Document:

EX-10.3

 Exhibit 10.3 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is made as of June 4, 2018, by and between Cumulus Media Inc. (f/k/a
CM Emergence Newco Inc.), a Delaware corporation (the “Corporation”), in its own name and on behalf of its direct and indirect subsidiaries, and [    ], an individual (“Indemnitee”). 

RECITALS: 

WHEREAS, directors, officers, employees, controlling persons, fiduciaries and other agents (“Representatives”) in
service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the corporation or business
enterprise itself; 
 WHEREAS, highly competent persons have become more reluctant to serve as Representatives unless they are
provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation or business enterprise; 

WHEREAS, the Board of Directors of the Corporation (the “Board”) has determined that the increased difficulty in
attracting and retaining highly competent persons is detrimental to the best interests of the Corporation and its stockholders and that the Corporation should act to assure such persons that there will be increased certainty of protection against
inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the Corporation; 

WHEREAS, (a) the Amended and Restated Certificate of Incorporation of the Corporation (as amended, restated, modified or
supplemented from time to time, the “Certificate of Incorporation”) requires indemnification of the officers and directors of the Corporation, (b) Indemnitee may also be entitled to indemnification pursuant to the General
Corporation Law of the State of Delaware (the “DGCL”) and (c) the Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that
contracts may be entered into between the Corporation and its Representatives with respect to indemnification; 
 WHEREAS, this
Agreement is a supplement to and in furtherance of the Certificate of Incorporation and the By-laws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish
or abrogate any rights of Indemnitee thereunder; and 
 WHEREAS, (a) Indemnitee does not regard the protection available under
the Certificate of Incorporation, the By-laws and insurance as adequate in the present circumstances, (b) Indemnitee may not be willing to serve or continue to serve as a Representative of the Corporation
or another Enterprise without adequate protection, (c) the Corporation desires Indemnitee to serve in such capacity and (d) Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the
Corporation or another Enterprise on the condition that she be so indemnified. 

 AGREEMENT: 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant
and agree as follows: 
 Section 1.    Definitions. 

(a)    As used in this Agreement: 

“Agreement” shall have the meaning ascribed to such term in the Preamble hereto. 

“Board” shall have the meaning ascribed to such term in the Recitals hereto. 

“By-laws” shall mean the Amended and Restated Bylaws of the Corporation, as amended
from time to time. 
 “Certificate of Incorporation” shall have the meaning ascribed to such term in the Recitals hereto.

 “Corporate Status” describes the status of an individual who is or was a Representative of an Enterprise. 

“Corporation” shall have the meaning ascribed to such term in the Preamble hereto. 

“DGCL” shall have the meaning ascribed to such term in the Recitals hereto. 

“Enterprise” shall mean the Corporation, the Predecessor Entity, their respective direct and indirect subsidiaries and any
other Person, employee benefit plan, joint venture or other enterprise of which Indemnitee is or was serving at the request of the Corporation or the Predecessor Entity as a Representative. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Expenses” shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’ fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation,
(i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other
costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) for purposes of Section 11(d) only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or
defense of Indemnitee’s rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (on a
grossed up basis) and (iv) any interest, assessments or other charges in respect of the foregoing. 
 “Incumbent
Directors” means the individuals who, as of the date hereof, are members of the Board and any individual becoming a member of the Board subsequent to the date hereof whose election, nomination for election by the Corporation’s
stockholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Corporation in which

  
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such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such
individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 

“Indemnitee” shall have the meaning ascribed to such term in the Preamble hereto. 

“Indemnity Obligations” shall mean all obligations of the Corporation to Indemnitee under this Agreement, including, without
limitation, the Corporation’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement. 

“Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification; provided, however, that the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement. 
 “Liabilities” shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties
and other amounts payable in connection with, arising out of, in respect of or relating to or occurring as a direct or indirect consequence of any Proceeding, including, without limitation, amounts paid in whole or partial settlement of any
Proceeding, all Expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding, and any
consequential damages resulting from any Proceeding or the settlement, judgment or result thereof. 
 “Person” shall mean
any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity. 

“Predecessor Entity” means CM Wind Down Topco Inc. (f/k/a Cumulus Media Inc.) and Cumulus Media Holdings Inc. and their
respective successors and permitted assigns. 
 “Proceeding” shall mean any threatened, pending or completed action, claim,
suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding
(including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Corporation or otherwise, and
whether of a civil, criminal, administrative or investigative nature, in which Indemnitee was, is or will be, or is threatened to be, involved as a party or witness or otherwise involved, affected or injured (i) by reason of the fact that
Indemnitee is or was a Representative of the Corporation or another Enterprise, (ii) by reason of any actual or alleged action taken by Indemnitee or of any action on Indemnitee’s part while acting as Representative of the Corporation or
another Enterprise or (iii) by 

  
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reason of the fact that Indemnitee is or was serving at the request of the Corporation or the Predecessor Entity as a Representative of another Person, whether or not serving in such capacity at
the time any liability or Expense is incurred for which indemnification, reimbursement or advancement of Expenses can be provided under this Agreement. 

“Representative” shall have the meaning ascribed to such term in the Recitals hereto. 

“Shareholder Entities” shall mean any investment firm (or any of its affiliated or managed funds) that is a shareholder of the
Corporation that has the right to designate, appoint or elect members to the Board whether pursuant to a class of capital stock of the Corporation with the exclusive right to appoint or elect a member of the Board or pursuant to a shareholders
agreement or other contract between such investment firm (or any of its affiliated or managed funds) and the Corporation or any other Person controlling, controlled by or under common control with such investment firm; provided,
however, that neither the Corporation nor any of its subsidiaries shall be considered Shareholder Entities hereunder. 

“Submission Date” shall have the meaning ascribed to such term in Section 9(b). 

(b)    For the purpose hereof, references to “fines” shall include any excise tax assessed with
respect to any employee benefit plan; references to “serving at the request of the Corporation (or such other applicable Enterprise)” shall include, without limitation, any service as a Representative of the Corporation or such other
applicable Enterprise which imposes duties on, or involves services by, such Representative with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner she reasonably believed to
be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Corporation (or such other applicable Enterprise)” as referred to
in this Agreement. 
 Section 2.    Indemnity in Third-Party Proceedings. The Corporation
shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee’s behalf in connection with or as a
consequence of any Proceeding (other than any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor which shall be governed by the provisions set forth in Section 3 below) or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner she reasonably believed to be in, or not opposed to, the best interests of the Corporation or such other Enterprise, as applicable, and, in the case of a criminal proceeding, had no
reasonable cause to believe that her conduct was unlawful. For the avoidance of doubt, a finding, admission or stipulation that an Indemnitee has acted with gross negligence or recklessness shall not, of itself, create a presumption that such
Indemnitee has failed to meet the standard or conduct required for indemnification in this Section 2. 

Section 3.    Indemnity in Proceedings by or in the Right of the Corporation. The Corporation
shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred by Indemnitee or on Indemnitee’s behalf in connection with or as a consequence
of any Proceeding brought by or in the right of the Corporation to procure a judgment in its favor, or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner she reasonably believed to be in, or not opposed, to the
best interests of the Corporation or such other Enterprise, as applicable. No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court to be liable to the 

  
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Corporation, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of
liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. For the avoidance of doubt, a finding, admission or stipulation that an Indemnitee has acted with gross negligence or
recklessness shall not, of itself, create a presumption that such Indemnitee has failed to meet the standard or conduct required for indemnification in this Section 3. 

Section 4.    Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, to the extent that (a) Indemnitee is a party to (or a participant in) any Proceeding, (b) the
Corporation is not permitted by applicable law to indemnify Indemnitee with respect to any claim brought in such Proceeding if such claim is asserted successfully against Indemnitee and (c) Indemnitee is not wholly successful in such
Proceeding, but is successful, on the merits or otherwise (including, without limitation, settlement thereof), as to one or more but less than all claims, issues or matters in such Proceeding, then the Corporation shall indemnify Indemnitee, to the
fullest extent permitted by applicable law, against all Liabilities and Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf, in connection with or as a consequence of each successfully resolved claim, issue or
matter. For purposes of this Section 4 and without limitation, the termination of any claim, issue or matter in such a Proceeding by settlement, entry of a plea of nolo contendere or by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 5.    Indemnification for Expenses of a Witness. Notwithstanding any other provision
of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the fullest extent permitted by applicable law
against all Liabilities and Expenses suffered or incurred by her or on her behalf in connection therewith. 

Section 6.    Additional Indemnification. Notwithstanding any limitation in
Section 2, 3 or 4, the Corporation shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to, or threatened to be made a party to, any Proceeding (including,
without limitation, a Proceeding by or in the right of the Corporation to procure a judgment in its favor), against all Liabilities and Expenses suffered or incurred by Indemnitee in connection with such Proceeding: 

(a)    to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates
additional indemnification by agreement, or the corresponding provision of any amendment to, or replacement of, the DGCL, and 

(b)    to the fullest extent authorized or permitted by any amendments to, or replacements of, the DGCL
adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

Section 7.    Advances of Expenses. In furtherance of the requirement of Article XI of the
Certificate of Incorporation and notwithstanding any provision of this Agreement to the contrary, the Corporation shall advance, to the fullest extent permitted by law, Expenses incurred by Indemnitee in connection with any Proceeding, and such
advancement shall be made within ten (10) days after the receipt by the Corporation of a statement or statements requesting such advances from time to time, whether prior to, or after, final disposition of any Proceeding. Advances shall be
unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to 

  
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repay Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all Expenses incurred
pursuing an action to enforce this right of advancement, including, without limitation, Expenses incurred preparing and forwarding statements to the Corporation to support the advances claimed. Indemnitee shall qualify for advances upon the
execution and delivery to the Corporation of this Agreement, which shall constitute an undertaking, providing that Indemnitee undertakes to repay the advance to the extent that it is ultimately determined that Indemnitee is not entitled to be
indemnified by the Corporation. 
 Section 8.    Procedure for Notification and Defense of
Claim. 
 (a)    Indemnitee shall notify the Corporation in writing of any Proceeding with respect to
which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification to the Corporation shall include a
description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Any delay or failure by Indemnitee
to notify the Corporation hereunder will not relieve the Corporation from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Corporation shall not constitute a
waiver by Indemnitee of any rights under this Agreement. 
 (b)    In the event Indemnitee is entitled to
indemnification and/or advancement of Expenses with respect to any Proceeding, Indemnitee may, at Indemnitee’s option, (i) retain legal counsel selected by Indemnitee and approved by the Corporation (which approval shall not to be
unreasonably withheld, conditioned or delayed) to defend Indemnitee in such Proceeding, at the sole expense of the Corporation or (ii) have the Corporation assume the defense of Indemnitee in the Proceeding, in which case the Corporation shall
assume the defense of such Proceeding with legal counsel selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Corporation’s receipt
of written notice of Indemnitee’s election to cause the Corporation to do so. If the Corporation is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and shall be solely responsible for all
Expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the Corporation (and/or any other party or parties entitled to be indemnified by the Corporation with respect to such matter) unless,
in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Corporation (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the
Corporation (or any such other party or parties). Notwithstanding either party’s assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate legal counsel at its own expense. The party having
responsibility for defense of a Proceeding shall provide the other party and its legal counsel with all copies of pleadings and material correspondence relating to the Proceeding. Indemnitee and the Corporation shall reasonably cooperate in the
defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Corporation or Indemnitee assumes the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written
consent of the Corporation (which consent shall not be unreasonably withheld, conditioned or delayed). The Corporation may not settle or compromise any proceeding without the prior written consent of Indemnitee (which consent shall not be
unreasonably withheld, conditioned or delayed). 

  
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 Section 9.    Procedure upon Application for
Indemnification. 
 (a)    Upon written request by Indemnitee for indemnification pursuant to
Section 8(a), the Corporation shall advance Expenses necessary to defend against a claim pursuant to Section 7 hereof. If any determination by the Corporation is required by applicable law with
respect to Indemnitee’s ultimate entitlement to indemnification, such determination shall be made (i) if Indemnitee shall request such determination be made by the Independent Counsel, by the Independent Counsel and (ii) in all other
circumstances in any manner permitted by the DGCL. Indemnitee shall cooperate with the Person(s) making such determination with respect to Indemnitee’s entitlement to indemnification, including, without limitation, providing to such Person(s),
upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by
Indemnitee in so cooperating with the Person(s) making such determination shall be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation hereby indemnifies and agrees
to hold Indemnitee harmless therefrom. The Corporation will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in
this Section 9(a) has been made. The Corporation agrees to pay Expenses of the Independent Counsel referred to above and to fully indemnify the Independent Counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (b)    In the
event that the determination of entitlement to indemnification is to be made by the Independent Counsel pursuant to Section 9(a) hereof, (i) the Independent Counsel shall be selected by the Corporation within ten
(10) days of the Submission Date, (ii) the Corporation shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written
notice of selection shall have been given, deliver to the Corporation Indemnitee’s written objection to such selection. Absent a timely objection, the Person so selected shall act as the Independent Counsel. If a timely objection is made by
Indemnitee, the Person so selected may not serve as the Independent Counsel unless and until such objection is withdrawn. If no Independent Counsel shall have been selected (whether due to a failure of the Corporation to appoint such Independent
Counsel, an un-withdrawn objection from Indemnitee with respect to the person so appointed or otherwise) before the later of (i) thirty (30) days after the submission by Indemnitee of a written
request for indemnification pursuant to Section 9(a) hereof (the date of such submission, the “Submission Date”) and (ii) ten (10) days after the final disposition of the Proceeding for which
indemnity is sought, then (x) each of the Corporation and Indemnitee shall select a Person meeting the qualifications to serve as the Independent Counsel and (y) such Persons shall (collectively) select the Independent Counsel. Upon the
due commencement of any judicial proceeding or arbitration pursuant to Section 11(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing). 
 Section 10.    Presumptions
and Effect of Certain Proceedings. 
 (a) In making a determination with respect to entitlement to indemnification
hereunder, the Person(s) making such determination shall, to the fullest extent permitted by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has 

  
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submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Corporation shall, to the fullest extent permitted by law, have the
burden of proof to overcome that presumption in connection with the making by any Person(s) of any determination contrary to that presumption. Neither the failure of the Corporation (including, without limitation, by its directors or independent
legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Corporation (including, without limitation, by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee
has not met the applicable standard of conduct. 
 (b)    Subject to
Section 11(e), if the Person(s) empowered or selected under Section 9 hereof to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty
(60) days after receipt by the Corporation of the request therefore, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to
such indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days,
if (i) the determination is to be made by the Independent Counsel and Indemnitee objects to the Corporation’s selection of the Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto. 
 (c)    The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which she reasonably believed to be in, or not opposed to, the best interests of the Corporation or another
Enterprise, as applicable, or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

(d)    Effect of Settlement. To the fullest extent permitted by law, settlement of any Proceeding
without any finding of responsibility, wrongdoing or guilt on the part of Indemnitee with respect to claims asserted in such Proceeding shall constitute a conclusive determination that Indemnitee is entitled to indemnification hereunder with respect
to such Proceeding. 
 (e)    Reliance as Safe Harbor. For purposes of any determination of good
faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. The provisions of this Section 10(e) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the
applicable standard of conduct set forth in this Agreement. 
 (f)    Actions of Others. The
knowledge and/or actions, or failure to act, of any Representative (other than Indemnitee) of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

  
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 Section 11.    Remedies of Indemnitee. 

(a)    Subject to Section 11(e), in the event that (i) a determination is
made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7 of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(a) of this Agreement within ninety (90) days after the Submission Date, (iv) payment of
indemnification is not made pursuant to Section 4, 5 or 9(a) of this Agreement within ten (10) days after receipt by the Corporation of a written request therefore, (v) payment of indemnification
pursuant to Section 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or (vi) in the event that the
Corporation or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee, the benefits provided
or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification and/or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s
option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Corporation shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration. 
 (b)    In the event that a determination shall have been made
pursuant to Section 9(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 11 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this
Section 11, the Corporation shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c)    If a determination shall have been made pursuant to Section 9(a) of this
Agreement that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent (i) a misstatement
by the Indemnitee of a material fact, or an omission by the Indemnitee of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of
such indemnification under applicable law. 
 (d)    The Corporation shall, to the fullest extent
permitted by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 11 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and
shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions of this Agreement. It is the intent of the Corporation that Indemnitee not be required to incur legal fees or other Expenses
associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to
Indemnitee hereunder. In addition, the Corporation shall indemnify Indemnitee against any and all such Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Corporation of a written request therefore)
advance, to the fullest extent permitted by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Corporation under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by or on behalf of the Corporation or any Enterprise, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be. 

  
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 (e)    Notwithstanding anything in this Agreement to the
contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding; provided that, in absence of any such determination with respect to
such Proceeding, the Corporation shall pay Liabilities and advance Expenses with respect to such Proceeding as if Indemnitee had been determined to be entitled to indemnification and advancement of Expenses with respect to such Proceeding. 

Section 12.    Non-Exclusivity; Survival of Rights;
Insurance; Subrogation. 
 (a)    The rights of indemnification and to receive advancement of
Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any
agreement, a vote of stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification or
advancement of Expenses than would be afforded currently under the Certificate of Incorporation, the By-laws and/or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 (b)    The Corporation hereby acknowledges that Indemnitee may have certain rights to indemnification,
advancement of Expenses and/or insurance provided by one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity). The Corporation hereby acknowledges and agrees that (i) the
Corporation shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject of the Indemnity Obligations, (ii) the Corporation shall be primarily liable for all Indemnity Obligations and
any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created by law, organizational or constituent documents, contract (including, without
limitation, this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) to indemnify Indemnitee and/or advance Expenses to
Indemnitee in respect of any proceeding shall be secondary to the obligations of the Corporation hereunder, (iv) the Corporation shall be required to indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent
provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) or insurer of any such Person and (v) the
Corporation irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) from any claim of contribution, subrogation or any other recovery of
any kind in respect of amounts paid by the Corporation hereunder. In the event that any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) or any insurer advances or extinguishes any
liability or loss which is the subject of any Indemnity Obligation owed by the 

  
 10 

 
Corporation or payable under any insurance policy provided under this Agreement, the payor shall have a right of subrogation against the Corporation or the applicable Enterprise, or its insurer
or insurers for all amounts so paid which would otherwise be payable by the Corporation or the applicable Enterprise, or its insurer or insurers under this Agreement. In no event will payment of an Indemnity Obligation of the Corporation under this
Agreement by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) or their insurers, affect the obligations of the Corporation hereunder or shift primary liability for any Indemnity
Obligation to any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity). Any indemnification and/or insurance or advancement of Expenses provided by any other Person with whom or which
Indemnitee may be associated (including, without limitation, any Shareholder Entity), with respect to any liability arising as a result of Indemnitee’s Corporate Status or capacity as an officer or director of any Person, is specifically in
excess of any Indemnity Obligation of the Corporation or valid and any collectible insurance (including, without limitation, any malpractice insurance or professional errors and omissions insurance) provided by the Corporation under this Agreement,
and any obligation to provide indemnification and/or insurance or advance Expenses provided by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Shareholder Entity) shall be reduced by any amount
that Indemnitee collects from the Corporation as an indemnification payment or advancement of Expenses pursuant to this Agreement. 

(c)    For the duration of Indemnitee’s service as a director and/or officer of the Corporation or any
Enterprise, and thereafter for so long as Indemnitee shall be subject to any pending or possible claim indemnifiable under this Agreement, the Corporation shall use reasonable efforts (taking into account the scope and amount of coverage available
relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Corporation and other Enterprise that is at least
substantially comparable in scope and amount to that provided by the Corporation’s current policies of directors’ and officers’ liability insurance. Without limiting the generality or effect of the immediately preceding sentence, the
Corporation shall not discontinue or significantly reduce the scope or amount of coverage from one policy period to the next (i) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or
(ii) if at the time that any such discontinuation or significant reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably
withheld, delayed or conditioned). In all policies of directors’ and officers’ liability insurance obtained by the Corporation (and any Enterprise, as applicable), Indemnitee shall be named as an insured in such a manner as to provide
Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Corporation’s directors and officers most favorably insured by such policy. The Corporation may, but shall not be required to, create a trust fund,
grant a security interest or use other means, including a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement. 

(d)    In the event of any payment under this Agreement, the Corporation shall not (and shall cause any
Enterprise not to) be subrogated to, and hereby waives any rights to be subrogated to, any rights of recovery of Indemnitee, including, without limitation, rights of indemnification provided to Indemnitee from any other Person or entity with whom
Indemnitee may be associated (including, without limitation, any Shareholder Entity) as well as any rights to contribution that might otherwise exist; provided, however, that the Corporation (or the Enterprise, as applicable) shall be
subrogated to the extent of any such payment of all rights of recovery of Indemnitee under insurance policies of the Corporation or any of its subsidiaries or any Enterprise. 

  
 11 

 (e)    The indemnification and contribution provided for in
this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee. 

Section 13.    Duration of Agreement; Not Employment Contract. This Agreement shall continue
until and terminate upon the latest of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a Representative of the Corporation and any other Enterprise and (b) one (1) year after the final termination
of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement
relating thereto. This Agreement shall be binding upon the Corporation and its successors and permitted assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. This Agreement shall not be
deemed an employment contract between the Corporation (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Corporation (or any of its subsidiaries or any
Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Corporation (or any of its
subsidiaries or any Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a Representative of the Corporation, by the Certificate of Incorporation,
By-laws and the DGCL. 
 Section 14.    Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

Section 15.    Enforcement. 

(a)    The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed
the obligations imposed on it hereby in order to induce Indemnitee to serve as a Representative of the Corporation (or any other Enterprise, as applicable), and the Corporation acknowledges that Indemnitee is relying upon this Agreement in serving
as a Representative of the Corporation (or any other Enterprise, as applicable). 
 (b)    This Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the By-laws and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 16.    Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other 

  
 12 

 
provisions of this Agreement nor shall any waiver constitute a continuing waiver. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a
waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 17.    Notices. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered
mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or
(d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 

(a)    If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other
address as Indemnitee shall provide to the Corporation. 
 (b)    If to the Corporation to: 

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

United States of America 
 Fax:
(404) 260-6877 
 Attention: Richard Denning, Esq. 

or to any other address as may have been furnished to Indemnitee by the Corporation. 

Section 18.    Contribution. To the fullest extent permissible under applicable law, if the
indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines,
penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of the Proceeding in order to reflect (a) the relative benefits received by the Corporation (or the Enterprise, as applicable) and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or
(b) the relative fault of the Corporation (or the Enterprise, as applicable) and its directors, officers, employees and agents and Indemnitee in connection with such event(s) and/or transaction(s). 

Section 19.    Applicable Law and Consent to Jurisdiction. This Agreement and the legal
relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Corporation and Indemnitee hereby irrevocably and unconditionally
(a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in any
other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of
venue of any such action or proceeding in the Delaware Court of Chancery and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or
inconvenient forum. 

  
 13 

 Section 20.    Counterparts. This Agreement may
be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement. 

Section 21.    Third-Party Beneficiaries. The Shareholder Entities and the Predecessor Entity
are intended third-party beneficiaries of this Agreement. 
 Section 22.    Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof. 
 [SIGNATURE PAGE FOLLOWS] 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written. 
  

			
	CUMULUS MEDIA INC.
		
	By:	 	  

		 	Name: Richard S. Denning
		 	Title:   SVP, General Counsel and Secretary
	
	INDEMNITEE:
		
	By:	 	  

		 	Name:
		 	Address:

  
 [Signature Page to
Indemnification Agreement ([Indemnitee])]EX-10.4

 Exhibit 10.4 

CUMULUS MEDIA INC. 

LONG-TERM INCENTIVE PLAN 

 CUMULUS MEDIA INC. 

LONG-TERM INCENTIVE PLAN 
  

	I.	PURPOSE 

 The Cumulus Media Inc. Long-Term Incentive Plan is adopted effective
June 4, 2018. The Plan is designed to attract, retain and motivate select Eligible Employees and Key Non-Employees of the Company and its Affiliates, and to reward them for making major contributions to
the success of the Company and its Affiliates. These objectives are accomplished by making long-term incentive awards under the Plan that will offer Participants an opportunity to have a greater proprietary interest in, and closer identity with, the
Company and its Affiliates and their financial success. 
 The Awards may consist of: 

 

	 	1.	Incentive Options; 

  

	 	2.	Nonstatutory Options; 

  

	 	3.	Restricted Stock; 

  

	 	4.	Rights; 

  

	 	5.	Dividend Equivalents; 

  

	 	6.	Other Stock-Based Awards; 

  

	 	7.	Performance Awards; or 

  

	 	8.	Cash Awards; 

 or any combination of the foregoing, as the Committee may determine. 

 

	II.	DEFINITIONS 

 A. Affiliate means any individual, corporation, partnership,
association, limited liability company, joint-stock company, trust, unincorporated association or other entity (other than the Company) that, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

 B. Award means the grant or sale to any Eligible Employee or Key
Non-Employee of any form of Option, Restricted Stock, Right, Dividend Equivalent, Other Stock-Based Award, Performance Award, or Cash Award, whether granted singly, in combination, or in tandem, and pursuant
to such terms, conditions, and limitations as the Committee may establish in order to fulfill the objectives of the Plan. 
 C.
Award Agreement means a written agreement entered into between the Company and a Participant under which an Award is granted and that sets forth the terms, conditions, and limitations applicable to the Award. 

 D. Board means the Board of Directors of the Company. 

E. Cash Award means an Award of cash, subject to the requirements of Article XIII and such other restrictions not
inconsistent with the Plan that the Committee deems appropriate or desirable. 
 F. Cause has the meaning set forth in
Paragraph F of Article VII of this Plan. 
 G. Code means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. References to any provision of the Code shall be deemed to include regulations thereunder and successor provisions and regulations thereto. 

H. Committee means the committee to which the Board delegates the power to act under or pursuant to the provisions of the Plan,
or the Board if no committee is selected. If the Board delegates powers to a committee, and if the Company is or becomes subject to Section 16 of the Exchange Act, then, if necessary for compliance therewith, such committee shall consist of not
fewer than two (2) members of the Board, each member of which must be a “non-employee director,” within the meaning of the applicable rules promulgated pursuant to the Exchange Act. If the
Company is or becomes subject to Section 16 of the Exchange Act, no member of the Committee shall receive any Award pursuant to the Plan while serving on the Committee, unless the Board determines that the grant of such an Award satisfies the
then-current Rule 16b-3 requirements under the Exchange Act. 
 I. Common Stock means
the Class A common stock of the Company. 
 J. Company means Cumulus Media Inc., a Delaware corporation, and includes any
successor or assignee entity or entities into which the Company may be merged, changed, or consolidated; any entity for whose securities the securities of the Company shall be exchanged; and any assignee of or successor to substantially all of the
assets of the Company. 
 K. Disability or Disabled means a permanent and total disability as defined in Section 22(e)(3)
of the Code. 
 L. Dividend Equivalent means an Award subject to the requirements of Article X. 

M. Eligible Employee means an employee of the Company or of an Affiliate who is designated by the Committee as being eligible to
be granted one or more Awards under the Plan. 
 N. Exchange Act means the Securities Exchange Act of 1934, as amended from
time to time, or any successor statute thereto. References to any provision of the Exchange Act shall be deemed to include rules promulgated thereunder and successor provisions and rules thereto. 

O. Fair Market Value means, if the Shares are listed on any national securities exchange or quoted on the National Association
of Securities Dealers Automated Quotation System (“NASDAQ”), the closing sales price, if any, on the largest such exchange or on NASDAQ, as applicable, on the valuation date, or an average of trading days not to exceed thirty
(30) days following the valuation date at the Committee’s discretion, or, if none, on the most recent trade date immediately prior to the valuation date provided that such trade date is no more than thirty

  
 2 

 
(30) days prior to the valuation date. If the Shares are not then either listed on any such exchange or quoted on NASDAQ, or there has been no trade date within such thirty (30) day
period, the fair market value shall be the mean between the average of the “Bid” and the average of the “Ask” prices, if any, as reported by the Electronic Quotation Service or OTC Markets Group, Inc. (or such equivalent
reporting service), for the valuation date, or, if none, for the most recent trade date immediately prior to the valuation date provided that such trade date is no more than thirty (30) days prior to the valuation date. If the fair market value
cannot be determined under the preceding two sentences, it shall be determined in good faith by the Committee. 
 P. Incentive
Option means an Option that, when granted, is intended to be an “incentive stock option,” as defined in Section 422 of the Code. 

Q. Key Non-Employee means a Non-Employee
Board Member, consultant, advisor or independent contractor of the Company or of an Affiliate who is designated by the Committee as being eligible to be granted one or more Awards under the Plan. 

R. Non-Employee Board Member means a director of the Company who is not an employee of
the Company or any of its Affiliates. For purposes of the Plan, a Non-Employee Board Member shall be deemed to include the employer or other designee of such
Non-Employee Board Member, if the Non-Employee Board Member is required, as a condition of his or her employment, to provide that any Award granted hereunder be made to
the employer or other designee. 
 S. Nonstatutory Option means an Option that, when granted, is not intended to be an
“incentive stock option,” as defined in Section 422 of the Code, or that subsequently fails to comply with the requirements of Section 422 of the Code. 

T. Option means a right or option to purchase Common Stock, including Restricted Stock if the Committee so determines. 

U. Other Stock-Based Award means any other Award that is valued in whole or in part based upon the Fair Market Value of Common
Stock. 
 V. Participant means an Eligible Employee or Key Non-Employee to whom
one or more Awards are granted under the Plan. 
 W. Performance Award means an Award subject to the requirements of
Article XII, and such performance conditions as the Committee deems appropriate or desirable. 
 X. Plan means the
Cumulus Media Inc. Long-Term Incentive Plan, as amended from time to time. 
 Y. Restricted Stock means an Award made in
Common Stock or denominated in units of Common Stock and delivered under the Plan, subject to the requirements of Article VIII, such other restrictions not inconsistent with the Plan that the Committee deems appropriate or desirable, and as
awarded in accordance with the terms of the Plan. 

  
 3 

 Z. Right means a stock appreciation right delivered under the Plan, subject to the
requirements of Article IX and as awarded in accordance with the terms of the Plan. 
 AA. Shares means the following
shares of the capital stock of the Company as to which Options or Restricted Stock have been or may be granted under the Plan and upon which Rights, units of Restricted Stock, Dividend Equivalents, or Other Stock-Based Awards may be based: treasury
or authorized but unissued Common Stock of the Company, or any shares of capital stock or securities into which the Shares are changed or for which they are exchanged within the provisions of Article XVIII of the Plan. 

 

	III.	SHARES SUBJECT TO THE PLAN 

 The aggregate number of Shares as to which Awards may be
granted from time to time shall be two million, two hundred twenty-two thousand, two hundred twenty-three (2,222,223) Shares (subject to adjustment for stock splits, stock dividends, and other adjustments
described in Article XVIII hereof). The aggregate number of Shares as to which Incentive Options may be granted from time to time shall be two million, two hundred twenty-two thousand, two hundred
twenty-three (2,222,223) Shares (subject to adjustment for stock splits, stock dividends and other adjustments described in Article XVIII hereof). 

Unless otherwise approved by the Company’s stockholders, the aggregate number of Shares as to which Awards may be granted in any one
calendar year to any Non-Employee Board Member shall not exceed such number of Shares having a Fair Market Value as of the date of grant equal to one million, two hundred thousand dollars ($1,200,000). 

From time to time, the Committee and/or appropriate officers of the Company shall take whatever actions are necessary to file required
documents with governmental authorities and/or stock exchanges so as to make Shares available for issuance pursuant to the Plan. Shares subject to Awards that are forfeited, are terminated (or surrendered voluntarily without payment) or expire
unexercised shall immediately become available for Awards. In addition, if the exercise price of any Award is satisfied by tendering Shares to the Company (by actual delivery or attestation), only the number of Shares issued net of the Shares
tendered shall be deemed delivered for purposes of determining the maximum number of Shares available for Awards. Awards payable in cash shall not reduce the number of Shares available for Awards under the Plan. 

 

	IV.	ADMINISTRATION OF THE PLAN 

 The Plan shall be administered by the Committee. A majority
of the Committee shall constitute a quorum at any meeting thereof (including by telephone conference) and the acts of a majority of the members present, or acts approved in writing by a majority of the entire Committee without a meeting, shall be
the acts of the Committee for purposes of this Plan. The Committee may authorize one or more of its members or an officer of the Company to execute and deliver documents on behalf of the Committee. A member of the Committee shall not exercise any
discretion respecting Awards to himself or herself under the Plan, other than as applies to the Participants or a class of similarly situated Participants as a whole. The Board shall have the authority to remove or replace any member of, and to fill
any vacancy on, the Committee upon notice to the Committee and the affected member, if any. Any member of the Committee may resign upon notice to the Board. The Committee may allocate among one or more of its members, or may delegate to one or more
of its agents, such duties and responsibilities as it determines. Subject to the provisions of the Plan, the Committee is authorized to: 

A. Interpret the provisions of the Plan and any Award or Award Agreement, and make all rules and determinations that it deems necessary
or advisable to the administration of the Plan; 

  
 4 

 B. Determine which employees of the Company or an Affiliate shall be designated as
Eligible Employees and which of the Eligible Employees shall be granted Awards; 
 C. Determine the Key Non-Employees to whom Awards, other than Incentive Options for which Key Non-Employees shall not be eligible, shall be granted; 

D. Determine whether an Option to be granted shall be an Incentive Option or Nonstatutory Option; 

E. Determine the number of Shares for which an Option, Restricted Stock or Other Stock-Based Award shall be granted; 

F. Determine the number of Rights, Cash Awards or Performance Awards to be granted; 

G. Provide for the acceleration of the right to exercise or vest into any Award; and 

H. Specify the terms, conditions, and limitations upon which Awards may be granted; 

provided, however, that with respect to Incentive Options, all such interpretations, rules, determinations, terms, and conditions shall be made and prescribed
in the context of preserving the tax status of the Incentive Options as “incentive stock options” within the meaning of Section 422 of the Code. Notwithstanding anything in this Plan to the contrary, no Award shall vest or become
exercisable over a period of less than one (1) year unless otherwise set forth in an Award Agreement. 
 If permitted by applicable
law, and in accordance with any such law, the Committee may delegate to the chief executive officer and to other senior officers of the Company or its Affiliates its duties under the Plan pursuant to such conditions or limitations as the Committee
may establish, except that only the Committee may select, and grant Awards to, Participants who are subject to Section 16 of the Exchange Act. Any such delegations by the Committee shall be made by a majority of its members. No member of the
Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award. 
 The Committee shall
have the authority to provide in any Award Agreement for the conditions and circumstances under which Awards shall be forfeited. 
 Any
determination made by the Committee pursuant to the provisions of the Plan shall be made in its sole discretion, and in the case of any determination relating to an Award, may be made at the time of the grant of the Award or, unless in contravention
of any express term of the Plan or any Award Agreement, at any time thereafter. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and the Participants. No
determination shall be subject to de novo review if challenged in court. 

  
 5 

	V.	ELIGIBILITY FOR PARTICIPATION 

 Awards may be granted under this Plan only to Eligible
Employees and Key Non-Employees of the Company or its Affiliates. The foregoing notwithstanding, each Participant receiving an Incentive Option must be an Eligible Employee of the Company or of an Affiliate at
the time the Incentive Option is granted. 
 The Committee may, at any time and from time to time, grant one or more Awards to one or more
Eligible Employees or Key Non-Employees and may designate the number of Shares, if applicable, to be subject to each Award so granted; provided, however, that no Incentive Option shall be granted after the
expiration of ten (10) years from the earlier of the date of the adoption of the Plan by the Company and the approval of the Plan by the stockholders of the Company, and provided further that the Fair Market Value of the Shares (determined at
the time the Option is granted) as to which Incentive Options are exercisable for the first time by any Eligible Employee during any single calendar year (under the Plan and under any other incentive stock option plan of the Company or an Affiliate)
shall not exceed One Hundred Thousand Dollars ($100,000). To the extent that the Fair Market Value of such Shares exceeds One Hundred Thousand Dollars ($100,000), the Shares subject to Option in excess of One Hundred Thousand Dollars ($100,000)
shall, without further action by the Committee, automatically be converted to Nonstatutory Options. 
 Notwithstanding any of the foregoing
provisions, (i) the Committee may authorize the grant of an Award to a person not then in the employ of, or engaged by, the Company or of an Affiliate, conditioned upon such person’s becoming eligible to be granted an Award at or prior to
the execution of the Award Agreement evidencing the actual grant of such Award; and (ii) if the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, then the Committee may authorize the grant of
an Award under this Plan to a person who resides in the State of California only if such grant meets the requirements of Section 25102(o) of the California Securities Law, to the extent applicable. 

 

	VI.	AWARDS UNDER THIS PLAN 

 As the Committee may determine, the following types of Awards
may be granted under the Plan on a stand-alone, combination, or tandem basis. The Committee may from time to time grant any such Award for such consideration as the Committee deems appropriate (which amount may be less than the Fair Market Value of
the Common Stock on the date of the Award), and subject to such restrictions and conditions and other terms as the Committee may specify in the Award Agreement at the time the Award is granted (including, but not limited to, continuous service with
the Company or its Affiliates, achievement of specific business objectives, increases in specified indices, attainment of growth rates, and/or other measurements of Company or Affiliate performance), and subject further to the general provisions of
the Plan and the specific rules set forth herein. 

  
 6 

 A. Incentive Option 

An Incentive Option is an Award in the form of an Option that complies with the requirements of Section 422 of the Code. 

B. Nonstatutory Option 
 A
Nonstatutory Option is an Award in the form of an Option that shall not be intended to, or has otherwise failed to, comply with the requirements of Section 422 of the Code. 

C. Restricted Stock 

Restricted Stock is an Award in Shares of Common Stock or denominated in units of Common Stock, subject to future service and/or such other
restrictions and conditions as may be established by the Committee, and as set forth in the Award Agreement, including but not limited to continuous service with the Company or its Affiliates, achievement of specific business objectives, increases
in specified indices, attainment of growth rates, and/or other measurements of Company or Affiliate performance. 
 D. Stock Appreciation
Right 
 A stock appreciation right is an Award in the form of a Right to receive the excess of the Fair Market Value of a Share on the
date the Right is exercised over the Fair Market Value of a Share on the date the Right was granted. 
 E. Dividend Equivalents 

A Dividend Equivalent is an Award in the form of, and based upon the value of, dividends on Shares. 

F. Other Stock-Based Awards 

An Other Stock-Based Award is an Award that is valued in whole or in part by reference to, or is otherwise based upon, the Fair Market Value of
Shares. 
 G. Performance Awards 

A Performance Award is an Award that is subject to performance conditions specified by the Committee, including, but not limited to, continuous
service with the Company and/or its Affiliates, achievement of specific business objectives, increases in specified indices, attainment of growth rates, and/or other measurements of Company or Affiliate performance. 

H. Cash Awards 
 A Cash
Award is an Award denominated in cash, with the eventual payment subject to future service and/or such other restrictions and conditions as may be established by the Committee, and as set forth in the Award Agreement. 

  
 7 

 Each Award under the Plan shall be evidenced by an Award Agreement, duly executed on behalf of the Company and by
the Participant to whom such Award is granted. Delivery of an Award Agreement to each Participant shall constitute an agreement between the Company and the Participant as to the terms and conditions of the Award. Except for the setting of the Option
price under Paragraph A of Article VII below with respect to Options granted hereunder, no Award shall be granted, and no purported grant of any Award shall be effective, until such Award Agreement shall have been duly executed on behalf of the
Company and by the Participant. 
  

	VII.	TERMS AND CONDITIONS OF INCENTIVE OPTIONS AND NONSTATUTORY OPTIONS 

 A. Option Price

 In the case of an Incentive Option granted to a Participant who owns, directly or by reason of the applicable attribution rules, ten
percent (10%) or less of the total combined voting power of all classes of stock of the Company, and in the case of a Nonstatutory Option, the Option price per share of the Shares covered by each such Incentive Option or Nonstatutory Option shall be
not less than the Fair Market Value of the Shares on the date of the grant of the Option. In all other cases of Incentive Options, the Option price shall be not less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the
date of grant. 
 B. Number of Shares 

Each Option shall state the number of Shares to which it pertains. 

C. Term of Option 
 Each
Incentive Option shall terminate not more than ten (10) years from the date of the grant thereof, or at such earlier time as the Award Agreement may provide, and shall be subject to earlier termination as herein provided, except that if the
Option price is required under Paragraph A of this Article VII to be at least one hundred ten percent (110%) of Fair Market Value, each such Incentive Option shall terminate not more than five (5) years from the date of the grant
thereof, and shall be subject to earlier termination as herein provided. The Committee shall determine at the time of grant and set forth in the applicable Award Agreement the time at which a Nonstatutory Option shall terminate. 

D. Date of Exercise 
 Upon
the authorization of the grant of an Option, the Committee may, subject to the provisions of Paragraph C of this Article VII, prescribe in the applicable Award Agreement the date or dates on which the Option becomes exercisable, and may provide that
the Option rights become exercisable in installments over a period of years, and/or upon the attainment of stated goals. It is expressly understood that Options hereunder shall, unless otherwise provided for in writing by the Committee, be granted
in contemplation of, and earned by the Participant through the completion of, future employment or service with the Company. 
 E. Medium
of Payment 
 The Option price shall be payable upon the exercise of the Option, as set forth in Paragraph I. It shall be payable in
such form (as permitted by Section 422 of the Code in the case of Incentive Options) as the Committee shall, either by rules promulgated pursuant to the provisions of Article IV of the Plan, or in the particular Award Agreement, provide.

  
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 F. Termination of Employment 

1. A Participant who ceases to be an employee and Key Non-Employee of the Company or of
an Affiliate for any reason other than death, Disability, or termination for Cause, as defined in subparagraph (2) below, may exercise any Option granted to such Participant, to the extent that the right to purchase Shares thereunder has become
exercisable by the date of such termination, but only within three (3) months (or such other period of time as the Committee may determine at the time of grant and set forth in the applicable Award Agreement, not to exceed three (3) months
in the case of an Incentive Option) after such date, subject to the conditions that (i) no Option shall be exercisable after the expiration of the term of the Option and (ii) unless the Committee otherwise provides, no Option that has not
become exercisable by the date of such termination shall at any time thereafter be or become exercisable. A Participant’s employment shall not be deemed terminated by reason of a transfer to another employer that is the Company or an Affiliate.

 2. A Participant who ceases to be an employee or Key Non-Employee of the Company
or of an Affiliate for Cause shall, upon such termination, cease to have any right to exercise any Option. For purposes of this Plan, “Cause” shall be as defined in any employment or other agreement between the Participant and the
Company (or an Affiliate) or, if there is no such agreement or definition therein, Cause shall mean (i) a Participant’s theft or embezzlement, or attempted theft or embezzlement, of money or property of the Company or of an Affiliate, a
Participant’s perpetration or attempted perpetration of fraud, or a Participant’s participation in a fraud or attempted fraud, on the Company or an Affiliate or a Participant’s unauthorized appropriation of, or a Participant’s
attempt to misappropriate, any tangible or intangible assets or property of the Company or an Affiliate; (ii) a Participant’s commission of a felony or any other crime the commission of which results in injury to the Company or an
Affiliate; (iii) the Participant’s gross negligence or the Participant’s willful misconduct in the performance of his or her duties to the Company and its Affiliates, or a willful failure to perform his or her duties (other than due
to physical illness or incapacity); or (iv) any material violation of any material restriction to which the Participant is subject from time to time regarding the disclosure or use of confidential information of the Company or an Affiliate,
client, customer, prospect, or merger or acquisition target, or regarding competition with the Company or an Affiliate pursuant to any non-competition obligations to which the Participant is subject from time
to time. A Participant who ceases to be an employee or Key Non-Employee of the Company or an Affiliate for reasons other than Cause at a time when grounds for Cause exist shall be deemed terminated for Cause
for purposes of the Plan. The determination of the Committee as to the existence of Cause shall be conclusive and binding upon the Participant and the Company. 

3. Except as the Committee may otherwise expressly provide or determine (consistent with Section 422 of the Code, if
applicable), a Participant who is absent from work with the Company or an Affiliate because of temporary disability (any disability other 

  
 9 

 
than a Disability), or who is on leave of absence for any purpose permitted by the Company or by any authoritative interpretation (i.e., regulation, ruling, case law, etc.) of Section 422 of
the Code, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated his or her employment or relationship with the Company or with an Affiliate. For purposes of Incentive Options, no leave of
absence may exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract (or the Committee approves such longer leave of absence, in which event the Incentive Option held by the Participant
shall be treated for tax purposes as a Nonstatutory Option on the date that is six (6) months following the first day of such leave). 

4. Paragraph F(1) shall control and fix the rights of a Participant who ceases to be an employee and Key Non-Employee of the Company or of an Affiliate for any reason other than Disability, death, or termination for Cause, and who subsequently becomes Disabled or dies. Nothing in Paragraphs G and H of this
Article VII shall be applicable in any such case except that, in the event of such a subsequent Disability or death within the three (3) month period after the termination of employment or, if earlier, within the originally prescribed term
of the Option, the Participant or the Participant’s estate or personal representative may exercise the Option permitted by this Paragraph F, in the event of Disability, within twelve (12) months after the date that the Participant
ceased to be an employee and Key Non-Employee of the Company or an Affiliate, or, in the event of death, within twelve (12) months after the date of such Participant’s death. 

G. Total and Permanent Disability 

A Participant who ceases to be an employee and Key Non-Employee of the Company or of an Affiliate by
reason of Disability may exercise any Option granted to such Participant to the extent that the right to purchase Shares thereunder has become exercisable on or before the date such Participant’s service ceases. 

A Disabled Participant, or his or her estate or personal representative, shall exercise such rights, if at all, only within a period of not
more than twelve (12) months (or such longer period as may be set forth in the Participant’s Award Agreement) after the date that the Participant’s service ceases or, if earlier, within the originally prescribed term of the Option.

 H. Death 
 In the
event that a Participant to whom an Option has been granted ceases to be an employee and Key Non-Employee of the Company or of an Affiliate by reason of such Participant’s death, such Option, to the
extent that the right is exercisable but not exercised on the date of death, may be exercised by the Participant’s estate or personal representative within twelve (12) months (or such longer period as may be set forth in the
Participant’s Award Agreement) after the date of death of such Participant or, if earlier, within the originally prescribed term of the Option, notwithstanding that the decedent might have been able to exercise the Option as to some or all of
the Shares on a later date if the Participant were alive and had continued to be an employee or Key Non-Employee of the Company or of an Affiliate. 

  
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 I. Exercise of Option and Issuance of Stock 

Options shall be exercised by giving written notice to the Company. Such written notice shall (i) be signed by the person exercising the
Option, (ii) state the number of Shares with respect to which the Option is being exercised (the “Option Shares”), (iii) contain the warranty required by Paragraph M of this Article VII, if applicable, and
(iv) specify a date (other than a Saturday, Sunday or legal holiday) not more than ten (10) days after the date of such written notice, as the date on which the Option Shares will be purchased. Such tender and conveyance shall take place
at the principal office of the Company during ordinary business hours, or at such other hour and place agreed upon by the Company and the person or persons exercising the Option. On the date specified in such written notice (which date may be
extended by the Company in order to comply with any blackout limitations, or with laws or regulations that require the Company to take any action with respect to the Option Shares prior to the issuance thereof), the Company shall accept payment for
the Option Shares in cash, by bank or certified check, by wire transfer, or by such other means as may be approved by the Committee. In the event of any failure to pay for the number of Shares specified in such written notice on the date set forth
therein (or on the extended date as above provided), the right to exercise the Option shall terminate with respect to such number of Shares, but shall continue with respect to the remaining Shares covered by the Option and not yet acquired pursuant
thereto. 
 If approved in advance by the Committee, and subject to compliance with the Sarbanes-Oxley Act of 2002 or the requirements of
any applicable securities laws, payment in full or in part may also be made (i) by delivering Shares, or by attestation of Shares, that have a total Fair Market Value on the date of such delivery equal to the Option price and provided that
accepting such Shares, in the sole discretion of the Committee, shall not result in any adverse accounting consequences to the Company; (ii) by the execution and delivery of a note or other evidence of indebtedness (and any security agreement
thereunder) satisfactory to the Committee; (iii) by authorizing the Company to retain Shares that would otherwise be issuable upon exercise of the Option having a total Fair Market Value on the date of delivery equal to the Option price;
(iv) by the delivery of cash or the extension of credit by a broker-dealer to whom the Participant has submitted a notice of exercise or otherwise indicated an intent to exercise an Option (in accordance with part 220, Chapter II, Title 12 of
the Code of Federal Regulations, a so-called “cashless” exercise); or (v) by any combination of the foregoing. 

J. Rights as a Stockholder 

No Participant to whom an Option has been granted shall have rights as a stockholder with respect to any Shares covered by such Option except
as to such Shares that have been registered in the Company’s share register in the name of such Participant upon the due exercise of the Option and tender of the full Option price. 

K. Assignability and Transferability of Option 

Unless otherwise permitted by the Code and by Rule 16b-3 of the Exchange Act, if applicable, and
approved in advance by the Committee, an Option granted to a Participant shall not be transferable by the Participant and shall be exercisable, during the Participant’s lifetime, only by such Participant or, in the event of the
Participant’s incapacity, his guardian or legal representative. Except as otherwise permitted herein, such Option shall not be assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to

  
 11 

 
execution, attachment, or similar process, and any attempted transfer, assignment, pledge, hypothecation or other disposition of any Option or of any rights granted thereunder contrary to the
provisions of this Paragraph K, or the levy of any attachment or similar process upon an Option or such rights, shall be null and void. 

L. Other Provisions 
 The
Award Agreement for an Incentive Option shall contain such limitations and restrictions upon the exercise of the Option as shall be necessary in order that such Option qualifies as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 M. Purchase for Investment 

If Shares to be issued upon exercise of an Option shall not have been effectively registered under the Securities Act of 1933, as now in force
or hereafter amended, the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been fulfilled. The person who exercises such Option shall warrant to the Company that, at the
time of such exercise, such person is acquiring his or her Option Shares for investment and not with a view to, or for sale in connection with, the distribution of any such Shares, and shall make such other related representations, warranties,
acknowledgments, and/or affirmations, if any, as the Committee may require to comply with the requirements of the Securities Act of 1933 or an exemption from registration thereunder. In such event, the person acquiring such Shares shall be bound by
the provisions of the following legend (or similar legend) which shall be endorsed upon the certificate(s) (if any) evidencing his or her Option Shares issued pursuant to such exercise. 

“The shares represented by this certificate have been acquired for investment and they may not be sold or otherwise
transferred by any person, including a pledgee, in the absence of an effective registration statement for the shares under the Securities Act of 1933 or an opinion of counsel satisfactory to the Company that an exemption from registration is then
available.” 
 Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or
obtaining any consent that the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws). 
  

	VIII.	TERMS AND CONDITIONS OF RESTRICTED STOCK 

 A. If Shares of Restricted Stock are
awarded, such Shares cannot be assigned, sold, transferred, pledged, or hypothecated prior to the lapse of the restrictions applicable thereto, and, in no event, absent Committee approval, prior to six (6) months from the date of the Award.
Stock certificates issued by the Company with respect to Shares of Restricted Stock shall bear the same or similar legend as set forth in Paragraph M of Article VII. 

B. Restricted Stock issued to a Participant under the Plan shall be governed by an Award Agreement that shall specify whether Shares of
Common Stock are awarded to the Participant, or whether the Award shall be one not of Shares of Common Stock but one denominated in units of Common Stock, any consideration required therefor, and such other provisions as the Committee shall
determine. 

  
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 C. Subject to the provisions of Paragraphs A and D hereof and the restrictions set forth
in the related Award Agreement, the Participant receiving an Award of Shares of Restricted Stock shall thereupon be a stockholder with respect to all of such Shares and shall have the rights of a stockholder with respect to such Shares, including
the right to vote such Shares and to receive dividends and other distributions made with respect to such Shares. All Common Stock received by a Participant as the result of any dividend on the Shares of Restricted Stock, or as the result of any
stock split, stock distribution, or combination of the Shares affecting Restricted Stock, shall be subject to the restrictions set forth in the related Award Agreement. 

D. Shares of Restricted Stock or units of Restricted Stock awarded to a Participant pursuant to the Plan will be forfeited, and any
Shares of Restricted Stock or units of Restricted Stock sold to a Participant pursuant to the Plan may, at the Company’s option, be repurchased by the Company for an amount equal to the price paid therefor, and in either case, such Shares of
Restricted Stock or units of Restricted Stock shall revert to the Company, if the Company so determines in accordance with any condition set forth in the Award Agreement, or, alternatively, if the Participant’s employment with the Company or
its Affiliates terminates, other than for reasons set forth in Article XIV, prior to the expiration of the forfeiture or restriction provisions set forth in the Award Agreement. 

E. The Committee, in its discretion, shall have the power to accelerate the date on which the restrictions contained in the Award
Agreement shall lapse with respect to any or all Restricted Stock awarded under the Plan. 
 F. Any Restricted Stock denominated in
units of Common Stock, if not previously forfeited, shall be payable in accordance with Article XV at the time set forth in the Award Agreement. 

G. The Committee may prescribe in an Award Agreement such other restrictions, conditions, and terms applicable to Restricted Stock
issued to a Participant under the Plan that are neither inconsistent with nor prohibited by the Plan, including, without limitation, terms providing for the vesting of the Award. 

 

	IX.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 A. Rights may be granted, if
at all, either on a stand-alone basis, or in connection with another Award. At the time of grant of a Right, the Committee shall specify the base price of Common Stock to be used in connection with the calculation described in Paragraph B
below, provided that the base price shall not be less than one hundred percent (100%) of the Fair Market Value of a Share of Common Stock on the date of grant, unless approved by the Board. 

B. Upon exercise of a Right, which shall, absent Committee approval, be not less than six (6) months from the date of the grant,
the Participant shall be entitled to receive in accordance with Article XV, and as soon as practicable after exercise, an amount equal to the excess of the Fair Market Value of one Share of Common Stock on the date of exercise over the base
price specified in such Right, multiplied by the number of Shares of Common Stock then subject to the Right, or the portion thereof being exercised. 

  
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 C. Notwithstanding anything herein to the contrary, if the Award granted to a Participant
allows him or her to elect to cancel all or any portion of an unexercised Option by exercising an additional or tandem Right, then the Option price per Share of Common Stock shall be used as the base price specified in Paragraph A to determine
the value of the Right upon such exercise and, in the event of the exercise of such Right, the Company’s obligation with respect to such Option or portion thereof shall be discharged by payment of the Right so exercised. In the event of such a
cancellation, the number of Shares as to which such Option was canceled shall become available for use under the Plan, less the number of Shares, if any, received by the Participant upon such cancellation in accordance with Article XV. 

D. A Right may be exercised only by the Participant (or, if applicable under Article XIV, by a legatee or legatees of such Right,
or by the Participant’s executors, personal representatives, or distributees). 
  

	X.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENTS 

 An Award of Dividend Equivalents shall
entitle the Participant to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares. Dividend Equivalents may be awarded on a stand-alone basis or in connection with another
Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Shares, Awards or other investment vehicles, and subject to such restrictions on
transferability and risks of forfeiture, as the Committee may specify. 
  

	XI.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS 

 Other Stock-Based Awards shall be in
such form, and subject to such restrictions and conditions and other terms, as the Committee may specify in the Award Agreement at the time the Other Stock-Based Award is granted, subject to the general provisions of the Plan, including, without
limitation, the right to receive, or vest with respect to, one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance
objectives. Other Stock-Based Awards may be granted on a stand-alone basis or in connection with any other Awards granted under the Plan. 
  

	XII.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS 

 A. The Committee may use business
criteria and/or other measures of performance as it deems appropriate in establishing any performance conditions applicable to Performance Awards (including, but not limited to, continuous service with the Company or its Affiliates, achievement of
specific business objectives, increases in specified indices, attainment of growth rates, and/or other measurements of Company or Affiliate performance). 

  
 14 

 B. Any Performance Award will be forfeited upon the occurrence or non-occurrence of one or more events as set forth in the applicable Award Agreement, or, alternatively, if the Participant’s employment with the Company or its Affiliates terminates, other than for reasons set
forth in Article XIV, prior to the expiration of the time period over which the performance conditions are to be measured. 
 C.
Achievement of performance goals in respect of such Performance Awards shall be measured over such periods as may be specified by the Committee in the Award Agreement. 

D. Settlement of Performance Awards may be in cash or Shares, or other property, in the discretion of the Committee. 

 

	XIII.	TERMS AND CONDITIONS OF CASH AWARDS 

 A. Any Cash Award will be forfeited upon the
occurrence or non-occurrence of one or more events as set forth in the applicable Award Agreement, or, alternatively, if the Participant’s employment or engagement with the Company or its Affiliates
terminates, other than for reasons set forth in Article XIV, prior to the attainment of any goals set forth in the Award Agreement or prior to the expiration of the forfeiture or restriction provisions set forth in the Award Agreement,
whichever is applicable. 
 B. Any Cash Award, if not previously forfeited, shall be payable in accordance with Article XV on or
about March 15 of the fiscal year immediately following the fiscal year during which the goals are attained, and in no event later than December 31 of such year. 

C. The Committee may prescribe in an Award Agreement such other restrictions, conditions, and terms applicable to the Cash Awards
issued to a Participant under the Plan that are neither inconsistent with nor prohibited by the Plan, including, without limitation, terms providing for a lapse of the restrictions, or a measurement of the goals, in installments. 

 

	XIV.	TERMINATION OF EMPLOYMENT OR SERVICE 

 Except as may otherwise be (i) provided in
Article VII for Options, (ii) provided for under the Award Agreement with respect to any Award, or (iii) permitted pursuant to Paragraphs A through C of this Article XIV (subject to the limitations under the Code for Incentive
Options), if the employment or service of a Participant terminates, all then-unvested Awards held by such Participant shall be canceled immediately. 

A. Retirement under a Company or Affiliate Retirement Plan 

When a Participant’s employment or service terminates as a result of retirement as defined under a Company or Affiliate tax-qualified retirement plan, the Committee may permit Awards to continue in effect beyond the date of retirement in accordance with the applicable Award Agreement, and/or the exercisability and vesting of any
Award may be accelerated. 
 B. Termination in the Best Interests of the Company or an Affiliate 

When a Participant’s employment or service with the Company or an Affiliate terminates and, in the judgment of the chief executive officer
or other senior officer designated by the Committee, the acceleration and/or continuation of outstanding Awards would be in the best 

  
 15 

 
interests of the Company, the Committee may (i) authorize, where appropriate, the acceleration and/or continuation of all or any part of Awards granted prior to such termination and/or
(ii) permit the exercise, vesting, and payment of such Awards for such period as may be set forth in the applicable Award Agreement. 

C. Death or Disability of a Participant 

1. In the event of a Participant’s death, the Participant’s estate or beneficiaries shall have the period ending on
the earlier of (i) the expiration date specified in the Award Agreement and (ii) the expiration date specified in Paragraph F.4 or H of Article VII, as applicable, within which to receive or exercise any outstanding Awards
subject to exercise that are held by the Participant under such terms as may be specified in the applicable Award Agreement. Rights to any such outstanding Awards shall pass to beneficiaries so designated by the Participant, or if no such
beneficiaries are designated, by will or the laws of descent and distribution. Awards so passing shall be paid and/or may be exercised at such times and in such manner as if the Participant were living. 

2. If a Participant is Disabled, and subject to the limitations of Paragraph F.4 or G of Article VII, as applicable,
Awards may be paid to, or exercised by, the Participant, if legally competent, or by a legally designated guardian or other representative if the Participant is legally incompetent by virtue of such Disability. 

3. Upon or after the death or Disability of a Participant, the Committee may in its sole discretion at any time
(i) terminate restrictions in Award Agreements; (ii) accelerate any or all installments and rights; and/or (iii) instruct the Company to pay the total of any accelerated payments in a lump sum to the Participant or the
Participant’s estate, beneficiaries or representative. 
  

	XV.	PAYMENT OF RESTRICTED STOCK, RIGHTS, OTHER STOCK-BASED AWARDS, PERFORMANCE AWARDS AND CASH AWARDS 

Payment of Restricted Stock, Rights, Other Stock-Based Awards, Performance Awards and Cash Awards may be made, as the Committee shall specify
in any Award Agreement, in the form of cash, Shares of Common Stock, or combinations thereof; provided, however, that a fractional Share of Common Stock shall be paid in cash equal to the corresponding fraction of the Fair Market Value of one
(1) Share of Common Stock at the time of payment. 
  

	XVI.	WITHHOLDING 

 Except as otherwise provided by the Committee in an Award Agreement, 

A. the Company shall have the power and right to deduct or withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy the maximum federal, state, and local taxes required or permitted by law to be withheld with respect to any grant, exercise, or payment made under or as a result of this Plan; and 

  
 16 

 B. in the case of payments of Awards, or upon any other taxable event hereunder, a
Participant may elect, subject to the approval in advance by the Committee, to satisfy the withholding requirement, if any, in whole or in part, by having the Company withhold Shares of Common Stock that would otherwise be transferred to the
Participant having a Fair Market Value, on the date the tax is to be determined, equal to such withholding obligation. All elections shall be made in writing and signed by the Participant. 

 

	XVII.	SAVINGS CLAUSE 

 This Plan is intended to comply in all respects with applicable law and
regulations, including, (i) with respect to those Participants who are officers or directors for purposes of Section 16 of the Exchange Act, Rule 16b-3 of the Securities and Exchange Commission, if
applicable, (ii) Section 402 of the Sarbanes-Oxley Act, and (iii) Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Code
Section 409A or damages for failing to comply with Section 409A. In case any one or more provisions of this Plan shall be held invalid, illegal, or unenforceable in any respect under applicable law and regulation (including Rule 16b-3 and Code Section 409A), the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the invalid, illegal, or unenforceable provision
shall be deemed null and void; however, to the extent permitted by law, any provision that could be deemed null and void shall first be construed, interpreted, or revised retroactively to permit this Plan to be construed in compliance with all
applicable law (including Rule 16b-3 and Code Section 409A) so as to foster the intent of this Plan. Notwithstanding anything herein to the contrary, with respect to Participants who are officers and
directors for purposes of Section 16 of the Exchange Act, if applicable, and if required to comply with rules promulgated thereunder, no grant of, or Option to purchase, Shares shall permit unrestricted ownership of Shares by the Participant
for at least six (6) months from the date of grant or Option, unless the Board determines that the grant of, or Option to purchase, Shares otherwise satisfies the then-current Rule 16b-3 requirements.

  

	XVIII.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION; CORPORATE TRANSACTIONS 

 If the outstanding
Shares of the Company are changed into or exchanged for a different number or kind of shares or other securities of the Company or of another entity by reason of any reorganization, merger, consolidation (or similar corporate transaction), or if a
change is made to the Common Stock of the Company by reason of any recapitalization, reclassification, change in par value, stock split, reverse stock split, combination of shares or dividends payable in capital stock, or upon any extraordinary cash
dividend made with respect to the Common Stock, or the like, the Company shall make adjustments to such Awards (including, by way of example and not by way of limitation, the grant of substitute Awards under the Plan or under the plan of such other
entity or the suspension of the right to exercise an Award for a specified period of time in connection with a corporate transaction) as it may determine to be equitable under the circumstances, and, in addition, equitable adjustments shall be made
in the number and kind of shares or securities and in the option price per share or security subject to outstanding Awards under the Plan or under the plan of such successor entity. The foregoing notwithstanding, unless the Committee determines
otherwise, no such adjustment shall be made to an Option that, within the meaning of Sections 424 and 409A of the Code, as applicable, constitutes a modification, extension, or renewal of an option as to cause it to be considered as the grant of a
new option. 

  
 17 

 Notwithstanding anything herein to the contrary, the Company may, in its sole discretion,
accelerate the timing of the exercise provisions of any Award in the event of (i) the adoption of a plan of merger or consolidation under which a majority of the Shares of the Company would be converted into or exercised for cash or securities
of any other corporation or entity, or (ii) a sale or exchange of all or any portion of the Company’s assets or equity securities. Alternatively, the Company may, in its sole discretion and without the consent of the Participants, provide
for one or more of the following in the event of any merger, consolidation, recapitalization, sale of all or any portion of the Company’s assets or capital stock, including but not limited to a “going-private” transaction:
(i) the assumption of the Plan and outstanding Awards by the surviving entity or its parent; (ii) the substitution by the surviving entity or its parent of awards with substantially the same terms for such outstanding Awards;
(iii) notice to the holders of vested and exercisable Options and Rights of their ability to exercise vested and exercisable Options and Rights effective contingent upon and immediately prior to such transaction followed by the cancellation of
all unexercised Options and Rights (whether or not then vested and exercisable); (iv) settlement of the intrinsic value of the outstanding vested Options and Rights in cash or cash equivalents or equity followed by the cancellation of all Options
and Rights (whether or not then vested or exercisable); and (v) cancellation of all unvested or unexercisable Awards; provided, however, that in connection with an assumption or substitution of Awards under clause (i) or (ii) above, the
Awards so assumed or substituted shall continue to vest or become exercisable pursuant to the terms of the original Award, except to the extent that such terms are otherwise rendered inoperative. In connection with any such transaction, each
Participant shall, to the extent so provided under the definitive transaction agreement, (i) be subject to any earn-outs, purchase price adjustments, holdbacks, escrows and other contingent payments on the terms set forth in the definitive
transaction agreement, (ii) be subject to all indemnification and other obligations of the Company’s equityholders in connection with such transaction, (iii) be bound by the appointment of any equityholder representative who shall
represent the Company’s equityholders under the definitive transaction agreement as the representative, agent, proxy, and attorney-in-fact for the Participant, with
the power and authority to act on the Participant’s behalf with respect to the definitive transaction agreement, and (iv) execute such additional agreements or documentation, if any, as may be required under the definitive transaction
agreement to reflect the foregoing or the treatment of the Participant’s Awards, including without limitation, letters of transmittal or cash-out agreements. 

Upon a business combination by the Company or any of its Affiliates with any corporation or other entity through the adoption of a plan of
merger or consolidation or a share exchange or through the purchase of all or substantially all of the capital stock or assets of such other corporation or entity, the Board or the Committee may, in its sole discretion, grant Options pursuant hereto
to all or any persons who, on the effective date of such transaction, hold outstanding options to purchase securities of such other corporation or entity and who, on and after the effective date of such transaction, will become employees or
directors of, or consultants or advisors to, the Company or its Affiliates. The number of Shares subject to such substitute Options shall be determined in accordance with the terms of the transaction by which the business combination is effectuated.
Notwithstanding the other provisions of this Plan, the other terms of such substitute Options shall be substantially the same as or economically equivalent to the terms of the options for which such Options are substituted, all as determined by the
Board or by the Committee, as the case may be. Upon the grant of substitute Options pursuant hereto, the options to purchase securities of such other corporation or entity for which such Options are substituted shall be canceled immediately. 

  
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	XIX.	DISSOLUTION OR LIQUIDATION OF THE COMPANY 

 Upon the dissolution or liquidation of the
Company other than in connection with a transaction to which Article XVIII applies, all Awards granted hereunder shall terminate and become null and void; provided, however, that if the rights of a Participant under the applicable Award have
not otherwise terminated and expired, the Participant may, if the Committee, in its sole discretion, so permits, have the right immediately prior to such dissolution or liquidation to exercise any Award granted hereunder to the extent that the right
thereunder has not otherwise become exercisable as of the date immediately prior to such dissolution or liquidation. 
  

	XX.	TERMINATION OF THE PLAN 

 The Plan shall terminate ten (10) years from the earlier
of the date of its adoption by the Board and the date of its approval by the stockholders. The Plan may be terminated at an earlier date by vote of the stockholders or the Board; provided, however, that no termination of the Plan (whether early or
pursuant to the immediately preceding sentence) shall affect any Award Agreements executed prior to the effective date of such termination. Notwithstanding anything in this Plan to the contrary, any Options granted prior to the effective date of the
Plan’s termination may be exercised until the earlier of (i) the date set forth in the Award Agreement and (ii) in the case of an Incentive Option, ten (10) years from the date the Option is granted; and the provisions of the
Plan with respect to the full and final authority of the Committee under the Plan shall continue to control. 
  

	XXI.	AMENDMENT OF THE PLAN AND AWARDS 

 The Plan may be amended by the Board, and such
amendment shall become effective upon adoption by the Board; provided, however, that any amendment shall be subject to the approval of the stockholders of the Company at or before the next annual meeting of the stockholders of the Company if such
stockholder approval is required by the Code, any federal or state law or regulation, or the rules of any stock exchange or automated quotation system on which the Shares may be listed or quoted, or if the Board, in its discretion, determines to
submit such changes to the Plan to its stockholders for approval. Further, no amendment to the Plan that reduces the Option exercise price below that provided for in Article VII of the Plan shall be effective unless it is approved by the
stockholders of the Company. 
 The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but no
such amendment to the terms of any Award or to the Plan shall (a) impair the rights of any Participant without his or her consent or (b) except for adjustments made pursuant to Article XVIII, reduce the exercise price of outstanding
Options or Rights or cancel or amend outstanding Options or Rights for the purpose of repricing, replacing, or regranting such Options or Rights with an exercise price that is less than the exercise price of the original Options or Rights or cancel
or amend outstanding Options or Rights with an exercise price that is greater than the Fair Market Value of a Share for the purpose of exchanging such Options or Rights for cash or any other Awards without stockholder approval. Notwithstanding
anything herein to the contrary, 

  
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the Committee may amend the terms of any Award theretofore granted if the Committee, in its discretion, determines that such amendment is necessary to comply with the requirements of
Section 409A of the Code, the rules of any stock exchange or automated quotation systems on which the Shares may be listed or traded, or changes in tax or other applicable laws or regulatory requirements. 

 

	XXII.	EMPLOYMENT RELATIONSHIP 

 Nothing herein contained shall be deemed to prevent the Company
or an Affiliate from terminating the employment of a Participant, nor to prevent a Participant from terminating the Participant’s employment with the Company or an Affiliate. 

 

	XXIII.	INDEMNIFICATION OF COMMITTEE 

 In addition to such other rights of indemnification that
they may have as directors or as members of the Committee, the members of the Committee shall, to the extent permitted by the laws of the State of Delaware, be indemnified by the Company against all reasonable expenses, including attorneys’
fees, actually and reasonably incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken by them as directors or
members of the Committee and against all amounts paid by them in settlement thereof (provided that such settlement is approved by the Board) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to
matters as to which it shall be adjudged in such action, suit or proceeding that the director or Committee member is liable for gross negligence or willful misconduct in the performance of his or her duties. To receive such indemnification, a
director or Committee member must first offer in writing to the Company the opportunity, at its own expense, to defend any such action, suit or proceeding. 
  

	XXIV.	UNFUNDED PLAN 

 The Plan shall be unfunded. Although bookkeeping accounts may be
established with respect to Participants who are entitled to cash, Common Stock, or rights thereto under the Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that
may at any time be represented by cash, Common Stock, or rights thereto, nor shall the Plan be construed as providing for such segregation, nor shall the Company, the Board, or the Committee be deemed to be a trustee of any cash, Common Stock, or
rights thereto to be granted under the Plan. Any liability of the Company to any Participant with respect to a grant of cash, Common Stock, or rights thereto under the Plan shall be based solely upon any contractual obligations that may be created
by the Plan and any Award Agreement; no such obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board nor the Committee shall be required to give any
security or bond for the performance of any obligation that may be created by the Plan. 

  
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	XXV.	MITIGATION OF EXCISE TAX 

 To the extent provided for in the Award Agreement or in any
other agreement between the Company (or an Affiliate) and the Participant, if any payment or right accruing to a Participant under this Plan (without the application of this Article XXV), either alone or together with other payments or rights
accruing to the Participant from the Company or an Affiliate, would constitute a “parachute payment” (as defined in Section 280G of the Code and regulations thereunder), such payment or right shall be reduced to the largest amount or
greatest right that will result in no portion of the amount payable or right accruing under the Plan being subject to an excise tax under Section 4999 of the Code or being disallowed as a deduction under Section 280G of the Code. The
determination of whether any reduction in the rights or payments under this Plan is necessary shall be made by the Company. The Participant shall cooperate in good faith with the Company in making such determination and providing any necessary
information for this purpose. 
  

	XXVI.	EFFECTIVE DATE 

 This Plan shall become effective upon adoption by the Board, provided
that the adoption of the Plan shall be subject to the approval of the stockholders of the Company if such stockholder approval is required by the Code, any federal or state law or regulations, or the rules of any stock exchange or automated
quotation system on which the Shares may be listed or quoted, or if the Board, in its discretion, desires to submit the Plan to its stockholders for approval. 
  

	XXVII.	RECOVERY 

 If the Company is or becomes subject to regulations or listing standards
adopted pursuant to Section 10D of the Exchange Act, then each Award granted pursuant to the Plan, each Share acquired pursuant to the Plan, and all proceeds in respect of any such Awards or Shares shall be subject to any “clawback”
or similar policy of the Company adopted pursuant to such regulations or listing standards that may be in effect from time to time, whether before or after the grant, exercise or settlement of such Awards or Shares. 

 

	XXVIII.	FOREIGN JURISDICTIONS 

 To the extent that the Committee determines that the restrictions
imposed by the Plan preclude the achievement of the material purposes of the Plan in jurisdictions outside the United States of America, the Committee in its discretion may modify those restrictions as it determines to be necessary or appropriate to
conform to applicable requirements or practices of jurisdictions outside of the United States of America. 
  

	XXIX.	DEFERRAL OF AWARDS 

 At the time of the grant of an Award, the Company may permit a
Participant to elect to: 
  

	 	(a)	have cash that would otherwise be paid to such Participant as a result of the exercise of an Award credited to a deferred compensation account established for such Participant by the Committee as an entry on the
Company’s books; 

  

	 	(b)	have Shares that would otherwise be delivered to such Participant as a result of the exercise of an Award converted into an equal number of Rights; or 

  
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	 	(c)	have Shares that would otherwise be delivered to such Participant as a result of the exercise of an Award converted into amounts credited to a deferred compensation account established for such Participant by the
Committee as an entry on the Company’s books. Such amounts shall be determined by reference to the Fair Market Value of the Shares as of the date on which they would otherwise have been delivered to such Participant. 

A deferred compensation account established under this Article XXIX may be credited with interest or other forms of investment return, as
determined by the Committee and shall be subject to compliance with Section 409A of the Code. A Participant for whom such an account is established shall have no rights other than those of a general creditor of the Company. Such an account
shall represent an unfunded and unsecured obligation of the Company and shall be subject to the terms and conditions of the applicable agreement between such Participant and the Company. If the deferral of Awards is permitted or required, the
Committee may establish rules, procedures and forms pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts established under this Article XXIX. 

 

	XXX.	GOVERNING LAW 

 This Plan shall be governed by the laws of the State of Delaware and
construed in accordance therewith. 
  

	XXXI.	STATUTE OF LIMITATIONS 

 If a Participant believes that the Committee has not followed
his or her directions, or the Participant believes that he or she has a claim against the Plan, the Company or the Committee under the terms of the Plan and/or any applicable Award Agreement, the Participant must file a written claim with the
Committee within twenty-four (24) months after the direction was allegedly made. 
 Adopted this
4th day of June 2018. 

  
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