2.04
	 	Foreign Income Taxes and Foreign Other Taxes	  	 	12	  
	 Section 2.05
	 	Certain Employment and Other Taxes	  	 	14	  
	 Section 2.06
	 	Determination of Tax Attributable to the Outdoor Americas Group or the Outdoor Americas Business in respect of any Joint Return	  	 	14	  
	 Section 2.07
	 	Additional Outdoor Americas Liability	  	 	15	  
	 Section 2.08
	 	Additional CBS Liability	  	 	15	  
	 Section 2.09
	 	No Liability for Prior Payments	  	 	16	  
		
	Article 3. Preparation and Filing of Tax Returns	  	 	16	  
	 Section 3.01
	 	CBS Responsibility	  	 	16	  
	 Section 3.02
	 	Outdoor Americas Responsibility	  	 	17	  
	 Section 3.03
	 	Tax Reporting Practices	  	 	17	  
	 Section 3.04
	 	Consolidated or Combined Tax Returns	  	 	17	  
	 Section 3.05
	 	Outdoor Americas Carrybacks and Claims for Tax Benefit	  	 	18	  
	 Section 3.06
	 	Apportionment of Tax Attributes	  	 	18	  
		
	Article 4. Calculation of Tax and Payments	  	 	18	  
	 Section 4.01
	 	Taxes With Respect to Joint Returns	  	 	18	  
	 Section 4.02
	 	Adjustments Resulting in Underpayments	  	 	19	  
	 Section 4.03
	 	Method for Making Payments	  	 	19	  
		
	Article 5. Refunds	  	 	19	  
	 Section 5.01
	 	Refunds	  	 	19	  
		
	Article 6. Tax-Free Status	  	 	20	  
	 Section 6.01
	 	Representations of and Restrictions on Outdoor Americas	  	 	20	  
	 Section 6.02
	 	Restrictions on CBS	  	 	22	  
	 Section 6.03
	 	Procedures Regarding Post Distribution Rulings and Unqualified Tax Opinions	  	 	22	  
	 Section 6.04
	 	Liability for Separation Tax Losses	  	 	23	  
	 Section 6.05
	 	Payment of Separation Taxes	  	 	24	  
		
	Article 7. Assistance and Cooperation	  	 	25	  
	 Section 7.01
	 	Assistance and Cooperation	  	 	25	  
	 Section 7.02
	 	Tax Return Information	  	 	26	  
	 Section 7.03
	 	Reliance by CBS	  	 	26	  
	 Section 7.04
	 	Reliance by Outdoor Americas	  	 	26	  

  
 i 

							
	Article 8. Tax Records	  	 	27	  
	 Section 8.01
	 	Retention of Tax Records	  	 	27	  
	 Section 8.02
	 	Access to Tax Records	  	 	27	  
	 Section 8.03
	 	Preservation of Privilege	  	 	27	  
		
	Article 9. Tax Contests	  	 	27	  
	 Section 9.01
	 	Notice	  	 	27	  
	 Section 9.02
	 	Control of Tax Contests	  	 	28	  
		
	Article 10. Effective Date	  	 	29	  
		
	Article 11. Survival of Obligations	  	 	29	  
		
	Article 12. Treatment of Payments	  	 	29	  
	 Section 12.01
	 	Treatment of Tax Indemnity Payments	  	 	29	  
	 Section 12.02
	 	Interest Under This Agreement	  	 	30	  
		
	Article 13. Disagreements	  	 	30	  
	 Section 13.01
	 	Discussion	  	 	30	  
	 Section 13.02
	 	Escalation	  	 	30	  
	 Section 13.03
	 	Referral to Tax Advisor	  	 	30	  
	 Section 13.04
	 	Injunctive Relief	  	 	31	  
		
	Article 14. Late Payments	  	 	31	  
		
	Article 15. Expenses	  	 	31	  
		
	Article 16. General Provisions	  	 	31	  
	 Section 16.01
	 	Addresses and Notices	  	 	31	  
	 Section 16.02
	 	Binding Effect	  	 	32	  
	 Section 16.03
	 	Waiver	  	 	32	  
	 Section 16.04
	 	Severability	  	 	32	  
	 Section 16.05
	 	Authority	  	 	32	  
	 Section 16.06
	 	Further Action	  	 	32	  
	 Section 16.07
	 	Integration	  	 	33	  
	 Section 16.08
	 	Construction	  	 	33	  
	 Section 16.09
	 	No Double Recovery	  	 	33	  
	 Section 16.10
	 	Counterparts	  	 	33	  
	 Section 16.11
	 	Governing Law	  	 	33	  
	 Section 16.12
	 	Jurisdiction	  	 	33	  
	 Section 16.13
	 	Amendment	  	 	33	  
	 Section 16.14
	 	Outdoor Americas Subsidiaries	  	 	34	  
	 Section 16.15
	 	Successors	  	 	34	  
	 Section 16.16
	 	Injunctions	  	 	34	  

  
 ii 

 INDEX OF DEFINED TERMS 

 

					
	 	  	Page	 
	 Active Trade or Business
	  	 	2	  
	 Adjustment Request
	  	 	2	  
	 Affiliate
	  	 	2	  
	 Agreement
	  	 	1, 2	  
	 Business Day
	  	 	2	  
	 Canadian Income Tax
	  	 	2	  
	 Cash Payment
	  	 	3	  
	 CBS
	  	 	1	  
	 CBS Affiliated Group
	  	 	3	  
	 CBS Federal Consolidated Income Tax Return
	  	 	3	  
	 CBS Group
	  	 	3	  
	 CBS Indemnified Party
	  	 	3	  
	 CBS Separate Return
	  	 	3	  
	 Code
	  	 	3	  
	 Companies
	  	 	1	  
	 Company
	  	 	1	  
	 Contribution
	  	 	1	  
	 Controlled Company
	  	 	3	  
	 Controlling Party
	  	 	29	  
	 Deconsolidation Date
	  	 	3	  
	 Dispute
	  	 	30	  
	 Distributing Company
	  	 	3	  
	 Distributions
	  	 	3	  
	 Employment Tax
	  	 	3	  
	 Federal Income Tax
	  	 	3	  
	 Fifty-Percent or Greater Interest
	  	 	4	  
	 Final Determination
	  	 	4	  
	 Final Distribution Date
	  	 	20	  
	 Foreign Income Tax
	  	 	4	  
	 Foreign Other Tax
	  	 	4	  
	 Governmental Authority
	  	 	4	  
	 Group
	  	 	4	  
	 Income Tax
	  	 	4	  
	 Indemnitee
	  	 	30	  
	 Indemnitor
	  	 	30	  
	 Internal Spin-Offs
	  	 	1	  
	 IPO
	  	 	4	  
	 IPO Closing Date
	  	 	4	  
	 IRS
	  	 	5	  
	 Joint Return
	  	 	5	  
	 Non-Controlling Party
	  	 	29	  
	 Notified Action
	  	 	22	  
	 Outdoor Americas
	  	 	1	  
	 Outdoor Americas Business
	  	 	5	  

  
 iii 

					
	 Outdoor Americas Capital Stock
	  	 	5	  
	 Outdoor Americas Carryback
	  	 	5	  
	 Outdoor Americas Common Stock
	  	 	5	  
	 Outdoor Americas Entity
	  	 	5	  
	 Outdoor Americas Group
	  	 	5	  
	 Outdoor Americas Indemnified Party
	  	 	5	  
	 Outdoor Americas Separate Return
	  	 	5	  
	 Past Practice
	  	 	17	  
	 Payment Date
	  	 	5	  
	 Person
	  	 	6	  
	 Plan of Reorganization
	  	 	6	  
	 Post-Distribution Ruling
	  	 	6, 22	  
	 Post-IPO Period
	  	 	6	  
	 Pre-Deconsolidation Period
	  	 	6	  
	 Pre-IPO Period
	  	 	6	  
	 Preliminary Tax Advisor
	  	 	30	  
	 Prime Rate
	  	 	6	  
	 Privilege
	  	 	6	  
	 Proposed Acquisition Transaction
	  	 	6	  
	 Radio Media
	  	 	1	  
	 Radio Media Distribution
	  	 	1	  
	 Refund
	  	 	7	  
	 Representation Letters
	  	 	7	  
	 Responsible Company
	  	 	7	  
	 Retention Date
	  	 	27	  
	 Return
	  	 	10	  
	 Ruling Request
	  	 	7	  
	 Separate Return
	  	 	7	  
	 Separation Agreement
	  	 	8	  
	 Separation Plan
	  	 	8	  
	 Separation Tax Losses
	  	 	8	  
	 Separation Transactions
	  	 	8	  
	 Split-Off
	  	 	8	  
	 Split-Off Date
	  	 	8	  
	 State Income Tax
	  	 	8	  
	 State Other Tax
	  	 	8	  
	 Straddle Period
	  	 	8	  
	 Tax
	  	 	8	  
	 Tax Advisor
	  	 	9	  
	 Tax Attribute
	  	 	9	  
	 Tax Authority
	  	 	9	  
	 Tax Benefit
	  	 	9	  
	 Tax Contest
	  	 	9	  
	 Tax Control
	  	 	9	  
	 Tax Item
	  	 	9	  
	 Tax Law
	  	 	9	  

  
 iv 

					
	 Tax Opinions/Rulings
	  	 	9	  
	 Tax Period
	  	 	10	  
	 Tax Records
	  	 	10	  
	 Tax Return
	  	 	10	  
	 Taxes
	  	 	8	  
	 Tax-Free Status
	  	 	9	  
	 Treasury Regulations
	  	 	10	  
	 Underwriters
	  	 	10	  
	 Unqualified Tax Opinion
	  	 	10	  

  
 v 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of April 2, 2014, by and among CBS Corporation., a
Delaware corporation (“CBS”), and CBS Outdoor Americas Inc. a Maryland corporation and an indirect wholly owned subsidiary of CBS (“Outdoor Americas”) (CBS and Outdoor Americas are sometimes collectively referred to
herein as the “Companies” and, as the context requires, individually referred to herein as the “Company”). 

RECITALS 
 WHEREAS, CBS
presently indirectly owns 100% of Outdoor Americas; 
 WHEREAS, pursuant to the Plan of Reorganization (as defined below), CBS Radio Media,
a Delaware corporation and an indirect wholly owned subsidiary of CBS (“Radio Media”) transferred the stock or other equity interests of certain of CBS’s Affiliates (as defined below) that own Outdoor Americas Business (as
defined below) assets and/or are dedicated to the Outdoor Americas Business to Outdoor Americas in exchange for Outdoor Americas Common Stock (as defined below) and the Cash Payment (as defined below) (the “Contribution”); 

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

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

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

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

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

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

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

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

“Agreement” means this Tax Matters Agreement. 

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

“Canadian Income Tax” means any Tax imposed by Canada, or by any province or political subdivision thereof, which is
an income Tax as defined in Treasury Regulation Section 1.901-2. 

  
 2 

 “Cash Payment” has the meaning set forth in the Plan of Reorganization. 

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

“CBS Affiliated Group” means the affiliated group (as that term is defined in Section 1504 of the Code and the Treasury
Regulations thereunder) of which CBS is the common parent. 
 “CBS Federal Consolidated Income Tax Return” means any United
States federal Income Tax Return for the CBS Affiliated Group. 
 “CBS Group” means CBS and its Subsidiaries, excluding any
entity that is a member of the Outdoor Americas Group as determined immediately after the IPO. 
 “CBS Indemnified Party”
means any officer, director or employee of CBS or any of its Affiliates. 
 “CBS Separate Return” means any Tax Return of
or including any member of the CBS Group (including any consolidated, combined or unitary Tax Return that does not include any member of the Outdoor Americas Group). 

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

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

“Contribution” has the meaning provided in the Recitals. 

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

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

“Deconsolidation Date” means the last date on which Outdoor Americas qualifies as a member of the CBS Affiliated Group. 

“Dispute” has the meaning set forth in Article 13 of this Agreement. 

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

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

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

  
 3 

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

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

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

“Foreign Other Tax” means any Tax imposed by any foreign country and by any political subdivision of any foreign
country other than any Foreign Income Tax or Canadian Income Tax. 
 “Governmental Authority” has the meaning set
forth in the Separation Agreement. 
 “Group” means the CBS Group or the Outdoor Americas Group, or both, as the context
requires. 
 “Income Tax” means any Tax that is a Canadian Income Tax, a Federal Income Tax, a Foreign Income Tax or a
State Income Tax. 
 “Indemnitee” has the meaning set forth in Section 12.02 of this Agreement. 

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

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

“IPO Closing Date” means the date on which the proceeds of any sale of Outdoor Americas Common Stock to the Underwriters are
received, or such other time as is determined by CBS. 

  
 4 

 “IRS” means the United States Internal Revenue Service. 

“Joint Return” means any Tax Return that actually includes, by election or otherwise, or is required to include under
applicable Law, one or more members of the CBS Group together with one or more members of the Outdoor Americas Group. 

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

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

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

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

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

“Outdoor Americas Group” means (i) Outdoor Americas and its Subsidiaries, as well as (ii) any entity which
(A) was an Affiliate of CBS or an Affiliate of a member of the Outdoor Americas Group, (B) conducted solely or predominantly the Outdoor Americas Business, and (C) is no longer an Affiliate of CBS as of the IPO. 

“Outdoor Americas Indemnified Party” means any officer, director or employee of Outdoor Americas or any of its
Affiliates. 
 “Outdoor Americas Separate Return” means any Tax Return of or including any member of the
Outdoor Americas Group (including any consolidated, combined or unitary Tax Return) that does not include any member of the CBS Group. 

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

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

  
 5 

 “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated
as disregarded for U.S. federal income tax purposes. 
 “Plan of Reorganization” has the meaning set forth in the
Separation Agreement. 
 “Post-Distribution Ruling” has the meaning set forth in Section 6.01(d)(vi) of this
Agreement. 
 “Post-IPO Period” means any Tax Period beginning after the IPO Closing Date and, in the case of any Straddle
Period, the portion of such Straddle Period beginning after the IPO Closing Date. 
 “Pre-IPO Period” means any Tax
Period ending on or before the IPO Closing Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on the IPO Closing Date. 

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

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

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other Treasury Regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such
transaction is supported by Outdoor Americas management or shareholders, is a hostile acquisition, or otherwise, as a result of which Outdoor Americas would merge or consolidate with any other Person or as a result of which any Person or Persons
would (directly or indirectly) acquire, or have the right to acquire, from Outdoor Americas and/or one or more holders of outstanding shares of Outdoor Americas Capital Stock, a number of shares of Outdoor Americas Capital Stock that would, when
combined with any other changes in ownership of Outdoor Americas  

  
 6 

 
Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise a 40% or greater interest in Outdoor Americas (i) by value, as of the date of such transaction, or in the
case of a series of transactions, the date of the last transaction of such series, or (ii) by vote, as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding
the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by Outdoor Americas of a shareholder rights plan or (ii) issuances by Outdoor Americas that satisfy Safe Harbor VIII (relating to acquisitions in
connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer), in each case, of Treasury Regulation Section 1.355-7(d), or (iii) transfers of Outdoor Americas
Capital Stock that satisfy Safe Harbor VII (relating to public trading) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift
of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. For purposes of this definition, each reference to Outdoor Americas shall include a reference to
any entity treated as a successor thereto. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute,
Treasury Regulations promulgated under Section 355(e) of the Code or official IRS guidance with respect thereto shall be incorporated in this definition and its interpretation. 

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

“Refund” shall mean any Tax Benefit, but only to the extent such Tax Benefit is actually realized in cash or as a reduction
to Taxes otherwise payable by the relevant party, together with any interest paid on or with respect to such Tax Benefit; provided, however, that the amount of any Tax Benefit shall be net of any Taxes imposed by any Taxing Authority
on the receipt of the Tax Benefit, including any Taxes imposed by way of withholding or offset. 
 “Representation
Letters” means the statements of facts and representations, officer’s certificates, representation letters and any other materials (including, without limitation, a Ruling Request and any related supplemental submissions to the IRS or
other Tax Authority) delivered by CBS, Outdoor Americas or any of their respective Affiliates or representatives in connection with the rendering by Tax Advisors, and/or the issuance by the IRS or other Tax Authority, of the Tax Opinions/Rulings.

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

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

  
 7 

 “Separation Agreement” means the Master Separation Agreement, as amended from
time to time, by and among CBS and Outdoor Americas dated April 2, 2014. 
 “Separation Plan” means the Step Plan
dated April 2, 2014, attached hereto as Exhibit A. 
 “Separation Transactions” means those transactions
undertaken by the Companies and their Affiliates pursuant to the Separation Plan to separate ownership of the Outdoor Americas Business from CBS. 

“Separation Tax Losses” means (i) all Taxes imposed pursuant to (or any reduction to a Refund resulting from) any Final
Determination or otherwise; (ii) all third party accounting, legal and other professional fees and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes; and
(iii) all third party costs, expenses and damages associated with any stockholder litigation or other controversy and any amount paid by CBS (or any CBS Affiliate) or Outdoor Americas (or any Outdoor Americas Affiliate) in respect of any
liability of or to shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from (x) the failure of the Contribution and the Distributions to have Tax-Free Status; (y) the failure of a
Separation Transaction to have the tax treatment described in the Tax Opinions/Rulings (or, if not so described in the Tax Opinions/Rulings, in the Separation Plan) or to qualify as tax-free to the extent that tax-free treatment was intended; or
(z) the failure of related transactions that would not have occurred had the IPO or Split-Off not occurred to qualify as tax-free to the extent that tax-free treatment was intended. 

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

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

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

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

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

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

“Tax Authority” means any Governmental Authority imposing any Tax, charged with the collection of Taxes or otherwise
having jurisdiction with respect to any Tax. 
 “Tax Benefit” means any refund, reimbursement, offset, credit, or
other reduction in liability for Taxes. 
 “Tax Contest” means an audit, review, examination, or any other
administrative or judicial proceeding with respect to Taxes (including any administrative or judicial review of any claim for any Tax Benefit with respect to Taxes previously paid). 

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

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

  
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 “Tax Period” means, with respect to any Tax, the period for which the Tax
is reported as provided under the Code or other applicable Tax Law. 
 “Tax Records” means any (i) Tax
Returns, (ii) Tax Return work papers, (iii) documentation relating to Tax Contests, and (iv) other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on
electronic or any other medium) maintained or required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority, in each case filed or required to be filed with respect to or
otherwise relating to Taxes. 
 “Tax Return” or “Return” means any report of Taxes due, any
claim for a Tax Benefit, any information return or estimated Tax return with respect to Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law with respect to Taxes,
including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the
relevant Tax Period. 
 “Underwriters” has the meaning set forth in the Separation Agreement. 

“Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is
acceptable to CBS, and on which CBS may rely to the effect that (a) a transaction will not affect the Tax-Free Status and (b) will not adversely affect any of the conclusions set forth in the Tax Opinions/Rulings. Any such opinion must
assume that the Contribution and the Distributions would have qualified for Tax-Free Status if the transaction in question did not occur. 

Article 2. Responsibility for Tax Liabilities. 

Section 2.01 General Rule. 

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

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

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

(a) Joint Returns 

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

  
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 (ii) Joint Returns for Post-IPO Periods. 

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

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

(b) Separate Returns. 

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

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

(ii) Post-IPO Periods. 

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

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

  
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 (b) State Income Taxes Relating to Separate Returns. 

(i) CBS shall be responsible for all State Income Taxes due with respect or attributable to or required to be reported on any
CBS Separate Return for any Tax Period. 
 (ii) Outdoor Americas shall be responsible for all State Income Taxes due with
respect or attributable to or required to be reported on any Outdoor Americas Separate Return for any Tax Period. 
 (c) State Other
Taxes Relating to Joint Returns. 
 (i) Pre-IPO Periods. CBS shall be responsible for all State Other Taxes
due with respect or attributable to or required to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii)
Post-IPO Periods. 
 (A) Outdoor Americas shall be responsible for all State Other Taxes due with respect or
attributable to or required to be reported on any Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business. 

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

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

(a) Foreign Income Tax Relating to Joint Returns 

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

  
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 (ii) Post-IPO Periods. 

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

(B) CBS shall be responsible for all Foreign Income Taxes due with respect or attributable to or required to be reported on any
Joint Return for any Post-IPO Period other than those Foreign Income Taxes described in Section 2.04(a)(ii)(A). 
 (b)
Foreign Income Taxes Relating to Separate Returns. 
 (i) Outdoor Americas shall be responsible for all Foreign
Income Taxes due with respect or attributable to or required to be reported on any Outdoor Americas Separate Return for any Tax Period, including any Foreign Income Tax of Outdoor Americas or any member of the Outdoor Americas Group imposed or
collected by way of withholding by a member of the CBS Group. 
 (ii) CBS shall be responsible for all Foreign Income Taxes
due with respect or attributable to or required to be reported on any CBS Separate Return for any Tax Period. 
 (c) Foreign Other Taxes
Relating to Joint Returns. 
 (i) Pre-IPO Periods. CBS shall be responsible for all Foreign Other Taxes due
with respect or attributable to or required to be reported on any Joint Return for all Pre-IPO Periods. 
 (ii) Post-IPO
Periods. 
 (A) Outdoor Americas shall be responsible for all Foreign Other Taxes due with respect or attributable
to or required to be reported on any Joint Return for any Post-IPO Period which Taxes are attributable to the Outdoor Americas Group or the Outdoor Americas Business. 

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

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

Section 2.06 Determination of Tax Attributable to the Outdoor Americas Group or the Outdoor Americas Business in respect of any
Joint Return. 
 (a) United States Federal Income Tax. For purposes of this Agreement, the amount of Federal Income Taxes
attributable to the Outdoor Americas Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in good faith (except as otherwise provided in Section 2.06(e)) on a pro forma U.S. federal
consolidated return of the Outdoor Americas Group (of which Outdoor America is the common parent) for any Tax Period or relevant portion thereof beginning after the IPO Closing Date and ending on (and including) or before the Deconsolidation Date
prepared: 
 (i) assuming that the members of the Outdoor Americas Group were not members of the CBS Affiliated Group;

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

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

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

  
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 (c) State Income Tax. For purposes of this Agreement, the amount of State Income Taxes
attributable to the Outdoor Americas Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in a manner consistent with the principles set forth in Section 2.06(a), to the extent relevant.

 (d) Foreign Income Tax. For purposes of this Agreement, the amount of Foreign Income Taxes attributable to the Outdoor Americas
Group or the Outdoor Americas Business with respect to any Joint Return shall be as determined by CBS in a manner consistent with the principles set forth in Section 2.06(a), to the extent relevant. 

(e) Limitation. The amount of Federal Income Taxes, Canadian Income Taxes, State Income Taxes or Foreign Income Taxes attributable to
the Outdoor Americas Group or the Outdoor Americas Business for any Tax Period subject to this Agreement shall, in each case, not be less than zero; unless the Outdoor Americas Group or the Outdoor Americas Business generates a Tax Attribute for a
Tax Period or relevant portion thereof beginning after the IPO Closing Date determined under the principles of this Section 2.06, and CBS actually realizes a net Tax Benefit as a result of the utilization of such Tax Attribute, as
determined by CBS in its sole and absolute discretion. 
 Section 2.07 Additional Outdoor Americas Liability. Outdoor Americas shall
be liable for, and shall indemnify, defend, and hold harmless the CBS Group and any CBS Indemnified Party from and against, any liability for: 

(a) any Tax resulting from a breach by Outdoor Americas of any covenant in this Agreement, the Separation Agreement or any Ancillary Agreement;

 (b) any Tax resulting from any breach of or inaccuracy in any representations, or portions thereof, relating primarily to Outdoor
Americas or the Outdoor Americas Business in this Agreement, the Separation Agreement or any Ancillary Agreement or in connection with the Ruling Request, any Representation Letter or the Tax Opinion/Rulings; 

(c) any Separation Tax Losses for which Outdoor Americas is responsible pursuant to Section 6.04 of this Agreement; and 

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

Section 2.08 Additional CBS Liability. CBS shall be liable for, and shall indemnify defend, and hold harmless the Outdoor Americas
Group and any Outdoor Americas Indemnified Party from and against, any liability for: 
 (a) any Tax resulting from a breach by CBS of any
covenant in this Agreement, the Separation Agreement or any Ancillary Agreement; 
 (b) to the extent not covered by
Section 2.07(b), any Tax resulting from any breach of or inaccuracy in any representations made by CBS in this Agreement, the Separation Agreement or any Ancillary Agreement or in connection with the Ruling Request, any Representation
Letter or the Tax Opinion/Rulings; 

  
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 (c) any Separation Tax Losses for which CBS is responsible pursuant to Section 6.04
of this Agreement; and 
 (d) any liability for Taxes that are not attributable to the Outdoor Americas Group or the Outdoor Americas
Business, as determined pursuant to Section 2.06, and imposed on any member of the Outdoor America Group pursuant to Treasury Regulation Section 1.1502-6 or any analogous provision of state law as a result of such member of the
Outdoor America Group having been a member of an affiliated, combined, consolidated, unitary or other similar group of which a member of the CBS Group was the parent. 

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

Section 2.09 No Liability for Prior Payments. For the avoidance of doubt, neither party to this Agreement shall have any responsibility
with respect to, or have any obligation to repay, any payment made by the other party or any of its Affiliates prior to the date of this Agreement (whether made to such first party, to any Taxing Authority or to any other Person) in respect of any
Taxes or other amounts for which such first party is responsible hereunder 
 Article 3. Preparation and Filing of Tax Returns. 

Section 3.01 CBS Responsibility. 

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

(b) In the case of any Tax Return required to be prepared by Outdoor Americas pursuant to Section 3.02(a) that is required by law
to be filed by a member of the CBS Group, CBS and Outdoor Americas shall cooperate to cause such Tax Return to be timely filed. 
 (c) At
least 20 business days prior to the due date of any Tax Return with respect to Income Taxes required to be filed by CBS pursuant to this Section 3.01, CBS shall make available to Outdoor Americas (i) in the case of a Joint Return
described in Section 3.01(a)(x), a draft of the pro forma U.S. federal and state Tax Returns relating to Income Taxes of the Outdoor Americas Group Affiliates that are included in such Joint Return, and (ii) in the case of an
Outdoor Americas Separate Return described in Section 3.01(a)(y), a draft of such Outdoor Americas Separate Return, and, in the case of each of (i) and (ii), any work papers or other information related to the preparation thereof.
CBS shall promptly consider, in good faith, the comments of Outdoor Americas with respect to such Tax Returns. For the avoidance of doubt, CBS shall have no obligation to make available to Outdoor Americas the entire Joint Return for any
Pre-Deconsolidation Period. 

  
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 Section 3.02 Outdoor Americas Responsibility. 

(a) Outdoor Americas shall prepare and timely file, or cause to be prepared and timely filed (in each case, taking into account extensions),
all Tax Returns required to be filed by or with respect to members of the Outdoor Americas Group other than those Tax Returns which CBS is required to prepare and file under Section 3.01. Outdoor Americas shall pay all Taxes shown to be
due on such Tax Return to the relevant Tax Authority. 
 (b) At least 20 business days prior to the due date of any Tax Return with respect
to Income Taxes required to be filed by Outdoor Americas pursuant to Section 3.02 that relates to or includes any portion of a Pre-Deconsolidation Period, Outdoor Americas shall make available to CBS a draft of such Tax Return and any
work papers or other information related to the preparation thereof. Outdoor America shall accept any reasonable comments of CBS with respect to such Tax Returns. 

Section 3.03 Tax Reporting Practices. 

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

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

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

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

  
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 Section 3.05 Outdoor Americas Carrybacks and Claims for Tax Benefit. Unless CBS otherwise
consents in writing, Outdoor Americas shall (i) not file any Adjustment Request with respect to any Joint Return, (ii) waive any available elections to carry back to any Joint Return any Outdoor Americas Carryback arising in a Post-IPO
Period, and (iii) not make any affirmative election to claim any such Outdoor Americas Carryback. 
 Section 3.06 Apportionment of
Tax Attributes. CBS shall notify Outdoor Americas in writing of any Tax Attributes (and the amount thereof) of the CBS Affiliated Group (and, if applicable, any unitary, consolidated or other similar group under any state or foreign Law) that
CBS determines, in its sole and absolute discretion, shall be allocated or apportioned to the Outdoor Americas Group under applicable Tax Law. Outdoor Americas shall and shall cause all members of the Outdoor Americas Group to prepare all Tax
Returns in accordance with such allocation and Outdoor Americas shall not, and shall cause all members of the Outdoor Americas Group not, to take any position inconsistent with such allocation in connection with any Tax Contest or otherwise. Outdoor
Americas shall not dispute CBS’s allocation or apportionment of Tax Attributes. Outdoor Americas may request that CBS undertake a determination of the portion, if any, of any particular Tax Attribute to be allocated or apportioned to the
Outdoor Americas Group under applicable Tax Law. If and to the extent that CBS determines, in its sole and absolute discretion, not to undertake such determination, or does not otherwise advise Outdoor Americas of its intention to undertake such
determination within 30 Business Days of the receipt of such request, Outdoor Americas shall be permitted to undertake such determination at its own cost and expense and shall notify CBS of its determination, which determination shall not be binding
upon CBS. 
 Article 4. Calculation of Tax and Payments. 

Section 4.01 Taxes With Respect to Joint Returns. 

(a) Calculation of Taxes With Respect to Joint Returns. In the case of any Joint Return, within 10 business days of a written request
by CBS, Outdoor Americas shall provide CBS with information, documents, and access to Outdoor Americas personnel reasonably requested by CBS to prepare Joint Returns and calculate the Taxes attributable to Outdoor Americas pursuant to
Section 2.06. Any information or documents shall be provided in such form as CBS reasonably requests. Any calculation by CBS of Taxes attributable to Outdoor Americas pursuant to Section 2.06 shall be made in good faith
(except to the extent otherwise provided Section 2.06(e)) and shall be binding on Outdoor Americas absent manifest error. 
 (b)
Notification of Taxes Owed With Respect to Joint Returns. At least 10 business days prior to any Payment Date for Taxes-attributable to any Joint Return, CBS shall make the portion of such Joint Return and/or related work papers which are
relevant to the determination of the Taxes attributable to Outdoor Americas pursuant to Section 2.06 available for review by Outdoor Americas. CBS shall consider in good faith any reasonable comments of Outdoor Americas with respect to
such Joint Returns. The Companies shall attempt in good faith to resolve any issues arising out of the review of such Tax Return. 

  
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 (c) Payment of Liability With Respect to Tax Due. At least 10 Business Days prior
to any Payment Date for any Joint Return, Outdoor Americas shall pay to CBS the amount attributable to the Outdoor Americas Group under the provisions of Article 2 as calculated by CBS pursuant to Section 4.01(a). To the extent a
payment attributable to estimated taxes is made pursuant to this Section 4.01(c), the amount attributable to Outdoor Americas will be recomputed and appropriate adjustments shall be made at the time the Tax Return for the full year with
respect to which such estimated tax payments were made is filed. 
 Section 4.02 Adjustments Resulting in Underpayments. In
the case of any adjustment pursuant to a Final Determination with respect to any Tax Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be paid as a
result of such adjustment. The Responsible Company shall compute the amounts attributable to the CBS Group and the Outdoor Americas Group in accordance with Article 2 and Outdoor Americas shall pay to CBS any amount due CBS or CBS shall pay
Outdoor Americas any amount due Outdoor Americas under Article 2 within 10 Business Days of the date of receipt of a written notice and demand from the Responsible Company for payment of the amount due, accompanied by evidence of payment
and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto; provided, that no such payment shall be required to be made earlier than 5 Business Days prior to the date the additional Tax is
required to be paid to the applicable Tax Authority. 
 Section 4.03 Method for Making Payments. All payments required to be made
under this Agreement shall be made by CBS directly to Outdoor Americas and by Outdoor Americas directly to CBS; provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the
CBS Group, on the one hand, may make such indemnification payment to any member of the Outdoor Americas Group, on the other hand, and vice versa. Unless otherwise specified in this agreement, all indemnification payments shall be made within 5
business days of the receipt by the indemnifying party of notification of the amount owed, together with reasonable documentation showing the basis for the calculation of such amount and evidence of payment of such amounts by the indemnified party
to the relevant Taxing Authority or other recipient. All indemnification payments shall be treated in the manner described in Section 12.01. 

Article 5. Refunds. 

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

  
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 Article 6. Tax-Free Status. 

Section 6.01 Representations of and Restrictions on Outdoor Americas. 

(a) Outdoor Americas hereby represents and warrants that (A) it has examined the Ruling Request and the Representation Letters
(including, without limitation, the representations to the extent that they relate to the plans, proposals, intentions and policies of Outdoor Americas, its Subsidiaries, the Outdoor Americas Business or the Outdoor Americas Group), (B) to the
extent in reference to Outdoor Americas, its Subsidiaries, the Outdoor Americas Business or the Outdoor Americas Group, the facts presented and the representations made therein are true, correct and complete, (C) it has no plan or intention of
taking any action, or failing to take any action or knows of any circumstance, that could reasonably be expected to (i) adversely affect the Tax-Free Status of the Contribution and the Distributions, (ii) adversely affect the qualification
of any Separation Transaction under any Tax Law as wholly or partially tax-free or tax-deferred to the extent that tax-free or tax-deferred treatment is intended by CBS or (iii) cause any representation or factual statement made in this
Agreement, the Separation Agreement or any Ancillary Agreement, the Ruling Request or the Representation Letters to be untrue, and (D) during the period beginning two-years before the first Distribution Date and ending on the Final Distribution
Date, there was no “agreement, understanding, arrangement, substantial negotiations or discussions” (as such terms are defined in Treasury Regulations Section 1.355-7(h)) by any one or more
officers or directors of any member of the Outdoor Americas Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding an acquisition of all or a significant portion of the
Outdoor Americas Capital Stock (and any predecessor); provided, that no representation or warranty is made by Outdoor Americas regarding any “agreement, understanding, arrangement, substantial negotiations or discussions” (as such
terms are defined in Treasury Regulations Section 1.355-7(h) by any one or more officers or directors of CBS. 
 (b) Outdoor Americas
shall not take or fail to take, or permit any Outdoor Americas Affiliate to take or fail to take, any action if such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in
any Ruling Request, Representation Letters or Tax Opinions/Rulings. Outdoor Americas shall not take or fail to take, or permit any Outdoor Americas Affiliate to take or fail to take, any action if such action or failure to act would or reasonably
could be expected to adversely affect (A) the Tax-Free Status of the Contribution and the Distributions, or (B) the qualification of any Separation Transaction under any Tax Law as wholly or partially tax-free or tax-deferred (including,
but not limited to, those transactions described in any of the Tax Opinions/Rulings received with respect to such Separation Transaction) to the extent that tax-free or tax-deferred treatment was intended by CBS. 

(c) From the date hereof until the first Business Day after the two-year anniversary of the date of the final distribution of stock of Outdoor
Americas by CBS occurring pursuant to the Split-Off (the “Final Distribution Date”), Outdoor Americas shall (i) maintain its status as a company engaged in an Active Trade or Business, (ii) not engage in any transaction
that would or reasonably could result in it ceasing to be a company engaged in an Active Trade or Business, (iii) cause each Outdoor Americas Affiliate whose Active Trade or Business is represented to or relied upon in the Tax Opinions/Rulings
for purposes of qualifying a transaction as tax-free 

  
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pursuant to Section 355 (and where applicable, Section 368(a)(1)(D)) of the Code or other Tax Law to maintain its status as a company engaged in such Active Trade or Business,
(iv) not engage in any transaction or permit an Outdoor Americas Affiliate to engage in any transaction that would or reasonably could result in an Outdoor Americas Affiliate described in clause (iii) hereof ceasing to be a company engaged
in the relevant Active Trade or Business and (v) not dispose of or permit an Outdoor Americas Affiliate to dispose of, directly or indirectly, any interest in an Outdoor Americas Affiliate described in clause (iii) hereof. 

(d) From the date hereof until the first Business Day after the two-year anniversary of the Final Distribution Date, Outdoor Americas shall
not and shall not permit any Outdoor Americas Affiliate described in clause (iii) of Section 6.01(c) to 

(i) enter into or permit to occur any Proposed Acquisition Transaction, 

(ii) merge or consolidate with any other Person or liquidate or partially liquidate, provided that this
Section 6.01(d)(ii) shall not apply to mergers, consolidations, liquidations, or partial liquidations effected exclusively between or among Outdoor Americas Affiliates in existence as of the date of this Agreement and which do not result
in Outdoor Americas (or any successor) ceasing to exist as a corporation for U.S. federal income tax purposes. 
 (iii) in a
single transaction or series of transactions sell or transfer (other than sales or transfers of inventory in the ordinary course of business) all or substantially all of the assets that were transferred to Outdoor Americas pursuant to the
Contribution or sell or transfer 25% or more of the gross assets of any Active Trade or Business, 
 (iv) redeem or otherwise
repurchase (directly or through an Outdoor Americas Affiliate) any Outdoor Americas stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the
amendment of such Revenue Procedure by Revenue Procedure 2003-48), 
 (v) amend its certificate of incorporation (or other
organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of Outdoor Americas Capital Stock (including, without limitation, through the conversion of one class of Outdoor
Americas Capital Stock into another class of Outdoor Americas Capital Stock) or 
 (vi) take any other action or actions
(including any action or transaction that would be reasonably likely to be inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions
described in this subparagraph (d)) would or reasonably could have the effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in
Outdoor Americas (or any successor) or otherwise jeopardize Tax-Free Status, 

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

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

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

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

  
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 (c) Post-Distribution Rulings or Unqualified Tax Opinions at CBS’s Request.
CBS shall have the right to obtain a Post-Distribution Ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion. If CBS determines to obtain a Post-Distribution Ruling or an Unqualified Tax Opinion, Outdoor Americas shall
(and shall cause each Affiliate of Outdoor Americas to) cooperate with CBS and take any and all actions reasonably requested by CBS in connection with obtaining the Post-Distribution Ruling or Unqualified Tax Opinion (including, without limitation,
by making any representation or covenant or providing any materials or information requested by the IRS or Tax Advisor; provided that Outdoor Americas shall not be required to make (or cause any Affiliate of Outdoor Americas to make) any
representation or covenant that is inconsistent with historical facts or as to future matters or events over which matters or events it has no control). CBS shall reimburse Outdoor Americas for all reasonable costs and expenses, including
out-of-pocket expenses and expenses relating to the utilization of Outdoor Americas personnel, incurred by the Outdoor Americas Group in connection with such cooperation within ten Business Days after receiving an invoice from Outdoor Americas
therefor. 
 (d) CBS shall have sole and exclusive control over the process of obtaining any Post-Distribution Ruling, and only CBS
shall be permitted to apply for a Post-Distribution Ruling. In connection with obtaining a Post-Distribution Ruling, (A) CBS shall keep Outdoor Americas informed in a timely manner of all material actions taken or proposed to be taken by CBS in
connection therewith; (B) CBS shall (1) reasonably in advance of the submission of any Ruling Request provide Outdoor Americas with a draft copy thereof; (2) reasonably consider Outdoor Americas’s comments on such draft copy; and
(3) provide Outdoor Americas with a final copy; and (C) provide Outdoor Americas with notice reasonably in advance of, and Outdoor Americas shall have the right to attend, any formally scheduled meetings with the IRS (subject to the
approval of the IRS) that relate to such Post-Distribution Ruling. Neither Outdoor Americas nor any Outdoor Americas Affiliate directly or indirectly controlled by Outdoor Americas shall seek any guidance from the IRS or any other Tax Authority
(whether written, verbal or otherwise) at any time concerning the Separation Transactions (including the impact of any transaction on the Separation Transactions). 

Section 6.04 Liability for Separation Tax Losses. 

(a) Notwithstanding anything in this Agreement or the Separation Agreement to the contrary (and in each case regardless of whether a
Post-Distribution Ruling, Unqualified Tax Opinion or waiver described in clause (C) of Section 6.01(d) may have been provided), subject to Section 6.04(b), Outdoor Americas shall be responsible for, and shall indemnify,
defend, and hold harmless CBS and its Affiliates and any CBS Indemnified Party from and against, any Separation Tax Losses that are attributable to or result from any one or more of the following: (A) the acquisition (other than pursuant to the
Contribution, the IPO, or the Distributions) of all or a portion of Outdoor Americas’s and/or its Affiliates’ stock and/or assets by any means whatsoever by any Person, (B) any negotiations, understandings, agreements or arrangements
by Outdoor Americas with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital 

  
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contributions or acquisitions, or a series of such transactions or events) that cause any of the Distributions to be treated as part of a plan pursuant to which one or more Persons acquire
directly or indirectly a Fifty-Percent or Greater Interest in Outdoor Americas (or any successor thereof) or any other Controlled Company (or any successor thereof) therein, (C) any action or failure to act by Outdoor Americas after the
Split-Off (including, without limitation, any amendment to Outdoor Americas’ certificate of incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Outdoor Americas
stock (including, without limitation, through the conversion of one class of Outdoor Americas Capital Stock into another class of Outdoor Americas Capital Stock), (D) any act or failure to act by Outdoor Americas or any Outdoor Americas
Affiliate described in Section 6.01 (regardless whether such act or failure to act may be covered by a Post-Distribution Ruling, Unqualified Tax Opinion or waiver described in clause (C) of Section 6.01(d)) or
(E) any breach by Outdoor Americas of any of its agreements or representations set forth in Section 6.01(a) or Section 6.01(b). 

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

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

Section 6.05 Payment of Separation Taxes. 

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

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

  
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 (c) Payment of Separation Taxes Owed. 

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

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

Section 6.06 If CBS determines, in its sole discretion, that a protective election under Section 336(e) of the Code shall be made
with respect to the Split-Off, Outdoor Americas agrees to take any such action that is necessary to effect such election. If such a protective election is made, then this Agreement shall be amended in such a manner as is determined by CBS in its
good faith to take into account the Tax Benefits resulting from such election. 
 Article 7. Assistance and Cooperation. 

Section 7.01 Assistance and Cooperation. 

(a) The Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each other’s agents,
including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of any Taxes due
(including estimated Taxes) or the right to and amount of any Tax Benefit, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be assessed. Such cooperation
shall include making all information and documents in their possession relating to the other Company and its Affiliates available to such other Company as provided in Article 8. Each of the Companies shall also make available to the other, as
reasonably requested and available, personnel (including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes,
and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. Outdoor Americas shall cooperate with CBS and take any and all
actions reasonably requested by CBS in connection with obtaining the Tax Opinions/Rulings (including, without limitation, by making any new representation or covenant, confirming any previously made representation or covenant or providing any
materials or information requested by any Tax Advisor or Tax Authority). 

  
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 (b) Any information or documents provided under this Article 7 shall be kept confidential
by the Company receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any administrative or judicial proceedings relating to Taxes. Notwithstanding any other
provision of this Agreement or any other agreement, (i) neither CBS nor any CBS Affiliate shall be required to provide Outdoor Americas or any Outdoor Americas Affiliate or any other Person access to or copies of any information, documents or
procedures (including the proceedings of any Tax Contest) other than information, documents or procedures that relate to Outdoor Americas, the business or assets of Outdoor Americas or any Outdoor Americas Affiliate and (ii) in no event shall
CBS or any CBS Affiliate be required to provide Outdoor Americas, any Outdoor Americas Affiliate or any other Person access to or copies of any information or documents if such action would or reasonably could be expected to result in the waiver of
any Privilege. In addition, in the event that CBS determines that the provision of any information or documents to Outdoor Americas or any Outdoor Americas Affiliate could be commercially detrimental, violate any law or agreement or waive any
Privilege, the parties shall use reasonable best efforts to permit compliance with its obligations under this Article 7 in a manner that avoids any such harm or consequence. 

Section 7.02 Tax Return Information. Outdoor Americas and CBS acknowledge that time is of the essence in relation to any request for
information, assistance or cooperation made by CBS or Outdoor Americas pursuant to this Agreement. Outdoor Americas and CBS acknowledge that failure to conform to the deadlines set forth in this Agreement could cause irreparable harm. 

Section 7.03 Reliance by CBS. If any member of the Outdoor Americas Group supplies information to a member of the CBS Group in
connection with Taxes and an officer of a member of the CBS Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the CBS Group
identifying the information being so relied upon, the chief financial officer of Outdoor Americas (or any officer of Outdoor Americas as designated by the chief financial officer of Outdoor Americas) shall certify in writing that to his or her
knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 
 Section 7.04
Reliance by Outdoor Americas. If any member of the CBS Group supplies information to a member of the Outdoor Americas Group in connection with Taxes and an officer of a member of the Outdoor Americas Group signs a statement or other document
under penalties of perjury in reliance upon the accuracy of such information, then upon the written request of such member of the Outdoor Americas Group identifying the information being so relied upon, the chief financial officer of CBS (or any
officer of CBS as designated by the chief financial officer of CBS) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. 

  
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 Article 8. Tax Records. 

Section 8.01 Retention of Tax Records. Each Company shall preserve and keep all Tax Records and related work papers and other
documentation in its possession as of the date hereof for so long as the contents thereof may become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (i) the expiration
of any applicable statutes of limitations, or (ii) seven years after the Deconsolidation Date (such later date, the “Retention Date”). After the Retention Date, each Company may dispose of such Tax Records upon 60 Business
Days’ prior written notice to the other Company. If, prior to the Retention Date, (a) a Company reasonably determines that any Tax Records which it would otherwise be required to preserve and keep under this Article 8 are no longer
material in the administration of any matter under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records upon 60 Business Days’ prior notice to the other Company. Any notice
of an intent to dispose given pursuant to this Section 8.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other record accumulation being disposed. The notified Company
shall have the opportunity, at its cost and expense, to copy or remove, within such 60 Business Day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, Outdoor Americas determines to decommission or otherwise
discontinue any computer program or information technology system used to access or store any Tax Records, then Outdoor Americas may decommission or discontinue such program or system upon 90 days’ prior notice to CBS and CBS shall have the
opportunity, at its cost and expense, to copy, within such 60 Business Day period, all or any part of the underlying data relating to the Tax Records accessed by or stored on such program or system. 

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

Section 9.01 Notice. Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax
Authority regarding any pending Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware related to Taxes for 

  
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which it reasonably expects to be indemnified by the other Company hereunder or for which it reasonably may be required to indemnify the other Company hereunder. Such notice shall attach copies
of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other
documents received from any Tax Authority in respect of any such matters. If an indemnified party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder and such party fails to give the
indemnifying party prompt notice of such asserted Tax liability and the indemnifying party is entitled under this Agreement to contest the asserted Tax liability, then (i) if the indemnifying party is precluded from contesting the asserted Tax
liability in any forum as a result of the failure to give prompt notice, the indemnifying party shall have no obligation to indemnify the indemnified party for any Taxes arising out of such asserted Tax liability, and (ii) if the indemnifying
party is not precluded from contesting the asserted Tax liability in any forum, but such failure to give prompt notice results in a material monetary detriment to the indemnifying party, then any amount which the indemnifying party is otherwise
required to pay the indemnified party pursuant to this Agreement shall be reduced by the amount of such detriment. 
 Section 9.02
Control of Tax Contests. 
 (a) Separate Returns. In the case of any Tax Contest with respect to any Separate Return, the
Company having liability for the Tax pursuant to Article 2 hereof shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c)
and (d) below. 
 (b) Joint Return. In the case of any Tax Contest with respect to any Joint Return, CBS shall have
exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of such Tax liability, subject to Sections 9.02(c) and (d) below. 

(c) Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and settle any Tax Contest
without obtaining the prior consent of the Non-Controlling Party. Unless waived by the parties in writing, in connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be
expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken
by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax
Contest received from any Tax Authority; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such
potential adjustment in such Tax Contest; (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or
furnished in connection with such potential adjustment in such Tax Contest; and (v) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the
preceding sentence with respect to the Non-Controlling Party shall not relieve the 

  
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Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the
Non-Controlling Party was actually harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. In the case of any Tax Contest
described in Section 9.02(a) or (b), “Controlling Party” means the Company entitled to control the Tax Contest under such Section and “Non-Controlling Party” means the other Company. 

(d) Tax Contest Participation. Unless waived by the parties in writing, the Controlling Party shall provide the Non-Controlling Party
with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax Authorities or hearings or proceedings before any judicial authorities in connection with any
potential adjustment in a Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement. The failure of the Controlling Party to
provide any notice specified in this Section 9.02(d) to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to
the extent that the Non-Controlling Party was materially harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

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

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

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

Section 12.01 Treatment of Tax Indemnity Payments. In the absence of any change in Tax treatment under the Code or except as otherwise
required by other applicable Tax Law, any Tax indemnity payments made by a Company under this Agreement shall be reported for Tax purposes by the payor and the recipient as distributions or capital contributions, as appropriate, occurring
immediately before the Contribution (but only to the extent the payment does not relate to a Tax allocated to the payor in accordance with Section 1552 of the Code or the Treasury Regulations thereunder or Treasury Regulation
Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as payments of an assumed or 

  
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retained liability. Except to the extent provided in Section 12.02, any Tax indemnity payment made by a Company under this Agreement shall be increased as necessary so that after
making all payments in respect to Taxes imposed on or attributable to such indemnity payment, the recipient Company receives an amount equal to the sum it would have received had no such Taxes been imposed. 

Section 12.02 Interest Under This Agreement. Notwithstanding anything herein to the contrary, to the extent one Company
(“Indemnitor”) makes a payment of interest to another Company (“Indemnitee”) under this Agreement with respect to the period from the date that the Indemnitee made a payment of Tax to a Tax Authority to the date
that the Indemnitor reimbursed the Indemnitee for such Tax payment, the interest payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by law) and as interest income by the Indemnitee (includible in income
to the extent provided by law). The amount of the payment shall not be adjusted to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 

Article 13. Disagreements. 

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

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

Section 13.03 Referral to Tax Advisor. If the parties are not able to resolve the Dispute through the escalation process referred to
above, then the matter will be referred to a Tax Advisor acceptable to each of the Companies to act as an arbitrator in order to resolve the Dispute. In the event that the Companies are unable to agree upon a Tax Advisor within 15 Business Days
following the completion of the escalation process, the Companies shall each separately retain an independent, nationally recognized law or accounting firm (each, a “Preliminary Tax Advisor”), which Preliminary Tax Advisors shall
jointly select a Tax Advisor on behalf of the Companies to act as an arbitrator in order to resolve the Dispute. The Tax Advisor may, in its discretion, obtain the services of any third-party appraiser, accounting firm or consultant that the Tax
Advisor deems necessary to assist it in resolving such disagreement. The Tax Advisor shall furnish written notice to the Companies of its resolution of any such Dispute as soon as practical, but in any event no later than 30 Business Days after its
acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be conclusive and binding on the Companies. Following receipt of the Tax Advisor’s written notice 

  
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to the Companies of its resolution of the Dispute, the Companies shall each take or cause to be taken any action necessary to implement such resolution of the Tax Advisor. Each Company shall pay
its own fees and expenses (including the fees and expenses of its representatives) incurred in connection with the referral of the matter to the Tax Advisor (and the Preliminary Tax Advisors, if any). All fees and expenses of the Tax Advisor (and
the Preliminary Tax Advisors, if any) in connection with such referral shall be shared equally by the Companies. 
 Section 13.04
Injunctive Relief. Nothing in this Article 13 will prevent either Company from seeking injunctive relief if any delay resulting from the efforts to resolve the Dispute through the process set forth above could result in serious and
irreparable injury to either Company. Notwithstanding anything to the contrary in this Agreement, CBS and Outdoor Americas are the only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and
each of CBS and Outdoor Americas will cause its respective Group members not to commence any dispute resolution procedure other than through such party as provided in this Article 13. 

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

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

Article 16. General Provisions. 

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

	 	(i)	if to CBS: 

 CBS Corporation 

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

  
 31 

	 	(ii)	if to Outdoor Americas: 

 CBS Outdoor Americas Inc. 

405 Lexington Avenue, 17th Floor 

New York, New York 10174 
 Attn:
General Tax Counsel 
 A party may change the address for receiving notices under this Agreement by providing written notice of the change of address to the
other parties. 
 Section 16.02 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their successors and assigns. 
 Section 16.03 Waiver. The parties may waive a provision of this Agreement only by a writing
signed by the party intended to be bound by the waiver. A party is not prevented from enforcing any right, remedy or condition in the party’s favor because of any failure or delay in exercising any right or remedy or in requiring satisfaction
of any condition, except to the extent that the party specifically waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only for the purpose stated. A waiver once given is not to be
construed as a waiver for any other matter or occasion. Any enumeration of a party’s rights and remedies in this Agreement is not intended to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent
permitted by law and include any rights and remedies authorized in law or in equity. 
 Section 16.04 Severability. If any provision
of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force, if the essential terms and conditions of this Agreement for each party remain valid, binding and enforceable.

 Section 16.05 Authority. Each of the parties represents to the other that (a) it has the corporate or other requisite power
and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and
delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and general equity principles. 
 Section 16.06 Further Action. The parties shall execute
and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates
and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with
Article 9. 

  
 32 

 Section 16.07 Integration. This Agreement, together with each of the exhibits appended
hereto, contains the entire agreement between the Companies with respect to the subject matter hereof and supersedes all other agreements, whether or not written, in respect of any Tax between or among any member or members of the CBS Group, on the
one hand, and any member or members of the Outdoor Americas Group, on the other hand. In the event of any inconsistency between this Agreement and the Separation Agreement, or any other agreements relating to the transactions contemplated by the
Separation Agreement, with respect to the subject matter hereof, the provisions of this Agreement shall control. 
 Section 16.08
Construction. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning and shall not be strictly construed for or against any party. The captions, titles and headings included in this Agreement
are for convenience only, and do not affect this Agreement’s construction or interpretation. Unless otherwise indicated, all “Section” references in this Agreement are to sections of this Agreement. 

Section 16.09 No Double Recovery. No provision of this Agreement shall be construed to provide an indemnity or other recovery for any
costs, damages, or other amounts for which the damaged party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless expressly required in this Agreement, a party shall
not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 

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

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

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

Section 16.13 Amendment. The parties may amend this Agreement only by a written agreement signed by each party to be bound by the
amendment and that identifies itself as an amendment to this Agreement. 

  
 33 

 Section 16.14 Outdoor Americas Subsidiaries. If, at any time, Outdoor Americas acquires or
creates one or more subsidiaries that are includable in the Outdoor Americas Group, they shall be subject to this Agreement and all references to the Outdoor Americas Group herein shall thereafter include a reference to such subsidiaries. 

Section 16.15 Successors. This Agreement shall be binding on and inure to the benefit of any successor by merger, acquisition of
assets, or otherwise, to any of the parties hereto (including but not limited to any successor of CBS or Outdoor Americas succeeding to the Tax Attributes of either under Section 381 of the Code), to the same extent as if such successor had
been an original party to this Agreement. 
 Section 16.16 Injunctions. The parties acknowledge that irreparable damage would occur
in the event that any of the provisions of this Agreement, including Section 6.01, were not performed in accordance with its specific terms or were otherwise breached. The parties hereto shall be entitled to an injunction or injunctions
to prevent breaches of the provisions of this Agreement, including Section 6.01, and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition to any other remedy to which
they may be entitled at law or in equity. 

  
 34 

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

			
	CBS CORPORATION, a Delaware corporation
		
	By: 	 	/s/ Richard M. Jones
		 	 Name: Richard M. Jones
 Title:
  Senior Vice President and
             General Tax Counsel

  

			
	CBS OUTDOOR AMERICAS INC., a Maryland corporation
		
	By: 	 	/s/ Donald R. Shassian
		 	 Name: Donald R. Shassian
 Title:
  Executive Vice President and
             Chief Financial Officer

 [Signature Page to Tax Matters Agreement]EX-10.2

 Exhibit 10.2 

TRANSITION SERVICES AGREEMENT 
 BY
AND BETWEEN 
 CBS CORPORATION 

AND 
 CBS OUTDOOR AMERICAS INC. 

DATED AS OF APRIL 2, 2014 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
	 DEFINITIONS
	   

	
	 ARTICLE II
	   

	 SERVICES, DURATION AND SERVICES MANAGERS
	   

			
	 Section 2.01.
	 	Services	  	 	3	  
	 Section 2.02.
	 	Duration of Services	  	 	3	  
	 Section 2.03.
	 	Additional Unspecified Services	  	 	4	  
	 Section 2.04.
	 	New Services	  	 	5	  
	 Section 2.05.
	 	Services Not Included	  	 	5	  
	 Section 2.06.
	 	Transition Services Managers	  	 	5	  
	 Section 2.07.
	 	Personnel	  	 	6	  
	
	 ARTICLE III
	   

	 ADDITIONAL ARRANGEMENTS
	   

			
	 Section 3.01.
	 	Software and Software Licenses	  	 	7	  
	 Section 3.02.
	 	Access to Facilities	  	 	8	  
	 Section 3.03.
	 	Cooperation	  	 	9	  
	 Section 3.04.
	 	Data Protection	  	 	9	  
	
	 ARTICLE IV
	   

	 COSTS AND DISBURSEMENTS
	   

			
	 Section 4.01.
	 	Costs and Disbursements	  	 	9	  
	 Section 4.02.
	 	Tax Matters	  	 	10	  
	 Section 4.03.
	 	No Right to Set-Off	  	 	11	  
	
	 ARTICLE V
	   

	 STANDARD FOR SERVICE
	   

			
	 Section 5.01.
	 	Standard for Service	  	 	11	  
	 Section 5.02.
	 	Disclaimer of Warranties	  	 	12	  
	 Section 5.03.
	 	Compliance with Laws and Regulations	  	 	12	  
	
	 ARTICLE VI
	   

	 LIMITED LIABILITY AND INDEMNIFICATION
	   

			
	 Section 6.01.
	 	Consequential and Other Damages	  	 	13	  
	 Section 6.02.
	 	Limitation of Liability	  	 	13	  
	 Section 6.03.
	 	Obligation To Reperform; Liabilities	  	 	13	  
	 Section 6.04.
	 	Release and Recipient Indemnity	  	 	13	  
	 Section 6.05.
	 	Provider Indemnity	  	 	14	  
	 Section 6.06.
	 	Indemnification Procedures	  	 	14	  

  
 -i- 

							
	 Section 6.07.
	 	Liability for Payment Obligations	  	 	14	  
	 Section 6.08.
	 	Exclusion of Other Remedies	  	 	14	  
	 Section 6.09.
	 	Confirmation	  	 	14	  
	
	 ARTICLE VII
	   

	 TERM AND TERMINATION
	   

			
	 Section 7.01.
	 	Term and Termination	  	 	14	  
	 Section 7.02.
	 	Effect of Termination	  	 	16	  
	 Section 7.03.
	 	Force Majeure	  	 	16	  
	
	 ARTICLE VIII
	   

	 GENERAL PROVISIONS
	   

			
	 Section 8.01.
	 	No Agency	  	 	16	  
	 Section 8.02.
	 	Subcontractors	  	 	17	  
	 Section 8.03.
	 	Treatment of Confidential Information	  	 	17	  
	 Section 8.04.
	 	Further Assurances	  	 	18	  
	 Section 8.05.
	 	Dispute Resolution	  	 	18	  
	 Section 8.06.
	 	Notices	  	 	18	  
	 Section 8.07.
	 	Severability	  	 	19	  
	 Section 8.08.
	 	Entire Agreement	  	 	19	  
	 Section 8.09.
	 	No Third-Party Beneficiaries	  	 	19	  
	 Section 8.10.
	 	Governing Law	  	 	19	  
	 Section 8.11.
	 	Amendment	  	 	19	  
	 Section 8.12.
	 	Rules of Construction	  	 	19	  
	 Section 8.13.
	 	Counterparts	  	 	20	  
	 Section 8.14.
	 	Assignability	  	 	20	  
	 Section 8.15.
	 	Public Announcements	  	 	21	  
	 Section 8.16.
	 	Non-Recourse	  	 	21	  
		
	 SCHEDULE A CBS Services
	  	 	A-1	  
	 SCHEDULE B Outdoor Americas Services
	  	 	B-1	  
	 EXHIBIT I Services Managers
	  	 	I-1	  

  
 -ii- 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of April 2, 2014 (this “Agreement”), is by and between CBS Corporation, a
Delaware corporation (“CBS”), and CBS Outdoor Americas Inc., a Maryland corporation (“Outdoor Americas”). CBS and Outdoor Americas are herein referred to individually as a “Party” and collectively as the
“Parties.” Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have the meaning set forth in the Master Separation Agreement, dated as of the date hereof, by and between CBS and Outdoor
Americas (as amended, modified or supplemented from time to time in accordance with its terms, the “Separation Agreement”). 

RECITALS 
 WHEREAS,
Outdoor Americas is presently a wholly owned indirect subsidiary of CBS; 
 WHEREAS, CBS presently intends to cause Outdoor Americas to
issue shares of Outdoor Americas Common Stock in an initial public offering (the “IPO”), immediately following which CBS will own at least 80.1% or more of the outstanding shares of Outdoor Americas Common Stock; 

WHEREAS, following the IPO, CBS presently intends to distribute the Outdoor Americas Common Stock held by CBS in one or more transactions that
collectively have the effect that all or a substantial part of the shares of Outdoor Americas Common Stock held by CBS are distributed to all or some of the stockholders of CBS, whenever such transaction(s) shall occur (such transactions,
collectively, the “Split-Off”); 
 WHEREAS, prior to the IPO, CBS has heretofore provided certain services to Outdoor
Americas and Outdoor Americas has provided certain services to CBS; 
 WHEREAS, Outdoor Americas has requested from CBS, and CBS has
requested from Outdoor Americas, that certain such services continue for a limited period of time pursuant to this Agreement; 
 WHEREAS,
CBS and Outdoor Americas have entered into the Separation Agreement; 
 WHEREAS, in order to facilitate and provide for an orderly
transition under the Separation Agreement, the Parties desire to enter into this Agreement to set forth the terms and conditions pursuant to which each of the parties shall provide to the other the Services (as defined herein) for a transitional
period; and 
 WHEREAS, the Separation Agreement requires execution and delivery of this Agreement by CBS and Outdoor Americas on or prior
to the IPO Closing Time. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained in this Agreement, the
Parties, intending to be legally bound, hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 
 The following
capitalized terms used in this Agreement shall have the meanings set forth below: 
 “Additional Services” shall have the
meaning set forth in Section 2.03(a). 
 “Agreement” shall have the meaning set forth in the Preamble.

 “CBS” shall have the meaning set forth in the Preamble. 

“CBS Business” shall mean the businesses and operations of the CBS Group other than the Outdoor Americas Business. 

“CBS Group” shall have the meaning set forth in the Separation Agreement. 

“CBS Local Service Manager” shall have the meaning set forth in Section 2.06(a). 

“CBS Services” shall have the meaning set forth in Section 2.01. 

“CBS Services Manager” shall have the meaning set forth in Section 2.06(a). 

“Confidential Information” shall have the meaning set forth in Section 8.03(a). 

“Force Majeure” shall mean, with respect to a Party, an event beyond the control of such Party (or any Person acting on its
behalf), which event (a) does not arise or result from the fault or negligence of such Party (or any Person acting on its behalf) and (b) by its nature would not reasonably have been foreseen by such Party (or such Person), or, if it would
reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor
problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning equipment. 

“Governmental Requirements” shall have the meaning set forth in the Tax Matters Agreement. 

“Interest Payment” shall have the meaning set forth in Section 4.01(d). 

“IPO Closing Time” shall have the meaning set forth in the Separation Agreement. 

“New Services” shall have the meaning set forth in Section 2.04(a). 

“Outdoor Americas” shall have the meaning set forth in the Preamble. 

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

“Outdoor Americas Group” shall have the meaning set forth in the Separation Agreement. 

  
 -2- 

 “Outdoor Americas Local Service Manager” shall have the meaning set forth in
Section 2.06(b). 
 “Outdoor Americas Services Manager” shall have the meaning set forth in Section
2.06(b) 
 “Provider” shall mean the Party or its Subsidiary or Affiliate providing a Service under this Agreement.

 “Provider Indemnified Party” shall have the meaning set forth in Section 6.04. 

“Recipient” shall mean the Party or its Subsidiary or Affiliate to whom a Service under this Agreement is being provided.

 “Recipient Indemnified Party” shall have the meaning set forth in Section 6.05. 

“Reimbursement Charges” shall have the meaning set forth in Section 4.01(c). 

“Schedule(s)” shall have the meaning set forth in Section 2.02. 

“Separation Agreement” shall have the meaning set forth in the Preamble. 

“Service Charges” shall have the meaning set forth in Section 4.01(a). 

“Service Extension” shall have the meaning set forth in Section 7.01(c). 

“Service Increases” shall have the meaning set forth in Section 2.03(b). 

“Services” shall have the meaning set forth in Section 2.01. 

“Taxes” shall have the meaning set forth in the Tax Matters Agreement. 

“Transfer Taxes” shall have the meaning set forth in Section 4.02(a). 

“VAT” shall have the meaning set forth in Section 4.02(a). 

ARTICLE II 
 SERVICES,
DURATION AND SERVICES MANAGERS 
 Section 2.01. Services. Subject to the terms and conditions of this Agreement,
(a) CBS shall provide or cause to be provided to the Outdoor Americas Group the services listed on Schedule A to this Agreement (the “CBS Services”) and (b) Outdoor Americas shall provide or cause to be provided to
the CBS Group the services listed on Schedule B to this Agreement (the “Outdoor Americas Services,” and, collectively with the CBS Services, any Additional Services, any Service Increases and any New Services, the
“Services”). All of the Services shall be for the sole use and benefit of the respective Recipient and its respective Party. 

Section 2.02. Duration of Services. Subject to the terms of this Agreement, each of CBS and Outdoor Americas shall provide or
cause to be provided to the respective Recipients each Service until the earlier to occur of, with respect to each such Service, (i) the expiration of the term for such Service (or, subject to the terms of Section 7.01(c), the
expiration of any Service Extension) as set forth on Schedule A or Schedule B (each a “Schedule,” and, collectively, the “Schedules”) or (ii) the date on which such Service is terminated under
Section 7.01(b). 

  
 -3- 

 Section 2.03. Additional Unspecified Services. (a) After the date of this
Agreement, if CBS or Outdoor Americas (i) identifies a service that (x) the CBS Group provided to the Outdoor Americas Group prior to the IPO Closing Time that Outdoor Americas reasonably needs in order for the Outdoor Americas Business to
continue to operate in substantially the same manner in which the Outdoor Americas Business operated prior to the IPO Closing Time, and such service was not included on Schedule A (other than because the Parties agreed such service shall not
be provided), or (y) the Outdoor Americas Group provided to the CBS Group prior to the IPO Closing Time that CBS reasonably needs in order for the CBS Business to continue to operate in substantially the same manner in which the CBS Business
operated prior to the IPO Closing Time, and such service was not included on Schedule B (other than because the Parties agreed such service shall not be provided), and (ii) provides written notice to the other Party within three
(3) months following the date of this Agreement requesting such additional services, then such other Party shall use its commercially reasonable efforts to provide such requested additional services (such requested additional services, the
“Additional Services”); provided, however, that no Party shall be obligated to provide any Additional Service if it does not, in its reasonable judgment, have adequate resources to provide such Additional Service or if
the provision of such Additional Service would significantly disrupt the operation of its businesses; and provided, further, that the Provider shall not be required to provide any Additional Services if the Parties are unable to reach
agreement on the terms thereof (including with respect to Service Charges therefor). In connection with any request for Additional Services in accordance with this Section 2.03(a), the CBS Services Manager and the Outdoor Americas
Services Manager shall in good faith negotiate the terms of a supplement to the applicable Schedule, which terms shall be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement. Upon the
mutual written agreement of the Parties, the supplement to the applicable Schedule shall describe in reasonable detail the nature, scope, service period(s), termination provisions and other terms applicable to such Additional Services in a manner
similar to that in which the Services are described in the existing Schedules. Each supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement, and the
Additional Services set forth therein shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

(b) After the date of this Agreement, if (i) a Recipient requests to increase, relative to historical levels prior to the IPO Closing
Time, the volume, amount, level or frequency, as applicable, of any Service provided by such Provider and (ii) such increase is reasonably determined by the Recipient as necessary for the Recipient to operate its businesses (such increases, the
“Service Increases”), then such Provider shall consider such request in good faith; provided, however, that no Party shall be obligated to provide any Service Increase, including because, after good-faith negotiations
between the Parties, the Parties fail to reach an agreement with respect to the terms thereof (including with respect to Service Charges therefor). In connection with any request for Service Increases in accordance with this
Section 2.03(b), the CBS Services Manager and the Outdoor Americas Services Manager shall in good faith 

  
 -4- 

 
negotiate the terms of an amendment to the applicable Schedule, which amendment shall be consistent with the terms of, and the pricing methodology used for, the applicable Service. Each amended
Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement, and the Service Increases set forth therein shall be deemed a part of the “Services” provided under this Agreement,
in each case subject to the terms and conditions of this Agreement. 
 Section 2.04. New Services. (a) From time to time
during the term of this Agreement, either Party may request the other Party to provide additional or different services which such other Party is not expressly obligated to provide under this Agreement (excluding, for the avoidance of doubt, any
Additional Services or Service Increases, the “New Services”). The Party receiving such request shall consider such request in good faith; provided, however, that no Party shall be obligated to provide any New
Services, including because, after negotiations between the Parties pursuant to Section 2.04(b), the Parties fail to reach an agreement with respect to the terms (including the Service Charges) applicable to the provision of such New
Services. 
 (b) In connection with any request for New Services in accordance with Section 2.04(a), the CBS Services Manager
and the Outdoor Americas Services Manager shall in good faith (i) negotiate the applicable Service Charge and the terms of a supplement to the applicable Schedule, which supplement shall describe in reasonable detail the nature, scope, service
period(s), termination provisions and other terms applicable to such New Services and (ii) determine any costs and expenses, including any start-up costs and expenses, that would be incurred by the Provider in connection with the provision of
such New Services, which costs and expenses shall be borne solely by the Recipient. Each supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement, and the
New Services set forth therein shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

Section 2.05. Services Not Included. It is not the intent of the Provider to render, nor of the Recipient to receive from the
Provider, professional advice or opinions, whether with regard to Tax, legal, treasury, finance, employment or other business and financial matters, technical advice, whether with regard to information technology or other matters, or the handling of
or addressing environmental matters; the Recipient shall not rely on, or construe, any Service rendered by or on behalf of the Provider as such professional advice or opinions or technical advice; and the Recipient shall seek all third-party
professional advice and opinions or technical advice as it may desire or need. 
 Section 2.06. Transition Services Managers.
(a) CBS hereby appoints and designates the individual holding the CBS position set forth on Exhibit I to act as its initial services manager (the “CBS Services Manager”), who will be directly responsible for coordinating
and managing the delivery of the CBS Services and have authority to act on CBS’s behalf with respect to matters relating to the provision of Services under this Agreement. The CBS Services Manager will work with the personnel of the CBS Group
to periodically address issues and matters raised by Outdoor Americas relating to the provision of Services under this Agreement. Notwithstanding the requirements of Section 8.06, all communications from Outdoor Americas to CBS pursuant
to this Agreement regarding routine matters involving a Service shall be made 

  
 -5- 

 
first through the individual specified as the local service manager (the “CBS Local Service Manager”) with respect to such Service on Schedule A or such other individual
as may be specified by the CBS Services Manager in writing and delivered to Outdoor Americas by email or facsimile transmission with receipt confirmed; provided that, if the CBS Local Service Manager is not available, shall thereafter be made
through the CBS Services Manager. CBS shall notify Outdoor Americas of the appointment of a different CBS Services Manager or CBS Local Service Manager(s), if necessary, in accordance with Section 8.06. 

(b) Outdoor Americas hereby appoints and designates the individual holding the Outdoor Americas position set forth on Exhibit I to
act as its initial services manager (the “Outdoor Americas Services Manager”), who will be directly responsible for coordinating and managing the delivery of the Outdoor Americas Services and have authority to act on Outdoor
Americas’ behalf with respect to matters relating to this Agreement. The Outdoor Americas Services Manager will work with the personnel of the Outdoor Americas Group to periodically address issues and matters raised by CBS relating to this
Agreement. Notwithstanding the requirements of Section 8.06, all communications from CBS to Outdoor Americas pursuant to this Agreement regarding routine matters involving a Service shall be made through the individual specified as the
local service manager (the “Outdoor Americas Local Service Manager”) with respect to such Service on Schedule B or as specified by the Outdoor Americas Services Manager in writing and delivered to CBS by email or facsimile
transmission with receipt confirmed; provided that if the Outdoor Americas Local Service Manager is not available, shall thereafter be made through the Outdoor Americas Services Manager. Outdoor Americas shall notify CBS of the appointment of a
different Outdoor Americas Services Manager or Outdoor Americas Local Service Manager(s), if necessary, in accordance with Section 8.06. 

Section 2.07. Personnel. (a) The Provider of any Service will make available to the Recipient of such Service such personnel
as may be necessary to provide such Service on the understanding that such personnel shall remain employed and/or engaged by the Provider. The Provider will have the right, in its reasonable discretion, to (i) designate which personnel it will
assign to perform such Service and (ii) remove and replace such personnel at any time; provided, however, that any such removal or replacement shall not be the basis for any increase in any Service Charge or Reimbursement Charge
payable hereunder or relieve the Provider of its obligation to provide any Service hereunder; and provided, further, that the Provider will use its commercially reasonable efforts to limit the disruption to the Recipient in the
transition of the Services to different personnel. 
 (b) In the event that the provision of any Service by the Provider requires the
cooperation and services of the personnel of the Recipient, the Recipient will make available to the Provider such personnel (who shall be appropriately qualified for purposes of so supporting the provision of such Service by the Provider) as may be
necessary for the Provider to provide such Service on the understanding that such personnel shall remain employed and/or engaged by the Recipient. The Recipient will have the right, in its reasonable discretion, to (i) designate which personnel
it will make available to the Provider in connection with the provision of such Service and (ii) remove and replace such personnel at any time; provided, however, that any resulting increase in costs to the Provider shall be borne
by the Recipient and any adverse effect to the provision of such Service by the Provider shall not be deemed a breach of this Agreement; and provided, further, that the Recipient will use its commercially reasonable efforts to limit
the 

  
 -6- 

 
disruption to the Provider in the transition of such personnel. If the Provider, in its reasonable discretion and following discussions with the Recipient, requests the Recipient to remove and/or
replace any such personnel from their roles in respect of the Services being provided by the Provider, the Recipient shall comply with such request. 

(c) No Provider shall be liable under this Agreement for any Liabilities incurred by the Recipient Indemnified Parties that are primarily
attributable to, or that are a consequence of, any actions or inactions of the personnel of the Recipient, except for any such actions or inactions undertaken pursuant to the direction of the Provider. 

(d) Nothing in this Agreement shall grant the Provider, or its employees or agents that are performing the Services, the right directly or
indirectly to control or direct the operations of the Recipient or any member of its Group. Such employees and agents shall not be required to report to the management of the Recipient nor be deemed to be under the management or direction of the
Recipient. The Recipient acknowledges and agrees that, except as may be expressly set forth herein as a Service (including any Additional Services, Service Increases or New Services) or otherwise expressly set forth in the Separation Agreement,
another Ancillary Agreement or any other applicable agreement, no Provider or any member of its Group shall be obligated to provide, or cause to be provided, any service or goods to any Recipient or any member of its Group. 

ARTICLE III 
 ADDITIONAL
ARRANGEMENTS 
 Section 3.01. Software and Software Licenses. (a) If and to the extent requested by Outdoor Americas, CBS
shall use commercially reasonable efforts to assist Outdoor Americas in its efforts to obtain licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for CBS to
provide, and Outdoor Americas to receive, CBS Services; provided, however, that CBS shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable Outdoor Americas to obtain any such license
or rights (except and to the extent that Outdoor Americas advances such fees or payments to CBS); provided, further, that CBS shall not be required to seek broader rights or more favorable terms for Outdoor Americas than those
applicable to CBS or Outdoor Americas, as the case may be, prior to the date of this Agreement or as may be applicable to CBS from time to time hereafter; and, provided, further, that Outdoor Americas shall bear only those costs that
relate solely and directly to obtaining such licenses (or other appropriate rights) in the ordinary course. The Parties acknowledge and agree that there can be no assurance that CBS’s efforts will be successful or that Outdoor Americas will be
able to obtain such licenses or rights on acceptable terms or at all, and, where CBS enjoys rights under any enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or
assignments or operation of a service bureau on behalf of unaffiliated entities. In the event that Outdoor Americas is unable to obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an
alternative software license to allow CBS to provide, and Outdoor Americas to receive, such CBS Services, and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement. 

  
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 (b) If and to the extent requested by CBS, Outdoor Americas shall use commercially reasonable
efforts to assist CBS in its efforts to obtain licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for Outdoor Americas to provide, and CBS to receive, Outdoor
Americas Services; provided, however, that Outdoor Americas shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable CBS to obtain any such license or rights (except and to the extent
that CBS advances such fees or payments to Outdoor Americas); provided, further, that Outdoor Americas shall not be required to seek broader rights or more favorable terms for CBS than those applicable to Outdoor Americas or CBS, as
the case may be, prior to the date of this Agreement or as may be applicable to Outdoor Americas from time to time hereafter; and, provided, further, that CBS shall bear only those costs that relate solely and directly to obtaining
such licenses (or other appropriate rights) in the ordinary course. The Parties acknowledge and agree that there can be no assurance that Outdoor Americas’ efforts will be successful or that CBS will be able to obtain such licenses or rights on
acceptable terms or at all, and, where Outdoor Americas enjoys rights under any enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or assignments or operation of a service
bureau on behalf of unaffiliated entities. In the event that CBS is unable to obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an alternative software license to allow Outdoor Americas to
provide, and CBS to receive, such Outdoor Americas Services, and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement. 

(c) In the event that there are any costs associated with obtaining software licenses in accordance with Section 3.01 that
(i) would not be payable in the ordinary course, including in the form of a “transfer fee” or other similar fees or expenses payable by the Recipient or the Provider and (ii) would not have been payable by the Recipient or the
Provider absent the need for a consent or waiver in connection with the license that the Recipient is seeking to obtain, such costs shall be borne by the Recipient. 

Section 3.02. Access to Facilities. (a) Outdoor Americas shall, and shall cause its Subsidiaries to, allow CBS and its
Representatives reasonable access to the facilities of Outdoor Americas necessary for CBS to fulfill its obligations under this Agreement. 

(b) CBS shall, and shall cause its Subsidiaries to, allow Outdoor Americas and its Representatives reasonable access to the facilities of CBS
necessary for Outdoor Americas to fulfill its obligations under this Agreement. 
 (c) Notwithstanding the other rights of access of the
Parties under this Agreement, each Party shall, and shall cause its Subsidiaries to, afford the other Party, its Subsidiaries and Representatives, following not less than five (5) business days’ prior written notice from the other Party,
reasonable access during normal business hours to the facilities, information, systems, infrastructure and personnel of the relevant Providers as reasonably necessary for the other Party to verify the adequacy of internal controls over information
technology, reporting of financial data and related processes employed in connection with the Services, including in connection with verifying compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided, however, such
access shall not unreasonably interfere with any of the business or operations of such Party or its Subsidiaries. 

  
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 (d) Except as otherwise permitted by the other Party in writing, each Party shall permit only its
authorized Representatives, contractors, invitees or licensees to access the other Party’s facilities. 
 Section 3.03.
Cooperation. It is understood that it will require the significant efforts of both Parties to implement this Agreement and to ensure performance of this Agreement by the Parties at the agreed-upon levels in accordance with all of the terms
and conditions of this Agreement. The Parties will cooperate, acting in good faith and using commercially reasonable efforts, to effect a smooth and orderly transition of the Services provided under this Agreement from the Provider to the Recipient
(including repairs and maintenance Services and the assignment or transfer of the rights and obligations under any third-party contracts relating to the Services); provided, however, that this Section 3.03 shall not require
either Party to incur any out-of-pocket costs or expenses. 
 Section 3.04. Data Protection. The Provider shall only process personal
data which it may receive from the Recipient, while carrying out its duties under this Agreement, (a) in such a manner as is necessary to carry out those duties, (b) in accordance with the instructions of the Recipient and (c) using
appropriate technical and organizational measures to prevent the unauthorized or unlawful processing of such personal data and/or the accidental loss or destruction of, or damage to, such personal data. 

ARTICLE IV 
 COSTS AND
DISBURSEMENTS 
 Section 4.01. Costs and Disbursements. (a) Except as otherwise provided in this Agreement, a Recipient of
Services shall pay to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting a “Service Charge” and, collectively, “Service Charges”) as listed
on the Schedules hereto. 
 (b) The amount of the Service Charge for each Service shall increase three percent (3%) annually on each
anniversary of this Agreement (including during the term of any Service Extension). In addition, during the term of this Agreement, the amount of a Service Charge for any Services (or category of Services, as applicable) may increase to the extent
of: (i) any increases mutually agreed to by the Parties, (ii) any Service Charges applicable to any Additional Services, Service Increases or New Services and (iii) any increase in the rates or charges imposed by any unaffiliated
third-party provider that is providing Services. Together with any monthly invoice for Service Charges and Reimbursement Charges, the Provider shall provide the Recipient with documentation to support the calculation of such Service Charges or any
Reimbursement Charges. 
 (c) The Recipient shall reimburse the Provider for reasonable out-of-pocket costs and expenses incurred by the
Provider or its Affiliates in connection with providing the Services (including necessary travel-related expenses) (each such cost or expense, a “Reimbursement Charge” and, collectively, “Reimbursement Charges”);
provided, however, that any such cost or expense that is materially inconsistent with historical practice between the Parties for any Service (including business travel and related expenses) shall require advance approval of the
Recipient. Any authorized travel-related expenses incurred in performing the Services shall be incurred and charged to the Recipient in accordance with the Provider’s then-applicable business travel policies made known to the Recipient. 

  
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 (d) The Service Charges and Reimbursement Charges due and payable hereunder shall be invoiced and
paid in U.S. dollars. The Recipient shall pay the amount of each monthly invoice by wire transfer (or such other method of payment as may be agreed between the Parties) to the Provider within sixty (60) days of the receipt of each such invoice,
including appropriate documentation as described herein. In the absence of a timely notice of billing dispute in accordance with the provisions of Article VII of the Separation Agreement, if the Recipient fails to pay such amount by the due date,
the Recipient shall be obligated to pay to the Provider, in addition to the amount due, interest at an annual default interest rate of three percent (3%), or the maximum legal rate, whichever is lower (the “Interest Payment”),
accruing from the date the payment was due through the date of actual payment. In the event of any billing dispute, the Recipient shall promptly pay any undisputed amount. 

(e) Subject to the confidentiality provisions set forth in Section 8.03, each Party shall, and shall cause their respective
Affiliates to, provide, upon ten (10) days’ prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession that the requesting Party reasonably requests in connection with any
Services being provided to such requesting Party by an unaffiliated third-party provider, including any applicable invoices, agreements documenting the arrangements between such third-party provider and the Provider and other supporting
documentation; provided, however, that each Party shall make no more than one such request during any calendar month. 

Section 4.02. Tax Matters. (a) Without limiting any provisions of this Agreement, the Recipient shall be responsible for
(i) all excise, sales, use, transfer, stamp, documentary, filing, recordation and other similar Taxes, (ii) any value added, goods and services or similar recoverable indirect Taxes (“VAT”) and (iii) any related
interest and penalties (collectively, “Transfer Taxes”), in each case imposed or assessed as a result of the provision of Services by the Provider. In particular, but without prejudice to the generality of the foregoing, all amounts
payable pursuant to this Agreement are exclusive of amounts in respect of VAT. Where any taxable supply for VAT purposes is made pursuant to this Agreement by the Provider to the Recipient, the Recipient shall either (i) on receipt of a valid
VAT invoice from the Provider, pay to the Provider such additional amounts in respect of VAT as are chargeable on the supply of the services at the same time as payment is due for the supply of the services or (ii) where required by legislation
to do so, account directly to the relevant Governmental Authority for any such VAT amounts. The Party required to account for Transfer Tax shall provide to the other Party evidence of the remittance of the amount of such Transfer Tax to the relevant
Governmental Authority, including, without limitation, copies of any Tax returns remitting such amount. The Provider agrees that it shall take commercially reasonable actions to cooperate with the Recipient in obtaining any refund, return, rebate or
the like of any Transfer Tax, including by filing any necessary exemption or other similar forms, certificates or other similar documents. The Recipient shall promptly reimburse the Provider for any costs incurred by the Provider or its Affiliates
in connection with the Recipient obtaining a refund or overpayment of refund, return, rebate or the like of any Transfer Tax. For the avoidance of doubt, any applicable gross receipts-based or net income-based Taxes shall be borne by the Provider,
unless the Provider is required by law to obtain, or allowed to separately invoice for and obtain, reimbursement of such Taxes from the Recipient. 

  
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 (b) The Recipient shall be entitled to deduct and withhold Taxes required by any Governmental
Requirements to be withheld on payments made pursuant to this Agreement. To the extent any amounts are so withheld, the Recipient shall (i) pay, in addition to the amount otherwise due to the Provider under this Agreement, such additional
amount as is necessary to ensure that the net amount actually received by the Provider will equal the full amount the Provider would have received had no such deduction or withholding been required, (ii) pay such deducted and withheld amount to
the proper Governmental Authority and (iii) promptly provide to the Provider evidence of such payment to such Governmental Authority. The Provider shall, prior to the date of any payment to be made pursuant to this Agreement, at the request of
the Recipient, make commercially reasonable efforts to provide the Recipient any certificate or other documentary evidence (x) required by Governmental Requirements or (y) which the Provider is entitled by Governmental Requirements to
provide in order to reduce the amount of any Taxes that may be deducted or withheld from such payment, and the Recipient agrees to accept and act in reliance on any such duly and properly executed certificate or other applicable documentary
evidence. 
 (c) If the Provider (i) receives any refund (whether by payment, offset, credit or otherwise) or (ii) utilizes any
overpayment of Taxes that are borne by Recipient pursuant to this Agreement, then the Provider shall promptly pay, or cause to be paid, to the Recipient an amount equal to the deficiency or excess, as the case may be, with respect to the amount that
the Recipient has borne if the amount of such refund or overpayment (including, for the avoidance of doubt, any interest or other amounts received with respect to such refund or overpayment) had been included originally in the determination of the
amounts to be borne by Recipient pursuant to this Agreement, net of any additional Taxes the Provider incurs or will incur as a result of the receipt of such refund or such overpayment. 

Section 4.03. No Right to Set-Off. The Recipient shall timely pay the full amount of Service Charges and Reimbursement Charges and
shall not set-off, counterclaim or otherwise withhold any amount owed to the Provider under this Agreement on account of any obligation owed by the Provider to the Recipient. 

ARTICLE V 
 STANDARD FOR
SERVICE 
 Section 5.01. Standard for Service. 

(a) The Provider agrees (i) to perform the Services with substantially the same nature, quality, standard of care and service levels at
which the same or similar services were performed by or on behalf of the Provider prior to the IPO Closing Time or, if not so previously provided, then substantially similar to that which are applicable to similar services provided to the
Provider’s Affiliates or other business components; and (ii) upon receipt of written notice from the Recipient identifying any outage, interruption or other failure of any Service, to respond to such outage, interruption or other failure
of such Service in a manner that is substantially similar to the manner in which such Provider or its Affiliates responded to any outage, interruption or 

  
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other failure of the same or similar services to the IPO Closing Time. The Parties acknowledge that an outage, interruption or other failure of any Service shall not be deemed to be a breach of
the provisions of this Section 5.01 so long as the applicable Provider complies with the foregoing clause (ii). 
 (b) Nothing
in this Agreement shall require the Provider to perform or cause to be performed any Service to the extent the manner of such performance would constitute a violation of applicable Law or any existing contract or agreement with a third party. If the
Provider is or becomes aware of any potential violation on the part of the Provider, the Provider shall promptly send a written notice to the Recipient of any such potential violation. The Parties each agree to cooperate and use commercially
reasonable efforts to obtain any necessary third-party consents required under any existing contract or agreement with a third party to allow the Provider to perform or cause to be performed any Service in accordance with the standards set forth in
this Section 5.01. Any costs and expenses incurred by either Party in connection with obtaining any such third-party consent that is required to allow the Provider to perform or cause to be performed any Service shall be solely the
responsibility of the Recipient. If, with respect to a Service, the Parties, despite the use of such commercially reasonable efforts, are unable to obtain a required third-party consent, or the performance of such Service by the Provider would
continue to constitute a violation of applicable Laws, the Provider shall use commercially reasonable efforts in good faith to provide such Services in a manner as closely as possible to the standards described in this Section 5.01 that
would apply absent the exception provided for in the first sentence of this Section 5.01(b). 
 Section 5.02. Disclaimer of
Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT THE SERVICES ARE PROVIDED AS-IS, THAT EACH RECIPIENT ASSUMES ALL RISKS AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE
SERVICES, AND EACH PROVIDER, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT THERETO. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH
PROVIDER HEREBY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, INCLUDING ANY REPRESENTATION OR WARRANTY IN REGARD TO QUALITY,
PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF ANY SERVICE FOR A PARTICULAR PURPOSE. 
 Section 5.03.
Compliance with Laws and Regulations. Each Party shall be responsible for its own compliance and its subcontractors’ compliance with any and all Laws applicable to its performance under this Agreement. No Party will knowingly take any
action in violation of any such applicable Law that results in liability being imposed on the other Party. 

  
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 ARTICLE VI 

LIMITED LIABILITY AND INDEMNIFICATION 

Section 6.01. Consequential and Other Damages. Notwithstanding anything to the contrary contained in the Separation Agreement or this
Agreement, the Provider shall not be liable to the Recipient or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, for any special, indirect, incidental,
punitive or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or are a consequence of, the performance or nonperformance by the Provider
(including any Affiliates and Representatives of the Provider and any unaffiliated third-party providers, in each case, providing the applicable Services) under this Agreement or the provision of, or failure to provide, any Services under this
Agreement, including with respect to loss of profits, business interruptions or claims of customers. 
 Section 6.02. Limitation of
Liability. The Liabilities of each Provider and its Affiliates and Representatives, collectively, under this Agreement for any act or failure to act in connection herewith (including the performance or breach of this Agreement), or from the
sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, shall not exceed the total aggregate Service
Charges (excluding any Reimbursement Charges) actually paid to such Provider by the Recipient pursuant to this Agreement. The foregoing limitations on Liability in this Section 6.02 shall not apply to any breach of
Section 8.03 and shall not limit any obligation to re-perform as set forth in Section 6.03. This Section 6.02 shall survive any termination of this Agreement. 

Section 6.03. Obligation To Re-perform; Liabilities. In the event of any breach of this Agreement by any Provider with respect to the
provision of any Services (with respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall (a) promptly correct in all material respects such error, defect or breach or
re-perform in all material respects such Services at the request of the Recipient and at the sole cost and expense of the Provider and (b) subject to the limitations set forth in Sections 6.01 and 6.02, reimburse the Recipient and
its Affiliates and Representatives for Liabilities attributable to such breach by the Provider. The remedy set forth in this Section 6.03 shall be the sole and exclusive remedy of the Recipient for any such breach of this Agreement. Any
request for re-performance in accordance with this Section 6.03 by the Recipient must be in writing and specify in reasonable detail the particular error, defect or breach, and such request must be made no more than one (1) month
from the date such error, defect or breach becomes apparent or should have reasonably become apparent to the Recipient. This Section 6.03 shall survive any termination of this Agreement. 

Section 6.04. Release and Recipient Indemnity. Subject to Section 6.01, each Recipient hereby releases the applicable Provider and
its Affiliates and Representatives (each, a “Provider Indemnified Party”), and each Recipient hereby agrees to indemnify, defend and hold harmless each such Provider Indemnified Party from and against any and all Liabilities arising
from, relating to or in connection with: (a) the use of any Services by such Recipient or any of its Affiliates, Representatives or other Persons using such Services; or (b) the sale, delivery, 

  
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provision or use of any Services provided under or contemplated by this Agreement, in the case of each of clause (a) and (b), except to the extent that such Liabilities arise out of, relate
to or are a consequence of the applicable Provider Indemnified Party’s bad faith, gross negligence or willful misconduct. 
 Section
6.05. Provider Indemnity. Subject to Section 6.01, each Provider hereby agrees to indemnify, defend and hold harmless the applicable Recipient and its Affiliates and Representatives (each a “Recipient Indemnified
Party”), from and against any and all Liabilities arising from, relating to or in connection with: (a) the use of any Services by such Recipient or any of its Affiliates, Representatives or other Persons using such Services; or
(b) the sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, in the case of each of clause (a) and (b), to the extent that such Liabilities arise out of, relate to or are a consequence of the
applicable Provider’s bad faith, gross negligence or willful misconduct. 
 Section 6.06. Indemnification Procedures. The
provisions of Article VI of the Separation Agreement shall govern claims for indemnification under this Agreement. 
 Section 6.07.
Liability for Payment Obligations. Nothing in this Article VI shall be deemed to eliminate or limit, in any respect, CBS’s or Outdoor Americas’ express obligation in this Agreement to pay Service Charges and Reimbursement
Charges for Services rendered in accordance with this Agreement. 
 Section 6.08. Exclusion of Other Remedies. The provisions of
Sections 6.03, 6.04 and 6.05 of this Agreement shall, to the maximum extent permitted by applicable Law, be the sole and exclusive remedies of the Provider Indemnified Parties and the Recipient Indemnified Parties, as
applicable, for any claim, loss, damage, expense or liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or otherwise under this Agreement. 

Section 6.09. Confirmation. Neither Party excludes responsibility for any liability which cannot be excluded pursuant to applicable
Law. 
 ARTICLE VII 

TERM AND TERMINATION 

Section 7.01. Term and Termination. (a) This Agreement shall commence immediately upon the IPO Closing Time and shall terminate
upon the earlier to occur of: (i) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms of this Agreement or (ii) the mutual written agreement of the Parties to terminate
this Agreement in its entirety. 
 (b) Without prejudice to a Recipient’s rights with respect to a Force Majeure, a Recipient may from
time to time terminate this Agreement with respect to the entirety of any individual Service but not a portion thereof: 

(i) for any reason or no reason, upon providing at least thirty (30) days’ prior written notice to the Provider;
provided, however, that the Recipient shall pay to the Provider the necessary and reasonable documented out-of-pocket costs incurred in 

  
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connection with the wind down of such Service other than any employee severance and relocation expenses, but including unamortized license fees and costs for equipment used to provide such
Service, contractual obligations under agreements used to provide such Service, any breakage or termination fees and any other termination costs payable by the Provider with respect to any resources or pursuant to any other third-party agreements
that were used by the Provider to provide such Service (or an equitably allocated portion thereof, in the case of any such equipment, resources or agreements that also were used for purposes other than providing Services); or 

(ii) if the Provider of such Service has failed to perform any of its material obligations under this Agreement with respect to
such Service, and such failure shall continue to exist thirty (30) days after receipt by the Provider of written notice of such failure from the Recipient. 

In the event that any Service is terminated other than at the end of a month, the Service Charge associated with such Service shall be pro-rated
appropriately. The Parties acknowledge that there may be interdependencies among the Services being provided under this Agreement that may not be identified on the applicable Schedules and agree that, if the Provider’s ability to provide a
particular Service in accordance with this Agreement is materially and adversely affected by the termination of another Service in accordance with Section 7.01(b)(i), then the Parties shall negotiate in good faith to amend the Schedule
relating to such affected continuing Service, which amendment shall be consistent with the terms of, and the pricing methodology used for, comparable Services. 

(c) In connection with the termination of any Service, if the Recipient reasonably determines that it will require such Service to continue
beyond the date on which such Service is scheduled to terminate, the Recipient may request that the Provider extend such Service (any such extension, a “Service Extension”) for a specified period beyond the scheduled termination of
such Service (which period shall in no event be longer than one hundred and eighty (180) days) by written notice to the Provider no less than thirty (30) days prior to the date of such scheduled termination, and Provider shall consider any
such request in good faith; provided, however, that no Party shall be obligated to agree to any Service Extension, including because, after good-faith negotiations between the Parties, the Parties fail to reach an agreement with
respect to the terms thereof; provided, further, however, that (i) there shall be no more than one (1) Service Extension with respect to each Service and (ii) the Provider shall not be obligated to provide such
Service Extension if a third-party consent is required and cannot be obtained by the Provider. Unless otherwise agreed to by Provider and Recipient, the Service Charge applicable to any such Service Extension shall be one hundred and twenty percent
(120%) of the Service Charge applicable to such Service immediately prior to the Service Extension. In connection with any request for Service Extensions in accordance with this Section 7.01(c), the CBS Services Manager and the
Outdoor Americas Services Manager shall in good faith (x) negotiate the terms of an amendment to the applicable Schedule, which amendment shall be consistent with the terms of the applicable Service, and (y) determine the costs and
expenses (other than Service Charges), if any, that would be incurred by the Provider or the Recipient, as the case may be, in connection with the provision of such Service Extension, which costs and expenses shall be borne solely by the Party
requesting the Service Extension. Each amended Schedule to implement a Service Extension, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and any Services provided pursuant to such
Service Extensions shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

  
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 Section 7.02. Effect of Termination. Upon termination of any Service pursuant to this
Agreement, the Provider of the terminated Service will have no further obligation to provide the terminated Service, and the relevant Recipient will have no obligation to pay any future Service Charges relating to any such Service; provided,
however, that the Recipient shall remain obligated to the relevant Provider for the (i) Service Charges and Reimbursement Charges owed and payable in respect of Services provided prior to the effective date of termination and
(ii) any applicable charges described in Section 7.01(b)(i), which charges shall be payable only in the event that the Recipient terminates any Service pursuant to Section 7.01(b)(i). In connection with the termination
of any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination, and in connection with a termination of this Agreement, Article I, Article VI (including liability in
respect of any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), Article VII, Article VIII and all confidentiality obligations under this Agreement and liability for all due
and unpaid Service Charges and Reimbursement Charges and any applicable charges payable pursuant to Section 7.01(b)(i), shall continue to survive indefinitely. 

Section 7.03. Force Majeure. (a) Neither Party (nor any Person acting on its behalf) shall have any liability or responsibility
for 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 a Force Majeure;
provided, however, that (i) such Party (or such Person) shall have exercised commercially reasonable efforts to minimize the effect of such Force Majeure on its obligations; and (ii) the nature, quality and standard of care
that the Provider shall provide in delivering a Service after a Force Majeure shall be substantially the same as the nature, quality and standard of care that the Provider provides to its Affiliates with respect to such Service. In the event of an
occurrence of a Force Majeure, the Party whose performance is affected thereby shall give notice of suspension as soon as reasonably practicable to the other stating the date and extent of such suspension and the cause thereof, and such Party shall
resume the performance of such obligations as soon as reasonably practicable after the removal of such cause. 
 (b) During the period of a
Force Majeure, the Recipient shall be entitled to permanently terminate such Service(s) (and shall be relieved of the obligation to pay Service Charges for such Services(s) throughout the duration of such Force Majeure) if a Force Majeure shall
continue to exist for more than fifteen (15) consecutive days, it being understood that Recipient shall not be required to provide any advance notice of such termination to Provider or pay any charges in connection therewith. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
 Section 8.01. No Agency. Nothing in this Agreement shall be deemed in any way or for any purpose to constitute any
Party as an agent of an unaffiliated party in the conduct of such other party’s business. A Provider of any Service under this Agreement shall act as an 

  
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independent contractor and not as the agent of the Recipient in performing such Service, maintaining control over its employees, its subcontractors and their employees and complying with all
withholding of income at source requirements, whether federal, national, state, local or foreign. 
 Section 8.02. Subcontractors. A
Provider may hire or engage one or more subcontractors to perform any or all of its obligations under this Agreement; provided, however, that (i) such Provider shall use the same degree of care in selecting any such subcontractor
as it would if such contractor was being retained to provide similar services to the Provider and (ii) such Provider shall in all cases remain primarily responsible for all of its obligations under this Agreement with respect to the scope of
the Services, the standard for services as set forth in Article V and the content of the Services provided to the Recipient. 

Section 8.03. Treatment of Confidential Information. 

(a) The Parties shall not, and shall cause all other persons providing Services or having access to information of the other Party that is
confidential or proprietary (“Confidential Information”) not to, disclose to any other person or use, except for purposes of this Agreement, any Confidential Information of the other Party; provided, however, that the
Confidential Information may be used by such Party to the extent that such Confidential Information has been (i) in the public domain through no fault of such Party or any member of such Group or any of their respective Representatives,
(ii) later lawfully acquired from other sources by such Party (or any member of such Party’s Group) which sources are not themselves bound by a confidentiality obligation, or (iii) independently generated without reference to any
Confidential Information of the other Party; provided, further, that each Party may disclose Confidential Information of the other Party, to the extent not prohibited by applicable Law: (i) to its Representatives on a need-to-know
basis in connection with the performance of such Party’s obligations under this Agreement; (ii) in any report, statement, testimony or other submission required to be made to any Governmental Authority having jurisdiction over the
disclosing Party; or (iii) in order to comply with applicable Law, or in response to any summons, subpoena or other legal process or formal or informal investigative demand issued to the disclosing Party in the course of any litigation,
investigation or administrative proceeding. In the event that a Party becomes legally compelled (based on advice of counsel) by deposition, interrogatory, request for documents subpoena, civil investigative demand or similar judicial or
administrative process to disclose any Confidential Information of the other Party, such disclosing Party shall provide the other Party with prompt prior written notice of such requirement, and, to the extent reasonably practicable, cooperate with
the other Party (at such other Party’s expense) to obtain a protective order or similar remedy to cause such Confidential Information not to be disclosed, including interposing all available objections thereto, such as objections based on
settlement privilege. In the event that such protective order or other similar remedy is not obtained, the disclosing Party shall furnish only that portion of the Confidential Information that has been legally compelled, and shall exercise its
commercially reasonable efforts (at such other Party’s expense) to obtain assurance that confidential treatment will be accorded such Confidential Information. 

(b) Each Party shall, and shall cause its Representatives to, protect the Confidential Information of the other Party by using the same degree
of care to prevent the unauthorized disclosure of such as the Party uses to protect its own confidential information of a like nature, but in any event no less than a reasonable degree of care. 

  
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 (c) Each Party shall be liable for any failure by its respective Representatives to comply with
the restrictions on use and disclosure of Confidential Information contained in this Agreement. 
 (d) Each Party shall comply with all
applicable local, state, national, federal and foreign privacy and data protection Laws that are or that may in the future be applicable to the provision of Services under this Agreement. 

Section 8.04. Further Assurances. Each Party covenants and agrees that, without any additional consideration, it shall execute and
deliver any further legal instruments and perform any acts that are or may become necessary to effectuate this Agreement. 
 Section 8.05.
Dispute Resolution. Any Dispute shall be resolved in accordance with the procedures set forth in Article VII of the Separation Agreement, which shall be the sole and exclusive procedures for the resolution of any such Dispute unless
otherwise specified herein or in Article VII of the Separation Agreement. 
 Section 8.06. Notices. Except with respect to
routine communications by the CBS Services Manager, Outdoor Americas Services Manager, CBS Local Services Manager and Outdoor Americas Local Services Manager under Section 2.06, all notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission 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 shall be specified in a notice given in accordance with this Section 8.06): 
  

	 	(i)	if to CBS: 

 CBS Corporation 

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

	 	(ii)	if to Outdoor Americas: 

 CBS Outdoor Americas Inc. 

405 Lexington Avenue, 17th Floor 

New York, New York 10174 
 Attn:
General Counsel 

  
 -18- 

 Section 8.07. 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 shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties 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. 
 Section 8.08. Entire Agreement. This Agreement, together with the documents referenced herein
(including the Separation Agreement and any other Ancillary Agreements) constitutes the entire agreement between the parties with respect to the subject matter hereof, supersede all prior written and oral and all contemporaneous oral agreements,
negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter and there are no agreements or understandings between the parties other than those set forth or referred to herein or therein.

 Section 8.09. No Third-Party Beneficiaries. Except as provided in Article VI with respect to Provider Indemnified Parties
and Recipient Indemnified Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person, including
any union or any employee or former employee of CBS or Outdoor Americas, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement.

 Section 8.10. Governing Law. This Agreement (and any claims or disputes arising out of or related to this Agreement or to the
transactions contemplated by this Agreement or to the inducement of any Party to enter into this Agreement or the transactions contemplated by this Agreement, whether for breach of contract, tortious conduct or otherwise and whether predicated on
common law, statute or otherwise) shall in all respects be governed by, and construed in accordance with, the Laws of the State of New York, including all matters of construction, validity and performance, in each case without reference to any
conflict of Law rules that might lead to the application of the Laws of any other jurisdiction (other than Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York). 

Section 8.11. Amendment. No provision of this Agreement, including any Schedules to this Agreement, may be amended, supplemented or
modified except by a written instrument making specific reference to this Agreement or any such Schedules to this Agreement, as applicable, signed by all the Parties. 

Section 8.12. Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction:
(a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section, paragraph and Schedules
are references to the Articles, Sections, paragraphs and Schedules of this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the word “including” and words of similar import when
used in this Agreement shall mean “including without limitation,” 

  
 -19- 

 
unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written” or “in writing” include in electronic form;
(g) provisions shall apply, when appropriate, to successive events and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement; (i) CBS and Outdoor Americas have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the
Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; (j) a reference to any Person includes
such Person’s successors and permitted assigns; (k) any reference to “days” means calendar days unless business days are expressly specified; and (l) when calculating the period of time before which, within which or
following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a business day, the period shall end on the
next succeeding business day. 
 Section 8.13. Counterparts. This Agreement may be executed in one or more counterparts, and by each
Party in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by
facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 8.14. Assignability. This Agreement shall not be assigned by operation of Law or otherwise without the prior written consent of
CBS and Outdoor Americas, except that each Party may: 
 (a) assign all of its rights and obligations under this Agreement to any of its
Subsidiaries; provided that, in connection with any such assignment, the assigning Party provides a guarantee to the non-assigning Party (in a form reasonably agreed upon) for any liability or obligation of the assignee under this Agreement;

 (b) in connection with the divestiture of any Subsidiary or business of such Party that is a Recipient to an acquiror that is not a
competitor of the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services provided to such divested Subsidiary or business under this Agreement; provided that
(i) in connection with any such assignment, the assigning Party provides a guarantee to the non-assigning Party (in a form reasonably agreed upon) for any liability or obligation of the assignee under this Agreement, (ii) any and all costs
and expenses incurred by either Party in connection with such assignment (including in connection with clause (iii) of this proviso) shall be borne solely by the assigning Party, and (iii) the Parties shall in good faith negotiate any
amendments to this Agreement, including the Schedules hereto, that may be necessary or appropriate in order to assign such Services; and 

(c) in connection with the divestiture of any Subsidiary or business of such Party that is a Recipient to an acquiror that is a competitor of
the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services 

  
 -20- 

 
provided to such divested Subsidiary or business under this Agreement; provided that (i) in connection with any such assignment, the assigning Party provides a guarantee to the
non-assigning Party (in a form reasonably agreed upon) for any liability or obligation of the assignee under this Agreement, (ii) any and all costs and expenses incurred by either Party in connection with such assignment (including in
connection with clause (iii) of this proviso) shall be borne solely by the assigning Party, (iii) the Parties shall in good faith negotiate any amendments to this Agreement, including the Schedules hereto, that may be necessary or
appropriate in order to ensure that such assignment will not (x) materially and adversely affect the businesses and operations of each of the Parties and their respective Affiliates or (y) create a competitive disadvantage for the Provider
with respect to an acquiror that is a competitor, and (iv) no Party shall be obligated to provide any such assigned Services to an acquiror that is a competitor if the provision of such assigned Services to such acquiror would disrupt the
operation of such Party’s businesses or create a competitive disadvantage for such Party with respect to such acquirer. 
 Section
8.15. Public Announcements. From and after the IPO Closing Time, the Parties shall consult with each other before issuing, and give each other the opportunity to review and comment upon, that portion of any press release or other public
statements that relates to the transactions contemplated by this Agreement, and shall not issue any such press release or make any such public statement prior to such consultation, except (a) as may be required by applicable Law, court process
or by obligations pursuant to any listing agreement with any national securities exchange or national securities quotation system; or (b) as otherwise set forth in the Separation Agreement. 

Section 8.16. Non-Recourse. No past, present or future director, officer, employee, incorporator, member, partner, shareholder,
Affiliate, agent, attorney or representative of either CBS or Outdoor Americas or their Affiliates shall have any liability for any obligations or liabilities of CBS or Outdoor Americas, respectively, under this Agreement or for any claims based on,
in respect of, or by reason of, the transactions contemplated by this Agreement. 
 [The remainder of this page is intentionally left
blank.] 

  
 -21- 

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

					
	CBS CORPORATION
		
	 By:
	 	 /s/ Joseph R. Ianniello

		 	Name:	 	Joseph R. Ianniello
		 	Title:	 	Chief Operating Officer
	
	CBS OUTDOOR AMERICAS INC.
		
	 By:
	 	 /s/ Donald R. Shassian

		 	Name:	 	Donald R. Shassian
		 	Title:	 	Executive Vice President and
Chief Financial Officer

 [Signature Page to Transition Services Agreement] 

 Exhibit I 

Service Managers 
  

	 	•	 	The initial CBS Services Manager is Ed Schwartz. 

  

	 	•	 	The initial Outdoor Americas Services Manager is Donald Shassian. 

  
 I-1

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