Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), amended and restated as of March 19, 2020, is made by and between
Cumulus Media Inc., a Delaware corporation (the “Company”), and Mary G. Berner (the “Executive”). 
 W I
T N E S S E T H: 
 WHEREAS, the Company and the Executive previously entered into an Employment Agreement, dated as of
September 29, 2015, as amended (the “Existing Agreement”), pursuant to which the Executive serves as the President and Chief Executive Officer of the Company; and 

WHEREAS, the Company and the Executive desire to continue to employ the Executive in the capacity of President and Chief Executive Officer
pursuant to the terms of this Agreement which upon the Start Date, defined below, will supersede the terms of the Existing Agreement in their entirety. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the terms and conditions set forth below, the Company and the Executive hereby agree as follows: 

1. Effectiveness. This Agreement is effective as of January 1, 2020. Subject to the terms and conditions set forth in this
Agreement, the terms of this Agreement shall supersede the terms of the Existing Agreement, which shall be of no further force or effect on and after January 1, 2020 (the “Start Date”). 

2. Term of Employment. The Executive’s employment under the terms and conditions of this Agreement shall commence on the Start Date
and shall continue until December 31, 2022 (the “Initial Term”). The term of the Executive’s employment under this Agreement shall be automatically extended for an additional one (1) year period upon the expiration of
the Initial Term and on each subsequent anniversary thereof (each, a “Renewal Term”). The Initial Term and any Renewal Term are collectively referred to as the “Term,” and the Term shall continue as described in
this paragraph unless either the Company or the Executive provides written notice to the other no less than ninety (90) days prior to the scheduled expiration of the Term that the Term shall not be so extended (“Non-Renewal Notice”). Notwithstanding anything in this Agreement to the contrary and subject to the terms of Section 6 hereof, the Executive shall be an at-will employee of the Company. 
 3. Position and Duties. 

(a) During the Term, the Executive shall, pursuant to the terms of this Agreement, serve as President and Chief Executive Officer of the
Company, and shall report solely and directly to the Board of Directors of the Company (the “Board”). The Executive shall be based in New York, New York; provided, that the Executive understands and agrees that she shall be required
to travel for business reasons, including to the Company’s headquarters in Atlanta, Georgia and to other Company locations. 
  

 (b) During the Term, the Executive shall be a full-time employee of the Company, shall
dedicate substantially all of her working time to the Company, and shall have no other employment or other business ventures that are undisclosed to the Company or that conflict with Executive’s duties under this Agreement. The Executive shall
(i) have all authorities, duties and responsibilities customarily exercised by an individual serving as President and Chief Executive Officer of a company the size and nature of the Company; (ii) be assigned no duties or responsibilities
that are materially inconsistent with, or that materially impair her ability to discharge, the foregoing duties and responsibilities; (iii) serve as a member of the Board during the Term (and during the Term, the Board shall nominate the
Executive for reelection to serve on the Board); and (iv) have such additional duties and responsibilities, consistent with the foregoing, as the Board may from time to time assign to her. 

(c) Notwithstanding the foregoing, nothing herein shall prohibit the Executive from (i) participating in trade associations or industry
organizations that are related to the business of the Company, (ii) engaging in charitable, civic or political activities, (iii) engaging in personal investment activities for the Executive and her family that do not give rise to any
conflicts of interest with the Company or its affiliates, or (iv) with the prior approval of the Chairman of the Board, accepting directorships unrelated to the Company that do not give rise to any conflicts of interest with the Company or its
affiliates, in each case so long as such interests do not materially interfere, individually or in the aggregate, with the performance of the Executive’s duties hereunder. The Company acknowledges and approves the current activities of the
Executive as heretofore disclosed to the Company in writing in connection with entry into this Agreement. 
 4. Compensation. 

(a) Base Salary. The Company shall pay the Executive a base salary at an annual rate of $1,450,000, less applicable deductions, payable
in substantially equal installments in accordance with the Company’s regular payroll practices as in effect from time to time (the base salary as in effect from time to time, the “Base Salary”) during the Term. The Base Salary
may be increased from time to time at the Board’s sole discretion. 
 (b) Annual Bonus. For and in respect of each calendar year
during the Term, commencing on January 1, 2020, the Executive shall be eligible to receive a targeted annual cash incentive award equal to 100% of the then-current Base Salary (the “Target Bonus”), but in no event receive an
annual cash incentive award in excess of 150% of the then-current Base Salary (“Maximum Bonus”). The actual amount of the bonus (each, an “Annual Bonus”), which may be more or less than the Target Bonus although not
exceed the Maximum Bonus, shall be determined based on the achievement of performance criteria relating to the Executive and/or the Company, as determined each year in good faith by the Compensation Committee of the Board (the “Compensation
Committee”), following consultation with the Executive. In addition, for any year beginning with 2020, coincident with the determination by the Compensation Committee of the performance criteria for such year, the Compensation Committee may
adjust upward, only in respect of that year, the Target Bonus and/or the Maximum Bonus applicable thereto. The Annual Bonus, if any, shall be paid to the Executive by no later than March 15 of the year following the year to which it relates;
provided, that, except as otherwise provided in Section 6, the Executive remains actively employed by the Company and has not provided a notice of resignation to the Company or received a notice of termination from the
Company, in each case as of the last day of the calendar year to which the bonus relates. 

  
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 (c) Equity Awards. The Executive shall be eligible to receive periodic grants of
equity-based awards relating to the Company’s common stock during the Term as determined from time to time in the sole discretion of the Board or the Compensation Committee. Any equity-based awards relating to the Company’s common stock
granted to the Executive prior to, on or after the date of this Agreement are referred to herein as “Equity Awards.” Such Equity Awards shall be subject to the terms and conditions of the applicable equity plans and programs,
including, without limitation, the Company’s right to amend or terminate the plans at any time and without advance notice to the participants. 

(d) Vacation and Benefits. The Executive shall be entitled to four (4) weeks of paid vacation for each calendar year during the
term (prorated for any partial calendar year), which shall be accrued and used in accordance with the applicable policies of the Company as in effect from time to time. The Executive shall be eligible to participate in such medical, dental, vision
and life insurance, retirement and other employee benefit plans and perquisites as the Company may have or establish from time to time (the “Employee Plans”) on terms and conditions applicable to other senior executives of the
Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established. 

(e) Expenses. The Company shall pay or reimburse the Executive for reasonable and necessary business expenses incurred by the Executive
in connection with her duties on behalf of the Company in accordance with the applicable expense reimbursement policies of the Company as in effect from time to time (“Expense Reimbursement Policies”), following submission by the
Executive of applicable documentation as required by the Expense Reimbursement Policies. 
 5. Termination of Employment. The Term and
the Executive’s employment hereunder shall be terminated upon the first to occur of the following: 
 (a) The Executive’s death or
Disability. For purposes of this Agreement, “Disability” means that the Executive shall have been substantially unable to perform her material duties hereunder by reason of physical or mental illness or incapacity for a period of
four and one-half (4.5) consecutive months, or for a period of 135 calendar days, whether or not consecutive, during any 365-day period, as a result of a condition that
is treated as a total or permanent disability under the long-term disability insurance policy of the Company that covers the Executive, as in effect from time to time. The determination of “Disability” shall be made by a physician selected
by the Company in good faith and subject to the approval of the Executive (or her family if Executive is not capable of approval) which approval shall not be unreasonably withheld, and the Executive hereby consents to examination by such physician
and to the disclosure to the Company by any physician of any and all diagnoses, test results, opinions and other information obtained by such physician during or as a result of the examinations to which the Executive hereby consents. 

  
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 (b) The termination of the Executive’s employment by the Company with or without Cause.
For purposes of this Agreement, “Cause” means (i) the conviction of the Executive of a felony under the laws of the United States or any state thereof, whether or not appeal is taken; (ii) the conviction of the Executive
for a violation of criminal law involving the Company and its business; (iii) the willful misconduct of the Executive, or the willful or continued failure by the Executive (except as a result of disability or illness) to substantially perform
her duties hereunder, in either case which has a material adverse effect on the Company; or (iv) the willful fraud or material dishonesty of the Executive in connection with her performance of duties to the Company. However, in no event shall
the Executive’s employment be considered to have been terminated for Cause unless and until the Executive receives a copy of a resolution adopted by the Board finding that, in the good faith opinion of the Board, the Executive is guilty of acts
or omissions constituting Cause, which resolution has been duly adopted by an affirmative vote of a majority of the Board, excluding the Executive and any individual alleged to have participated in the acts constituting Cause. Any such vote shall be
taken at a meeting of the Board called and held for such purpose, after reasonable written notice is provided to the Executive setting forth in reasonable detail the facts and circumstances claimed to provide a basis of termination for Cause and the
Executive is given an opportunity, together with counsel, to be heard before the Board. The Executive shall have the opportunity to cure any such acts or omissions (other than items (i) or (ii) above) within thirty (30) days of the
Executive’s receipt of such resolution. The foregoing shall not limit the right of the Company to suspend the Executive from her day-to-day responsibilities with
the Company pending the completion of such notice and cure procedures. 
 (c) The termination of the Executive’s employment by the
Executive with or without Good Reason. For purposes of this Agreement, “Good Reason” means, in each case without the Executive’s express written consent, (i) a material diminution in the Executive’s authority, duties
or responsibilities or an adverse change in the Executive’s reporting responsibilities; (ii) a material diminution in the Executive’s title or position (it being acknowledged herein by the parties that in the event it is expressly
agreed in writing by Company and Executive that the title of President shall be given to another individual, such a change will not constitute “Good Reason” under this Agreement); (iii) a reduction in the Base Salary; (iv) with
respect to the annual cash incentive award, a reduction in the Target Bonus or Maximum Bonus, (v) the relocation of the Executive’s principal place of employment to a location more than thirty (30) miles from the city of New York, New
York; (vi) a failure by any successor to the Company to expressly assume this Agreement; (vii) a failure to nominate the Executive to the Board or removal from the Board (except in connection with a termination of the Executive’s
employment by the Company with Cause); or (viii) a material breach of this Agreement by the Company. Notwithstanding the foregoing, no termination of employment by the Executive shall be a termination for Good Reason unless (A) within
thirty (30) days after the date of the condition or event giving rise to Good Reason, the Executive gives notice to the Company that the Executive does not wish to remain in the employ of the Company as a result of such condition or event,
(B) the Company does not cure such condition or event within thirty (30) days after receiving the notice described in the preceding clause (A), and (C) the Executive terminates employment within ninety (90) days after the initial
existence of such condition or event. 

  
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 (d) The termination of the Executive’s employment following the timely provision of a Non-Renewal Notice by the Company or the Executive to the other party. 
 6. Payments and Benefits Upon
Termination of Employment. 
 (a) Termination upon the Executive’s Death or Disability. If, during the Term, the Executive
dies or incurs a Disability, the Term and the Executive’s employment hereunder shall automatically terminate, and the Company shall have no further obligation to the Executive hereunder, except to pay to or provide the Executive (or her estate)
with (i) any unpaid Base Salary through the date of termination; (ii) any accrued and unpaid bonus payable with respect to a completed calendar year pursuant to Section 4(b); (iii) any accrued and unpaid vacation
and/or sick days accrued through the date of termination; (iv) any amounts or benefits owing to the Executive or her beneficiaries under the Employee Plans and Equity Awards (pursuant to the terms and conditions thereof); and (v) any
amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the date of termination pursuant to the Expense Reimbursement Policies, in each case payable in accordance with the Company’s payroll
procedures, the terms of the applicable plans, or the Expense Reimbursement Policies, as applicable (the “Accrued Compensation and Benefits”). In addition, the Executive (or her estate) shall be entitled to receive an Annual Bonus
equal to the product of (A) the Annual Bonus the Executive would have received had she remained employed through the last day of the calendar year to which the bonus relates, based on actual performance through the applicable performance
period, and (B) a fraction, the numerator of which is the number of days the Executive was employed by the Company in the year in which the date of date of termination occurred and the denominator of which is 365, payable at the time bonus
payments are made to other executives of the Company but in no event later than March 15 of the calendar year following the year that includes the Executive’s date of termination. 

(b) Termination by the Company for Cause or Resignation by the Executive without Good Reason. If, during the Term, the Executive’s
employment is terminated by the Company for Cause or the Executive resigns without Good Reason, the Company shall have no further obligation to the Executive hereunder, except to pay or provide the Accrued Compensation and Benefits. 

(c) Termination by the Company without Cause or Resignation by the Executive for Good Reason. If, during the Term, the Executive’s
employment is terminated by the Company without Cause (other than a termination pursuant to Section 6(a)) or the Executive terminates her employment for Good Reason (in either case, a “Qualifying
Termination”), then the Company shall pay or provide the Accrued Compensation and Benefits, and subject to Section 6(f): 

(i) The Company shall make cash payments to the Executive equal in the aggregate to the product of (A) one and one-half (1.5) (the “Severance Multiple”) and (B) the sum of the Base Salary and Target Bonus as in effect immediately prior to the date of termination (without regard to any reduction to the
Base Salary or Target Bonus that gave rise to Good Reason), payable in four (4) substantially equal installments, commencing on the 90th day following the date of termination (the
“Initial Payment Date”) and continuing on the next three (3) following three (3) month anniversaries of the Initial Payment Date (the “Severance Payments”); 

  
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 (ii) The Company shall make a lump sum cash payment to the Executive equal to the product
of (A) the Annual Bonus the Executive would have received had she remained employed through the last day of the calendar year to which the bonus relates, based on actual performance through the applicable performance period, and (B) a
fraction, the numerator of which is the number of days the Executive was employed by the Company in the year in which the date of termination occurred and the denominator of which is 365, payable at the time bonus payments are made to other
executives of the Company but in no event later than March 15 of the calendar year following the year that includes the Executive’s date of termination (the “Pro-Rata Bonus”); 

(iii) Unless otherwise agreed to in writing between the parties, 50% of any Equity Awards that are unvested as of the date of termination
shall become immediately and fully vested and exercisable, subject to any performance conditions or restrictions on exercise contained in the applicable award agreements for such Equity Awards, and the remaining 50% of any unvested Equity Awards
shall be forfeited; provided, however, in the event the Qualifying Termination occurs during the six-month period immediately preceding a Change of Control, then 100% of any unvested Equity
Awards shall become fully vested and exercisable, with any performance conditions or restrictions on exercise deemed satisfied, effective as of the consummation of the Change in Control; and 

(iv) The Executive and her covered dependents shall be entitled to continued participation for eighteen (18) months following the date of
termination (the “Benefit Continuation Period”) in such medical, dental, vision and hospitalization insurance coverage in which the Executive and her eligible dependents were participating immediately prior to the date of
termination, subject to the terms and conditions of the applicable benefit plans as in effect from time to time (the “Continued Benefits”), provided that the Executive shall not be required to pay any premiums or other amounts to
obtain such coverage. The full amount of the premiums that the Executive would be required to pay to obtain the Continued Benefits actually provided to the Executive during the Benefit Continuation Period under the Consolidated Omnibus Budget
Reconciliation Act of 1986, as amended (the “Premium Cost”), shall be imputed as taxable income to the Executive, and the Executive shall be responsible for the payment of all income taxes incurred as a result of such imputed
income, provided that the Company will reimburse the Executive (within thirty (30) days following the Company’s receipt of evidence of the cost to Executive) for the amount of such income taxes plus the amount of all additional income
taxes incurred by the Executive upon such payment by the Company. If the Executive is not permitted to receive a Continued Benefit during the Benefit Continuation Period as a result of applicable law or the terms of the applicable Employee Plan, the
Company shall reimburse the Executive (within thirty (30) days following the Company’s receipt of evidence of the cost to Executive) for (i) the amount actually incurred by the Executive to obtain coverage no more favorable than the
applicable Continued Benefit, up to the portion of the Premium Cost necessary to provide the corresponding Continued Benefit for the applicable portion of the Continued Benefit Period, plus (ii) the amount of all additional income taxes
incurred by the Executive upon such payment by the Company (the “Benefit Reimbursement”). Notwithstanding the foregoing, the Executive shall not be entitled to receive a Continued Benefit

  
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or the Benefit Reimbursement to the extent that she becomes eligible to receive a comparable benefit from another employer of hers during the Benefit Continuation Period. The Executive shall
promptly, and in no event later than five (5) business days after the commencement of eligibility thereof during the Benefit Continuation Period, report the eligibility to receive any such comparable benefit to the Company. 

(d) Qualifying Termination in Connection with a Change in Control. If, during the Term, the Executive’s employment is terminated by
reason of a Qualifying Termination within twelve (12) months following a Change in Control or within three (3) months prior to a Change in Control (except as otherwise provided in Section 6(c)(iii) above in the case of the benefits
provided by Section 6(d)(iii) below), then the Company shall pay or provide the Accrued Compensation and Benefits, and subject to Section 6(f) and in lieu of the payments and benefits set forth in
Section 6(c): 
 (i) The Company shall make the Severance Payments to the Executive; provided that for
purposes of this Section 6(d)(i), the Severance Multiple shall be two and one-half (2.5) if such termination occurs during the Term; 

(ii) The Company shall pay the Pro-Rata Bonus to the Executive; 

(iii) 100% of the Equity Awards shall become immediately and fully vested and exercisable, with any performance conditions or restrictions on
exercise deemed satisfied; and 
 (iv) The Company shall provide the Continued Benefits (or payment in lieu thereof) as set forth in
Section 6(c)(iv) for a Benefit Consideration Period of twenty-four (24) months. 
 For purposes of this Agreement,
“Change in Control” means the date that: (i) any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock of the Company held by such person or group,
constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; provided, if any one person, or more than one person acting as a group, is considered to own more than fifty percent
(50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a “change in control”; (ii) any one person, or more than
one person acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) ownership of the Company’s stock possessing thirty percent (30%) or
more of the total voting power of the stock of the Company; (iii) a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of
the Board before the date of the appointment or election; provided, however, that for purposes of the above any member becoming a director subsequent to the date hereof whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of persons or consents by or on behalf of any person other than the Board shall not be considered a member whose appointment or election
has been endorsed by a majority of members of the Board; (iv) a consummation of a 

  
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merger or consolidation involving the Company or in which Company securities are issued, unless (x) the persons who held Company voting securities immediately prior to consummation of such
transaction continue to hold at least 50% of the voting power of the stock of the surviving entity in such transaction immediately following consummation of such transaction (or its ultimate parent company if the surviving entity is a subsidiary),
(y) no person owns over thirty percent (30%) of the surviving entity (or its ultimate parent entity if the surviving entity is a subsidiary), and (z) the Company’s directors immediately prior to consummation of the merger or consolidation
constitute a majority of the board of directors of the surviving entity (or its ultimate parent entity if the surviving entity is a subsidiary) following such merger or consolidation; or (v) any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal
to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions (for this purpose, gross fair market value means the value of the assets of the Company,
or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets); provided, however, a transfer of assets by the Company is not treated as a “change in control” if the
assets are transferred to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to his/her/its stock, (b) an entity, fifty percent (50%) or more of the total value or voting power of which
is owned, directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the
Company, or (d) an entity, at least fifty percent (50%) of the total value or voting power of which is owed, directly or indirectly, by a person described in clause (c) hereof. 

(e) Termination by the Company or the Executive following Delivery of Non-Renewal Notice. If,
during the Term, the Company or the Executive timely delivers to the other a Non-Renewal Notice as set forth in Section 2, the Executive’s employment shall terminate, effective
as of the last scheduled day of the Initial Term or then-current Renewal Term, as applicable. Such termination if effected by the issuance of a Non-Renewal Notice by the Company shall be treated as a
termination by the Company without Cause and the Executive shall be entitled to the payments and benefits set forth in Section 6(c) or Section 6(d), as applicable. If such termination is effected
by a Non-Renewal Notice issued by the Executive, the Company shall have no further obligation to the Executive hereunder, except to pay or provide the Accrued Compensation and Benefits. 

(f) Release. Notwithstanding anything herein to the contrary, the Company shall not be obligated to make or continue any payment or
provide any benefit under Section 6(a), 6(c) or 6(d) (other than the Accrued Compensation and Benefits) unless (i) by the 22nd calendar day after the date of termination of employment (or by such later
date specified by the Company in writing as required to comply with applicable law), the Executive executes a release in the form attached hereto as Exhibit A (the “Release”) and (ii) the Executive does not revoke the
Release during any applicable revocation period. 
 (g) No Offset. In the event of termination of the Executive’s employment, the
Executive shall be under no obligation to seek other employment and, except as otherwise set forth in Section 6(c)(iv) or 6(d)(iv), there shall be no offset against amounts due to her on account of any remuneration
or benefits provided by any subsequent employment she may obtain. 

  
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 (h) Forfeiture. Notwithstanding the foregoing, any right of the Executive to receive
termination payments and benefits hereunder (other than the Accrued Compensation and Benefits) shall be forfeited if the Executive materially breaches Section 7 or 8; provided that, before invoking this
Section 6(h), the Company shall provide the Executive with ten (10) days to cure such breach, to the extent curable. 

(i) Resignation from Certain Positions. Upon the termination of the Executive’s employment for any reason, if and to the extent
requested by the Board, the Executive shall resign from the Board (if applicable), all fiduciary positions (including, without limitation, as trustee) and from all other offices and positions, including without limitation, board membership of any
subsidiaries or affiliates, she holds with the Company and any of its subsidiaries or affiliates; provided, however, that if the Executive fails or refuses to tender such resignations after the Board has made such request, then the
Board shall be empowered to tender the Executive’s resignation or remove the Executive from such offices and positions. 
 7.
Restrictive Covenants. 
 (a) Acknowledgements. The Executive acknowledges that, as an executive and key employee of the
Company: 
 (i) the Executive has participated or will participate in the development of the Company’s business strategies; 

(ii) by virtue of her position of trust with the Company, the Executive has had or will have access to extensive Confidential Information (as
defined in Section 7(b)) related to the Company’s business, to which the Company has devoted and will continue to devote substantial time, money and effort to develop and maintain the proprietary and confidential
nature thereof; 
 (iii) the Executive shall be responsible for managing, directing, and supervising other personnel of the Company
performing a variety of services related to the Company’s business and coordinating their activities, shall develop close working relationships with such personnel and the Company shall expend substantial time, effort, and financial resources
to train and develop its personnel; and 
 (iv) in the performance of her duties to the Company, the Executive has been or will be brought
into contact, either in person, by telephone, by e-mail, and otherwise, with existing and potential clients or information related to those existing and potential clients, or has had or will have
responsibility for personnel who have such contact and knowledge of such personnel’s activities. 
 For purposes of this
Section 7, the term “the Company” shall mean and include Cumulus Media Inc. and all entities of which such company owns, directly or indirectly through another company, 50% or more of the issued and outstanding
capital stock or other equity interests of any class or classes having, by the terms thereof or by contract with one or more other equity holders, ordinary voting power to elect the directors (or other management personnel) of such entity. 

  
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 (b) Confidential Information. For purposes of this Agreement, the term
“Confidential Information” shall mean and include any and all knowledge, information, or data, whether written or oral and, if written, howsoever produced or reproduced and whether or not denoted or marked confidential, that is the
proprietary information of the Company, any of its subsidiaries, or any of its other affiliates (whether or not a trade secret), including the following: 

(i) all research, designs, developments, know-how, computer programs, algorithms, models, software or
programming, summaries, reports, drawings, charts, specifications, descriptions, routines, processes, inventions, discoveries, methods, improvements, adaptations, and similar proprietary concepts and ideas and related documentation; 

(ii) the terms of any agreement or contract between the Company and any client, customer, supplier, or personnel; 

(iii) any information concerning or belonging to the Company’s clients, customers, and vendors (including client, customer, and vendor
lists and databases), or the existing and contemplated projects or programs of the Company and its clients and vendors; 
 (iv) any methods
of operation, programming plans, marketing plans, techniques, manuals, technical plans, strategic plans, distribution plans, production plans, financial information, budgets, salary information, sources of supply and materials and costs, discount
and pricing practices, contractual arrangements and negotiations of the Company; and 
 (v) any other information of similar or dissimilar
nature that the Company designates as Confidential Information and/or that is proprietary to or within the unique knowledge of the Company; and that has been or will be used or developed by the Company prior to or at any time during the period of
the Executive’s employment by the Company that has been or is disclosed to or learned by the Executive during the Executive’s employment. Notwithstanding the foregoing, Confidential Information shall not include information: 

(1) that was in the public domain at the time it was disclosed or subsequently becomes in the public domain other than as a result of a
disclosure by the Executive in violation of this Agreement; 
 (2) that the Executive can demonstrate by written proof was received by the
Executive after the time of disclosure by the Company or after the time of discovery by the Executive during the Executive’s employment from a third party who, to the knowledge of the Executive, did not acquire it in violation of a
confidentiality agreement with the Company or its employees or agents, or from a third party who was not otherwise prohibited from transmitting the information to the Executive by a contractual, legal, or fiduciary obligation of confidence to the
Company; or 
 (3) that is disclosed by the Executive with the prior written consent of an executive officer of the Company or the Board.

  
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 (c) Duty Not to Disclose. The Executive agrees that the Company has a legitimate
interest in protecting the Confidential Information and that the preservation and protection of the Confidential Information are essential duties of the Executive’s employment. The Executive therefore agrees that, during the term of her
employment with the Company and for so long thereafter as the Confidential Information remains confidential, the Executive shall: 
 (i) not
use any Confidential Information on her own behalf or on behalf or any unauthorized person, or disclose or reveal any Confidential Information, or any portion thereof, to any unauthorized person, except to carry out the Executive’s authorized
duties as an employee of the Company; 
 (ii) not make, or permit or cause to be made, copies of the Confidential Information except to
carry out the Executive’s authorized duties as an employee of the Company; 
 (iii) not place on, download to, or store in any non-Company-owned electronic device (including any electronic communications device) any Confidential Information; and 

(iv) take all reasonable precautions to prevent the inadvertent disclosure by the Executive of the Confidential Information in her possession
to any unauthorized person. 
 Nothing in this Agreement shall prohibit the Executive from reporting possible violations of federal law or regulation to any
governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower
provisions of federal law or regulation. The Executive does not need the prior authorization of the Company or the Board to make any such reports or disclosures and the Executive is not required to notify the Company that she has made such reports
or disclosures. The Executive may also disclose Confidential Information if reasonably necessary pursuant to any litigation or arbitration between the Executive and the Company or any of its affiliates. 

(d) Legal Orders to Disclose. Upon receipt of a subpoena or other compulsory process that could possibly require disclosure of any
Confidential Information by the Executive, to the extent legally permitted, the Executive shall provide a copy of the compulsory process and complete information regarding the date and circumstances under which she received it to the Company within
twenty-four (24) hours of such receipt. The Executive shall not make any disclosure until the latest possible date for making such disclosure in accordance with such process. If the Company seeks to prevent disclosure in accordance with the
applicable legal procedures and provides the Executive with notice before the latest possible date that it has initiated such procedures, the Executive shall not make disclosure of any Confidential Information that is the subject of such procedures
until such objections are withdrawn or ruled upon or, if earlier, she would be in contempt of court. 

  
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 (e) Duration. The covenants made in Sections 7(c) and (d) shall
remain in effect while the Executive is employed by the Company and for so long thereafter as the information in question remains confidential. Nothing in such subsections is intended to exclude the application of any laws protecting Confidential
Information consisting of trade secrets, including the Georgia Trade Secrets Act of 1990, as amended. 
 (f) Return. In the event the
Executive’s employment with the Company terminates for any reason, the Executive shall promptly return to the Company all property of the Company in the Executive’s possession or under the Executive’s direct or indirect control,
including all Confidential Information and all equipment, notebooks, and materials, reports, notes, contracts, memoranda, documents, and data of the Company constituting or relating to the Confidential Information (and any and all copies thereof),
whether typed, printed, written, or on any source of computer media, unless the parties agree otherwise. Notwithstanding the foregoing, the Executive may retain her address book to the extent it only contains contact information and her calendar and
personal correspondence. 
 (g) Ownership. The Executive agrees and acknowledges that the Confidential Information, as between the
Company and the Executive, shall be deemed and at all times remain and constitute the exclusive property of the Company, whether or not patentable or copyrightable, and that the Company has reserved—and does hereby reserve—all rights in
and to the same for all purposes. 
 (h) Proprietary Information of Others; Third-Party Agreements. The Executive represents that her
performance of all the terms hereof and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to the Executive’s
engagement by the Company. 
 (i) Covenant Not to Compete. The Executive covenants that, while the Executive is employed by the
Company and for a period of twelve (12) months from the date of termination of the Executive’s employment for any reason, the Executive shall not directly or by assisting others do any of the following: 

(i) engage as a consultant, advisor, or manager—capacities in which the Executive will have acted for the Company—whether as an
employee, independent contractor, proprietor, or otherwise, in any business that both provides radio broadcasting services, which is the business of the Company (the “Business”), and serves any of the listening areas (as defined by
the Arbitron Metro Survey Area) served by the Company on the date of the termination of the Executive’s employment or such additional listening areas as the Executive knows as of such date the Company has definite and immediate plans to conduct
the Business (a “Competing Business”); 
 (ii) for the purpose of furthering or assisting a Competing Business,
solicit or attempt to solicit any client, customer, or account of the Company (A) that, during the twelve (12) month period prior to the date of such termination of employment, has obtained or contracted to obtain services from the Company
and with which the Executive or Company personnel or representatives for whom or which the Executive had responsibility had contact 

  
 12 

 
during the term of the Executive’s employment by the Company; (B) that the Executive knows were prospective clients, customers, or accounts that the Company was actively seeking on the
date of termination of the Executive’s employment (whether or not such individual or entity has yet become an actual client or customer); (C) about which the Executive obtained Confidential Information in the ordinary course of business as a
result of the Executive’s association with the Company; or (D) that received products or services authorized by the Company, the sale or provision of which resulted in commissions, earnings, or other compensation for the Executive; or 

(iii) for herself or for or on behalf of any business, entity or individual, divert, solicit or hire away, or attempt to divert, solicit or
hire away, any individual who, on the date of such termination or at any time during the twelve (12) month period immediately preceding such date, was employed, retained, or engaged by the Company as an employee of, or provider of services to,
the Company and with whom the Executive had contact during performance of the Executive’s job duties to the Company to leave such employ or service with the Company for any employment or similar services opportunity with any other business;
regardless of whether such individual is or was a full-time employee, part-time employee, temporary worker, or independent contractor of the Company; employed, retained, or engaged pursuant to a written agreement; or employed, retained, or engaged
for a determined period or at-will. 
 (j) Independent Covenants. It is understood and
intended by the parties hereto that each restrictive covenant set forth in Section 7(c) and in clauses (i) through (iii) of Section 7(i) be construed as an agreement independent of any other
provision in this Agreement. The existence of any claim or cause of action of the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.
The Executive agrees that such covenants are appropriate and reasonable when considered in light of the nature and extent of the Business and the scope of responsibilities of the Executive. 

(k) Injunctive Relief. The Executive acknowledges and agrees that any breach or threatened breach by her of any of the provisions of
this Agreement will cause irreparable harm and continuing damages to the Company and that the remedies at law for any such breach or threatened breach will be inadequate. Accordingly, in addition to any other remedies that may be available to the
Company at law or in equity in such event, the Company shall be entitled to seek and obtain, from any court of competent jurisdiction, a decree of specific performance and/or a temporary and permanent injunction, without posting of any bond or other
security and without proving special damages or irreparable injury, enjoining and restricting the breach or threatened breach. 
 8.
Continued Availability and Cooperation. 
 (a) Following termination of the Executive’s employment for any reason, the Executive
shall reasonably cooperate with the Company and with the Company’s counsel in connection with any present and future actual or threatened litigation, administrative proceeding or investigation involving the Company or its subsidiaries or
affiliates that relates to events, occurrences or conduct occurring (or claimed to have occurred) during the period of the Executive’s employment by the Company, and with respect to which the Executive has pertinent information. The
Executive’s cooperation shall include, without limitation: 
 (i) Making herself reasonably available for interviews and discussions
with the Company’s counsel, as well as for depositions and trial testimony; 

  
 13 

 (ii) If depositions or trial testimony are to occur, making herself reasonably available
and cooperating in the preparation therefor, as and to the extent that the Company or the Company’s counsel reasonably requests; 

(iii) Refraining from impeding in any way the Company’s prosecution or defense of such litigation or administrative proceeding; and 

(iv) Reasonably cooperating fully in the development and presentation of the Company’s prosecution or defense of such litigation or
administrative proceeding. 
 (b) Any such cooperation shall be on reasonable notice and take into account the Executive’s professional
and personal commitments. The Company shall reimburse the Executive for reasonable travel, lodging, telephone and similar expenses, as well as reasonable attorneys’ fees (if the Executive and the Company determine in good faith that separate
counsel is needed) incurred in connection with any such cooperation. 
 9. Code Section 280G. 

(a) If it shall be determined that any benefit provided to the Executive or payment or distribution by or for the account of the Company or its
affiliates to or for the benefit of the Executive, whether provided, paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”) would be subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by the Executive with respect to such excise tax resulting from any action or inaction by the Company or its
affiliates (such excise tax, together with any such interest and penalties, collectively, the “Excise Tax”), then the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount; provided that such reduction shall only be made if such reduction results in a more favorable after-tax position for the Executive. The payment reduction
contemplated by the preceding sentence, if any, shall be implemented by determining the Parachute Payment Ratio for each “parachute payment” and then reducing the parachute payments in order beginning with the parachute payment with the
highest Parachute Payment Ratio. For parachute payments with the same Parachute Payment Ratio, such parachute payments shall be reduced based on the time of payment of such parachute payments, with amounts having later payment dates being reduced
first. For parachute payments with the same Parachute Payment Ratio and the same time of payment, such parachute payments shall be reduced on a pro rata basis (but not below zero) prior to reducing parachute payments with a lower Parachute Payment
Ratio. 

  
 14 

 (b) All determinations required to be made under this Section 9,
shall be made by the Company’s independent, certified public accounting firm or such other certified public accounting firm as may be designated by the Company prior to the change in ownership or effective control (as defined for purposes of
Section 280G of the Code) of the Company (a “280G Change in Control”) (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Executive within fifteen
(15) business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company. If the Accounting Firm is serving as accountant or auditor for the individual, entity or group
effecting a 280G Change in Control, the Executive shall appoint another nationally recognized accounting firm which is reasonably acceptable to the Company to make the determinations required hereunder (which accounting firm shall then be referred
to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

(c) The following terms shall have the following meanings for purposes of this Section 9: 

(i) “Base Amount” means “base amount,” within the meaning of Section 280G(b)(3) of the Code. 

(ii) “Parachute Payment Ratio” shall mean a fraction, the numerator of which is the value of the applicable parachute payment
for purposes of Section 280G of the Code and the denominator of which is the intrinsic value of such parachute payment. 
 (iii)
“Parachute Value” of a Payment shall mean the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to
what extent the Excise Tax will apply to such Payment. 
 (iv) “Safe Harbor Amount” means three (3) times the Base
Amount, less one dollar ($1). 
 10. Entire Agreement. This Agreement, and any schedules or exhibits hereto, embody the entire
agreement between the parties relating to the subject matter hereof and supersede any and all other discussions, understandings, and agreements, either oral or in writing, between the parties relating to the subject matter of this Agreement
(including, but not limited to, the Existing Agreement). 
 11. Withholding of Taxes. The Company shall withhold from any amounts
payable under this Agreement all federal, state, local or other taxes as the Company is required to withhold pursuant to any law or government regulation or ruling. 

12. Successors and Binding Agreement. 

(a) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to
all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This
Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including, without limitation, any individual or 

  
 15 

 
entity acquiring, directly or indirectly, all or substantially all of the business or assets of the Company, whether by purchase, merger, consolidation, reorganization or otherwise (and such
successor shall thereafter be deemed “the Company” for purposes of this Agreement), but this Agreement shall not otherwise be assignable or delegable by the Company, except that the Company may assign its rights and delegate its duties
hereunder to any individual or entity who acquires all of the voting stock of the Company (or to any parent entity thereof) so long as so doing does not materially and adversely affect the Executive’s rights hereunder. 

(b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees and legatees. 
 (c) This Agreement is personal in nature and the Company and the Executive
may not, without the written consent of the other party, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 12(a) and (b). Without limiting the generality or effect of the
foregoing, the Executive’s right to receive payments hereunder shall not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive’s will or by the
laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 12(c), the Company shall have no liability to pay any amount so attempted to be assigned, transferred or
delegated. 
 13. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the internal,
substantive laws of the State of New York, without regard to that State’s principles governing conflicts of laws. 
 14.
Validity/Severability. The Company and the Executive agree that (i) the provisions of this Agreement shall be severable in the event that, for any reason whatsoever, any of the provisions hereof are invalid, void or otherwise
unenforceable, (ii) any such invalid, void or otherwise unenforceable provisions shall be replaced by other provisions which are as similar as possible in terms to such invalid, void or otherwise unenforceable provisions but are valid and
enforceable, and (iii) the remaining provisions shall remain valid and enforceable to the fullest extent permitted by applicable law. 

15. Survival. In addition to all provisions of this Agreement that by their terms are to survive, all accrued obligations and the
provisions of Section 7 shall survive the expiration or termination of this Agreement for any reason. 
 16.
Section 409A of the Code. For purposes of this Agreement, “Section 409A” means Section 409A of the Code and the Treasury Regulations promulgated thereunder (and such other Treasury
or Internal Revenue Service guidance) as in effect from time to time. The parties intend that any amounts payable hereunder will be either exempt from Section 409A, or if such payments could constitute “deferred compensation” within
the meaning of Section 409A, compliant with Section 409A. Notwithstanding the foregoing, the Executive acknowledges and agrees that she shall be solely responsible for, any taxes or penalties that may be imposed on the Executive under
Section 409A with respect to the Executive’s receipt of payments hereunder; provided, that nothing in this Section 16 shall be construed as a waiver by the Executive of any 

  
 16 

 
claims she may have against the Company related to any operational failures by the Company which are finally determined to be the cause of any such taxes or penalties under Section 409A.
This Agreement shall be administered and interpreted in a manner consistent with this intent. Consistent with that intent, and to the extent required under Section 409A, for benefits that are to be paid in connection with a termination of
employment, “termination of employment” shall be limited to such a termination that constitutes a “separation from service” under Section 409A. Notwithstanding any provision of this Agreement to the contrary, if the
Executive is a “specified employee,” determined pursuant to procedures adopted by the Company in compliance with Section 409A, on the date of her separation from service (within the meaning of Treasury Regulation section 1.409A-1(h)) and if any portion of the payments or benefits to be received by the Executive upon her termination of employment would constitute a “deferral of compensation” subject to Section 409A,
then to the extent necessary to comply with Section 409A, amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following the Executive’s
termination of employment shall instead be paid or made available on the earlier of (i) the first business day of the seventh month after the date of the Executive’s termination of employment, or (ii) the Executive’s death. For
purposes of application of Section 409A, to the extent applicable, each payment made under this Agreement shall be treated as a separate payment. Notwithstanding any provision of this Agreement to the contrary, to the extent any reimbursement
or in-kind benefit provided under this Agreement is nonqualified deferred compensation within the meaning of Section 409A: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year;
(ii) the reimbursement of an eligible expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit. 
 17. Amendment;
Waiver. 
 (a) This Agreement may only be amended and supplemented in a writing signed by the Executive and an executive officer of the
Company expressly providing for such modification. 
 (b) The waiver by either party of a breach of any provision of this Agreement by the
other shall not operate or be construed as a waiver of any subsequent breach by the other, and any such waiver must be in a writing signed by an officer of the waiving party. 

18. Notice. Any notice, request, consent and other communication required or permitted hereunder shall be in writing and shall be deemed
to have been duly given (i) when received if personally delivered, (ii) within one (1) day after being sent by recognized overnight delivery service, or (iii) within five (5) days after being sent by registered or certified
mail, return receipt requested, postage prepaid, to the parties (and to the persons to whom copies shall be sent) at their respective addresses set forth below. 

If to the Company: 
 Cumulus Media
Inc. 

  
 17 

 
3280 Peachtree Road, N.W., Suite 2200 
 Atlanta, Georgia 30305 

c/o: General Counsel 
 If to the
Executive: 
 At the address contained in the Executive’s payroll records 

Either party may change the address or the persons to whom notice shall be directed by notifying the other parties as provided in this
Section 18. 
 19. Counterparts. This Agreement may be executed in two (2) counterparts and by the
parties in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and both of which counterparts, taken together, shall constitute one and the same instrument. Delivery by one or both parties of an
executed counterpart of this Agreement via facsimile, telecopy, or other electronic method of transmission pursuant to which the signature of such party can be seen (including Adobe Corporation’s Portable Document Format) shall have the same
force and effect as the delivery of an original executed counterpart of this Agreement. Notwithstanding the foregoing, a party who delivers an executed counterpart via such electronic means shall nonetheless be obligated to subsequently provide an
original signed copy of such document, on paper, to the other party at any time upon request. 
 20. Headings. The descriptive
headings herein are inserted for convenience of reference only and are not intended to be a substantive part of or to affect the meaning or interpretation of this Agreement. Reference to any agreement, document or instrument means such agreement,
document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable, hereof. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as
if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring either party by virtue of the authorship of any of the provisions of this Agreement. 

21. Construction. The section headings and titles contained herein are each for reference only and shall not be deemed to affect the
meaning or interpretation of this Agreement. The words “hereby,” “herein,” “hereinabove,” “hereinafter,” “hereof” and “hereunder,” when used anywhere in this Agreement, refer to this
Agreement as a whole and not merely to a subdivision in which such words appear, unless the context otherwise requires. The singular shall include the plural, the conjunctive shall include the disjunctive, and the masculine gender shall include the
feminine and neuter, and vice versa, unless the context otherwise requires. Each use of the word “include,” “includes,” or “including” shall be deemed in each case to be followed by the words “but not limited
to.” This Agreement shall not be construed strictly for or against either party because that party, or its attorney, prepared this Agreement or any provision hereof. 

22. Compliance with Dodd-Frank. All payments under this Agreement, if and to the extent subject to the Dodd-Frank Wall Street Reform and
Consumer Protection Act (as amended from time to time, the “Dodd-Frank Act”), shall be subject to any incentive compensation policy established from time to time by the Company to comply with the Dodd-Frank Act, but only to the
extent that the provisions of any policy so established are required by the Dodd-Frank Act. 

  
 18 

 23. Arbitration. The sole and exclusive method for resolving all disputes under,
arising out of, related to, or in connection with this Agreement shall be binding arbitration in New York, New York, in a proceeding administered by the New York, New York Office of the American Arbitration Association (“AAA”) in
accordance with the Commercial Dispute Resolution and Procedures of the Arbitration Rules of the AAA (the “Rules”). The arbitration shall be conducted by a single arbitrator jointly appointed by the parties; provided,
however, that if the parties fail after good faith negotiation to agree on the arbitrator within thirty (30) days after one party’s call for arbitration, the arbitrator shall be appointed by the AAA in accordance with the Rules.
Disputes about arbitration procedure shall be resolved by the arbitrator. The arbitrator may proceed to an award notwithstanding the failure of either party to participate in the proceedings. Discovery shall be limited to mutual exchange of
documents relevant to the dispute, controversy or claim; more than two depositions per party shall not be permitted unless the parties otherwise agree or unless compelling need is demonstrated to the arbitrator. The arbitrator shall be authorized to
grant interim relief, including to prevent the destruction of goods or documents involved in the dispute and to provide for security for a prospective monetary award. The arbitrator shall render his decision within thirty (30) days following
the date of the initial evidentiary hearing and shall set forth a statement of facts, his conclusions of law, and his reasoning in writing. Each party shall bear all of its own costs and expenses related to any arbitration pursuant to this
Section 23, including reasonable fees and costs of attorneys and experts and the fees and costs of the arbitrator, and the prevailing party shall not be entitled to recover any such costs and expenses from the non-prevailing party. The decision of the arbitrator shall be final and binding. The prevailing party shall be entitled to apply to, and obtain from, a court or tribunal having jurisdiction, an order enforcing the
arbitrator’s decision. Notwithstanding anything contained in this Section 23 to the contrary, each party shall have the right to institute judicial proceedings against the other party or anyone acting by, through or
under such other party, in order to enforce the instituting party’s rights through reformation of contract, specific performance, injunction or similar equitable relief, and this Section 23 shall not limit the remedies
granted the Company in Section 7(k). 
 24. Indemnification. With regard to actions or inactions during the
Term, the Company shall provide the Executive with indemnification and directors’ and officers’ liability insurance on terms no less favorable than those applicable to current and former directors or officers of the Company who served
during the Term generally, and any such coverage shall continue after the Term while liability continues to exist. 
 25. Legal Fees in
Connection with this Agreement. The Company shall pay, within thirty (30) days following receipt of an invoice, all reasonable legal fees and expenses incurred by the Executive in connection with the Executive’s negotiation of this
Agreement. 
 [Remainder of page intentionally left blank] 

  
 19 

 IN WITNESS WHEREOF, the Company and the Executive have caused this Agreement to be duly
executed as of the day, month and year first written above. 
  

			
	COMPANY:
	
	CUMULUS MEDIA INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Berner Employment Agreement] 

 
	
	EXECUTIVE:
	
	  

	MARY G. BERNER

 [Signature Page to Berner Employment Agreement]Exhibit 4.2

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2019, Software Acquisition Group Inc. (“we,”
“our,” “us” or the “Company”) had the following three classes of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its Class A common stock, $0.0001
par value per share (“Class A common stock”), (ii) its warrants, with each whole warrant exercisable for one share
of class A common stock for $11.50 per share, and (iii) its units, consisting of one share of Class A common stock and one-half
of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock.
In addition, this Description of Securities also contains a description of the Company’s Class B common stock, par value
$0.0001 per share (the “Class B common stock” or “founder shares”), which is not registered pursuant to
Section 12 of the Exchange Act but is convertible into shares of the Class A common stock. The description of the Class B common
stock is necessary to understand the material terms of the Class A common stock.

 

Pursuant to our amended and restated certificate of incorporation,
our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value, 10,000,000 shares of Class
B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock.

 

Defined terms used herein but not otherwise defined shall have
the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

Units

 

Each unit consists of one whole share of
Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share
of our Class A common stock at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrantholder
may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be
exercised at any given time by a warrantholder. Only whole warrants will trade.

 

Common Stock

 

Common stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders
of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except
as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of Class A common stock
that are voted is required to approve any such matter voted on by our stockholders. Our board of directors are divided into three
classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year.
There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the
shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefor.

 

     

     

    

 

We will provide our stockholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our
initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriter. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which
they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in connection
with the completion of our initial business combination. If a stockholder vote is not required by law and we do not decide to hold
a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation,
conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing
our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to
contain substantially the same financial and other information about the initial business combination and the redemption rights
as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or
we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to
redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares
of Class A common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of
the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the
voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.

 

If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender
offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined
under Section 13 of the Exchange Act), are restricted from redeeming its shares with respect to more than an aggregate of 20% of
the shares of Class A common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would
not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial
business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability
to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell
such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to
the Excess Shares if we complete the initial business combination. And, as a result, such stockholders will continue to hold that
number of shares exceeding 20% and, in order to dispose such shares would be required to sell their stock in open market transactions,
potentially at a loss.

 

    2

     

    

 

In the event of a liquidation, dissolution or winding up of
the company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we provide our stockholders with the opportunity to redeem their public shares for cash equal
to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our initial business
combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are identical to the shares of Class A common
stock and holders of founder shares have the same stockholder rights as public stockholders, except that (i) the founder shares
are subject to certain transfer restrictions, as described in more detail below, (ii) our sponsor, officers and directors have
entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to
any founder shares and any public shares held by them in connection with the completion of our initial business combination, (B)
to waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to
approve an amendment to our amended and restated certificate of incorporation (x) to modify the substance or timing of our obligation
to allow redemption rights in connection with any proposed initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within the timeframe set forth in our amended and restated certificate of
incorporation, (y) with respect to any other provision relating to stockholders’ rights or pre-initial business combination
activity and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held
by them if we fail to complete our initial business combination within the timeframe set forth in our amended and restated certificate
of incorporation, although they will be entitled to liquidating distributions from the trust account with respect to any public
shares they hold if we fail to complete our initial business combination within such time period, (iii) the founder shares are
shares of our Class B common stock that will automatically convert into shares of our Class A common stock at the time of our initial
business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment as
described herein, and (iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders
for a vote, our sponsor, officers and directors have agreed pursuant to the letter agreement to vote any founder shares held by
them and any public shares purchased during or after our initial public offering (including in open market and privately negotiated
transactions) in favor of our initial business combination.

 

    3

     

    

 

The shares of Class B common stock will automatically convert
into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject to adjustment
for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided
herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in
excess of the amounts offered in our initial public offering and related to the closing of the initial business combination, the
ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders
of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance
or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Class A common
stock outstanding upon completion of our initial public offering plus all shares of Class A common stock and equity-linked securities
issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial business combination, and any private placement-equivalent warrants issued to our
sponsor or its affiliates upon conversion of loans made to us). Holders of founder shares may also elect to convert their shares
of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any
time. The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable
or exchangeable for shares of Class A common stock issued in a financing transaction in connection with our initial business combination,
including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes
of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants
or similar securities.

 

With certain limited exceptions, the founder shares are not
transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom are subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or (B) subsequent to our initial business combination, (x) if the last sale price of our Class A common stock
equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or
(y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
results in all of our stockholders having the right to exchange their shares of Class A common stock for cash, securities or other
property.

 

Redeemable Warrants

 

Each whole warrant entitles the registered holder to purchase
one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, 30 days after
the completion of our initial business combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants
only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised at any given time
by a warrantholder. Only whole warrants are traded. The warrants will expire five years after the completion of our initial business combination,
at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any shares of Class A common
stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant
is exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common
stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the
state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant
and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the
event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant
will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.

 

    4

     

    

 

We have agreed that as soon as practicable, but in no event
later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the
SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such
registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock
until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares
of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our
initial business combination, warrantholders may, until such time as there is an effective registration statement and during any
period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the foregoing, if a registration
statement covering the Class A common stock issuable upon exercise of the warrants is not effective within a specified period following
the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on
a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be
able to exercise their warrants on a cashless basis.

 

Once the warrants become exercisable, we may call the warrants
for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption (the “30-day redemption period”) to each warrantholder; and

 

		●	if, and only if, the reported last sale price of the Class
A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption
to the warrantholders.

 

If and when the warrants become redeemable by us, we may not
exercise our redemption right if the issuance of shares of Class A common stock upon exercise of the warrants is not exempt from
registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify such shares of Class A common stock under the blue sky laws of the state of
residence in those states in which the warrants were offered by us in our initial public offering.

 

    5

     

    

 

We have established the last of the redemption criteria discussed
above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder is entitled to
exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the
$18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like)
as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants for redemption as described above, our
management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.”
In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will
consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders
of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes
advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of
shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common
stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported
last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which
the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption
will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of
the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce
the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If
we call our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants
on a cashless basis, as described in more detail below.

 

A holder of a warrant may notify us in writing in the event
it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that
after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares
of Class A common stock outstanding immediately after giving effect to such exercise.

 

    6

     

    

 

If the number of outstanding shares of Class A common stock
is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A common stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of
Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares
of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common
stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Class A common stock
equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) and
(ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y)
the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class
A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume
weighted average price of Class A common stock as reported during the ten (10) trading day period ending on the trading day prior
to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular
way, without the right to receive such rights.

 

In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock
on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of
Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders
of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i)
to modify the substance or timing of our obligation to redeem 100% of our Class A common stock if we do not complete our initial
business combination within the timeframe set forth in our amended and restated certificate of incorporation or (ii) with respect
to any other provision relating to stockholders’ rights or pre-initial business combination activity, or (e) in connection
with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market
value of any securities or other assets paid on each share of Class A common stock in respect of such event.

 

If the number of outstanding shares of our Class A common stock
is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other
similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding shares of Class A common stock.

 

Whenever the number of shares of Class A common stock purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the
warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares
of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator
of which will be the number of shares of Class A common stock so purchasable immediately thereafter.

 

    7

     

    

 

In case of any reclassification or reorganization of the outstanding
shares of Class A common stock (other than those described above or that solely affects the par value of such shares of Class A
common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our
outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of
the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to
such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable
in the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is
quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value
to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which
the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize
the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value portion
of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes
model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.

 

The warrants were issued in registered form under a warrant
agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that
adversely affects the interests of the registered holders of public warrants.

 

The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrantholders
do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants
and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants,
each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

    8

     

    

 

In addition, if (x) we issue additional shares of Class A common
stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to
be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without
taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of
redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would
be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares
of Class A common stock to be issued to the warrantholder.

 

Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws

 

We are subject to the provisions of Section 203 of the DGCL
regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging
in a “business combination” with:

 

		●	a stockholder
who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

		●	an affiliate
of an interested stockholder; or

 

		●	an associate
of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

    9

     

    

 

A “business combination” includes a merger or
sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:       

 

		●	our board
of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the
transaction;

 

		●	after the
completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least
85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock;
or

 

		●	on or subsequent
to the date of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting
of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock
not owned by the interested stockholder.

 

Our amended and restated certificate of incorporation provides
that our board of directors are classified into three classes of directors. As a result, in most circumstances, a person can gain
control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Our authorized but unissued common stock and preferred
stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of
authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Class B Common Stock Consent Right

 

For so long as any shares of Class B common stock remain outstanding,
we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common stock then outstanding,
voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger,
consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or relative,
participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at
any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a vote, if
a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B
common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of Class B common stock were present and voted.

 

10

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