Contract
Exhibit 10.3
THIS EMPLOYMENT AGREEMENT (“Agreement”) is effective as of the 31st day of August, 2025 (the “Effective Date”), by and between OUTFRONT Media Inc. (“OUTFRONT”), having an address at ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ (“Executive”), whose address is ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
WITNESSETH
WHEREAS, OUTFRONT desires for Executive to serve as Executive Vice President, Chief People Officer of OUTFRONT, and Executive is willing to perform such services, upon the terms, provisions and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the promises and the mutual covenants hereinafter contained, it is agreed upon between OUTFRONT and Executive as follows:
1. Term.
(a) Executive’s employment under this Agreement shall commence on September 15, 2025 (the “Effective Date”) and end upon the first to occur of any of the events stated in paragraph 1(b). The period during which Executive is employed shall be referred to herein as the “Term”. Notwithstanding anything in this Agreement to the contrary, Executive will be an at-will employee of OUTFRONT, and Executive or OUTFRONT may terminate Executive’s employment with OUTFRONT for any reason or no reason at any time (subject to such notices as may be required herein).
(b) The Term shall end upon the first to occur of any of the following events:
(i) Executive’s death;
(ii) OUTFRONT’s termination of Executive’s employment due to Executive’s Disability (as defined in paragraph 7);
(iii) OUTFRONT’s termination of Executive’s employment for Cause (as defined in paragraph 8(a));
(iv) a Termination Without Cause (as defined in paragraph 8(b));
(v) a Termination by Executive for Good Reason (as defined in paragraph 8(b));
or
(vi) Executive’s voluntary termination without Good Reason (as described in paragraph 8(a)(ii)).
2. Duties and Duty of Loyalty.
(a) Executive agrees to devote her entire business time, attention and energies to the OUTFRONT business. Executive will be Executive Vice President, Human Resources of
OUTFRONT and Executive agrees to perform all duties reasonable and consistent with that office and related to the OUTFRONT business, as the Chief Executive Officer of OUTFRONT (the “CEO”) (or other individual designated by the CEO) may assign to Executive from time to time. Executive will work in OUTFRONT’s headquarters located in Manhattan, New York.
(b) During the Term, Executive assumes a duty to perform the obligations of Executive’s position with OUTFRONT in a loyal and diligent manner, including, among other things, avoiding conflicts of interest (e.g., leveraging business relationships, contacts or other assets for any personal gain or advantage or the gain or advantage of any person or entity other than OUTFRONT) and promptly informing OUTFRONT of any business opportunities Executive has been offered and that may be of interest to OUTFRONT, provided that the foregoing shall not prevent Executive from (i) engaging in other business endeavors that are not related to the business or affairs of OUTFRONT (with the prior approval of the Chief Executive Officer), (ii) participating in charitable, civic, educational, professional, community or industry affairs and (ii) managing Executive’s personal investments and legal affairs, so long as, in each case, such activities do not conflict with the policies of OUTFRONT or materially interfere with the performance of Executive’s duties and responsibilities under this Agreement or create an actual business or fiduciary conflict. Executive represents and agrees that it shall be a violation of the obligations of this Agreement to, among other things, engage in or prepare to engage in competitive activity while employed by OUTFRONT (e.g., to plan, coordinate or prepare to start to engage in any competitive activity). If Executive desires to engage in outside business activities during the scope of Executive’s employment with OUTFRONT, such activities must be fully disclosed in writing in advance to a member of OUTFRONT’s Legal Department so that OUTFRONT may evaluate whether such outside business activities violate the terms of this Agreement, with such evaluation and determination being made by OUTFRONT in its sole discretion. This paragraph shall not in any way limit any common law or statutory duties owed by Executive to OUTFRONT.
3. Compensation.
(a) Salary. For all the services rendered by Executive in any capacity under this Agreement, OUTFRONT agrees to pay Executive a base salary (“Salary”) at the rate of Five Hundred Thousand Dollars ($500,000) per annum, less applicable deductions and withholding taxes, in accordance with OUTFRONT’s payroll practices as they may exist from time to time. During the Term, Executive’s Salary may be increased (but not decreased), and such increases, if any, shall be made at a time, and in an amount, as determined by the Compensation Committee of the Board (the “Committee”), in its discretion.
(b) Bonus Compensation. Executive shall be eligible to receive annual bonus compensation (“Bonus”) during Executive’s employment with OUTFRONT under this Agreement, determined and payable as follows:
(i) OUTFRONT agrees Executive shall be eligible to be considered for participation in OUTFRONT’s Executive Bonus Plan (the “EBP”), i.e., OUTFRONT’s current bonus plan, or any successor plans to the EBP. Executive shall have an annual bonus target equal to sixty percent (60%) of her Salary (“Target Bonus”). Since the EBP is administered under
2
procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the EBP, if any, shall be determined on an annual basis at the sole discretion of the Board of Directors of OUTFRONT (the “Board”), or the appropriate committee of such Board. The Bonus for any calendar year may be subject to proration for the portion of such calendar year that Executive was employed by OUTFRONT and, for calendar year 2025, the Bonus payable hereunder shall be prorated for the portion of such year from the Effective Date to December 31, 2025.
(ii) Notwithstanding the foregoing, Executive’s Bonus for any calendar year shall be considered earned as of December 31 of that calendar year and payable, less applicable deductions and withholding taxes, between January 1st and March 15th of the year following the year in which the Bonus was considered earned.
(c) Long-Term Incentive Compensation. During the Term, Executive shall be eligible to be considered for participation in the OUTFRONT Media Inc. Omnibus Stock Incentive Plan, i.e., OUTFRONT’s current long-term incentive plan (the “LTIP”) or any successor plans to the LTIP, and shall be recommended for an annual grant with a target long-term incentive value equal to Five Hundred Thousand Dollars ($500,000) based on the Fair Market Value, as defined in the LTIP, of the underlying shares of OUTFRONT stock as of the date of grant, in accordance with the terms of the LTIP and with such terms and conditions established by the Committee in its sole discretion, as set forth in the applicable award agreement. Since the LTIP is administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form (including equity and equity-based awards, which for purposes of this Agreement are collectively referred to as “equity awards”) and timing of the awards under the LTIP, if any, shall be determined in the discretion of the Committee. LTIP awards shall be granted at such times and in such form and under such terms (including vesting), as granted to other similarly situated senior executives of OUTFRONT, a significant portion of which shall be subject to performance vesting as determined in the discretion of the Committee and subject to the terms and conditions set forth in the applicable award agreement.
4. Benefits. Executive shall participate in such vacation, medical, dental, life insurance, long-term disability insurance, retirement, long-term incentive and other benefit plans and programs as OUTFRONT may have or establish from time to time in which similarly situated senior executives participate and in which Executive would be entitled to participate under the terms of the plan. This provision, however, shall not be construed to either require OUTFRONT to establish any welfare, compensation or long-term incentive plans, or to prevent the modification or termination of any plan once established, and no action or inaction with respect to any plan shall affect this Agreement. Executive shall receive four (4) weeks of vacation each year, which shall accrue as provided in OUTFRONT’s policies (as they may change from time to time).
5. Business Expenses. During Executive’s employment under this Agreement, OUTFRONT shall reimburse Executive for such reasonable travel and other expenses incurred in the performance of Executive’s duties as are customarily reimbursed to OUTFRONT’s executives at comparable levels. Subject to paragraph 18, any such travel and other expenses shall be reimbursed by OUTFRONT as soon as practicable in accordance with its established
3
guidelines,as may be amended from time to time, but in no event later than the end of the calendar quarter following the calendar quarter in which Executive incurs and submits the related expenses.
6. Non-Competition, Confidential Information, Etc.
(a) Non-Competition. Executive agrees that Executive’s employment with OUTFRONT is on an exclusive basis and that, while Executive is employed by OUTFRONT, Executive will not engage in any other business activity which is in conflict with Executive’s duties and obligations (including Executive’s commitment of time) under this Agreement. Executive further agrees that, during the Non-Compete Period (as defined below), Executive shall not directly or indirectly engage in or participate in (or negotiate or sign any agreement to engage in or participate in), whether as an owner, partner, stockholder, officer, employee, director, agent of or consultant for, any business which at such time is competitive with any business, division, operation or other activity of OUTFRONT or any of its subsidiaries (i) with respect to which Executive had any primary responsibility or a supervisory role, (ii) with respect to which Executive had access to any Confidential Information (as defined below) that could benefit such competitor’s business or harm OUTFRONT’s business or (iii) where Executive would provide services of the same or similar nature as services performed by Executive for OUTFRONT, without the written consent of OUTFRONT, as applicable; provided, that this provision shall not prevent Executive from investing as less than a one (1%) percent stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system. The Non-Compete Period shall cover the period during Executive’s employment with OUTFRONT and shall continue following the termination of Executive’s employment for any reason, including by expiration of the Term, for the greater of (A) six (6) months or (B) for so long as any payments are to be made to Executive pursuant to paragraph 8(c) of this Agreement, unless Executive requests and OUTFRONT accepts a written request pursuant to paragraph 6(j) of this Agreement, if any.
(b) Confidential Information.
(i) Executive agrees that, during the Term and at any time thereafter,(A) Executive shall not use for any purpose, including disclosing to any third party, other than in performance of the duly authorized business of OUTFRONT, any information relating to OUTFRONT or any of its Affiliated Companies (as defined in paragraph 6(c)), which is non-public, confidential or proprietary to OUTFRONT or any of its Affiliated Companies (“Confidential Information”), including any trade secret or any written (including in any electronic form) or oral communication incorporating Confidential Information in any way (except as may be required by law or in the performance of Executive’s duties under this Agreement consistent with OUTFRONT’s policies); and (B) Executive will comply with any and all confidentiality obligations of OUTFRONT to a third party, whether arising under a written agreement or otherwise. Information shall not be deemed Confidential Information which (1) is or becomes generally available to the public other than as a result of a disclosure by Executive or at Executive’s direction or by any other person who directly or indirectly receives such information from Executive, or (2) is or becomes available to Executive on a non-confidential basis from a source which is entitled to disclose it to Executive. For purposes of this paragraph 6(b), the term “third party” shall be defined to mean any person other than OUTFRONT and its Subsidiaries or any of its respective directors and senior officers.
4
(ii) Executive is hereby notified that the U.S. Defend Trade Secrets Act of 2016, 18 U.S.C. 1833 provides that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (A) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law; (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or (C) to the individual’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as (x) any document containing the trade secret is filed under seal and (y) the trade secret is not disclosed except pursuant to court order.
(iii) Anything to the contrary herein notwithstanding, nothing in this Agreement is intended to:
(A) preclude Executive from disclosing or discussing information lawfully acquired about wages, hours or other terms and conditions of employment if used for purposes protected by Section 7 of the National Labor Relations Act, such as joining or forming a union, engaging in collective bargaining or engaging in other concerted activity for the mutual aid or protection of employees, or prohibit Executive from making statements or engaging in other activities or conduct protected by the National Labor Relations Act; or
(B) limit Executive’s rights under applicable law to initiate communications directly with, provide information to, respond to any inquiries from, or report possible violations of law or regulation to any governmental entity or self-regulatory authority, or to file a charge with or participate in an investigation conducted by any governmental entity or self-regulatory authority, and Executive does not need OUTFRONT’s permission to do so. In addition, it is understood that nothing herein requires Executive to notify OUTFRONT of a request for information from any governmental entity or self-regulatory authority that is not directed to OUTFRONT or of Executive’s decision to file a charge or complaint with or participate in an investigation conducted by any governmental entity or self-regulatory authority; provided that Executive uses reasonable best efforts (including taking into account the advice of Executive’s own counsel) to avoid any unnecessary disclosure by Executive of the Confidential Information. Notwithstanding the foregoing, Executive recognizes that, in connection with the provision of information to any governmental entity or self-regulatory authority, Executive must inform such governmental entity or self-regulatory authority that the information Executive is providing is confidential. Despite the foregoing, Executive is not permitted to reveal to any third party, including any governmental entity or self-regulatory authority, information Executive came to learn during Executive’s service to OUTFRONT that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine. OUTFRONT does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information. For the avoidance of doubt, nothing herein shall be construed to prevent or limit Executive from recovering any bounty or monetary award from any governmental entity or regulatory or law enforcement authority in connection with information provided to any governmental entity or other protected “whistleblower” activity.
5
(c) No Solicitation. Executive agrees that, while employed by OUTFRONT and for the greater of: twelve (12) months thereafter or for so long as OUTFRONT is making any payments to Executive pursuant to paragraph 8(c), Executive shall not, directly or indirectly:
(i) employ or solicit the employment of any person who is then or has been within six (6) months prior thereto, an employee of OUTFRONT or any of its affiliated companies; or
(ii) do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts) of OUTFRONT or any of its affiliated companies with any customer, employee, consultant or supplier.
Notwithstanding anything to the contrary contained herein, Executive’s response to an unsolicited request for an employment reference regarding any former employee of OUTFRONT shall not be a violation of this paragraph 6(c). For purposes of this Agreement, an “Affiliated Company” shall mean any entity in which OUTFRONT directly or indirectly owns at least 20% of the voting power. Should OUTFRONT have reason to believe Executive is violating the terms of this paragraph 6(c), OUTFRONT may contact any individual(s) necessary to (A) determine the existence of a violation and (B) enforce this paragraph 6(c), without being deemed to have violated the confidentiality terms of any written agreement between Executive and OUTFRONT.
(d) OUTFRONT Ownership. The results and proceeds of Executive’s services under this Agreement, including, without limitation, any works of authorship resulting from Executive’s services during Executive’s employment with OUTFRONT and any works in progress resulting from such services, shall be works-made-for-hire and OUTFRONT shall be deemed the sole owner throughout the universe of any and all rights of every nature in such works, whether such rights are now known or hereafter defined or discovered, with the right to use the works in perpetuity in any manner OUTFRONT determines, in its discretion, without any further payment to Executive. If, for any reason, any of such results and proceeds are not legally deemed a work-made-for-hire and/or there are any rights in such results and proceeds which do not accrue to OUTFRONT under the preceding sentence, then Executive hereby irrevocably assigns and agrees to assign any and all of Executive’s right, title and interest thereto, including, without limitation, any and all copyrights, patents, trade secrets, trademarks and/or other rights of every nature in the work, whether now known or hereafter defined or discovered, and OUTFRONT shall have the right to use the work in perpetuity throughout the universe in any manner OUTFRONT determines, in its discretion, without any further payment to Executive. Executive shall, as may be requested by OUTFRONT from time to time, do any and all things which OUTFRONT may deem useful or desirable to establish or document OUTFRONT’s rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright, trademark and/or patent applications, assignments or similar documents and, if Executive is unavailable or unwilling to execute such documents, Executive hereby irrevocably designates the General Counsel of OUTFRONT (or his or her designee) as Executive’s attorney-in-fact with the power to execute such documents on Executive’s behalf. To the extent Executive has any rights in the results and proceeds of Executive’s services under this Agreement that cannot be assigned as described above, Executive unconditionally and irrevocably waives the enforcement of such rights. This paragraph 6(d) is subject to, and does not limit, restrict, or
6
constitute a waiver by OUTFRONT of any ownership rights to which OUTFRONT may be entitled by operation of law by virtue of being Executive’s employer.
(e) Litigation.
(i) Executive agrees that during the Term, and for the greater of: (A) twelve (12) months thereafter; or (B) during the pendency of any litigation or other proceeding, (x) Executive shall not communicate with anyone (other than Executive’s own attorneys and tax advisors), except to the extent necessary in the performance of Executive’s duties under this Agreement, with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving OUTFRONT, or any of OUTFRONT’s affiliated companies, other than any litigation or other proceeding in which Executive is a party- in-opposition, without giving prior notice to OUTFRONT or its counsel; and (y) in the event that any other party attempts to obtain information or documents from Executive with respect to such matters, either through formal legal process such as a subpoena or by informal means such as interviews, Executive shall promptly notify OUTFRONT’s counsel before providing any information or documents.
(ii) Executive agrees to cooperate with OUTFRONT and its attorneys, both during and after the termination of Executive’s employment, in connection with any litigation or other proceeding arising out of or relating to matters in which Executive was involved prior to the termination of Executive’s employment. Executive’s cooperation shall include, without limitation, providing assistance to OUTFRONT’s counsel, experts or consultants, and providing truthful testimony in pretrial and trial or hearing proceedings. In the event that Executive’s cooperation is requested after the termination of Executive’s employment, OUTFRONT will (A) seek to minimize interruptions to Executive’s schedule to the extent consistent with its interests in the matter; (B) compensate Executive at a reasonable rate to be agreed between OUTFRONT and Executive for Executive’s time; and (C) reimburse Executive for all reasonable and appropriate out-of-pocket expenses actually incurred by Executive in connection with such cooperation upon reasonable substantiation of such expenses (including without limitation the reasonable cost of Executive’s legal counsel) within sixty (60) calendar days following the date on which OUTFRONT receives appropriate documentation with respect to such expenses, but in no event later than December 31 of the year following the year in which Executive incurs the related expenses.
(iii) Executive agrees that during the Term and at any time thereafter, to the fullest extent permitted by law, Executive will not testify voluntarily in any lawsuit or other proceeding which directly or indirectly involves OUTFRONT or any of its affiliated companies, or which may create the impression that such testimony is endorsed or approved by OUTFRONT or any of its affiliated companies, without advance notice (including the general nature of the testimony) to and, if such testimony is without subpoena or other compulsory legal process, the approval of the General Counsel (or equivalent position thereof) of OUTFRONT.
(iv) Notwithstanding the foregoing, this Agreement shall not preclude Executive from participating in any governmental investigation of OUTFRONT, and Executive is not obligated under this Agreement to provide any notice to OUTFRONT regarding Executive’s participation in any governmental investigation of OUTFRONT.
7
(f) No Right to Give Interviews or Write Books, Articles, Etc. During the Term, except as authorized by OUTFRONT, Executive shall not (i) give any interviews or speeches, or (ii) prepare or assist any person or entity in the preparation of any books, articles, television or motion picture productions or other creations, in either case, concerning OUTFRONT or any of its affiliated companies or any of their respective officers, directors, agents, employees, suppliers or customers.
(g) Return of Property. All documents, data, recordings, or other property, whether tangible or intangible, including all information stored in electronic form, obtained or prepared by or for Executive and utilized by Executive in the course of Executive’s employment with OUTFRONT shall remain the exclusive property of OUTFRONT. If requested by OUTFRONT, Executive will provide a written acknowledgement and certification that all such property has been returned and electronic data permanently deleted and that Executive has not shared or provided such information to any third parties. Executive acknowledges and agrees that failure to surrender such property will cause irreparable damage to the Company. In the event of the termination of Executive’s employment for any reason, OUTFRONT reserves the right, to the extent permitted by law and in addition to any other remedy OUTFRONT may have, to deduct from any monies otherwise payable to Executive all amounts Executive may owe to OUTFRONT or any of its Affiliated Companies at the time of or subsequent to the termination of Executive’s employment with OUTFRONT. In the event that the law of any state or other jurisdiction requires the consent of an employee for such deductions, this Agreement shall serve as such consent. Notwithstanding anything in this paragraph 6(g) to the contrary, OUTFRONT will not exercise such right to deduct from any monies otherwise payable to Executive that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code, as amended, and the rules and regulations promulgated thereunder (“Section 409A”).
(h) Non-Disparagement. Executive agrees that, during the Term and for one (1) year thereafter, Executive shall not, in any communications with the press or other media or any customer, client or supplier of OUTFRONT or any of OUTFRONT’s affiliated companies, criticize, ridicule or make any statement which disparages or is derogatory of OUTFRONT or any of OUTFRONT’s affiliated companies or any of their respective directors or senior officers or employees. OUTFRONT shall not, in any communications with the press or other media or any customer, client, supplier of OUTFRONT or any of OUTFRONT's affiliate companies directly or indirectly criticize, ridicule or make any statement which disparages or is derogatory of Executive. Nothing in this Agreement prevents Executive from filing a charge with the Equal Employment Opportunity Commission (“EEOC”) or participating in any investigation or proceeding conducted by the EEOC nor does it limit Executive’s ability to file a complaint with the Securities and Exchange Commission (“SEC”) or communicate with the SEC or otherwise participate in any investigation or proceeding that may be conducted by the SEC nor does it prevent Executive from disclosing information about unlawful acts in the workplace, including, but not limited to, sexual harassment. These non-disparagement obligations shall not in any way affect the Executive’s obligation to testify truthfully in any legal proceeding.
8
(i) Injunctive Relief. OUTFRONT has entered into this Agreement in order to obtain the benefit of Executive’s unique skills, talent, and experience. Executive acknowledges and agrees that any violation of paragraphs 6(a) through (h) of this Agreement will result in irreparable damage to OUTFRONT, and, accordingly, OUTFRONT may obtain injunctive and other equitable relief for any breach or threatened breach of such paragraphs, in addition to any other remedies available to OUTFRONT, and Executive hereby consents and agrees to personal jurisdiction in any state or federal court located in the City of New York, Borough of Manhattan.
(j) Survival; Modification of Terms. Executive’s obligations under paragraphs 6(a) through (i) shall remain in full force and effect for the entire period specified therein notwithstanding, where applicable, the termination of Executive’s employment under this Agreement for any reason or the expiration of the Term; provided, however, that Executive’s obligations under this paragraph 6(a) (but not under any other provision of this Agreement) shall cease if: (i) OUTFRONT terminates Executive’s employment without Cause (as defined in paragraph 8(a)) or Executive terminates Executive’s employment for Good Reason (as defined in paragraph 8(b) and (ii) Executive provides OUTFRONT a written notice indicating Executive’s desire to waive her right to receive, or to continue to receive, termination payments and benefits under paragraph 8(c) and (iii) OUTFRONT notifies Executive that it has, in its sole discretion, accepted Executive’s request. Executive and OUTFRONT agree that the restrictions and remedies contained in paragraphs 6(a) through (i) are reasonable and that it is Executive’s intention and the intention of OUTFRONT that such restrictions and remedies shall be enforceable to the fullest extent permissible by law. If a court of competent jurisdiction shall find that any such restriction or remedy is unenforceable but would be enforceable if some part were deleted or the period or area of application reduced, then such restriction or remedy shall apply with the modification necessary to make it enforceable. Executive acknowledges that OUTFRONT conducts its business operations around the world and has invested considerable time and effort to develop the international brand and goodwill associated with the “OUTFRONT” name. To that end, Executive further acknowledges that the obligations set forth in this paragraph 6 are by necessity international in scope and necessary to protect the international operations and goodwill of OUTFRONT and its Affiliated Companies.
7. Disability. In the event that Executive becomes “disabled” within the meaning of such term under the OUTFRONT’s Short-Term Disability (“STD”) program and its Long-Term Disability (“LTD”) program while employed during the Term (such condition is referred to as a “Disability”), Executive will be considered to have experienced a termination of employment with OUTFRONT and its subsidiaries as of the date Executive first becomes eligible to receive benefits under the LTD program in which OUTFRONT’s senior executives are eligible to participate or, if Executive does not become eligible to receive benefits under such OUTFRONT LTD program, Executive has not returned to work by the six (6) month anniversary of Executive’s Disability onset date. Except as provided in this paragraph 7, if Executive becomes Disabled while employed during the Term, Executive will exclusively receive compensation under the STD program in accordance with its terms. Thereafter, Executive will be eligible to receive benefits under the LTD program in accordance with its terms. If Executive has not returned to work by December 31st of a calendar year during the Term, Executive will receive bonus compensation for the calendar year(s) during the Term in which Executive receives compensation under the STD program, determined as follows:
9
(i) for the portion of the calendar year from January 1st until the date on which Executive first receives compensation under the STD program, bonus compensation shall be determined in accordance with the EBP (i.e., based upon OUTFRONT’s achievement of its goals and OUTFRONT’s good faith estimate of Executive’s achievement of Executive’s personal goals) and prorated for such period; and
(ii) for any subsequent portion of that calendar year and any portion of the following calendar year in which Executive receives compensation under the STD program, bonus compensation shall be in an amount equal to Executive’s Target Bonus and prorated for such period(s).
Subject to paragraph 18 hereof, bonus compensation under this paragraph 7 shall be paid, less applicable deductions and withholding taxes, by February 28th of the year(s) following the year as to which such bonus compensation is payable. Executive will not receive bonus compensation for any portion of the calendar year(s) during the Term while Executive receives benefits under the LTD program. For the periods that Executive receives compensation and benefits under the STD and LTD programs, such compensation and benefits and the bonus compensation provided under this paragraph 7 are in lieu of Salary and Bonus under paragraphs 3(a) and (b).
In addition, if Executive’s employment is terminated due to her “Permanent Disability” (as defined in the then current LTIP), all outstanding equity awards (or portions thereof) granted to Executive in connection with Executive’s employment with OUTFRONT shall accelerate and vest immediately on the date of such termination of employment and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter).
8. Termination.
(a) Termination for Cause; Voluntary Termination without Good Reason.
(i) Termination for Cause. OUTFRONT may, at its option, terminate Executive’s employment under this Agreement forthwith for Cause and OUTFRONT thereafter shall have no further obligations under this Agreement, including, without limitation, any obligation to pay Executive’s Salary or Bonus or provide benefits except for Accrued Obligations. “Cause” shall mean: (i) material dishonesty; (ii) embezzlement, fraud or other conduct which would constitute a felony or a misdemeanor involving fraud or perjury; (iii) willful unauthorized disclosure of Confidential Information; (iv) Executive’s failure to obey a material lawful directive that is appropriate to Executive’s position from an executive(s) in Executive’s reporting line; (v) Executive’s failure to comply with the written policies of OUTFRONT, including OUTFRONT’s Code of Conduct or successor conduct statement as they apply from time to time; (vi) Executive’s material breach of this Agreement (including any representations herein); (vii) Executive’s failure (except in the event of her Disability) or refusal to substantially perform Executive’s material obligations under this Agreement; (viii) willful failure to cooperate with a bona fide internal investigation or investigation by regulatory or law enforcement authorities or the destruction or failure to preserve documents or other material reasonably likely to be relevant to such an investigation, or the inducement of others to fail to cooperate or to destroy or fail to produce documents or other material; or (ix) conduct which is considered an offense involving moral turpitude under federal, state or local laws, or which
10
might bring Executive to public disrepute, scandal or ridicule or reflect materially and unfavorably upon any of OUTFRONT’s businesses, or to those who conduct business with OUTFRONT, and OUTFRONT’s affiliated entities. OUTFRONT will give Executive written notice prior to terminating Executive’s employment pursuant to (iv), (v), (vi), (vii), (viii) or (ix) of this paragraph 8(a), setting forth the nature of any alleged failure, breach or refusal in reasonable detail and the conduct required to cure if capable of cure. Except for a failure, breach or refusal which, by its nature, cannot reasonably be expected to be cured, Executive shall have ten (10) business days from the giving of such notice within which to cure any failure, breach or refusal under (iii), (iv), (v), (vi), (vii), (viii), or (ix) of this paragraph 8(a); provided, however, that, if OUTFRONT reasonably expects irreparable injury from a delay of ten (10) business days, OUTFRONT may give her notice of such shorter period within which to cure as is reasonable under the circumstances.
(ii) Voluntary Termination without Good Reason. Executive may, at her option, resign from her employment under this Agreement at any time without Good Reason (as defined below) by providing OUTFRONT with at least thirty (30) days’ advance written notice, in which case, Executive shall be paid the Accrued Obligations (as defined in paragraph 8(c)), and such resignation shall not be deemed to be a breach of this Agreement.
(b) Termination Without Cause; Termination for Good Reason. OUTFRONT may terminate Executive’s employment under this Agreement without Cause at any time during the Term by written notice to Executive (“Termination Without Cause”). In addition, Executive may terminate Executive’s employment under this Agreement for Good Reason (“Termination for Good Reason”) at any time during the Term by written notice of termination to OUTFRONT given no more than sixty (60) days after Executive first learns of the event constituting Good Reason. Such notice shall state an effective termination date that is not earlier than thirty (30) days and not later than sixty (60) days after the date it is given to OUTFRONT, provided that OUTFRONT may set an earlier effective date for Executive’s termination at any time after receipt of Executive’s notice. For purposes of this Agreement (and any other agreement that expressly incorporates the definition of Good Reason hereunder), “Good Reason” shall mean the occurrence of any of the following without Executive’s consent (other than in connection with the termination or suspension of Executive’s employment or duties for Cause or in connection with Executive’s physical and mental incapacity): (A) a material reduction in Executive’s Salary or Target Bonus percentage in effect prior to such reduction; (B) a material reduction in Executive’s positions, titles, authorities, duties or responsibilities from those in effect immediately prior to such reduction; (C) the assignment to Executive of duties or responsibilities that are materially inconsistent with Executive’s authorities, duties or responsibilities as they shall exist as of the commencement of the Term or that materially impair Executive’s ability to function as Chief People Officer of OUTFRONT; (D) the material breach by OUTFRONT of any of its obligations under this Agreement or any other agreement between it and Executive; or (E) the relocation of Executive’s primary place of employment by more than a 30 mile radius outside the Borough of Manhattan. OUTFRONT shall have thirty (30) days from the receipt of Executive’s notice within which to cure and in the event of such cure Executive’s notice shall be of no further force or effect. If no cure is effected, Executive’s termination will be effective as of the date specified in Executive’s written notice to OUTFRONT or such earlier effective date set by OUTFRONT following receipt of Executive’s notice.
11
(c) Termination Payments/Benefits. In the event that Executive’s employment terminates under paragraph 8(b) during the Term hereof, subject to paragraph 19, Executive shall thereafter receive, less applicable withholding taxes, (x) any unpaid Salary through and including the date of termination, any unpaid Bonus earned for the calendar year prior to the calendar year in which Executive is terminated, any accrued but unused vacation in accordance with OUTFRONT’s vacation accrual policy, any business expense reimbursements incurred but not yet approved and/or paid and such other amounts as are required to be paid or provided by law (the “Accrued Obligations”), payable within thirty (30) days following Executive’s termination date, and (y) subject to Executive’s compliance with paragraph 8(f) hereunder, the following payments and benefits:
(i) a severance amount equal to twelve (12) months of Executive’s then current base Salary described in paragraph 3(a), payable in accordance with OUTFRONT’s then effective payroll practices (the “Severance Payment”);
(ii) a prorated Bonus, determined in accordance with the guidelines of the EBP and payable in accordance with paragraph 3(b)(ii). For purposes of this Agreement, the term “Prorated” shall mean the product of Executive’s Bonus determined for the calendar year of Executive’s termination multiplied by a fraction, the numerator of which shall be the number of days Executive shall have been employed by OUTFRONT in such year and the denominator of which shall be 365 (or 366 if a leap year). If at any time prior to Executive’s date of termination Executive’s Target has been reduced in violation of the terms of this Agreement, then Executive’s Prorated Bonus for the year in which Executive’s employment terminates shall be determined on the basis of the highest Target Bonus during the Term;
(iii) all outstanding equity awards granted to Executive on or after the Effective Date in connection with Executive’s employment with OUTFRONT, including portions thereof, that would otherwise vest on or before the end of the twelve (12) month period following the date of Executive’s Termination Without Cause or Termination for Good Reason shall accelerate and vest immediately on the date of Executive’s termination of employment and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter); provided, however, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, such awards shall vest if and to the extent the Compensation Committee of the Board certifies that a level of the performance goal relating to such awards have been met, or, if later, the effective date of the Release, and shall be settled within ten (10) business days thereafter; and
(iv) to the extent that the Termination Without Cause or Termination for Good Reason is considered a “separation from service” within the meaning of Section 409A, and which results in Executive’s loss of eligibility for medical and/or dental benefits under OUTFRONT’s then effective benefit plans, Executive shall be eligible for continued coverage under the existing plans applicable to Executive and/or continued medical and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act, 29 U.S.C. section 1161 et seq. (“COBRA”) until the earlier of (A) the date that is twelve (12) months from the date of Executive’s termination, or (B) the date on which Executive becomes eligible for medical and dental coverage from a third- party employer. If Executive elects to continue Executive’s coverage under OUTFRONT’s medical and/or dental plans under COBRA, and if Executive signs the release described in paragraph 8(f) hereof, OUTFRONT will provide Executive’s
12
coverage at no cost for a time period up to twelve (12) months (assuming Executive does not become covered under another group plan sooner). Any COBRA coverage beyond this time period will be at Executive’s own cost. The amount OUTFRONT will pay for continued medical and/or dental COBRA coverage following Executive’s Termination Without Cause or Termination for Good Reason, if any, will be treated as taxable income and will be reported on a Form W-2, and OUTFRONT may withhold taxes from Executive’s compensation for this purpose. The parties agree that, consistent with the provisions of Section 409A, the following in-kind benefit rules shall also apply: (x) the amount of in-kind benefits paid during a calendar year will not affect the in-kind benefits, if any, provided to Executive in any other calendar year; and (y) Executive’s right to in-kind benefits is not subject to liquidation or exchange for another benefit.
The Severance Payment is in lieu of any other severance or income continuation or protection under any OUTFRONT plan, program or agreement that may now or hereafter exist (unless the terms of such plan, program or agreement expressly state that the payments and benefits payable thereunder are intended to be in addition to the type of payments and benefits described in this paragraph 8(c)).
Each payment under this paragraph 8(c) shall be considered a separate payment and not one of a series of payments for purposes of Section 409A. Any payment under this paragraph 8(c) that is not made during the period following Executive’s Termination Without Cause or Termination for Good Reason because Executive has not executed the release described in paragraph 8(f), shall be paid to Executive in a single lump sum on the first payroll date following the last day of the Release Effective Date (as defined in paragraph 8(f)); provided that Executive executes and does not revoke the release in accordance with the requirements of paragraph 8(f). Notwithstanding the foregoing, in the event that Executive is a “specified employee”(within the meaning of Section 409A and as determined pursuant to procedures adopted by OUTFRONT) and has actually, or is deemed to have, incurred a “separation from service” within the meaning of Section 409A (a “409A Termination”) and if any portion of Executive’s base salary or Pro-Rata Bonus that would be paid to Executive (for Termination Without Cause or Termination for Good Reason) during the six-month period following such 409A Termination constitutes deferred compensation (within the meaning of Section 409A), such portion shall be paid to Executive on the earlier of (A) the first business day of the seventh month following the month in which Executive’s 409A Termination occurs or (B) Executive’s death (the applicable date, the “Permissible Payment Date”) rather than as described in the prior sentence, and remaining payments of base salary and/or Pro-Rata Bonus, if any, shall be paid to Executive or to Executive’s estate, as applicable, by payment of Executive’s base salary on regular payroll dates commencing with the payroll date that follows the Permissible Payment Date and by payment of any Pro-Rata Bonus on the first payroll date that follows the Permissible Payment Date.
(d) Termination of Benefits. Notwithstanding anything in this Agreement to the contrary (except as otherwise provided in paragraph 8(c) with respect to medical and dental benefits), participation in all OUTFRONT benefit plans and programs (including, without limitation, vacation accrual, all retirement and related excess plans and LTD) will terminate upon the termination of Executive’s employment except to the extent otherwise expressly provided in such plans or programs and subject to any vested rights she may have under the terms of such plans or programs. The foregoing shall not apply to the LTIP and, after the termination of
13
Executive’s employment, Executive’s rights under the LTIP shall be governed by the terms of the LTIP award agreements or certificates and the applicable LTIP plan(s) and this Agreement.
(e) Resignation from Official Positions. If Executive’s employment with OUTFRONT terminates for any reason, Executive shall be deemed to have resigned at that time from any and all officer or director positions that Executive may have held with OUTFRONT or any of its affiliated companies and all board seats or other positions in other entities Executive held on behalf of OUTFRONT, including any fiduciary positions (including as a trustee) Executive holds with respect to any employee benefit plans or trusts established by OUTFRONT. If, for any reason, this paragraph 8(e) is deemed insufficient to effectuate such resignation, Executive agrees to execute, upon the request of OUTFRONT or any of its affiliated companies, any documents or instruments which OUTFRONT may deem necessary or desirable to effectuate such resignation or resignations and Executive hereby authorizes the Secretary and any Assistant Secretary of OUTFRONT or any of its affiliated companies to execute any such documents or instruments as Executive’s attorney- in-fact.
(f) Release and Compliance with Paragraph 6.
(i) Notwithstanding any provision in this Agreement to the contrary, prior to payment by OUTFRONT of any amount or provision of any benefit pursuant to paragraph 8(c), within sixty (60) days following Executive’s termination of employment, (A) Executive shall have executed and delivered to OUTFRONT a general release in a form satisfactory to OUTFRONT and (B) such general release shall have become effective and irrevocable in its entirety (such date, the “Release Effective Date”); provided, however, that if, at the time any cash severance payments are scheduled to be paid to Executive pursuant to paragraph 8(c) Executive has not executed a general release that has become effective and irrevocable in its entirety, then any such cash severance payments shall be held and accumulated without interest, and shall be paid to her on the first regular payroll date following the Release Effective Date. Executive’s failure or refusal to sign and deliver the release or her revocation of an executed and delivered release in accordance with applicable laws, whether intentionally or unintentionally, will result in the forfeiture of the payments and benefits under paragraph 8(c). Notwithstanding the foregoing, if the sixty (60) day period does not begin and end in the same calendar year, then the Release Effective Date shall occur no earlier than January 1st of the calendar year following the calendar year in which her termination occurs.
(ii) Notwithstanding any provision in this Agreement to the contrary, the payments and benefits described in paragraph 8(c) shall immediately cease, and OUTFRONT shall have no further obligations to Executive with respect thereto, in the event that Executive materially breaches any provision of paragraph 6 hereof, subject to all applicable notice and/or cure periods.
9. Death. In the event of Executive’s death prior to the end of the Term while actively employed, Executive’s beneficiary or estate shall receive (a) Executive’s Salary up to the date on which the death occurs; (b) reimbursement of expenses, (c) any Bonus earned in the prior year but not yet paid; and (d) bonus compensation for the calendar year in which the death occurs, determined in accordance with the EBP (i.e., based upon OUTFRONT’s achievement of its goals and OUTFRONT’s good faith estimate of Executive’s achievement of Executive’s personal goals) and pro-rated for the portion of the year through the date of death, payable, less applicable deductions and withholding taxes, by February 28th of the following year in
14
accordance with EBP guidelines. In addition, all outstanding equity awards (or portions thereof) granted to Executive in connection with Executive’s employment with OUTFRONT shall accelerate and vest immediately on the date of death and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter). In the event of Executive’s death after the termination of Executive’s employment while Executive is entitled to receive compensation under paragraph 8(c), Executive’s beneficiary or estate shall receive (i) any Salary payable under paragraph 8(c)(i) up to the date on which the death occurs; and (ii) bonus compensation for the calendar year in which the death occurs in an amount equal to Executive’s Target Bonus and pro-rated for the portion of the year through the date of death, payable, less applicable deductions and withholding taxes, in a lump sum no later than February 28th of the following year.
10. Equal Opportunity Employer; Employee Statement of Business Conduct. Executive acknowledges that OUTFRONT is an equal opportunity employer. Executive represents and warrants that Executive has read and fully understands the OUTFRONT Equal Employment Opportunity (“EEO”) policy and that Executive is in full compliance with the terms of the EEO policy. Executive further represents and warrants that Executive will comply with the EEO policy and with applicable Federal, state and local laws prohibiting discrimination on the basis of race, color, national origin, religion, sex, age, disability, alienage or citizenship status, sexual orientation, veteran’s status, gender identity or gender expression, marital status, height or weight, genetic information or any other characteristic protected by law or OUTFRONT policy during the Term. Executive acknowledges that Executive has been furnished a copy of OUTFRONT’s Code of Conduct (the “Code”). Executive represents and warrants that Executive has read and fully understands all of the requirements thereof, and that Executive is in full compliance with the terms of the Code. Executive further represents and warrants that at all times during the Term hereof, Executive shall perform Executive’s services hereunder in full compliance with the Code and other applicable OUTFRONT policies, as may be amended from time to time, and with any revisions thereof or additions thereto, to the extent such policies, as amended, have been communicated to Executive in writing (for which purpose publication of such policies on OUTFRONT’s intranet is sufficient).
11. Notices. All notices or other communications hereunder shall be given in writing and shall be deemed given if served personally or mailed by registered or certified mail, return receipt requested, to the parties at their addresses above indicated or any other address designated in writing by either party, with a copy, in the case of OUTFRONT, to the attention of the General Counsel of OUTFRONT. Any notice given by registered mail shall be deemed to have been given three (3) days following such mailing.
12. Assignment. This is an Agreement for the performance of personal services by Executive and may not be assigned by Executive or OUTFRONT except that OUTFRONT may assign this Agreement to any affiliated company of or any successor in interest to OUTFRONT or any of its affiliates, provided such successor agrees to assume OUTFRONT’s obligations under this Agreement.
13. New York Law, Etc. Executive acknowledges that this Agreement has been executed, in whole or in part, in New York, and Executive’s employment duties are primarily performed in New York. Accordingly, Executive agrees that this Agreement and all matters or issues arising out of or relating to Executive’s employment with OUTFRONT shall be governed
15
by the laws of the State of New York applicable to contracts entered into and performed entirely therein.
14. No Implied Contract. Nothing contained in this Agreement shall be construed to impose any obligation on OUTFRONT or Executive to renew this Agreement or any portion thereof. The parties intend to be bound only upon execution of a written agreement and no negotiation, exchange of drafts, or partial performance shall be deemed to imply an agreement. Neither the continuation of employment nor any other conduct shall be deemed to imply a continuing agreement upon the expiration of the Term.
15. Entire Understanding. This Agreement contains the entire understanding of the parties hereto relating to the subject matter contained in this Agreement and can be changed only by a writing signed by both parties.
16. Void Provisions. If any provision of this Agreement, as applied to either party or to any circumstances, shall be found by a court of competent jurisdiction to be unenforceable but would be enforceable if some part were deleted or the period or area of application were reduced, then such provision shall apply with the modification necessary to make it enforceable, and shall in no way affect any other provision of this Agreement or the validity or enforceability of this Agreement.
17. Supersedes Prior Agreements. With respect to the period covered by the Term, this Agreement supersedes and cancels all prior agreements and arrangements relating to Executive’s employment by OUTFRONT, a predecessor or any of its affiliated companies, whether formal or informal, written or oral.
18. Deductions and Withholdings, Payment of Deferred Compensation – Section 409A.
(a) The parties hereto intend that all payments and benefits to be made or provided to Executive hereunder either will be exempt from, or will be paid or provided in compliance with, all applicable requirements of Section 409A, and the provisions of this Agreement shall be construed and administered in accordance with such intent. In furtherance of such intent, the following provisions shall apply notwithstanding any other provisions in this Agreement to the contrary.
(b) All payments to be made to Executive hereunder, to the extent they are subject to the requirements of Section 409A (after taking into account all exclusions applicable to such payments thereunder), shall be made no later, and shall not be made any earlier, than at the time or times specified herein for such payments to be made, except as otherwise permitted or required under Section 409A.
16
(c) The date of Executive’s “separation from service”, as defined in Section 409A, shall be treated as the Executive’s date of termination for purposes of determining the time of payment of any amount that is subject to Section 409A (after taking into account all exclusions applicable to such payments thereunder) that becomes payable to the Executive hereunder upon Executive’s termination of employment.
(d) To the extent any payment otherwise required to be made to Executive hereunder on account of Executive’s separation from service is properly treated as subject to Section 409A (after taking into account all exclusions applicable to such payment thereunder), and Executive is a “specified employee” under Section 409A at the time of Executive’s separation from service, then such payment shall not be made until the first business day after the earlier of (i) the expiration of six (6) months from the date of Executive’s separation from service, or (ii) the date of Executive’s death (such first business day, the “Delayed Payment Date”). On the Delayed Payment Date, there shall be paid to Executive or, if Executive has died, to Executive’s estate, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence.
(e) In the case of any amounts payable hereunder to Executive in the form of a series of installment payments, each such installment payment shall be treated as a separate payment for purposes of Section 409A.
(f) To the extent that the reimbursement of any expenses eligible for reimbursement or the provision of any in-kind benefits hereunder is subject to Section 409A (after taking into account all exclusions applicable thereunder to such reimbursements and benefits): (i) reimbursement of any such expense shall be made no later than December 31st of the year following the year in which Executive incur such expense; (ii) the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, during any calendar year shall not affect the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided in any other calendar year: and (iii) Executive’s right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for any other benefit. In addition, if any reimbursements would constitute deferred compensation for purposes of Section 409A, the amount to be reimbursed will be limited to Executive’s lifetime and the lifetime of Executive’s eligible dependents and the amount eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year.
(g) In no event whatsoever (including, but not limited to, as a result of this paragraph 18 or otherwise) shall OUTFRONT or any of its Subsidiaries or affiliates be liable for any tax, interest or penalties that may be imposed on Executive under Section 409A. Neither OUTFRONT nor any of its affiliates has any obligation to indemnify or otherwise hold Executive harmless from any or all such taxes, interest or penalties, or liability for any damages related thereto. Executive acknowledges that Executive has been advised to obtain independent legal, tax or other counsel in connection with Section 409A.
19. Arbitration. If any disagreement or dispute whatsoever shall arise between the parties concerning, arising out of or relating to this Agreement (including the documents
17
referenced herein) or Executive’s employment with OUTFRONT, the parties hereto agree that such disagreement or dispute shall be submitted to binding arbitration before the American Arbitration Association (the “AAA”), and that a neutral arbitrator will be selected in a manner consistent with its Employment Arbitration Rules and Mediation Procedures (the “Rules”). Such arbitration shall be confidential and private and conducted in accordance with the Rules. Any such arbitration proceeding shall take place in New York City before a single arbitrator (rather than a panel of arbitrators). The parties agree that the arbitrator shall have no authority to award any punitive or exemplary damages and waive, to the full extent permitted by law, any right to recover such damages in such arbitration. Each party shall bear its respective costs (including attorneys’ fees, and there shall be no award of attorneys’ fees). Judgment upon the final award rendered by such arbitrator, after giving effect to the AAA internal appeals process, may be entered in any court having jurisdiction thereof. Notwithstanding anything herein to the contrary, OUTFRONT shall be entitled to seek injunctive, provisional and equitable relief in a court proceeding as a result of Executive’s alleged violation of the terms of paragraph 6, and Executive hereby consents and agrees to exclusive personal jurisdiction in any state or federal court located in the City of New York, Borough of Manhattan.
20. Counterparts. This Agreement may be executed in one or more counterparts, including by facsimile, and all of the counterparts shall constitute one fully executed agreement. The signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.
21. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of OUTFRONT and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.
22. Counsel Fees. Upon presentation of appropriate documentation, the Company shall pay Executive’s reasonable counsel fees incurred in connection with the negotiation and documentation of this Agreement, and matters related hereto up to the amount of $3,000.
IN WITNESS WHEREOF, the parties have executed this Agreement as of August 31, 2025.
By: /s/ ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇
Chief Executive Officer
EXECUTIVE
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Dated: 8/31/25
18
EXHIBIT A FORM OF RELEASE
WHEREAS, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ (hereinafter referred to as “Executive”) is employed by OUTFRONT Media Inc., a Maryland corporation (hereinafter referred to as “Employer”), and is a party to an employment agreement dated as of August 31, 2025 (the “Agreement”) which provides for Executive’s employment with Employer on the terms and conditions specified therein; and
WHEREAS, pursuant to paragraph 8(f) of the Agreement, Executive has agreed to execute a Release of the type and nature set forth herein as a condition to her entitlement to certain payments and benefits upon her termination of employment with Employer; and
NOW, THEREFORE, in consideration of the premises and promises herein contained and for other good and valuable consideration received or to be received by Executive in accordance with the terms of the Agreement, it is agreed as follows:
1. Release.
(a) Executive acknowledges, understands and agrees that (i) she has no knowledge (actual or otherwise) of any complaint, claim or action that she may have against Employer and its respective owners, stockholders, predecessors, successors, assigns, directors, officers, employees, divisions, subsidiaries, affiliates (and directors, officers and employees of such companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively, the “Releasees”), or any of them; (ii) Executive hereby irrevocably and unconditionally waives, releases, settles (gives up), acquits and forever discharges the Releasees from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, any claims for salary, salary increases, alleged promotions, expanded job responsibilities, constructive discharge, misrepresentation, bonuses, equity awards of any kind, severance payments, unvested retirement benefits, vacation entitlements, benefits, moving expenses, business expenses, attorneys fees, any claims which she may have under any contract or policy (whether such contract or policy is written or oral, express or implied), rights arising out of alleged violations of any covenant of good faith and fair dealing (express or implied), any tort, any legal restrictions on Employer’s right to terminate employees, and any claims which she may have based upon any Federal, state or other governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal Age Discrimination In Employment Act of 1967, as amended (“ADEA”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the American with Disabilities Act, as amended (“ADA”), the Civil Rights Act of 1991, as amended, the Rehabilitation Act of 1973, as amended, the Older Workers Benefit Protection Act, as amended (“OWBPA”), the Worker Adjustment Retraining and Notification Act, as amended (“WARN”), the Occupational
19
Safety and Health Act of 1970 (“OSHA”), the Family and Medical Leave Act of 1993, as amended (“FMLA”), the Genetic Information Nondiscrimination Act of 2008, the ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Fair Pay Act of 2009, the New York State Human Rights Law, the New York City Human Rights Law, the New York Labor Law (including, but not limited to, New York Labor Law §§ 740 et seq.), the New York Wage Theft Prevention Act, the New York Equal Pay Law, as amended, the New York Civil Rights Law, as amended, the New York Rights of Persons With Disabilities Law, as amended, and the New York Equal Rights Law, as amended, the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, as amended (“SOX”), and Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), that Executive now has, or has ever had, or ever shall have, against each or any of the Releasees, by reason of any and all acts, omissions, events, circumstances or facts existing or occurring up through the date of Executive’s execution hereof that directly or indirectly arise out of, relate to, or are connected with, Executive’s services to, or employment by Employer (any of the foregoing being a “Claim” or, collectively, the “Claims”); and (iii) Executive will not now, or in the future, accept any recovery (including monetary damages or any form of personal relief, except with respect to any monetary recovery under the ▇▇▇▇-▇▇▇▇▇ ▇▇▇▇ Street Reform and Consumer Protection Act and the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act or under any other law or where a jurisdiction prohibits a waiver of individual relief), in any forum, nor will she pursue or institute any Claim against any of the Releasees.
(b) Notwithstanding the foregoing, Executive has not waived and/or relinquished any rights she may have to file any Claim that cannot be waived and/or relinquished pursuant to applicable laws, including the right to file a charge or participate in any investigation with the Equal Employment Opportunity Commission or any other governmental or administrative agency that is responsible for enforcing a law on behalf of the government. Executive also acknowledges and understands that because Executive is waiving and releasing all Claims for monetary damages and any other form of personal relief per paragraph 1(a), Executive may only seek and receive non-personal forms of relief through any such Claim. Moreover, this General Release shall not apply to (i) any of the obligations of Employer or any other Releasee under the Agreement, or under any benefit plans, contracts, documents or programs described or referenced in the Agreement, (ii) any rights Executive may have to obtain contribution or indemnity against Employer or any other Releasee pursuant to contract Employer’s certificate of incorporation and by-laws or otherwise, and (iii) any Claim for reimbursement of ordinary and necessary business expenses incurred by the Executive during the course of the Executive’s employment.
2. Executive understands that she has been given a period of twenty-one (21) days to review and consider this Release before signing it pursuant to the Age Discrimination in Employment Act of 1967, as amended. Executive further understands that she may use as much of this 21- day period as Executive wishes prior to signing.
3. Executive acknowledges and represents that she understands that she may revoke the Release set forth in paragraph 1(a), including, the waiver of her rights under the Age Discrimination in Employment Act of 1967, as amended, effectuated in this Release, within seven (7) days of signing this Release. Revocation can be made by delivering a written notice of revocation to the General Counsel of Employer, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. For this revocation to be effective, written notice must be received by the General Counsel no later than the close of business on the seventh day after Executive signs this Release. If Executive revokes the Release set forth in paragraph 1(a), Employer shall have no obligations to Executive for the payments and benefits set forth under paragraph 8(c) of the Agreement.
20
4. Executive represents and acknowledges that in executing this Release she is not relying upon, and has not relied upon, any representation or statement not set forth herein made by any of the agents, representatives or attorneys of the Releasees with regard to the subject matter, basis or effect of this Release or otherwise.
5. This Release shall not in any way be construed as an admission by any of the Releasees that any Releasee has acted wrongfully or that Executive has any rights whatsoever against any of the Releasees except as specifically set forth herein, and each of the Releasees specifically disclaims any liability to any party for any wrongful acts.
6. It is the desire and intent of the parties hereto that the provisions of this Release be enforced to the fullest extent permissible under law. Should there be any conflict between any provision hereof and any present or future law, such law shall prevail, but the provisions affected thereby shall be curtailed and limited only to the extent necessary to bring them within the requirements of law, and the remaining provisions of this Release shall remain in full force and effect and be fully valid and enforceable.
7. Executive represents and agrees (a) that Executive has, to the extent she desires, discussed all aspects of this Release with her attorney, (b) that Executive has carefully read and fully understands all of the provisions of this Release, and (c) that Executive is voluntarily executing this Release.
8. This Release shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of laws principles thereof or to those of any other jurisdiction which, in either case, could cause the application of the laws of any jurisdiction other than the State of New York. This Release is binding on the successors and assigns of Executive.
PLEASE READ CAREFULLY. THIS RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
This Release is executed as of the day of , 20 .
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
21
