Form 4: Clear Channel Outdoor Holdings Director Receives Stock Awards

Raymond T. White, a director at Clear Channel Outdoor Holdings, received restricted stock units in lieu of an annual cash retainer, while Legion Partners and related entities report beneficial ownership.

Summary

• Raymond T. White, a director of Clear Channel Outdoor Holdings, Inc., received restricted stock units under the company's 2012 Amended and Restated Stock Incentive Plan.
• On February 13, 2025, Mr. White received 103,448 restricted stock units that vest on January 1, 2026.
• He also received 62,068 restricted stock units vesting in four equal installments on April 1, 2025, July 1, 2025, October 1, 2025, and January 1, 2026, in lieu of an annual cash retainer for 2025.
• The filing also reports the beneficial ownership of Clear Channel Outdoor Holdings, Inc. shares by Legion Partners, L.P. I, Legion Partners, L.P. II, Legion Partners Special Opportunities, L.P. XVI, and Legion Partners Holdings, LLC.
• Legion Partners, L.P. I owns 21,869,019 shares, Legion Partners, L.P. II owns 1,943,844 shares, Legion Partners Special Opportunities, L.P. XVI owns 2,122,933 shares, and Legion Partners Holdings, LLC owns 900 shares.
• Mr. White serves on the Board as a representative of Legion Partners Asset Management, which is entitled to receive all economic interest in securities granted to him by the Issuer in respect of his Board position.

Sentiment

Score: 6

Explanation: The document is neutral in sentiment, as it primarily reports transactions and ownership details. The stock awards could be seen as a positive sign of confidence in the company's future, but it's a standard practice.

Positives

• The grant of restricted stock units to a director aligns his interests with the long-term performance of the company.
• The vesting schedule of the restricted stock units incentivizes continued service and contribution from the director.

Industry Context

This filing is a routine disclosure related to executive compensation and ownership changes, typical for publicly traded companies. It provides transparency into the alignment of management and shareholder interests.

Stakeholder Impact

• Shareholders may view the stock awards as aligning management's interests with the company's performance.
• Employees may see the stock awards as a positive sign of the company's commitment to its leadership.

Key Dates