Clear Channel Outdoor Holdings, Inc. - Employment Agreement Amendment for CEO Scott R. Wells

Clear Channel Outdoor Holdings, Inc. has entered into a second amended and restated employment agreement with its CEO, Scott R. Wells. This agreement, effective January 1, 2026, supersedes the previous one and extends the term to January 1, 2030, with automatic four-year extensions possible. Wells will receive an annual base salary of $1,200,000, with a target annual performance bonus of 120% of his base salary and an annual equity incentive grant with a target value of $4,000,000 (minimum $2,000,000). The agreement details severance packages for termination without cause or resignation for good reason, including 18 months of base salary continuation, pro-rata bonus, a separation bonus, COBRA premium payments, and specific equity vesting terms. It also includes standard confidentiality, non-interference, non-solicitation, and non-competition clauses, with a 12-month post-employment restriction period for the latter three.