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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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On May 5, 2021, at the Annual Meeting of Stockholders of the Company, the Company’s stockholders approved the adoption of the Clear Channel Outdoor Holdings, Inc. 2012 Second Amended and Restated Equity Incentive Plan (the “2021 Plan”). The 2021 Plan amends and restates the 2012 Amended and Restated Stock Incentive Plan (the “Prior Incentive Plan”).
The 2021 Plan is a broad-based incentive plan that provides for granting stock options, stock appreciation rights, restricted stock, restricted stock units, and performance-based cash and stock awards to any of the Company’s or its subsidiaries’ present or future directors, officers, employees, consultants, or advisers. The 2021 Plan gives the Compensation Committee of the Board the maximum flexibility to use various forms of incentive awards as part of the Company’s overall compensation program.
Subject to adjustments as required or permitted by the 2021 Plan’s terms, under the 2021 Plan, the Company may issue a total of (1) 35,000,000 shares of the Company’s common stock, $0.01 par value per share, plus (2) the number of shares of the Company’s common stock reserved under the Prior Incentive Plan of which 1,302,510 shares of the Company’s common stock remained available for issuance as of February 28, 2021, plus (3) the number of shares of common stock granted under the Company’s 2005 Stock Incentive Plan, as amended and restated, that would be considered “Lapsed Awards” (as more fully described below) had they been granted under the 2021 Plan.
The following shares are not taken into account in applying the limitations set forth above: (1) shares covered by awards that expire or are canceled, forfeited, settled in cash, or otherwise terminated; (2) shares delivered to the Company or withheld by the Company for the payment or satisfaction of purchase price or tax withholding obligations associated with the exercise or settlement of an award; and (3) shares covered by stock-based awards assumed by the Company in connection with the acquisition of another company or business (collectively, “Lapsed Awards”).
The foregoing description of the 2021 Plan does not purport to be complete, and is qualified in its entirety by reference to the full text of the 2021 Plan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K. In addition, a description of the material terms of the 2021 Plan was included in the Company’s definitive proxy statement for the Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2021, as well as the supplement to such proxy statement, which was filed with the SEC on April 2, 2021.
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Item 5.07
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Submission of Matters to a Vote of Security Holders
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On May 5, 2021, the Company held its Annual Meeting of Stockholders. Set forth below are the final voting results for each proposal submitted to a vote of the stockholders at the meeting.
1. The Company’s stockholders elected the following nominees for director to serve as Class I directors for a term expiring in 2023 or until her or his successor shall have been elected and qualified.
Proposal 1: Election of Directors
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Name
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Votes For
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Votes Withheld
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Broker Non-Votes
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C. William Eccleshare
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341,795,594
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36,665,817
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40,096,777
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Lisa Hammitt
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363,430,401
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15,031,010
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40,096,777
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Mary Teresa Rainey
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354,092,333
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24,369,078
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40,096,777
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