Document:

Exhibit 10.7

 Exhibit 10.7 
 CUMULUS MEDIA INC. 
 2011 EQUITY INCENTIVE PLAN 

1. Purpose. The purpose of this Cumulus Media Inc. 2011 Equity Incentive Plan is to attract and retain
non-employee Directors, consultants, officers and other employees of Cumulus Media Inc., a Delaware corporation, and its Subsidiaries and to provide to such persons incentives and rewards for performance. 

2. Definitions. As used in this Plan, 

(a) “Appreciation Right” means a right granted pursuant to Section 5 or Section 9 of this Plan,
and will include both Free-Standing Appreciation Rights and Tandem Appreciation Rights. 
 (b) “Base
Price” means the price to be used as the basis for determining the Spread upon the exercise of a Free-Standing Appreciation Right or a Tandem Appreciation Right. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Committee” means a committee of the Board designated by the Board to administer this Plan pursuant to
Section 11 of this Plan consisting solely of not less than two Non-Employee Directors. 

(e) “Change in Control” has the meaning set forth in Section 13 of this Plan. 

(f) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(g) “Common Stock” means the Class A Common Stock of the Company, $0.01 par value per share, or
any security into which such Class A Common Stock may be changed by reason of any transaction or event of the type referred to in Section 12 of this Plan. 

(h) “Company” means Cumulus Media Inc., a Delaware corporation. 

(i) “Covered Employee” means a Participant who is, or is determined by the Committee to be likely to
become, a “covered employee” within the meaning of Section 162(m) of the Code (or any successor provision). 
 (j) “Date of Grant” means the date specified by the Committee on which a grant of Option Rights, Appreciation Rights, Performance Shares, Performance Units or other awards contemplated by
Section 10 of this Plan, or a grant or sale of Restricted Stock, Restricted Stock Units, or other awards contemplated by Section 10 of this Plan will become effective (which date will not be earlier than the date on which the Committee
takes action with respect thereto). 
 (k) “Detrimental Activity” means: 

(i) Engaging in any activity as an employee, principal, agent, or consultant for another entity that competes,
directly or indirectly, with the Company in any actual, researched, or prospective product, service, system, or business activity for which the Participant has had any direct or indirect responsibility during the last two years of his or her
employment with, or having acted as a consultant to, the Company or a Subsidiary (or such other period specified in an Evidence of Award), in any territory in which the Company or a Subsidiary manufactures, sells, markets, services, or utilizes such
product, service, or system, or engages in such business activity (or any portion of such territory or such other territory specified in the Evidence of Award). 

(ii) Soliciting any employee of the Company or a Subsidiary to terminate his or her employment with the Company or a
Subsidiary. 
 (iii) The disclosure to anyone outside the Company or a Subsidiary, or the use in other than
the Company’s or a Subsidiary’s business, without prior written authorization from the Company, of any confidential, proprietary or trade secret information or material relating to the business of the Company or its Subsidiaries, acquired
by the Participant during his or her employment with the 

  
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Company or its Subsidiaries or while acting as a director of or consultant for the Company or its Subsidiaries. 

(iv) The failure or refusal to disclose promptly and to assign to the Company upon request all right, title and
interest in any invention or idea, patentable or not, made or conceived by the Participant during employment by, or while consulting with, the Company or any Subsidiary, relating in any manner to the actual or anticipated business, research or
development work of the Company or any Subsidiary or the failure or refusal to do anything reasonably necessary to enable the Company or any Subsidiary to secure a patent where appropriate in the United States and in other countries. 

(v) Activity that results in Termination for Cause. For the purposes of this Section, “Termination for
Cause” will mean a termination: 
 (A) due to the Participant’s willful and continuous gross
neglect of his or her duties for which he or she is employed; or 
 (B) due to an act of dishonesty on
the part of the Participant resulting or intended to result, directly or indirectly, in his or her gain for personal enrichment at the expense of the Company or a Subsidiary. 

(vi) Any other conduct or act determined to be injurious, detrimental or prejudicial to any significant interest of
the Company or any Subsidiary unless the Participant acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. 

(l) “Director” means a member of the Board. 

(m) “Effective Date” means the date this Plan is approved by the stockholders of the Company. 

(n) “Evidence of Award” means an agreement, certificate, resolution or other type or form of writing or
other evidence approved by the Committee that sets forth the terms and conditions of the awards granted under the Plan. An Evidence of Award may be in an electronic medium, may be limited to notation on the books and records of the Company and,
unless otherwise determined by the Committee, need not be signed by a representative of the Company or a Participant. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.

 (p) “Existing Plans” means the Company’s 2008 Equity Incentive Plan, Amended and Restated
2004 Equity Incentive Plan, 2002 Stock Incentive Plan, 2000 Stock Incentive Plan, 1999 Executive Stock Incentive Plan, 1999 Stock Incentive Plan and 1998 Stock Incentive Plan. 

(q) “Free-Standing Appreciation Right” means an Appreciation Right granted pursuant to Section 5 or
Section 9 of this Plan that is not granted in tandem with an Option Right. 
 (r) “Incentive Stock
Options” means Option Rights that are intended to qualify as “incentive stock options” under Section 422 of the Code or any successor provision. 

(s) “Management Objectives” means the measurable performance objective or objectives established pursuant
to this Plan for Participants who have received grants of Performance Shares or Performance Units or, when so determined by the Committee, Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, dividend credits or other awards
pursuant to this Plan. Management Objectives may be described in terms of Company-wide objectives or objectives that are related to the performance of the individual Participant or of the Subsidiary, division, department, region, function or other
organizational unit within the Company or Subsidiary in which the Participant is employed. The Management Objectives may be made relative to the performance of other companies or subsidiaries, divisions, departments, regions, functions or other
organizational units within such other companies, and may be made relative to an index or one or more of the performance criteria themselves. 

  
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 The Committee may grant awards subject to Management Objectives that are either Qualified
Performance-Based Awards or are not Qualified Performance-Based Awards. The Management Objectives applicable to any Qualified Performance-Based Award to a Covered Employee will be based on one or more, or a combination, of the following metrics:

 (i) Profits (e.g., operating income, EBIT, EBT, net income, “station operating income,”
earnings per share, residual or economic earnings, economic profit — these profitability metrics could be measured or subject to GAAP definition); 
 (ii) Cash Flow (e.g., EBITDA, free cash flow, “broadcast cash flow,” free cash flow with or without specific capital expenditure target or range, including or excluding divestments
and/or acquisitions, total cash flow, cash flow in excess of cost of capital or residual cash flow or cash flow return on investment); 
 (iii) Returns (e.g., Profits or Cash Flow returns on: assets, invested capital, net capital employed, and equity); 

(iv) Working Capital (e.g., working capital divided by sales, days’ sales outstanding, days’ sales
inventory, and days’ sales in payables); 
 (v) Profit Margins (e.g., Profits divided by
revenues, gross margins and material margins divided by revenues, and material margin divided by sales pounds); 

(vi) Liquidity Measures (e.g., debt-to-capital, debt-to-EBITDA, total debt ratio); 

(vii) Sales Growth, Gross Margin Growth, Cost Initiative and Stock Price Metrics (e.g., revenues, revenue
growth, revenue growth outside the United States, gross margin and gross margin growth, material margin and material margin growth, stock price appreciation, total return to shareholders, sales and administrative costs divided by sales, and sales
and administrative costs divided by profits); and 
 (viii) Strategic Initiative Key Deliverable
Metrics consisting of one or more of the following: product development, strategic partnering, research and development, vitality index, market penetration, geographic business expansion goals, cost targets, customer satisfaction, employee
satisfaction, management of employment practices and employee benefits, supervision of litigation and information technology, and goals relating to acquisitions or divestitures of subsidiaries, affiliates and joint ventures. 

If the Committee determines that a change in the business, operations, corporate structure or capital structure of the
Company, or the manner in which it conducts its business, or other events or circumstances render the Management Objectives unsuitable, the Committee may in its discretion modify such Management Objectives or the related minimum acceptable level of
achievement, in whole or in part, as the Committee deems appropriate and equitable, except in the case of a Qualified Performance-Based Award (other than in connection with a Change in Control) where such action would result in the loss of the
otherwise available exemption of the award under Section 162(m) of the Code. In such case, the Committee will not make any modification of the Management Objectives or minimum acceptable level of achievement with respect to such Covered
Employee. 
 (t) “Market Value per Share” means, as of any particular date, the closing price of a
share of Common Stock as reported for that date on the NASDAQ Stock Market or, if the Common Stock is not then listed on the NASDAQ Stock Market, on any other national securities exchange on which the Common Stock is listed, or if there are no sales
on such date, on the next preceding trading day during which a sale occurred. If there is no regular public trading market for the Common Stock, then the Market Value per Share shall be the fair market value as determined in good faith by the
Committee. The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section 409A of the
Code. 

  
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 (u) “Non-Employee Director” means a person who is a
“Non-Employee Director” of the Company within the meaning of Rule 16b-3 promulgated under the Exchange Act and an “outside director” within the meaning of Section 162(m) of the Code and the regulations promulgated
thereunder by the U.S. Department of the Treasury. 
 (v) “Optionee” means the optionee named
in an Evidence of Award evidencing an outstanding Option Right. 
 (w) “Option Price” means the
purchase price payable on exercise of an Option Right. 
 (x) “Option Right” means the right to
purchase shares of Common Stock upon exercise of an option granted pursuant to Section 4 or Section 9 of this Plan. 
 (y) “Participant” means a person who is selected by the Committee to receive benefits under this Plan and who is at the time a consultant, an officer, or other employee of the Company or
any Subsidiary or who has agreed to commence serving in any of such capacities within 90 days of the Date of Grant, and will also include each non-employee Director who receives an award under this Plan. The term “Participant” will
also include any person who provides services to the Company or a Subsidiary that are equivalent to those typically provided by an employee. 
 (z) “Performance Period” means, in respect of a Performance Share or Performance Unit, a period of time established pursuant to Section 8 of this Plan within which the Management
Objectives relating to such Performance Share or Performance Unit are to be achieved. 

(aa) “Performance Share” means a bookkeeping entry that records the equivalent of one share of Common Stock
awarded pursuant to Section 8 of this Plan. 
 (bb) “Performance Unit” means a bookkeeping
entry awarded pursuant to Section 8 of this Plan that records a unit equivalent to $1.00 or such other value as is determined by the Committee. 
 (cc) “Plan” means this Cumulus Media Inc. 2011 Equity Incentive Plan, as may be amended from time to time. 

(dd) “Qualified Performance-Based Award” means any award of Performance Shares, Performance Units,
Restricted Stock, Restricted Stock Units or other awards contemplated under Section 10 of this Plan, or portion of such award, to a Covered Employee that is intended to satisfy the requirements for “qualified performance-based
compensation” under Section 162(m) of the Code. 
 (ee) “Restricted Stock” means shares
of Common Stock granted or sold pursuant to Section 6 or Section 9 of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfers has expired. 

(ff) “Restriction Period” means the period of time during which Restricted Stock Units are subject to
restrictions, as provided in Section 7 or Section 9 of this Plan. 
 (gg) “Restricted Stock
Unit” means an award made pursuant to Section 7 or Section 9 of this Plan of the right to receive shares of Common Stock or cash at the end of a specified period. 

(hh) “Spread” means the excess of the Market Value per Share on the date when an Appreciation Right is
exercised, or on the date when Option Rights are surrendered in payment of the Option Price of other Option Rights, over the Option Price or Base Price provided for in the related Option Right or Free-Standing Appreciation Right, respectively.

 (ii) “Subsidiary” means a corporation, company or other entity (i) more than
50 percent of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a
partnership, joint venture, limited liability company, or unincorporated association), but more than 50 percent of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or
controlled, directly or indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any 

  
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grant of Incentive Stock Options, “Subsidiary” means any corporation in which at the time the Company owns or controls, directly or indirectly, more than 50 percent of the total
combined voting power represented by all classes of stock issued by such corporation. 
 (jj) “Tandem
Appreciation Right” means an Appreciation Right granted pursuant to Section 5 or Section 9 of this Plan that is granted in tandem with an Option Right. 

3. Shares Available Under the Plan. 

(a) Maximum Shares Available Under Plan. 

(i) Subject to adjustment as provided in Section 12 of this Plan, the number of shares of Common Stock that may
be issued or transferred (A) upon the exercise of Option Rights or Appreciation Rights, (B) as Restricted Stock and released from substantial risks of forfeiture thereof, (C) in payment of Restricted Stock Units, (D) in payment
of Performance Shares or Performance Units that have been earned, (E) as awards to non-employee Directors, (F) as awards contemplated by Section 10 of this Plan, or (G) in payment of dividend equivalents paid with respect to
awards made under the Plan will not exceed in the aggregate 35,000,000. Such shares may be shares of original issuance or treasury shares or a combination of the foregoing. 

(ii) Shares of Common Stock covered by an award granted under this Plan will not be counted as used unless and until
they are actually issued and delivered to a Participant and, therefore, the total number of shares available under this Plan as of a given date will not be reduced by any shares relating to prior awards that have expired or have been forfeited or
cancelled. Upon payment in cash of the benefit provided by any award granted under the Plan, any shares of Common Stock that were covered by that award will again be available for issue or transfer hereunder. Notwithstanding anything to the contrary
contained herein: (A) if shares of Common Stock are tendered or otherwise used in payment of the Option Price of an Option Right, the total number of shares covered by the Option Right being exercised will reduce the aggregate plan limit
described above; (B) shares of Common Stock withheld by the Company to satisfy the tax withholding obligation will reduce the aggregate plan limit described above; and (C) the number of shares of Common Stock covered by an Appreciation
Right, to the extent that it is exercised and settled in shares of Common Stock, and whether or not all shares of Common Stock covered by the Appreciation Right are actually issued to the Participant upon exercise of the Appreciation Right, will be
considered issued or transferred pursuant to this Plan. In the event that the Company repurchases shares with Option Right proceeds, those shares will not be added to the aggregate plan limit described above. If, under this Plan, a Participant has
elected to give up the right to receive compensation otherwise payable in cash in exchange for shares of Common Stock based on fair market value, such shares of Common Stock will not count against the aggregate plan share limit described above or
any of the share limits described below. 
 (b) Life of Plan Limits. Notwithstanding anything in this
Section 3, or elsewhere in this Plan, to the contrary and subject to adjustment as provided in Section 12 of this Plan, 
 (i) the aggregate number of shares of Common Stock actually issued or transferred by the Company upon the exercise of Incentive Stock Options will not exceed the 17,500,000 shares of Common
Stock. 
 (ii) the number of shares issued as Restricted Stock, Restricted Stock Units, Performance Shares
and Performance Units and other awards under Section 10 of this Plan (after taking into account any forfeitures and cancellations) will not during the life of the Plan in the aggregate exceed 12,000,000 shares of Common Stock. 

(c) Individual Participant Limits; Other Limits. Notwithstanding anything in this Section 3, or elsewhere
in this Plan to the contrary, and subject to adjustment as provided in Section 12 of this Plan: 

(i) No Participant will be granted Option Rights or Appreciation Rights, in the aggregate, for more than
11,500,000 shares of Common Stock during any calendar year. 

  
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 (ii) No Participant will be granted Qualified Performance-Based Awards
of Restricted Stock, Restricted Stock Units, Performance Shares or other awards under Section 10 of this Plan, in the aggregate, for more than 3,000,000 shares of Common Stock during any calendar year. 

(iii) Notwithstanding any other provision of this Plan to the contrary, in no event will any Participant in any
calendar year receive a Qualified Performance Based Award of Performance Units having an aggregate maximum value as of their respective Date of Grants in excess of $5,000,000. 

(d) Notwithstanding anything in this Plan to the contrary, up to 10% of the maximum number of shares of Common Stock
that may be issued or transferred under this Plan as provided for in Section 3(a) of this Plan, as may be adjusted under Section 12 of this Plan, may be used for (i) awards granted under Sections 6 through 8 and Section 10
of this Plan that do not comply with the three-year or one-year vesting requirements set forth in such Sections of this Plan plus (ii) awards granted to non-employee Directors under Section 9 of this Plan. 

4. Option Rights. The Committee may, from time to time and upon such terms and conditions as it may determine,
authorize the granting to Participants of Option Rights. Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each grant will specify the number of shares of Common Stock to which it pertains subject to the limitations set
forth in Section 3 of this Plan. 
 (b) Each grant will specify an Option Price per share, which may
not be less than the Market Value per Share on the Date of Grant. 
 (c) Each grant will specify whether the
Option Price will be payable (i) in cash or by check acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of shares of Common Stock owned by the Optionee
(or other consideration authorized pursuant to Section 4(d) of this Plan) having a value at the time of exercise equal to the total Option Price, (iii) by a combination of such methods of payment, or (iv) by such other methods as may
be approved by the Committee. 
 (d) To the extent permitted by law, any grant may provide for deferred
payment of the Option Price from the proceeds of sale through a bank or broker on a date satisfactory to the Company of some or all of the shares to which such exercise relates. 

(e) Successive grants may be made to the same Participant whether or not any Option Rights previously granted to such
Participant remain unexercised. 
 (f) Each grant will specify the period or periods of continuous service
by the Optionee with the Company or any Subsidiary that is necessary before the Option Rights or installments thereof will become exercisable; provided, however, that Option Rights may not become exercisable by the passage of time sooner than
one-third per year over three years. A grant of Option Rights may provide for the earlier exercise of such Option Rights in the event of the retirement, death or disability of a Participant, or in the event of a Change in Control. 

(g) Any grant of Option Rights may specify Management Objectives that must be achieved as a condition to the exercise
of such rights; provided, however, that Option Rights that become exercisable upon the achievement of Management Objectives may not become exercisable sooner than one-year from the Date of Grant. 

(h) Option Rights granted under this Plan may be (i) options, including, without limitation, Incentive Stock
Options, that are intended to qualify under particular provisions of the Code, (ii) options that are not intended so to qualify, or (iii) combinations of the foregoing. Incentive Stock Options may only be granted to Participants who meet
the definition of “employees” under Section 3401(c) of the Code. 
 (i) Option Rights granted
under this Plan shall not provide for any dividends or dividend equivalents thereon. 

  
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 (j) The exercise of an Option Right will result in the cancellation on
a share- for-share basis of any Tandem Appreciation Right authorized under Section 5 of this Plan. 

(k) No Option Right will be exercisable more than 10 years from the Date of Grant. 

(l) Each grant of Option Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to
this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. 

5. Appreciation Rights. 

(a) The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the
granting (i) to any Optionee, of Tandem Appreciation Rights in respect of Option Rights granted hereunder, and (ii) to any Participant, of Free-Standing Appreciation Rights. A Tandem Appreciation Right will be a right of the Optionee,
exercisable by surrender of the related Option Right, to receive from the Company an amount determined by the Committee, which will be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of exercise. Tandem
Appreciation Rights may be granted at any time prior to the exercise or termination of the related Option Rights; provided, however, that a Tandem Appreciation Right awarded in relation to an Incentive Stock Option must be granted
concurrently with such Incentive Stock Option. A Free-Standing Appreciation Right will be a right of the Participant to receive from the Company an amount determined by the Committee, which will be expressed as a percentage of the Spread (not
exceeding 100 percent) at the time of exercise. 
 (b) Each grant of Appreciation Rights may utilize
any or all of the authorizations contained in the following provisions: 
 (i) Each grant will specify that
the amount payable on exercise of an Appreciation Right will be paid by the Company in cash, shares of Common Stock or in any combination thereof. 
 (ii) Any grant may specify that the amount payable on exercise of an Appreciation Right may not exceed a maximum specified by the Committee at the Date of Grant. 

(iii) Any grant may specify waiting periods before exercise and permissible exercise dates or periods; provided,
however, that Appreciation Rights may not become exercisable by the passage of time sooner than one-third per year over three years. 
 (iv) Each grant may specify the period or periods of continuous service by the Participant with the Company or any Subsidiary that is necessary before the Appreciation Rights or installments thereof
will become exercisable. A grant of Appreciation Rights may provide for the earlier exercise of such Appreciation Rights in the event of the retirement, death or disability of a Participant, or in the event of a Change in Control. 

(v) Appreciation Rights granted under this Plan shall not provide for any dividends or dividend equivalents thereon.

 (vi) Any grant of Appreciation Rights may specify Management Objectives that must be achieved as a
condition of the exercise of such Appreciation Rights; provided, however, that Appreciation Rights that become exercisable upon the achievement of Management Objectives may not become exercisable sooner than one year from the Date of Grant.

 (vii) Each grant of Appreciation Rights will be evidenced by an Evidence of Award, which Evidence of
Award will describe such Appreciation Rights, identify the related Option Rights (if applicable), and contain such other terms and provisions, consistent with this Plan, as the Committee may approve. 

(c) Any grant of Tandem Appreciation Rights will provide that such Tandem Appreciation Rights may be exercised only
at a time when the related Option Right is also exercisable and at a time when the Spread is positive, and by surrender of the related Option Right for cancellation. Successive grants of 

  
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Tandem Appreciation Rights may be made to the same Participant regardless of whether any Tandem Appreciation Rights previously granted to the Participant remain unexercised. 

(d) Regarding Free-Standing Appreciation Rights only: 

(i) Each grant will specify in respect of each Free-Standing Appreciation Right a Base Price, which may not be less
than the Market Value per Share on the Date of Grant; 
 (ii) Successive grants may be made to the same
Participant regardless of whether any Free-Standing Appreciation Rights previously granted to the Participant remain unexercised; and 
 (iii) No Free-Standing Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant. 

6. Restricted Stock. The Committee may, from time to time and upon such terms and conditions as it may
determine, authorize the grant or sale of Restricted Stock to Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each such grant or sale will constitute an immediate transfer of the ownership of shares of Common Stock to the
Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial risk of forfeiture and restrictions on transfer hereinafter referred to.

 (b) Each such grant or sale may be made without additional consideration or in consideration of a payment
by such Participant that is less than the Market Value per Share at the Date of Grant. 
 (c) Each such
grant or sale will provide that the Restricted Stock covered by such grant or sale that vests upon the passage of time will be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period to
be determined by the Committee at the Date of Grant or upon achievement of Management Objectives referred to in subparagraph (e) below. If the elimination of restrictions is based only on the passage of time rather than the achievement of
Management Objectives, the period of time will be no shorter than three years, except that the restrictions may be removed ratably during the three-year period, on at least an annual basis, as determined by the Committee. 

(d) Each such grant or sale will provide that during or after the period for which such substantial risk of
forfeiture is to continue, the transferability of the Restricted Stock will be prohibited or restricted in the manner and to the extent prescribed by the Committee at the Date of Grant (which restrictions may include, without limitation, rights of
repurchase or first refusal in the Company or provisions subjecting the Restricted Stock to a continuing substantial risk of forfeiture in the hands of any transferee). 

(e) Any grant of Restricted Stock may specify Management Objectives that, if achieved, will result in termination or
early termination of the restrictions applicable to such Restricted Stock; provided, however, that, notwithstanding subparagraph (c) above, restrictions relating to Restricted Stock that vests upon the achievement of Management
Objectives may not terminate sooner than one year from the Date of Grant. Each grant may specify in respect of such Management Objectives a minimum acceptable level of achievement and may set forth a formula for determining the number of shares of
Restricted Stock on which restrictions will terminate if performance is at or above the minimum or threshold level or levels, or is at or above the target level or levels, but falls short of maximum achievement of the specified Management
Objectives. The grant of a Qualified Performance-Based Award of Restricted Stock will specify that, before the termination or early termination of restrictions applicable to such Restricted Stock, the Committee must determine that the Management
Objectives have been satisfied. 
 (f) Notwithstanding anything to the contrary contained in this Plan, any
grant or sale of Restricted Stock may provide for the earlier termination of restrictions on such Restricted Stock in the event of the retirement, death or disability of a Participant, or in the event of a Change in Control. 

(g) Any such grant or sale of Restricted Stock may require that any or all dividends or other distributions paid
thereon during the period of such restrictions be automatically deferred and reinvested 

  
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in additional shares of Restricted Stock, which may be subject to the same restrictions as the underlying award; provided, however, that dividends or other distributions on
Restricted Stock with restrictions that lapse as a result of the achievement of Management Objectives will be deferred until and paid contingent upon the achievement of the applicable Management Objectives. 

(h) Each grant or sale of Restricted Stock will be evidenced by an Evidence of Award and will contain such terms and
provisions, consistent with this Plan, as the Committee may approve. Unless otherwise directed by the Committee, (i) all certificates representing shares of Restricted Stock will be held in custody by the Company until all restrictions thereon
will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such shares, or (ii) all shares of Restricted Stock will be held at the
Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such shares of Restricted Stock. 
 7. Restricted Stock Units. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting or sale of Restricted Stock Units to
Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each such grant or sale will constitute the agreement by the Company to deliver shares of Common Stock or cash to
the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which may include the achievement of Management Objectives) during the Restriction Period as the Committee may specify.
If a grant of Restricted Stock Units specifies that the Restriction Period will terminate only upon the achievement of Management Objectives or that the Restricted Stock Units will be earned based on the achievement of Management Objectives, then,
notwithstanding anything to the contrary contained in subparagraph (c) below, the applicable Restriction Period may not be a period of less than one year from the Date of Grant. Each grant may specify in respect of such Management Objectives a
minimum acceptable level of achievement and may set forth a formula for determining the number of Restricted Stock Units on which restrictions will terminate if performance is at or above the minimum or threshold level or levels, or is at or above
the target level or levels, but falls short of maximum achievement of the specified Management Objectives. The grant of Qualified Performance-Based Awards of Restricted Stock Units will specify that, before the termination or early termination of
restrictions applicable to such Restricted Stock Units or the earning of such Restricted Stock Units, the Committee must determine that the Management Objectives have been satisfied. 

(b) Each such grant or sale may be made without additional consideration or in consideration of a payment by such
Participant that is less than the Market Value per Share at the Date of Grant. 
 (c) If the Restriction
Period lapses only by the passage of time rather than the achievement of Management Objectives as provided in subparagraph (a) above, each such grant or sale will be subject to a Restriction Period of not less than three years, except that a
grant or sale may provide that the Restriction Period will expire ratably during the three-year period, on at least an annual basis, as determined by the Committee. 

(d) Notwithstanding anything to the contrary contained in this Plan, any grant or sale of Restricted Stock Units may
provide for the earlier lapse or other modification of the Restriction Period in the event of the retirement, death or disability of a Participant, or in the event of a Change in Control. 

(e) During the Restriction Period, the Participant will have no right to transfer any rights under his or her award
and will have no rights of ownership in the shares of Common Stock deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but the Committee may, at the Date of Grant, authorize the payment of dividend equivalents
on such Restricted Stock Units on either a current or deferred or contingent basis, either in cash or in additional shares of Common Stock; provided, however, that dividends or other distributions on shares of Common Stock underlying
Restricted Stock 

  
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Units with restrictions that lapse as a result of the achievement of Management Objectives will be deferred until and paid contingent upon the achievement of the applicable Management Objectives.

 (f) Each grant or sale will specify the time and manner of payment of the Restricted Stock Units that
have been earned. Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in shares of Common Stock or cash, or a combination thereof. 

(g) Each grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award and will contain such
terms and provisions, consistent with this Plan, as the Committee may approve. 
 8. Performance Shares
and Performance Units. The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting of Performance Shares and Performance Units that will become payable to a Participant upon achievement of
specified Management Objectives during the Performance Period. Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each grant will specify the number of Performance Shares or Performance Units to which it pertains, which number
or amount may be subject to adjustment to reflect changes in compensation or other factors; provided, however, that no such adjustment will be made in the case of a Qualified Performance-Based Award (other than in connection with the
death or disability of the Participant or a Change in Control) where such action would result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. 

(b) The Performance Period with respect to each Performance Share or Performance Unit will be such period of time
(not less than one year) as will be determined by the Committee at the time of grant, which may be subject to earlier lapse or other modification in the event of the retirement, death or disability of a Participant, or in the event of a Change in
Control; provided, however, that no such adjustment will be made in the case of a Qualified Performance-Based Award (other than in connection with the death or disability of the Participant or a Change in Control) where such action
would result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. In such event, the Evidence of Award will specify the time and terms of delivery. 

(c) Any grant of Performance Shares or Performance Units will specify Management Objectives which, if achieved, will
result in payment or early payment of the award, and each grant may specify in respect of such specified Management Objectives a minimum acceptable level or levels of achievement and will set forth a formula for determining the number of Performance
Shares or Performance Units that will be earned if performance is at or above the minimum or threshold level or levels, or is at or above the target level or levels, but falls short of maximum achievement of the specified Management Objectives. The
grant of a Qualified Performance-Based Award of Performance Shares or Performance Units will specify that, before the Performance Shares or Performance Units will be earned and paid, the Committee must determine that the Management Objectives have
been satisfied. 
 (d) Each grant will specify the time and manner of payment of Performance Shares or
Performance Units that have been earned. Any grant may specify that the amount payable with respect thereto may be paid by the Company in cash, in shares of Common Stock, in Restricted Stock or Restricted Stock Units or in any combination thereof.

 (e) Any grant of Performance Shares or Performance Units may specify that the amount payable or the
number of shares of Common Stock, shares of Restricted Stock or Restricted Stock Units with respect thereto may not exceed a maximum specified by the Committee at the Date of Grant. 

(f) The Committee may, at the Date of Grant of Performance Shares, provide for the payment of dividend equivalents to
the holder thereof, either in cash or in additional shares of Common Stock, subject in all cases to deferral and payment on a contingent basis based on the Participant’s earning of the Performance Shares with respect to which such dividend
equivalents are paid. 

  
 10 

 (g) Each grant of Performance Shares or Performance Units will be
evidenced by an Evidence of Award and will contain such other terms and provisions, consistent with this Plan, as the Committee may approve. 
 9. Awards to Non-Employee Directors. Subject to the limits set forth in Section 3 of this Plan, the Committee may, from time to time and upon such terms and conditions as it may
determine, authorize the granting to non-employee Directors of Option Rights, Appreciation Rights or other awards contemplated by Section 10 of this Plan and may also authorize the grant or sale of shares of Common Stock, Restricted Stock or
Restricted Stock Units to non-employee Directors. Each grant of an award to a non-employee Director will be upon such terms and conditions as approved by the Committee, will not be required to be subject to any minimum vesting period, and will be
evidenced by an Evidence of Award in such form as will be approved by the Committee. Each grant will specify in the case of an Option Right an Option Price per share, and in the case of a Free-Standing Appreciation Right, a Base Price per share,
which will not be less than the Market Value per Share on the Date of Grant. Each Option Right and Free-Standing Appreciation Right granted under the Plan to a non-employee Director will expire not more than 10 years from the Date of Grant and
will be subject to earlier termination as hereinafter provided. If a non-employee Director subsequently becomes an employee of the Company or a Subsidiary while remaining a member of the Board, any award held under this Plan by such individual at
the time of such commencement of employment will not be affected thereby. Non-employee Directors, pursuant to this Section 9, may be awarded, or may be permitted to elect to receive, pursuant to procedures established by the Board, all or any
portion of their annual retainer, meeting fees or other fees in shares of Common Stock, Restricted Stock, Restricted Stock Units or other awards under the Plan in lieu of cash. 

10. Other Awards. 
 (a) Subject to applicable law and the limits set forth in Section 3 of this Plan, the Committee may grant to any Participant such other awards that may be denominated or payable in, valued in
whole or in part by reference to, or otherwise based on, or related to, shares of Common Stock or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights
convertible or exchangeable into shares of Common Stock, purchase rights for shares of Common Stock, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units thereof or
any other factors designated by the Committee, and awards valued by reference to the book value of shares of Common Stock or the value of securities of, or the performance of specified Subsidiaries or affiliates or other business units of the
Company. The Committee will determine the terms and conditions of such awards. Shares of Common Stock delivered pursuant to an award in the nature of a purchase right granted under this Section 10 will be purchased for such consideration, paid
for at such time, by such methods, and in such forms, including, without limitation, shares of Common Stock, other awards, notes or other property, as the Committee determines. 

(b) The Committee may grant shares of Common Stock as a bonus, or may grant other awards in lieu of obligations of
the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the Committee in a manner that complies with Section 409A of the
Code. 
 (c) If the earning or vesting of, or elimination of restrictions applicable to, an award granted
under this Section 10 is based only on the passage of time rather than the achievement of Management Objectives, the period of time shall be no shorter than three years, except that the restrictions may be removed no sooner than ratably on an
annual basis during the three-year period as determined by the Committee. If the earning or vesting of, or elimination of restrictions applicable to, awards granted under this Section 10 is based on the achievement of Management Objectives, the
earning, vesting or restriction period may not terminate sooner than one year from the Date of Grant. 

(d) Notwithstanding anything to the contrary contained in this Plan, any grant of an award under this Section 10
may provide for the earning or vesting of, or earlier elimination of restrictions applicable 

  
 11 

 
to, such award in the event of the retirement, death or disability of the Participant, or in the event of a Change in Control. 

11. Administration of the Plan. 

(a) This Plan will be administered by the Committee. The Committee may from time to time delegate all or any part of
its authority under this Plan to a subcommittee thereof. To the extent of any such delegation, references in this Plan to the Committee will be deemed to be references to such subcommittee. 

(b) The interpretation and construction by the Committee of any provision of this Plan or of any agreement,
notification or document evidencing the grant of awards under this Plan and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive. No member of the
Committee shall be liable for any such action or determination made in good faith. 
 (c) The Committee may
delegate to one or more of its members or to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee, or any person to whom duties
or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the subcommittee or such person may have under the Plan. The Committee may, by resolution, authorize one or
more officers of the Company to do one or both of the following on the same basis as the Committee: (i) designate employees to be recipients of awards under this Plan; (ii) determine the size of any such awards; provided,
however, that (A) the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is an officer, Director, or more than 10% beneficial owner of any class of the Company’s equity
securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16 of the Exchange Act, or any Covered Employee; (B) the resolution providing for such authorization
sets forth the total number of shares of Common Stock such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the nature and scope of the awards granted pursuant to the authority delegated.

 12. Adjustments. The Committee will make or provide for such adjustments in the numbers of shares
of Common Stock covered by outstanding Option Rights, Appreciation Rights, Restricted Stock Units, Performance Shares and Performance Units granted hereunder and, if applicable, in the number of shares of Common Stock covered by other awards granted
pursuant to Section 10 hereof, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, and in the kind of shares covered thereby, as the Committee, in its sole discretion, may determine is equitably
required to prevent dilution or enlargement of the rights of Participants or Optionees that otherwise would result from (a) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the
Company, (b) any merger, consolidation, spin-off, split- off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other
corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Committee, in its discretion, may provide in substitution for any or
all outstanding awards under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and may require in connection therewith the surrender of all awards so replaced
in a manner that complies with Section 409A of the Code. In addition, for each Option Right or Appreciation Right with an Option Price or Base Price greater than the consideration offered in connection with any such transaction or event or
Change in Control, the Committee may in its sole discretion elect to cancel such Option Right or Appreciation Right without any payment to the person holding such Option Right or Appreciation Right. The Committee will also make or provide for such
adjustments in the numbers of shares specified in Section 3 of this Plan as the Committee in its sole discretion, exercised in good faith, may determine is appropriate to reflect any transaction or event described in this Section 12;
provided, however, that any such adjustment to the number specified in Section 3(b) will be made 

  
 12 

 
only if and to the extent that such adjustment would not cause any Option Right intended to qualify as an Incentive Stock Option to fail to so qualify. 

13. Change in Control. For purposes of this Plan, except as may be otherwise prescribed by the Committee in an
Evidence of Award made under this Plan, a “Change in Control” will be deemed to have occurred upon the occurrence of any of the following events: 
 (a) the consummation of any sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries taken as a whole to any “Person” or “Group” of related persons (as such terms are used in Section 13(d)(3) of the Securities Exchange Act of 1934), 

(b) the adoption of a plan relating to the liquidation or dissolution of the Company, 

(c) the consummation of any transaction (including, without limitation, any purchase, sale, acquisition, disposition,
merger or consolidation) the result of which is that any Person or Group becomes the “beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Securities Exchange Act of 1934, but excluding, for this
purpose, any options to purchase equity securities of the Company held by such Person or Group) of more than 50% of the aggregate voting power of all classes of capital stock of the Company having the right to elect directors under ordinary
circumstances, 
 (d) the first day on which a majority of the members of the Board are not Continuing
Directors. 
 “Continuing Directors” means, as of any date of determination, any member of the Board
who (i) was a member of the Board on the date this plan is approved by the Company’s stockholders or (ii) was nominated for election or elected to the Board with the approval of (A) two-thirds of the Continuing Directors who were
members of the Board at the time of such nomination or election or (B) two-thirds of those Directors who were previously approved by Continuing Directors. 
 14. Detrimental Activity and Recapture Provisions. Any Evidence of Award may provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any
gain related to an award, or other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to time, if a Participant, either during employment by the Company or a Subsidiary or
within a specified period after termination of such employment, shall engage in any Detrimental Activity. In addition, notwithstanding anything in this Plan to the contrary, any Evidence of Award may also provide for the cancellation or forfeiture
of an award or the forfeiture and repayment to the Company of any gain related to an award, or other provisions intended to have a similar effect, upon such terms and conditions as may be required by the Committee or under Section 10D of the
Exchange Act and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Common Stock may be traded. 

15. Non U.S. Participants. In order to facilitate the making of any grant or combination of grants under
this Plan, the Committee may provide for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United States of America or who provide services to the Company
under an agreement with a foreign nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to or amendments,
restatements or alternative versions of this Plan (including, without limitation, sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the
Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan. No such special terms, supplements, amendments or restatements, however, will include any
provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the stockholders of the Company. 

  
 13 

 16. Transferability. 

(a) Except as otherwise determined by the Committee, no Option Right, Appreciation Right, Restricted Stock,
Restricted Stock Unit, Performance Share, Performance Unit, award contemplated by Section 9 or 10 of this Plan or dividend equivalents paid with respect to awards made under this Plan will be transferable by the Participant except by will or
the laws of descent and distribution, and in no event will any such award granted under the Plan be transferred for value . Except as otherwise determined by the Committee, Option Rights and Appreciation Rights will be exercisable during the
Participant’s lifetime only by him or her or, in the event of the Participant’s legal incapacity to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court
supervision. 
 (b) The Committee may specify at the Date of Grant that part or all of the shares of Common
Stock that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable to Restricted Stock Units or upon payment under any grant of
Performance Shares or Performance Units or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will be subject to further restrictions on transfer. 

17. Withholding Taxes. To the extent that the Company is required to withhold federal, state, local or foreign
taxes in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will be a condition to the receipt of such payment or
the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld, which arrangements (in the discretion of the Committee) may
include relinquishment of a portion of such benefit. If a Participant’s benefit is to be received in the form of shares of Common Stock, and such Participant fails to make arrangements for the payment of tax, the Company will withhold such
shares of Common Stock having a value equal to the amount required to be withheld. Notwithstanding the foregoing, when a Participant is required to pay the Company an amount required to be withheld under applicable income and employment tax laws,
the Participant may elect to satisfy the obligation, in whole or in part, by electing to have withheld, from the shares required to be delivered to the Participant, shares of Common Stock having a value equal to the amount required to be withheld
(except in the case of Restricted Stock where an election under Section 83(b) of the Code has been made), or by delivering to the Company other shares of Common Stock held by such Participant. The shares used for tax withholding will be valued
at an amount equal to the Market Value per Share of such shares of Common Stock on the date the benefit is to be included in Participant’s income. In no event will the Market Value per Share of the shares of Common Stock to be withheld and
delivered pursuant to this Section to satisfy applicable withholding taxes in connection with the benefit exceed the minimum amount of taxes required to be withheld. Participants will also make such arrangements as the Company may require for the
payment of any withholding tax obligation that may arise in connection with the disposition of shares of Common Stock acquired upon the exercise of Option Rights. 

18. Compliance with Section 409A of the Code. 

(a) To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions
of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants. This Plan and any grants made hereunder will be administered in a manner consistent with this intent.
Any reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

 (b) Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right
to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.
Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s 

  
 14 

 
benefit under this Plan and grants hereunder may not be reduced by, or offset against, any amount owing by a Participant to the Company or any of its Subsidiaries. 

(c) If, at the time of a Participant’s separation from service (within the meaning of Section 409A of the
Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good faith
determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A
of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it, without interest, on the tenth business day of the
seventh month after such separation from service. 
 (d) Notwithstanding any provision of this Plan and
grants hereunder to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary
or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or
for a Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or
otherwise hold a Participant harmless from any or all of such taxes or penalties. 
 19. Amendments.

 (a) The Board may at any time and from time to time amend this Plan in whole or in part; provided,
however, that if an amendment to this Plan (i) would materially increase the benefits accruing to participants under this Plan, (ii) would materially increase the number of shares of Common Stock which may be issued under this Plan,
(iii) would materially modify the requirements for participation in this Plan, or (iv) must otherwise be approved by the stockholders of the Company in order to comply with applicable law or the rules of the NASDAQ Stock Market or, if the
shares of Common Stock are not traded on the NASDAQ Stock Market, the principal national securities exchange upon which the shares of Common Stock are traded or quoted, then, such amendment will be subject to stockholder approval and will not be
effective unless and until such approval has been obtained. 
 (b) Except in connection with a corporate
transaction or event described in Section 12 of this Plan, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights or the Base Price of outstanding Appreciation Rights, or cancel outstanding
Option Rights or Appreciation Rights in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable, that is less than the Option Price of the original Option Rights or Base Price of the
original Appreciation Rights, as applicable, without stockholder approval. This Section 19(b) is intended to prohibit the repricing of “underwater” Option Rights and Appreciation Rights and will not be construed to prohibit the
adjustments provided for in Section 12 of this Plan. 
 (c) If permitted by Section 409A of the
Code and Section 162(m) of the Code, but subject to the paragraph that follows, in the case of termination of employment by reason of death, disability or retirement, or in the event of a Change in Control, to the extent a Participant holds an
Option Right or Appreciation Right not immediately exercisable in full, or any shares of Restricted Stock as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted Stock Units as
to which the Restriction Period has not been completed, or any Performance Shares or Performance Units which have not been fully earned, or any other awards made pursuant to Section 9 or 10 subject to any vesting schedule or transfer
restriction, or who holds shares of Common Stock subject to any transfer restriction imposed pursuant to Section 16(b) of this Plan, the Committee may, in its sole discretion, accelerate the time at which such Option Right, Appreciation Right
or other award may be exercised or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Performance

  
 15 

 
Shares or Performance Units will be deemed to have been fully earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such
award, except in the case of a Qualified Performance-Based Award where such action would result in the loss of the otherwise available exemption of the award under Section 162(m) of the Code. 

Subject to Section 19(b) hereof, the Committee may amend the terms of any award theretofore granted under this Plan prospectively or
retroactively, except in the case of a Qualified Performance-Based Award (other than in connection with the Participant’s death or disability, or a Change in Control) where such action would result in the loss of the otherwise available
exemption of the award under Section 162(m) of the Code. In such case, the Committee will not make any modification of the Management Objectives or the level or levels of achievement with respect to such Qualified Performance-Based Award.
Subject to Section 12 above, no such amendment will impair the rights of any Participant without his or her consent. The Board may, in its discretion, terminate this Plan at any time. Termination of this Plan will not affect the rights of
Participants or their successors under any awards outstanding hereunder and not exercised in full on the date of termination. 
 20. Governing Law. This Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the internal substantive laws of the State of Georgia.

 21. Effective Date/Termination. This Plan will be effective as of the Effective Date. No grants
will be made on or after the Effective Date under the Existing Plans, except that outstanding awards granted under the Existing Plans will continue unaffected following the Effective Date. No grant will be made under this Plan more than
10 years after the date on which this Plan is first approved by the stockholders of the Company, but all grants made on or prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan. 

22. Miscellaneous Provisions. 

(a) The Company will not be required to issue any fractional shares of Common Stock pursuant to this Plan. The
Committee may provide for the elimination of fractions or for the settlement of fractions in cash. 

(b) This Plan will not confer upon any Participant any right with respect to continuance of employment or other
service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time. 

(c) To the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an
Incentive Stock Option from qualifying as such, that provision will be null and void with respect to such Option Right. Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of
this Plan. 
 (d) No award under this Plan may be exercised by the holder thereof if such exercise, and the
receipt of stock thereunder, would be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan. 

(e) Absence on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be
considered interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder. 
 (f) No Participant will have any rights as a stockholder with respect to any shares subject to awards granted to him or her under this Plan prior to the date as of which he or she is actually
recorded as the holder of such shares upon the stock records of the Company. 
 (g) The Committee may
condition the grant of any award or combination of awards authorized under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary
to the Participant. 
 (h) Except with respect to Option Rights and Appreciation Rights, the Committee may
permit Participants to elect to defer the issuance of shares of Common Stock under the Plan pursuant to such 

  
 16 

 
rules, procedures or programs as it may establish for purposes of this Plan and which are intended to comply with the requirements of Section 409A of the Code. The Committee also may provide
that deferred issuances and settlements include the payment or crediting of dividend equivalents or interest on the deferral amounts. 
 (i) If any provision of this Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify this Plan or any award under any law deemed applicable by the Committee,
such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the Committee, it will be stricken and the remainder of this Plan will remain in full force and effect. 

  
 17Exhibit 10.8

 Exhibit 10.8 
 CUMULUS MEDIA INC. 
 2011 EQUITY INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 
 This AGREEMENT (this “Agreement”) is made as of                ,     (the “Date of
Grant”) by and between Cumulus Media Inc., a Delaware corporation (the “Company”), and                     (the “Optionee”).

 1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the
meanings given to such terms in the Company’s 2011 Equity Incentive Plan (the “Plan”). 
 2. Grant of Stock
Option. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Optionee an option (the “Option”) to purchase shares of Common Stock (the
“Option Shares”). The Option may be exercised from time to time in accordance with the terms of this Agreement. The Option Shares may be purchased pursuant to this Option at a price of $ per share of Common Stock, subject to adjustment as
hereinafter provided (the “Option Price”). The Option is intended to be a nonqualified stock option and shall not be treated as an “incentive stock option” within the meaning of that term under Section 422 of the Code, or
any successor provision thereto. 
 3. Term of Option. The term of the Option shall commence on the Date of Grant
and, unless earlier terminated in accordance with Section 8 hereof, shall expire ten (10) years from the Date of Grant. 
 4. Right to Exercise. Subject to the terms of Section 6 hereof, the Option shall be exercisable with respect to: 

 

					
	of the Option Shares on	  		  	
	of the Option Shares on	  		  	
	of the Option Shares on	  	and	  	
	of the Option Shares on	  	,	  	

 if on each respective date the Optionee remains in the continuous employ of the Company or any Subsidiary as of each such
date. The Optionee shall not be entitled to acquire a fraction of an Option Share pursuant to this Option. The Optionee shall be entitled to the privileges of ownership with respect to Option Shares purchased and delivered to the Optionee upon the
exercise of all or part of this Option. 
 For purposes of this Agreement, the continuous employment of the Optionee with the Company or a
Subsidiary shall not be deemed to have been interrupted, and the Optionee shall not be deemed to have ceased to be an employee of the Company or any Subsidiary, by reason of (i) the transfer of his employment among the Company and any of its
Subsidiaries or (ii) his absence or leave approved by a duly constituted officer of the Company or any of its Subsidiaries. 

 5. Option Nontransferable. The Optionee may not transfer or assign all or any
part of the Option other than by will or by the laws of descent and distribution. This Option may be exercised, during the lifetime of the Optionee, only by the Optionee, or in the event of the Optionee’s legal incapacity, by the
Optionee’s guardian or legal representative acting on behalf of the Optionee in a fiduciary capacity under state law and court supervision. 
 6. Accelerated Vesting of Option. Notwithstanding the provisions of Section 4 hereof, the Optionee’s right to exercise the Options covered by this Agreement will become immediately
vested earlier than the time provided in such section upon the Optionee’s death or Disability that shall occur while the Optionee is an employee of the Company or a Subsidiary. For purposes of this Agreement, “Disability” shall mean
(A) the Optionee’s incapacity due to physical or mental illness to substantially perform the Optionee’s duties and the essential functions of the Optionee’s position, with or without reasonable accommodation, on a full-time basis
for six (6) months as determined by the Board in its reasonable discretion, and within thirty (30) days after a notice of termination is thereafter given by the Company or a Subsidiary, the Optionee shall not have returned to the full-time
performance of the Optionee’s duties; or (B) the Optionee becomes eligible to receive benefits under the long-term disability plan of the Company or any Subsidiary; provided, however, if the Optionee shall not agree with a
determination to terminate his employment because of Disability, the question of the Optionee’s disability shall be subject to the certification of a qualified medical doctor agreed to by the Company and the Optionee. The costs of such
qualified medical doctor shall be paid for by the Company. 
 7. Notice of Exercise; Payment. 

(a) To the extent then exercisable, the Option may be exercised in whole or in part by written notice to the Company stating the number
of Option Shares for which the Option is being exercised and the intended manner of payment. The date of such notice shall be the exercise date. 
 (b) Payment equal to the aggregate Option Price of the Option Shares being purchased pursuant to an exercise of the Option must be tendered in full with the notice of exercise to the Company in one or a
combination of the following methods as specified by the Optionee in the notice of exercise: (i) cash in the form of currency or check or by wire transfer as directed by the Company; (ii) through the surrender to the Company of shares of
Common Stock owned by the Optionee for at least six months having a value at the time of exercise equal to the aggregate Option Price; (iii) by a combination of such methods of payment; or (iv) in such other form of consideration as is
deemed acceptable by the Board. 
 (c) As soon as practicable upon the Company’s receipt of the Optionee’s notice of
exercise and payment, the Company shall direct the due issuance of the Option Shares so purchased. 
 8. Termination of
Agreement. This Agreement and the Option granted hereby shall terminate automatically and without further notice on the earliest of the following dates: 

  
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 (a) one (1) year following the Optionee’s termination of employment due to the
Optionee’s death; 
 (b) one (1) year following the Optionee’s termination of employment due to Disability;

 (c) ninety (90) calendar days following Optionee’s termination of employment other than due to death or Disability;

 (d) the date of Optionee’s Termination for Cause; or 

(e) ten (10) years from the Date of Grant. 
 For purposes of this Agreement, “Termination for Cause” shall mean the termination by the Company or any Subsidiary of the Optionee’s employment with the Company or any Subsidiary or the
Optionee’s removal from office by the Company as a result of (A) the conviction (or plea of no contest) of the Optionee for any felony or the indictment of the Optionee for any felony including, but not limited to, any felony involving
fraud, moral turpitude, embezzlement or theft in connection with the Optionee’s duties or in the course of the Optionee’s employment with the Company or any Subsidiary; (B) the misappropriation, conversion, embezzlement or fraud in
connection with the Optionee’s duties or in the course of the Optionee’s employment with the Company or any Subsidiary; (C) conduct by the Optionee that brings the Company or any Subsidiary or affiliate of the Company into substantial
public disgrace or disrepute; (D) gross negligence or gross misconduct by the Optionee with respect to the Company or any Subsidiary or affiliate of the Company; (E) the Optionee’s abandonment of the Optionee’s employment with
the Company or any Subsidiary; (F) the willful failure by the Optionee to perform the Optionee’s duties under any employment agreement entered into by and between the Optionee and the Company or any Subsidiary (other than any such failure
resulting from the Optionee’s Disability), after demand for performance is delivered by the Company that identifies the manner in which the Company believes the Optionee has not performed the Optionee’s duties, if, within three
(3) days of such demand, the Optionee fails to cure any such failure capable of being cured; (G) the Optionee’s violation of any restrictive covenant to which the Optionee is bound; (H) the Optionee’s breach of a material
employment policy of the Company, which is not cured within three (3) days after written notice thereof to the Optionee; or (I) any other material breach by the Optionee of any employment or other agreement with or policy of the Company or
any Subsidiary which is material and which is not cured within thirty (30) days after written notice thereof to the Optionee. In the event that the Optionee’s Termination for Cause, this Agreement shall terminate at the time of such
termination notwithstanding any other provision of this Agreement and the Optionee’s entire Option will cease to be exercisable to the extent exercisable as of such termination and will not be or become exercisable after such termination. The
Optionee shall be deemed to be an employee of the Company or any Subsidiary if the Optionee is on a leave of absence approved by the Company or any Subsidiary. 
 9. Adjustments. The Board shall make or provide for such adjustments in the numbers of shares of Common Stock covered by the Option, in the Option Price, and in the kind of securities
covered thereby, as the Board, in its sole discretion, exercised in good faith, may 

  
 - 3 -

 
determine is equitably required to prevent dilution or enlargement of the Optionee’s rights that otherwise would result from (a) any stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split- off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of
rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event of a Change of Control, the
Board, in its discretion, may provide in substitution for any or all the Optionee’s rights under this Agreement such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances
and may require in connection therewith the surrender of all awards so replaced. 
 10. No Employment Contract.
Nothing contained in this Agreement shall confer upon the Optionee any right to be employed or remain employed by the Company or any Subsidiary, or limit or affect in any manner the right of the Company or any Subsidiary to terminate the employment
or adjust the compensation of the Optionee. 
 11. Compliance with Law. The Company shall make reasonable efforts
to comply with all applicable federal and state securities laws; provided, however, that notwithstanding any other provision of the Plan and this Agreement, the Option shall not be exercisable if the exercise thereof would result in a
violation of any such law. 
 12. Relation to Other Benefits. Any economic or other benefit to the Optionee under
this Agreement or the Plan shall not be taken into account in determining any benefits to which the Optionee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any Subsidiary and
shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any Subsidiary. 
 13. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that
(a) no amendment shall adversely affect the rights of the Optionee under this Agreement without the Optionee’s written consent, and (b) the Optionee’s consent shall not be required to an amendment that is deemed necessary by the
Company to ensure compliance with Section 409A of the Code or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) or any regulations promulgated thereunder, including as a result of the
implementation of any recoupment policy the Company adopts to comply with the requirements set forth in the Dodd-Frank Act. 

14. Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by
a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 

15. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency
between the provisions of this Agreement and the Plan, the Plan shall govern. The Board acting pursuant to the Plan, as constituted from time to time, 

  
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shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with the grant of the Option or its exercise. 

16. Successors and Assigns. Without limiting Section 5 hereof, the provisions of this Agreement shall inure to the
benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Optionee, and the successors and assigns of the Company. 
 17. Governing Law. The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Georgia, without giving effect to the principles of
conflict of laws thereof. 
 18. Withholding Taxes. To the extent that the Company or any Subsidiary is required
to withhold any federal, state, local or foreign taxes in connection with any payment made to or benefit realized by the Optionee or other person under this Agreement, and the amounts available to the Company or any Subsidiary for such withholding
are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that the Optionee or such other person make arrangements satisfactory to the Company or any Subsidiary for payment of the balance of such
taxes required to be withheld, which arrangements (in the discretion of the Board) may include relinquishment of a portion of such benefit. If the Optionee’s benefit is to be received in the form of shares of Common Stock, and the Optionee
fails to make arrangements for the payment of tax, the Company or any Subsidiary shall withhold such shares of Common Stock having a value equal to the amount required to be withheld. Notwithstanding the foregoing, when the Optionee is required to
pay the Company or any Subsidiary an amount required to be withheld under applicable income and employment tax laws, the Optionee may elect to satisfy the obligation, in whole or in part, by electing to have withheld, from the shares of Common Stock
required to be delivered to the Optionee, shares of Common Stock having a value equal to the amount required to be withheld, or by delivering to the Company or any Subsidiary other shares of Common Stock held by the Optionee. In no event shall the
Market Value per Share of the shares of Common Stock to be withheld pursuant to this section to satisfy applicable withholding taxes in connection with the benefit exceed the minimum amount of taxes required to be withheld or such other amount that
will not result in a negative accounting impact. The Optionee shall also make such arrangements as the Company or any Subsidiary may require for the payment of any withholding tax obligation that may arise in connection with the disposition of
shares of Common Stock acquired upon the exercise of any portion of the Option. 
 19. Notices. Any notice
provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight carrier or mailed by first class mail, return receipt requested, and will be duly given when hand delivered or dispatched by
electronic facsimile transmission (with receipt thereof confirmed), or five (5) business days after having been mailed or three (3) business days after having been sent by a nationally recognized overnight courier service such as Federal
Express or UPS, addressed to the Company (to the attention of the General Counsel of the Company) at 3280 Peachtree Road, N.W., Suite 2300, Atlanta, Georgia 30308 and to the Option at the Optionee’s principal residence, or to such
other 

  
 - 5 -

 
address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address shall be effective only upon receipt or such other address or
to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement will be deemed to have been given when so delivered. 

20. Compliance with Section 409A of the Code. To the extent applicable, it is intended that any amounts payable under
this Agreement and the Plan and the Company’s and the Optionee’s exercise of authority or discretion hereunder comply with the provisions of Section 409A of the Code and the Treasury regulations relating thereto so as not to subject
the Optionee to the payment of the additional tax, interest and any tax penalty which may be imposed under Section 409A of the Code. In furtherance of this intent, to the extent that any provision hereof would result in the Optionee being
subject to payment of the additional tax, interest and tax penalty under Section 409A of the Code, the parties agree to amend this Agreement in order to bring this Agreement into compliance with Section 409A of the Code; and thereafter
interpret its provisions in a manner that complies with Section 409A of the Code. Each payment under this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Section 409A of the Code.
Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any proposed, temporary or final regulations, or any other guidance promulgated with respect to such Section
by the U.S. Department of the Treasury or the Internal Revenue Service. Notwithstanding the foregoing, no particular tax result for the Optionee with respect to any income recognized by the Optionee in connection with this Agreement is guaranteed,
and the Optionee shall be responsible for any taxes, penalties and interest imposed on the Optionee under or as a result of Section 409A of the Code in connection with this Agreement. 

21. Acknowledgement. The Optionee acknowledges that the Optionee (a) has received a copy of the Plan, (b) has had
an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions. 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same agreement. 
 [signature page follows] 

  
 - 6 -

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by
its duly authorized officer and the Optionee has executed this Agreement, as of the day and year first above written. 
  

					
		 	CUMULUS MEDIA INC.
			
		 	By:	 	  

		 	Name:
		 	Title:
		
		 	  

		 	OPTIONEE
		 	Name:

  
 - 7 -

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