Annual Report — Form 10-K — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
Document/ExhibitDescriptionPagesSize
1: 10-K Annual Report HTML 2.81M
3: EX-10 2012 Stock Incentive Plan Restricted Stock Award HTML 73K
Agreement
4: EX-10 2012 Stock Incentive Plan Restricted Stock Unit HTML 67K Award Agreement
2: EX-10 2012 Stock Incentive Plan Stock Option Agreement HTML 71K
5: EX-10 Employment Agreement William Eccleshare HTML 86K
7: EX-21 Subsidiaries List HTML 85K
8: EX-23 Consent of Ernst & Young LLP HTML 29K
6: EX-11 Statement Re: Computation of Loss Per Share HTML 52K
9: EX-31 Certification of Chief Executive Officer Pursuant HTML 35K
to Section 302
10: EX-31 Certification of Chief Financial Officer Pursuant HTML 35K
to Section 302
11: EX-32 Certification of Chief Executive Officer Pursuant HTML 29K
to Section 906
12: EX-32 Certification of Chief Financial Officer Pursuant HTML 29K
to Section 906
19: R1 Document And Entity Information HTML 59K
20: R2 Consolidated Balance Sheets HTML 129K
21: R3 Consolidated Balance Sheet (Parenthetical) HTML 47K
22: R4 Consolidated Statements of Comprehensive Income HTML 142K
(Loss)
23: R5 Consolidated Statements of Changes in HTML 75K
Shareholders' Equity
24: R6 Consolidated Statements of Changes in HTML 31K
Shareholders' Equity (Parenthetical)
25: R7 Consolidated Statements of Cash Flows HTML 153K
26: R8 Summary of Significant Accounting Policies HTML 90K
27: R9 Property, Plant And Equipment, Intangible Assets HTML 90K
and Goodwill
28: R10 Investments HTML 51K
29: R11 Asset Retirement Obligation HTML 41K
30: R12 Long-Term Debt HTML 92K
31: R13 Commitments and Contingencies HTML 63K
32: R14 Related Party Transactions HTML 54K
33: R15 Income Taxes HTML 126K
34: R16 Shareholders' Equity HTML 142K
35: R17 Employee Stock and Savings Plans HTML 38K
36: R18 Other Information HTML 78K
37: R19 Segment Data HTML 115K
38: R20 Quarterly Results of Operations (Unaudited) HTML 110K
39: R21 Guarantor Subsidiaries HTML 788K
40: R22 Schedule II - Valuation and Qualifying Accounts HTML 64K
41: R23 Summary of Significant Accounting Policies HTML 155K
(Policies)
42: R24 Property, Plant And Equipment, Intangible Assets HTML 79K
And Goodwill (Tables)
43: R25 Investments (Tables) HTML 46K
44: R26 Asset Retirement Obligation (Tables) HTML 38K
45: R27 Long-Term Debt (Tables) HTML 73K
46: R28 Commitments and Contingencies (Tables) HTML 48K
47: R29 Income Taxes (Tables) HTML 98K
48: R30 Equity And Comprehensive Income (Loss) (Tables) HTML 133K
49: R31 Other Information (Tables) HTML 80K
50: R32 Segment Data (Tables) HTML 104K
51: R33 Quarterly Results Of Operations (Unaudited) HTML 108K
(Tables)
52: R34 Guarantor Subsidiaries (Tables) HTML 789K
53: R35 Schedule II - Valuation and Qualifying Accounts HTML 62K
(Tables)
54: R36 Summary of Significant Accounting Policies HTML 74K
(Narrative) (Details)
55: R37 Property, Plant And Equipment, Intangible Assets HTML 54K
And Goodwill (Narrative) (Details)
56: R38 Property, Plant And Equipment, Intangible Assets HTML 46K
And Goodwill (Schedule Of Property, Plant And
Equipment) (Details)
57: R39 Property, Plant And Equipment, Intangible Assets HTML 41K
And Goodwill (Schedule Of Definite-Lived
Intangible Assets) (Details)
58: R40 Property, Plant And Equipment, Intangible Assets HTML 41K
And Goodwill (Schedule Of Future Amortization
Expenses) (Details)
59: R41 Property, Plant And Equipment, Intangible Assets HTML 50K
And Goodwill (Schedule Of Goodwill) (Details)
60: R42 Investments (Narrative) (Details) HTML 33K
61: R43 Investments (Schedule of Investments in HTML 54K
Nonconsolidated Affiliates) (Details)
62: R44 Asset Retirement Obligation (Narrative) (Details) HTML 30K
63: R45 Asset Retirement Obligation (Schedule of Asset HTML 41K
Retirement Obligation) (Details)
64: R46 Long-term Debt (Narrative) (Details) HTML 54K
65: R47 Long-Term Debt (Schedule of Long-term Debt) HTML 51K
(Details)
66: R48 Long-Term Debt (Schedule of CCWH Senior Notes) HTML 46K
(Details)
67: R49 Long-Term Debt (Schedule of Debt Maturities) HTML 46K
(Details)
68: R50 Long-Term Debt (Guarantees (Narrative)) (Detail) HTML 36K
69: R51 Commitments and Contingencies (Narrative) HTML 32K
(Details)
70: R52 Commitments and Contingencies (Schedule Of Minimum HTML 98K
Rental Commitments) (Details)
71: R53 Related Party Transations (Narrative) (Details) HTML 65K
72: R54 Income Taxes (Narrative) (Details) HTML 101K
73: R55 Income Taxes (Schedule Of Provision For Income HTML 65K
Taxes) (Details)
74: R56 Income Taxes (Schedule Of Deferred Tax Assets And HTML 63K
Liabilities) (Details)
75: R57 Income Taxes (Schedule Of Income Tax Benefit HTML 80K
Reconciled To Federal Tax Rates) (Details)
76: R58 Income Taxes (Schedule Of Unrecognized Tax HTML 43K
Benefits) (Details)
77: R59 Shareholders' Equity (Narrative) (Details) HTML 60K
78: R60 Shareholders' Deficit And Comprehensive Loss HTML 79K
(Schedule Of Changes In Equity) (Detail)
79: R61 Shareholders' Equity (Schedule Of Assumptions Used HTML 47K
In Options Valuation) (Details)
80: R62 Shareholders' Equity (Schedule Of Stock Options HTML 86K
Outstanding) (Details)
81: R63 Shareholders' Equity (Schedule Of Unvested HTML 54K
Options) (Details)
82: R64 Shareholders' Equity (Schedule Of Restricted Stock HTML 53K
Awards) (Details)
83: R65 Shareholders' Equity (Schedule Of Earnings (Loss) HTML 69K
Per Share) (Details)
84: R66 Employee Stock And Savings Plan (Narrative) HTML 45K
(Details)
85: R67 Other Information (Narrative) (Details) HTML 31K
86: R68 Other Information (Schedule Of Other Income HTML 40K
(Expense)) (Details)
87: R69 Other Information (Schedule Of Other Current HTML 47K
Assets) (Details)
88: R70 Other Information (Schedule Of Other Assets) HTML 43K
(Details)
89: R71 Other Information (Schedule OF Other Current HTML 31K
Liabilities) (Details)
90: R72 Other Information (Schedule Of Other Long-Term HTML 42K
Liabilities) (Details)
91: R73 Other Information (Schedule Of Accumulated Other HTML 40K
Comprehensive Loss) (Details)
92: R74 Segment Data (Narrative) (Details) HTML 39K
93: R75 Segment Data (Schedule Of Operating Segment HTML 83K
Results) (Details)
94: R76 Quarterly Results Of Operations (Schedule Of HTML 99K
Quarterly Results Of Operations) (Details)
95: R77 Guarantor Subsidiaries (Schedule Of Guarantor HTML 178K
Obligations, Balance Sheet) (Details)
96: R78 Guarantor Subsidiaries (Schedule Of Guarantor HTML 230K
Obligations, Income Statement) (Details)
97: R79 Guarantor Subsidiaries (Schedule Of Guarantor HTML 333K
Obligations, Cash Flow) (Details)
98: R80 Valuation and Qualifying Accounts (Narrative) HTML 37K
(Details)
99: R81 Valuation and Qualifying Accounts (Details) HTML 47K
101: XML IDEA XML File -- Filing Summary XML 184K
100: EXCEL IDEA Workbook of Financial Reports XLSX 142K
13: EX-101.INS XBRL Instance -- cco-20151231 XML 5.02M
15: EX-101.CAL XBRL Calculations -- cco-20151231_cal XML 352K
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14: EX-101.SCH XBRL Schema -- cco-20151231 XSD 215K
102: ZIP XBRL Zipped Folder -- 0001334978-16-000018-xbrl Zip 343K
‘EX-10’ — 2012 Stock Incentive Plan Restricted Stock Unit Award Agreement
THIS RESTRICTED STOCK UNIT AWARD AGREEMENT
(the “Agreement”), made as of t this “grant date, DD” day of “grant
date, MM” , ”grant date, YYYY” (the “Grant Date”) by and between
Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the “Company”),
and “participant name” (the “Grantee”), evidences the grant by
the Company of an award of restricted stock units (the “Award”) to the
Grantee on such date and the Grantee’s acceptance of the Award in accordance
with the provisions of the Clear Channel Outdoor Holdings, Inc. 2012 Stock
Incentive Plan, as it may be amended from time to time (the “Plan”).
All capitalized terms not defined herein shall have the meaning ascribed to
them as set forth in the Plan. The Company and the Grantee agree as follows:
1.
Grant of Award. Subject to the terms and conditions set
forth herein and in the Plan, the Company hereby grants to the Grantee the
Award, giving the Grantee the conditional right to receive “Shares granted”
shares of Class A Common Stock of the Company (the “Shares”).
2.
Vesting. Except as otherwise provided in this Agreement,
the Award will vest with respect to 50% of the Shares on each of the third and
fourth anniversary of the Grant Date (each a “Vesting Date”); provided,
that, the Grantee is still employed by or providing services to the Company on
each such Vesting Date.
3.
Payment of Award. The Company shall, as soon as
practicable upon the vesting of any portion of the Award (but in no event later
than the date that is 2 1/2 months after the date such portion becomes vested),
issue (if necessary) and transfer to the Grantee the Shares with respect to
such vested portion of the Award, and shall deliver to the Grantee or have
deposited in the Grantee’s brokerage account with the Company’s transfer agent
or designated third-party administrator such Shares, at the Grantee’s election
either electronically or represented by a certificate or certificates therefor,
registered in the Grantee’s name. No Shares will be issued pursuant to this
Award unless and until all legal requirements applicable to the issuance or
transfer of such Shares have been complied with to the satisfaction of the
Company.
4.
Termination of Employment.
(a)
If the Grantee’s employment or service is terminated due to death
and such death occurs before this Award is vested in full, this Award shall
automatically vest in full.
(b)
If the Grantee’s employment or service is terminated due to
Disability (as defined herein) or Retirement (as defined herein) and such
Disability or Retirement, as the case may be, occurs prior to the date this
Award is vested in full, for purposes of this Agreement only, the Grantee shall
be treated, as if his employment or service continued with the Company until
the date this Award would have vested in full under Section 2 (the “Extension Period”) and the Award will vest in accordance with the
schedule set forth in Section 2; provided, that, if the Grantee dies during the
Extension Period and the Restricted Stock has not otherwise been forfeited in
accordance with this Agreement, this Award shall
K&E
25065826.8
automatically
vest in full on the date of death; provided further, that notwithstanding any
other provision of this Agreement or the Plan to the contrary, including,
without limitation, Section 3, to the extent that this Award becomes vested in
accordance with this Section 4(b), payment of the applicable portion of the
Award shall in no event be later than the date that is 2 1/2 months after the
date such portion becomes vested under this Section 4(b) in accordance with the schedule set forth in Section 2 (with each payment deemed a separate installment
for purposes of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), to the extent such section of the Code is applicable).
For purposes of this Agreement, “Disability”
shall mean (i) if the Grantee’s employment or service with the Company is
subject to the terms of an employment or other service agreement between such
Grantee and the Company, which agreement includes a definition of “Disability”,
the term “Disability” shall have the meaning set forth in such agreement; and
(ii) in all other cases, the term “Disability” shall mean a physical or mental
infirmity which impairs the Grantee’s ability to perform substantially his or
her duties for a period of one hundred eighty (180) consecutive days.
For purposes of this Agreement, “Retirement”
shall mean the Grantee’s resignation from the Company on or after the date on
which the sum of his/her (i) full years of age (measured as of his/her last
birthday preceding the date of termination of employment or service) and (ii)
full years of service with the Company (or any parent or subsidiary) measured
from his date of hire (or re-hire, if later), is equal at least seventy (70);
provided, that, the Grantee must have attained at least the age of sixty (60)
and completed at least five (5) full years of service with the Company (or any
parent or subsidiary) prior to the date of his/her resignation. Any disputes
relating to whether the Grantee is eligible for Retirement under this
Agreement, including, without limitation, years’ of service, shall be settled
by the Committee in its sole discretion.
(c)
If the termination of the Grantee’s employment or service is for
any other reason, the then unvested portion of the Award shall be immediately
forfeited without consideration and the Grantee shall have no further rights to
such unvested portion of the Award hereunder. The Grantee’s status as an
employee or other service-provider shall not be considered terminated in the
case of a leave of absence agreed to in writing by the Company (including, but
not limited to, military and sick leave); provided, that, such leave is for a
period of not more than three months or re-employment or re-engagement upon
expiration of such leave is guaranteed by contract or statute.
(d)
Notwithstanding any other provision of this Agreement or the Plan
to the contrary:
(i)
If it is determined by the Committee that the Grantee engaged (or
is engaging in) any activity that is harmful to the business or reputation of
the Company (or any parent or subsidiary), including, without limitation, any “Competitive
Activity” (as defined below) or conduct prejudicial to or in conflict with
the Company (or any parent or subsidiary) or any material breach of a
contractual obligation to the Company (or any parent or subsidiary)
(collectively, “Prohibited Acts”), then, upon such determination by the
Committee, the unvested portion of the Award shall be forfeited without
consideration.
(ii)
If it is determined by the Committee that the Grantee engaged in
(or is engaging in) any Prohibited Act where such Prohibited Act occurred or is
occurring within the one (1) year period immediately following the vesting of
any portion of the Award, the Grantee agrees that he/she will repay to the
Company any gain realized on the vesting of such portion of the Award (such
gain to be valued as of the relevant Vesting Date(s) based on the Fair Market
Value (as defined in Section 5.2 of the Plan) of the Shares vesting on the
relevant Vesting Date). Such repayment obligation will be effective as of the
date specified by the Committee. Any
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repayment
obligation must be satisfied in cash or, if permitted in the sole discretion of
the Committee, in shares of Common Stock having a Fair Market Value equal to
the gain realized upon vesting of such portion of the Award. The Company is
specifically authorized to off-set and deduct from any other payments, if any,
including, without limitation, wages, salary or bonus, that it may own the
Grantee to secure the repayment obligations herein contained.
The determination of whether the Grantee has engaged
in a Prohibited Act shall be determined by the Committee in good faith and in
its sole discretion.
For purposes of this Agreement, the term “Competitive
Activity” shall mean the Grantee, without the prior written permission of
the Committee, anywhere in the world where the Company (or any parent or
subsidiary) engages in business, directly or indirectly, (i) entering into the
employ of or rendering any services to any person, entity or organization
engaged in a business which is directly or indirectly related to the businesses
of the Company or any parent or subsidiary (“Competitive Business”) or
(ii) becoming associated with or interested in any Competitive Business as an
individual, partner, shareholder, creditor, director, officer, principal,
agent, employee, trustee, consultant, advisor or in any other relationship or
capacity other than ownership of passive investments not exceeding 1% of the
vote or value of such Competitive Business.
(e)
The term “Company” as used in this Agreement with
reference to the employment or service of the Grantee shall include the Company
and its parent and subsidiaries, as appropriate.
5.
Change in Control. Upon the occurrence of a Change in
Control (as defined herein) of the Company, the unvested portion of this Award
that remains outstanding at such time shall become immediately fully vested.
For the purposes hereof, the term “Change in Control” of the Company shall mean
a transaction or series of transactions that constitutes an “Exchange
Transaction” within the meaning of the Plan (or such other event involving a
change in ownership or control of the business or assets of the Company as the
Board, acting in its sole discretion, may determine) but only to the extent
such transaction or series of transactions constitutes a change in control
pursuant to Section 409A of the Code and the regulations promulgated
thereunder. For the avoidance of doubt, the determination of whether a
transaction or series of transactions constitutes an Exchange Transaction
within the meaning of the Plan shall be determined by the Board, acting in its
sole discretion.
6.
Withholding. The Grantee agrees that no later than each
Vesting Date, the Grantee shall pay to the Administrator (or at the option of
the Company, to the Company) such amount as the Company deems necessary to
satisfy its obligation to withhold federal, state or local income or other
taxes incurred with respect to the portion of the Award vesting on such Vesting
Date. The Grantee may elect to pay to the Administrator (or at the option of
the Company, to the Company) an amount equal to the amount of the taxes which
the Company shall be required to withhold by delivering to the Administrator
(or at the option of the Company, to the Company), cash, a check or at the sole
discretion of the Company, shares of Common Stock having a Fair Market Value
equal to the amount of the withholding tax obligation as determined by the
Company.
7.
Section 409A.
(a)
It is the intent of the Company that the payments and benefits
under this Agreement shall comply with, or be exempt from, Section 409A of the
Code and applicable regulations and guidance thereunder (collectively, “Section
409A”) and accordingly, to the maximum extent permitted, this Agreement
shall be interpreted to be in compliance with, or be exempt from, Section
409A. In no event whatsoever shall the Company be liable for any additional
tax, interest or penalty that may be imposed on the Grantee by Section 409A or
for any damages for failing to comply with Section 409A.
3
(b)
For purposes of Section 409A and to the extent Section 409A is
applicable to any payment hereunder, Grantee’s right to receive any installment
payment pursuant to this Agreement shall be treated as a right to receive a
series of separate and distinct payments.
(c)
Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “payment shall be made within
2 1/2 months following the date specified in Section 2”), the actual date of
payment within the specified period shall be within the Company’s sole
discretion.
(d)
If Grantee is deemed on the date of termination to be a
“specified employee” within the meaning of Section 409A(a)(2)(B) of the Code,
any amounts to which Grantee is entitled under this Agreement that constitute
“non-qualified deferred compensation” payable on “separation from service”
under Section 409A and would otherwise be payable prior to the earlier of (i)
the 6-month anniversary of the Employee’s date of termination and (ii) the date
of the Employee’s death (the “Delay Period”) shall instead be paid in a
lump sum immediately upon (and not before) the expiration of the Delay Period
to the extent required under Section 409A.
8.
Rights as a Stockholder. No Shares shall be issued under
this Award until payment of the applicable tax withholding obligations have
been satisfied or provided for to the satisfaction of the Company, and the
Grantee shall have no rights as a stockholder with respect to any Shares
covered by this Award until such shares are duly and validly issued by the
Company to or on behalf of the Grantee.
9.
Non-Transferability. This Award is not assignable or
transferable except upon the Grantee’s death to a beneficiary designated by the
Grantee in a manner prescribed or approved for this purpose by the Committee
or, if no designated beneficiary shall survive the Grantee, pursuant to the
Grantee’s will or by the laws of descent and distribution.
10.
Limitation of Rights. Nothing contained in this Agreement
shall confer upon the Grantee any right with respect to the continuation of his
employment or service with the Company, or interfere in any way with the right
of the Company at any time to terminate such employment or other service or to
increase or decrease, or otherwise adjust, the compensation and/or other terms
and conditions of the Grantee’s employment or other service.
11.
Securities Representations. The Grantee agrees, by
acceptance of this Award, that, upon issuance of any Shares hereunder, that,
unless such Shares are then registered under applicable federal and state
securities laws, (i) acquisition of such Shares will be for investment and not
with a view to the distribution thereof, and (ii) the Company may require an
investment letter from the Grantee in such form as may be recommended by
Company counsel. The Company shall in no event be obliged to register any
securities pursuant to the Securities Act of 1933 (as now in effect or as
hereafter amended) or to take any other affirmative action in order to the
issuance or transfer of Shares pursuant to this Award to comply with any law or
regulation of any governmental authority.
12.
Notice. Any notice to the Company provided for in this
Agreement shall be addressed to it in care of its Secretary at its executive
offices at Clear Channel Outdoor Holdings, Inc., 200 East Basse Road, SanAntonio, Texas78209-8328, and any notice to the Grantee shall be addressed to
the Grantee at the current address shown on the payroll records of the
Company. Any notice shall be deemed to be duly given if and when properly
addressed and posted by registered or certified mail, postage prepaid.
13.
Incorporation of Plan by Reference. This Award is granted
pursuant to the terms of the Plan, the terms of which are incorporated herein
by reference, and this Award shall in all respects be interpreted in
4
accordance with the Plan. The Committee shall interpret
and construe the Plan and this Agreement and its interpretations and
determinations shall be conclusive and binding on the parties hereto and any
other person claiming an interest hereunder, with respect to any issue arising
hereunder or thereunder. In the event of a conflict or inconsistency between
the terms and provisions of the Plan and the provisions of this Agreement, the
Plan shall govern and control.
14.
Governing Law. This Agreement and the rights of all
persons claiming under this Agreement shall be governed by the laws of the
State of Delaware, without giving effect to conflicts of laws principles
thereof.
15.
Miscellaneous. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and may
not be modified other than by written instrument executed by the parties. The
issuance of the Awards or unrestricted Shares pursuant to this Agreement shall
be subject to, and shall comply with, any applicable requirements of any
foreign and U.S. federal and state securities laws, rules and regulations
(including, without limitation, the provisions of the Securities Act, the Exchange
Act and in each case any respective rules and regulations promulgated
thereunder) and any other law or regulation applicable thereto. The Company
shall not be obligated to issue any Shares pursuant to this Agreement if any
such issuance would violate any such requirements. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same instrument.
16.
Consent. By signing this Agreement, the Grantee acknowledges
and agrees that:
(a)
The Company and the Company’s affiliates are permitted to hold
and process personal (and sensitive) information and data about the Grantee as
part of its personnel and other business records and may use such information
in the course of such entity’s business.
(b)
In the event that disclosure is required for the proper conduct
of the business (as determined by the Company and the Company’s affiliates),
the Company and the Company’s affiliates may disclose the information
referenced in Section 16(a) to third parties, including when such entities are
situated outside the European Economic Area.
(c)
This Section 16 applies to information held, used or disclosed in
any medium.
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Grantee:
“Participant Name”
Grant
Date: ”grant date”
IN WITNESS WHEREOF, the Company has caused
this Award to be executed under its corporate seal by its duly authorized
officer. This Award shall take effect as a sealed instrument.
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
By:_________________________________
Name:______________________________
Title:_______________________________
Dated:“acceptance date”
Acknowledged and Agreed
“Electronic Signature”
Name: “Participant Name”
Address of Principal Residence:
____________________________________
____________________________________
Signature Page to Restricted Stock Unit
Award Agreement