Document:

EX-10.7

 Exhibit 10.7 

(Director Form) 
 CUMULUS MEDIA
INC. 
 RESTRICTED STOCK UNIT AGREEMENT 

THIS AGREEMENT is made effective             , 2018 (the “Grant
Date”),1 between Cumulus Media Inc., a Delaware corporation (the “Company”), and
                     (the “Recipient”). 

WHEREAS, the Company desires to grant to the Recipient an award denominated in units (the “Restricted Stock Units”) of its
Class A common capital stock (the “Common Stock”); and 
 WHEREAS, the Restricted Stock Units are being issued under
and subject to the Company’s Long-Term Incentive Plan (the “Plan”), and any terms used herein have the same meanings as under the Plan (the Recipient being referred to in the Plan as a “Participant”). 

NOW, THEREFORE, in consideration of the following mutual covenants and for other good and valuable consideration, the parties agree as
follows: 
  

	1.	GRANT OF RESTRICTED STOCK UNITS 

 The Company hereby grants to the Recipient
                     Restricted Stock Units upon the terms and conditions and subject to all the limitations and restrictions set forth herein
and in the Plan, which is incorporated herein by reference. The Recipient acknowledges receipt of a copy of the Plan. Each Restricted Stock Unit is a notional amount that represents one share of the Company’s Common Stock. Each Restricted Stock
Unit constitutes the right, subject to the terms, conditions and vesting schedule of the Plan and this Agreement, to receive a distribution of one share of Common Stock. 
  

	2.	PURCHASE PRICE 

 The purchase price of the Restricted Stock Units is zero Dollars per
share. 
  

	3.	AWARDS SUBJECT TO ACCEPTANCE OF AGREEMENT. 

 The Award granted hereunder shall be null
and void unless the Recipient accepts this Agreement by executing it in the space provided below and returning it to the Company. 
  

	4.	RIGHTS AS A STOCKHOLDER. 

 The Recipient shall not have any rights of a stockholder as a
result of receiving an Award under this Agreement, including, but not limited to, any right to vote the shares of Common Stock to be issued hereunder, unless and until (and only to the extent that) the Restricted Stock Units have vested and the
shares of Common Stock thereafter distributed pursuant to Paragraphs 5 and 6 hereof. 
  

	1 	To be the Emergence Date. 

	5.	VESTING OF RESTRICTED STOCK UNITS. 

  

	 	(a)	Subject to the terms of Paragraph 5(b), the Restricted Stock Units shall vest in four (4) equal installments on the last day of each calendar quarter, commencing with the calendar quarter in which the Grant Date
occurs. 

  

	 	(b)	The Recipient must be engaged as a director of the Company at all times from the Grant Date through the applicable Vesting Date (as hereinafter defined) in order to vest in the tranche of Restricted Stock Units vesting
as of such date. Upon a termination of the Recipient’s service with the Company for any reason or no reason, all vesting of the Restricted Stock Units shall cease, and any unvested Restricted Stock Units shall be forfeited. 

 

	 	(c)	Notwithstanding the foregoing, upon a Change in Control, one hundred percent (100%) of the Restricted Stock Units that are (or were) otherwise unvested as of the date of the Change in Control shall thereafter become
vested. For purposes of this Agreement, a “Change in Control” shall be deemed to occur on the earliest of (a) the purchase or other acquisition of outstanding shares of the Company’s capital stock by any entity, person or
group of beneficial ownership, as that term is defined in rule 13d-3 under the Securities Exchange Act of 1934 (other than the Company or one of its subsidiaries or employee benefit plans), in one or more transactions, such that the holder, as a
result of such acquisition, then owns more than 50% of the outstanding capital stock of the Company entitled to vote for the election of directions (“Voting Stock”); (b) the completion by any entity, person, or group (other than the
Company or one of its subsidiaries or employee benefit plans) of a tender offer or an exchange offer for more than 50% of the outstanding Voting Stock of the Company; and (c) the effective time of (1) a merger or
consolidation of the Company with one or more corporations as a result of which the holders of the outstanding Voting Stock of the Company immediately prior to such merger or consolidation hold less than 50% of the Voting Stock of the surviving or
resulting corporation immediately after such merger or consolidation, or (2) a transfer of all or substantially all of the property or assets of the Company other than to an entity of which the Company owns at least 80% of the Voting
Stock, or (3) the approval by the stockholders of the Company of a liquidation or dissolution of the Company. 

  

	 	(d)	For purposes of this Agreement, each date on which any portion of the Restricted Stock Units becomes vested pursuant to this Paragraph 5 shall be referred to as a “Vesting Date.” 

 

	6.	SETTLEMENT OF RESTRICTED STOCK UNITS. 

 Subject to the terms of the Plan and this
Agreement, Restricted Stock Units shall be settled in shares of Common Stock. Certificates representing shares of Common Stock will be issued to the Recipient as soon as reasonably practicable following each Vesting Date. 

  
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	7.	WITHHOLDING TAXES. 

  

	 	(a)	As a condition precedent to the delivery to the Recipient of any shares of Common Stock in settlement of the Restricted Stock Units, the Recipient shall, upon request by the Company, pay to the Company such amount of
cash as the Company may require under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to the Award. If the
Recipient shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to the Recipient.

  

	 	(b)	The Recipient may elect, subject to Company approval, to satisfy his or her obligation to advance the Required Tax Payments with respect to the Restricted Stock Unit Award by any of the following means: (1) a cash
payment to the Company pursuant to Paragraph 7(a), (2) delivery (either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common Stock (that the Recipient has held for at
least six months prior to the delivery of such shares or that the Recipient purchased on the open market and for which the Recipient has good title, free and clear of all liens and encumbrances) having a Fair Market Value, determined as of the date
the obligation to withhold or pay taxes first arises in connection with the Award (the “Tax Date”), equal to the Required Tax Payments, (3) authorizing the Company to withhold from the shares of Common Stock otherwise to
be delivered to the Recipient pursuant to the Award, a number of whole shares of Common Stock having a Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments, (4) a cash payment following the
Recipient’s sale of (or by a broker-dealer acceptable to the Company through which the Recipient has sold) a number of shares of Common Stock with respect to which the Required Tax Payments have arisen having a Fair Market Value determined as
of the Tax Date equal to the Required Tax Payments, or (5) any combination of (1), (2), (3) and (4). Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining
amount due shall be paid in cash by the Recipient. No certificate representing a share of Common Stock shall be delivered until the Required Tax Payments have been satisfied in full. 

 

	8.	COMPLIANCE WITH APPLICABLE LAW. 

 The Restricted Stock Unit Award is subject to the
condition that if the listing, registration or qualification of the shares of Common Stock to be issued upon the vesting of the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking
of any other action is necessary as a condition of, or in connection with, the settlement of the Restricted Stock Units and delivery of shares hereunder, the Restricted Stock Units subject to the Award shall be settled in cash equal to the Fair
Market Value of the number of shares of Common Stock otherwise deliverable in respect of the Restricted Stock Units then vesting. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent
or approval. 

  
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	9.	FORFEITURE. 

 If the Recipient breaches any noncompetition, nonsolicitation, and/or
assignment of inventions agreement or obligations with the Company, or breaches in any material respect any nondisclosure agreement (each, a “Protective Agreement”), the Company notifies the Recipient of such breach within one
(1) year following the date on which it acquires actual knowledge thereof, and such breach is not cured within the time provided for such cure under such Protective Agreement, if applicable, then, absent a contrary determination by the Board
(or its designee) (i) the Recipient shall immediately forfeit to the Company any then-outstanding Restricted Stock Units granted hereunder, whether vested or unvested, and (ii) within ten (10) business days after receiving such notice
from the Company, any Common Stock received pursuant to this Award during the two (2) year period prior to the uncured breach of the Protective Agreement shall be subject to Clawback (as described herein). 

If, while employed by or providing services to the Company or any Affiliate, the Recipient engages in activity that constitutes fraud or other
intentional misconduct and that activity directly results in any financial restatements, then (i) the Recipient shall immediately forfeit to the Company any then-outstanding Restricted Stock Units, whether vested or unvested, and
(ii) within ten (10) business days after receiving notice from the Company, any Common Stock received pursuant to the Award shall be subject to Clawback. In addition, the Company shall retain the right to bring an action at equity or law
to enjoin the Recipient’s activity and recover damages resulting from such activity. 
 To the extent required by Company policy or
applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and/or the rules and regulations of the NYSE or any other securities
exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, the Award granted under this Agreement shall also be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such
requirements shall be deemed incorporated by reference into this Agreement). 
 With respect to any shares of Common Stock subject to
“Clawback” hereunder, the Recipient shall (A) forfeit and pay to Company the entire value realized on the prior sale or transfer of such Common Stock and (B) at the option of the Company, either (x) sell or transfer
into the market any shares of such Common Stock then held by the Recipient and forfeit and pay to Company the entire value realized thereon, or (y) transfer to the Company any shares of such Common Stock for no consideration. The
Recipient’s failure to return to the Company any certificate(s) evidencing the shares of Common Stock required to be returned pursuant to this paragraph shall not preclude the Company from canceling any and all such certificate(s) and shares.
Similarly, the Recipient’s failure to pay to the Company any cash required to be paid pursuant to this paragraph shall not preclude the Company from taking any and all legal action it deems appropriate to facilitate its recovery. 

  
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	10.	MISCELLANEOUS PROVISIONS. 

  

	 	(a)	Meaning of Certain Terms. As used herein, the term “vest” shall mean no longer subject to forfeiture (other than as provided in Paragraph 9 above). 

 

	 	(b)	Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons, who shall, upon the death of the Recipient, acquire any rights
hereunder in accordance with this Agreement or the Plan. 

  

	 	(c)	Notices. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery to the party entitled thereto, (b) by
facsimile with confirmation of receipt, (c) by mailing in the United States through the U.S. Postal Service, or (d) by express courier service, addressed as follows: 

 

							
		 	To the Company:	 	Cumulus Media Inc.	 	
		 		 	  
	 	
		 		 	  
	 	
		 		 	Attention: General Counsel	 	
		 	To the Recipient:	 	  
	 	
		 		 	  
	 	
		 		 	  
	 	

 or to such other address or addresses where notice in the same manner has previously been given or to the last
known address of the party entitled thereto. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile transmission, or upon receipt by the party entitled thereto if
by United States mail or express courier service; provided, however, that if a notice, request or other communication is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the
Company. 
  

	 	(d)	Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware. 

  

	 	(e)	Counterparts. This Agreement may be executed in two counterparts each of which shall be deemed an original and both of which together shall constitute one and the same instrument. 

 

	 	(f)	Transfers. The Restricted Stock Units granted hereunder shall not be transferable by the Recipient except as the Plan or this Agreement may otherwise provide. 

 

	 	(g)	 Separability; Reformation. It is intended that any amount payable under this Agreement will comply with
Section 409A of the Code, and regulations and 

  
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guidance related thereto, or will be a short-term deferral that is not subject to Section 409A of the Code, so as not to subject the Recipient to the
payment of any interest or tax penalty that may be imposed under Section 409A of the Code; provided, however, that the Company shall not be responsible for any such interest and tax penalties. If any provision of this Agreement or the Plan
shall be invalid or unenforceable, in whole or in part, or as applied to any circumstance, under the laws of any jurisdiction that may govern for such purpose, or if any provision of this Agreement or the Plan needs to be interpreted to comply with
the requirements of Section 409A of the Code, then such provision shall be deemed to be modified or restricted, or so interpreted, to the extent and in the manner necessary to render the same valid and enforceable, or to the extent and
in the manner necessary to be interpreted in compliance with such requirements of the Code, either generally or as applied to such circumstance, or shall be deemed excised from this Agreement or the Plan, as the case may require, and this Agreement
or the Plan shall be construed and enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the
case may be. 

  

	 	(h)	Waiver of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury of any claim or cause of action in any legal proceeding arising out of or related to this Agreement or
the transactions or events contemplated hereby or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any party hereto. The parties hereto each agree that any and all such claims and causes of action shall
be tried by a court trial without a jury. Each of the parties hereto further waives any right to seek to consolidate any such legal proceeding in which a jury trial has been waived with any other legal proceeding in which a jury trial cannot or has
not been waived. 

 IN WITNESS WHEREOF, the Company and the Recipient have caused this Agreement to be
executed on its and his or her behalf effective the day and year first above written. 
  

							
	CUMULUS MEDIA INC.	 	                    	 	RECIPIENT:
				
	By:	 	                                      
                              	 		 	
				
	Its:	 	                                      
                              	 		 	                                      
                              

  
 6EX-10.8

 Exhibit 10.8 

(Non-Senior Executive Form) 

CUMULUS MEDIA INC. 

NONSTATUTORY STOCK OPTION AGREEMENT 

THIS AGREEMENT is made this ____ day of ________, 2018 (the “Grant
Date”),1 between Cumulus Media Inc., a Delaware corporation (the “Company”), and __________ (the “Optionee”). 

WHEREAS, the Company desires to grant to the Optionee an option to purchase shares of Class A common stock (the
“Shares”) under the Company’s Long-Term Incentive Plan (the “Plan”); and 
 WHEREAS, the Company and
the Optionee understand and agree that any capitalized terms used herein, if not otherwise defined, shall have the same meanings as in the Plan (the Optionee being referred to in the Plan as a “Participant”). 

NOW, THEREFORE, in consideration of the following mutual covenants and for other good and valuable consideration, the parties agree as
follows: 
  

	1.	GRANT OF OPTION 

 The Company grants to the Optionee the right and option to purchase all
or any part of an aggregate of ______ Shares (the “Option”) on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference. The Optionee acknowledges
receipt of a copy of the Plan and acknowledges that the definitive records pertaining to the grant of this Option, and exercises of rights hereunder, shall be retained by the Company. The Option granted herein is intended to be a Nonstatutory Option
as defined in the Plan. 
  

	2.	EXERCISE PRICE 

 The purchase price of the Shares subject to the Option shall be
$     per Share (the “Exercise Price”). The foregoing notwithstanding, the Optionee acknowledges that the Company cannot and has not guaranteed that the Internal Revenue Service (“IRS”)
will agree that the per Share Exercise Price of the Option equals or exceeds the fair market value of a Share on the Grant Date in a later determination. The Optionee agrees that if the IRS determines that the Option was granted with a per Share
Exercise Price that was less than the fair market value of a Share on the Grant Date, the Optionee shall be solely responsible for any costs or tax liabilities related to such a determination. 

 

	1 	To be the Emergence Date. 

	3.	EXERCISE OF OPTION 

 Subject to the Plan and this Agreement, the Option shall vest and be
exercisable as follows: 
  

					
	 	  	EXERCISE PERIOD
	 Number of Shares
	  	 Commencement

        Date        
	  	 Expiration

        Date        

	30% of the total Option Shares	  	1st Anniversary of Grant Date	  	Five Years from Grant Date
			
	An additional 30% of the total Option Shares	  	2nd Anniversary of Grant Date	  	Five Years from Grant Date
			
	An additional 20% of the total Option Shares	  	3rd Anniversary of Grant Date	  	Five Years from Grant Date
			
	Remaining 20% of the Option Shares	  	4th Anniversary of Grant Date	  	Five Years from Grant Date

 The Optionee must be employed by the Company at all times from the Grant Date through the applicable annual
vesting date set forth above in order to vest in the tranche of Option Shares vesting on such date. Upon a termination of the Optionee’s employment with the Company for any reason or no reason, all vesting of the Option shall cease. The
foregoing notwithstanding, if the Optionee’s employment with the Company terminates by virtue of the Optionee’s (i) termination by the Company without Cause; (ii) voluntary resignation for Good Reason; (iii) death; or
(iv) Disability (a termination of employment for any of the reasons set forth in the immediately preceding subsections (i) through (iv) to be referred to herein as a “Qualifying Termination”), then the vesting of the
Option shall be accelerated as of the date of the Qualifying Termination by that number of Option Shares that would have otherwise vested on the next succeeding annual vesting date, as if the Optionee continued to be employed through such date. 

Notwithstanding the foregoing, if the Optionee’s services are terminated by the Company without Cause or as the result of the
Optionee’s voluntary resignation for Good Reason, in either instance at any time within the three (3) month period immediately preceding, or the twelve (12) month period immediately following, a Change in Control, one hundred percent
(100%) of the Option Shares that are (or were) otherwise unvested Shares as of the date the Optionee’s employment terminates shall thereafter become vested Shares. For purposes of this Agreement, a “Change in Control” shall be
deemed to occur on the earliest of (a) the purchase or other acquisition of outstanding shares of the Company’s capital stock by any entity, person or group of beneficial ownership, as that term is defined in rule 13d-3 under the Securities Exchange Act of 1934 (other than the Company or one of its subsidiaries or employee benefit plans), in one or more transactions, such that the holder, as a result of such acquisition, then
owns more than 50% of the outstanding capital stock of the Company entitled to vote for the election of directions (“Voting Stock”); (b) the completion by any entity, person, or group (other than the Company or one of its
subsidiaries or employee benefit plans) of a tender offer or an exchange offer for more than 50% of the outstanding Voting Stock of the Company; and (c) the effective time of (1) a merger or consolidation of the Company with one or more
corporations as a result of which the holders of the 

  
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outstanding Voting Stock of the Company immediately prior to such merger or consolidation hold less than 50% of the Voting Stock of the surviving or resulting corporation immediately after such
merger or consolidation, or (2) a transfer of all or substantially all of the property or assets of the Company other than to an entity of which the Company owns at least 80% of the Voting Stock, or (3) the approval by the stockholders of
the Company of a liquidation or dissolution of the Company. 
 For purposes of this Agreement, “Good Reason” shall have the
meaning ascribed to such term under any employment agreement between the Optionee and the Company and, absent any such definition, Good Reason shall mean the occurrence of any of the following events without the Optionee’s consent: (i) a
material diminution in the Optionee’s base salary, other than in connection with an across the board reduction affecting the Company’s senior management team; (ii) a material diminution in the Optionee’s duties, authority or
responsibilities; or (iii) a change of greater than fifty (50) miles in the geographic location from which the Optionee primarily performs his or her services on behalf of the Company. The foregoing notwithstanding, no event described
above shall constitute Good Reason unless (1) the Optionee gives written notice to the Company specifying the condition or event relied upon for the Good Reason termination within ninety (90) days following the initial existence of such
condition or event; (2) the Company fails to cure the event or condition constituting Good Reason within thirty (30) days following receipt of the Optionee’s written notice; and (3) the Optionee actually terminates his or her
employment within thirty (30) days of the end of such cure period. 
  

	4.	ISSUANCE OF STOCK 

 The Option may be exercised in whole or in part (to the extent that
it is exercisable in accordance with its terms) by giving written notice (or any other approved form of notice) to the Company. Such notice shall be signed by the person exercising the Option, shall state the number of Shares with respect to which
the Option is being exercised, shall contain the warranty, if any, required under the Plan and shall specify a date (other than a Saturday, Sunday or legal holiday) not less than five (5) nor more than ten (10) days after the date of such
written notice, as the date on which the Shares will be purchased, at the principal office of the Company during ordinary business hours, or at such other hour and place agreed upon by the Company and the person or persons exercising the Option, and
shall otherwise comply with the terms and conditions of this Agreement and the Plan. On the date specified in such written notice (which date may be extended by the Company if any law or regulation requires the Company to take any action with
respect to the Option Shares prior to the issuance thereof), the Company shall accept payment for the Option Shares. 
 The Exercise Price
shall be payable at the time of exercise as determined by the Company in its sole discretion either: 
  

	 	(a)	in cash, by certified check or bank check, or by wire transfer; 

  
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	 	(b)	in whole shares of the Company’s Class A common stock (including, without limitation, by the Company delivering to the Optionee a lesser number of Shares having a Fair Market Value on the date of
exercise equal to the amount by which the Fair Market Value of the Shares for which the Option is exercised exceeds the Exercise Price of such Shares), provided, however, that, (i) if the Optionee is subject to the reporting requirements of
Section 16 of the Securities Exchange Act of 1934, as amended from time to time, and if such shares were granted pursuant to an option, then such option must have been granted at least six (6) months prior to the exercise of the Option
hereunder, and (ii) the transfer of such shares as payment hereunder does not result in any adverse accounting consequences to the Company; 

  

	 	(c)	in lieu of the Optionee’s being required to pay the Exercise Price in cash or another method specified in (a) or (b) above, by the Company delivering to the Optionee a lesser number of Shares determined as
follows (a so-called “net” exercise): 

 

 
 Where: 

IS = the number of Shares to be issued upon such exercise (rounded down to a number of whole shares, with the remaining fractional Share paid
in cash) 
 ES = the number of Shares for which this Option is exercised 

EP = the Exercise Price per Share 

FMV = the Fair Market Value of one Share, as determined in good faith by the Committee in its sole discretion as of the date of exercise of the
Option; 
  

	 	(d)	through the delivery of cash or the extension of credit by a broker-dealer to whom the Optionee has submitted notice of exercise or otherwise indicated an intent to exercise an Option (a
so-called “cashless” exercise); or 

  

	 	(e)	in any combination of (a), (b), (c) and/or (d) above. 

 The Fair Market Value of any
stock to be applied toward the Exercise Price shall be determined as of the date of exercise of the Option. 
 The Company shall pay all
original issue taxes with respect to the issuance of Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection therewith. The holder of this Option shall have the rights of a stockholder only with
respect to those Shares covered by the Option that have been registered in the holder’s name in the share register of the Company upon the due exercise of the Option. 
  

	5.	FORFEITURE 

 If the Optionee breaches any noncompetition, nonsolicitation, and/or
assignment of inventions agreement or obligations with the Company, or breaches in any material respect any nondisclosure agreement (each, a “Protective Agreement”), the Company notifies the Optionee of such breach within one
(1) year following the date on which it acquires actual knowledge thereof, and such breach is not cured within the time provided 

  
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for such cure under such Protective Agreement, if applicable, then, absent a contrary determination by the Board (or its designee) (i) the Optionee shall immediately forfeit to the Company
the Option granted hereunder, whether vested or unvested, and (ii) within ten (10) business days after receiving such notice from the Company, any Common Stock received pursuant to the exercise of the Option during the two (2) year
period prior to the uncured breach of the Protective Agreement shall be subject to Clawback (as described herein). 
 If, while employed by
or providing services to the Company or any Affiliate, the Optionee engages in activity that constitutes fraud or other intentional misconduct and that activity directly results in any financial restatements, then (i) the Optionee shall
immediately forfeit to the Company the Option, whether vested or unvested, and (ii) within ten (10) business days after receiving notice from the Company, any Common Stock received pursuant to the exercise of the Option shall be subject to
Clawback. In addition, the Company shall retain the right to bring an action at equity or law to enjoin the Optionee’s activity and recover damages resulting from such activity. Further, to the extent required by Company policy or applicable
law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and/or the rules and regulations of the NYSE or any other securities exchange or
inter-dealer quotation service on which the Common Stock is listed or quoted, the Option granted under this Agreement shall also be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements
shall be deemed incorporated by reference into this Agreement). 
 With respect to any shares of Common Stock subject to
“Clawback” hereunder, the Optionee shall (A) forfeit and pay to Company any gain realized on the prior sale or transfer of such Common Stock and (B) at the option of the Company, either (x) sell or transfer into the
market any shares of such Common Stock then held by the Optionee and forfeit and pay to Company any gain realized thereon, or (y) sell or transfer to the Company any shares of such Common Stock for the lesser of the then-fair market value and
the amount paid by the Optionee therefor. The Optionee’s failure to return to the Company any certificate(s) evidencing the shares of Common Stock required to be returned pursuant to this paragraph shall not preclude the Company from canceling
any and all such certificate(s) and shares. Similarly, the Optionee’s failure to pay to the Company any cash required to be paid pursuant to this paragraph shall not preclude the Company from taking any and all legal action it deems appropriate
to facilitate its recovery. 
  

	6.	NON-ASSIGNABILITY 

 This Option shall not be
transferable by the Optionee and shall be exercisable only by the Optionee, except as the Plan or this Agreement may otherwise provide. 

  
 5 

	7.	NOTICES 

 All notices, requests or other communications provided for in this Agreement
shall be made in writing either (a) by personal delivery to the party entitled thereto, (b) by facsimile with confirmation of receipt, (c) by mailing in the United States through the U.S. Postal Service, or (d) by express courier
service, addressed as follows: 
  

					
	To the Company:    	  	Cumulus Media Inc.            	  	
		  	  
	  	
		  	  
	  	
		  	 Attention: General Counsel
	  	
			
	 To the Optionee:
	  	  
	  	
		  	  
	  	
		  	  
	  	

 or to such other address or addresses where notice in the same manner has previously been given or to the last
known address of the party entitled thereto. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile transmission, or upon receipt by the party entitled thereto if
by United States mail or express courier service; provided, however, that if a notice, request or other communication is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the
Company. 
  

	8.	GOVERNING LAW 

 This Agreement shall be construed and enforced in accordance with the
laws of the State of Delaware. 
  

	9.	WAIVER OF JURY TRIAL 

 Each of the parties hereto hereby irrevocably waives any and all
right to trial by jury of any claim or cause of action in any legal proceeding arising out of or related to this Agreement or the transactions or events contemplated hereby or any course of conduct, course of dealing, statements (whether verbal or
written) or actions of any party hereto. The parties hereto each agree that any and all such claims and causes of action shall be tried by a court trial without a jury. Each of the parties hereto further waives any right to seek to consolidate any
such legal proceeding in which a jury trial has been waived with any other legal proceeding in which a jury trial cannot or has not been waived. 
  

	10.	BINDING EFFECT 

 This Agreement shall (subject to the provisions of Paragraph 6 hereof)
be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto. 

  
 6 

 IN WITNESS WHEREOF, the Company and the Optionee have caused this Agreement to be executed
on their behalf, by their duly authorized representatives, all on the day and year first above written. 
  

							
	CUMULUS MEDIA INC.	 		 	OPTIONEE:
				
	By:	 	 	 		 	  

	Its:	 	 	 		 	

  
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