Legion Partners, L.P. II 4
4 · Clear Channel Outdoor Holdings, Inc. · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Clear Channel (CCO) Director Raymond T. White Receives Stock Award
What Happened
- Raymond T. White, a director of Clear Channel Outdoor Holdings, received stock awards (transaction code A) on February 18, 2026. He was granted a total of 100,417 restricted stock units (RSUs): 37,656 RSUs reported at $2.39 each (total $89,998) and 62,761 RSUs reported at $0.00. The 37,656 RSUs were granted in lieu of his 2026 annual cash retainer.
Key Details
- Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (timely).
- Awarded shares: 37,656 RSUs @ $2.39 (total $89,998); 62,761 RSUs @ $0.00 (total $0); combined = 100,417 RSUs.
- Vesting: 37,656 RSUs vest in four equal installments on Apr 1, 2026; Jul 1, 2026; Oct 1, 2026; and Jan 1, 2027. The 62,761 RSUs vest on Jan 1, 2027.
- Shares owned after transaction: not specified in the filing.
- Reporting relationships: Mr. White serves as a Board representative of Legion Partners Asset Management. Footnotes state Legion Partners entities hold the economic interest in these awards and that Mr. White disclaims direct beneficial ownership except for any indirect interest through those entities (see footnotes F1–F9).
Context
- These were equity compensation awards (RSUs), not open-market purchases or sales; such grants typically reflect compensation or fee elections rather than an independent market signal.
- The filing indicates the awards are held for or economically owned by Legion Partners Asset Management and affiliated entities; thus this is an affiliate/institutional reporting structure rather than a straightforward personal buy/sell by an individual insider.
Insider Transaction Report
Form 4
White Raymond T.
Director
Transactions
- Award
Common Stock
[F1][F4][F2][F5]2026-02-18$2.39/sh+37,656$89,998→ 331,513 total - Award
Common Stock
[F1][F4][F3][F5]2026-02-18+62,761→ 394,274 total
Holdings
- 21,869,019(indirect: By: Legion Partners, L.P. I)
Common Stock
[F1][F6] - 1,943,844(indirect: By: Legion Partners, L.P. II)
Common Stock
[F1][F7] - 2,122,933(indirect: By: Legion Partners Special Opportunities, L.P. XVI)
Common Stock
[F1][F8] - 900(indirect: By LLC)
Common Stock
[F1][F9]
Footnotes (9)
- [F1]This Form 4 is filed jointly by Legion Partners, L.P. I ("Legion Partners I"), Legion Partners, L.P. II ("Legion Partners II"), Legion Partners Special Opportunities, L.P. XVI ("Legion Partners Special Opportunities"), Legion Partners, LLC ("General Partner"), Legion Partners Asset Management, LLC ("Legion Partners Asset Management"), Legion Partners Holdings, LLC ("Legion Partners Holdings"), Raymond T. White and Christopher S. Kiper (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
- [F2]Mr. White received 37,656 restricted stock units, which vest in four equal installments, subject to the terms thereunder, on April 1, 2026, July 1, 2026, October 1, 2026 and January 1, 2027. Mr. White received these awards under the Clear Channel Outdoor Holdings, Inc. 2012 Third Amended and Restated Stock Incentive Plan (the "Plan") in lieu of an annual cash retainer for 2026.
- [F3]Mr. White received 62,761 restricted stock units, which vest on January 1, 2027, under the Plan.
- [F4]Mr. White serves on the Board of the Issuer as a representative of Legion Partners Asset Management and its affiliates. Mr. White does not have a right to any economic interest in securities of the Issuer granted to him by the Issuer in respect of his Board position, except to the extent of his role as a Managing Director of Legion Partners Asset Management. Legion Partners Asset Management is entitled to receive all of the economic interest in securities granted to Mr. White by the Issuer in respect of Mr. White's Board position. Mr. White disclaims beneficial ownership of the Issuer's securities to which this report relates and at no time has Mr. White had any economic interest in such securities except any indirect economic interest through Legion Partners Asset Management and its affiliates, entities in which Mr. White has a controlling interest and investment control.
- [F5]The securities described in footnotes (2) and (3) represent securities in which Legion Partners Asset Management has all of the direct economic interest. Legion Partners Holdings is the sole member of Legion Partners Asset Management and each of Messrs. Kiper and White are Managing Directors of Legion Partners Asset Management. As a result of these relationships, Legion Partners Holdings and Messrs. Kiper and White may be deemed to beneficially own the securities owned directly by Legion Partners Asset Management.
- [F6]Securities owned directly by Legion Partners I. General Partner is the general partner of Legion Partners I, Legion Partners Asset Management is the investment advisor of Legion Partners I, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners I.
- [F7]Securities owned directly by Legion Partners II. General Partner is the general partner of Legion Partners II, Legion Partners Asset Management is the investment advisor of Legion Partners II, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners II.
- [F8]Securities owned directly by Legion Partners Special Opportunities. General Partner is the general partner of Legion Partners Special Opportunities, Legion Partners Asset Management is the investment advisor of Legion Partners Special Opportunities, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners Special Opportunities.
- [F9]Securities owned directly by Legion Partners Holdings. As managing members of Legion Partners Holdings, Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners Holdings.