Document:

Exhibit 10.5

 Exhibit 10.5 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into effective as of September 16, 2011, by and among CUMULUS MEDIA INC., a Delaware corporation (the “Company”), CRESTVIEW RADIO INVESTORS, LLC, a Delaware
limited liability company (“Crestview Investor”), UBS SECURITIES LLC, a Delaware limited liability company (“UBS Investor”), and each person listed on the signature pages hereto that is
purchasing securities of the Company pursuant to the UBS Investor Syndication (each, together with its Affiliates, a “Syndicate Investor” and, together with Crestview Investor, and UBS Investor, collectively, the
“Investors”). 
 RECITALS 

WHEREAS, the Company, Crestview Investor, and UBS Investor are parties to that certain Amended and Restated Investment
Agreement, dated as of April 22, 2011 (as in effect on the date hereof, and as the same may be amended, modified or supplemented after the date hereof, the “Investment Agreement”); 

WHEREAS, the Company, UBS Investor and assignees of the UBS Investor Syndication are parties to a Securities Purchase Agreement,
dated September 16, 2011 (the “UBS Securities Purchase Agreement”); and 
 WHEREAS, the
Company has agreed to provide certain registration rights to the Investors, as set forth in the Investment Agreement and the UBS Securities Purchase Agreement, and the Company and the Investors are entering into this Agreement to set forth the terms
and conditions applicable to such registration rights; 
 NOW, THEREFORE, in consideration of the mutual agreements
contained herein, the Company and the Investors agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Capitalized terms not otherwise defined herein have their respective meanings set forth in the Investment Agreement. As used in this Agreement, the following terms have the following meanings: 

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such
particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

 “Applicable Period” has the meaning set forth in the Existing Registration
Agreement. 
 “BofA Investors” means, together, BA Capital Company, L.P. and Banc of America Capital Investors
SBIC, L.P. 
 “Business Day” means a day other than a Saturday, a Sunday or another day on which commercial
banking institutions in New York, New York are authorized or required by law to be closed. 
 “Class A Common
Stock” means the Company’s Class A Common Stock, par value $0.01 per share. 
 “Class A
Warrants” means warrants to purchase shares of Class A Common Stock. 
 “Class B Warrants” means
warrants to purchase shares of Class B Common Stock. 
 “Class B Common Stock” means the Company’s Class B
Common Stock, par value $0.01 per share. 
 “Closing” means the closing of the transactions contemplated by the
Investment Agreement. 
 “CMP Registration Statement” means the “Closing Shares Registration
Statement” as such term is used and defined in the Existing Registration Agreement. 
 “Company” has the
meaning set forth in the preamble, and shall include the Company’s successors. 
 “Company Common Stock”
means shares of the Class A Common Stock, Class B Common Stock and the Company’s Class C Common Stock, par value $0.01 per share. 
 “Company Indemnified Person” has the meaning set forth in Section 5.2. 
 “Crestview Investor” has the meaning set forth in the preamble and such term shall include, subject to the provisions of Section 2.2, any transferee to whom registration
rights granted pursuant to this Agreement are validly assigned pursuant to Section 6.1 hereof. 
 “Crestview
Lockup Expiration Date” has the meaning set forth in Section 2.1(a). 
 “Crestview Registrable
Securities” has the meaning set forth in Section 2.1(a). 
 “Crestview Shelf Resale
Registration” has the meaning set forth in Section 2.1(a). 
 “Demand Registration” has the
meaning set forth in Section 2.2. 
 “Demand Registration Statement” means a Registration Statement
filed by the Company with the SEC pursuant to Section 2.2 hereof, and all amendments and supplements to such 

  
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Registration Statement, including post-effective amendments, in each case including the prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 “Disclosure Package” means (i) the preliminary prospectus, (ii) each Free Writing Prospectus and
(iii) all other information that is deemed, under Rule 159 promulgated under the Securities Act (or any successor thereto), to have been conveyed to purchasers of securities at the time of sale (including a contract of sale). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated thereunder. 
 “Excluded Investor” means, as of the date of determination, any Investor that,
together with its Affiliates, beneficially owns Registrable Securities constituting less than 0.75% of the outstanding Company Common Stock as of such date. 
 “Existing Registrable Securities” means those securities of the Company that are “Registrable Securities” as such term is used and defined in the Existing Registration
Agreement. 
 “Existing Registration Agreement” means that certain Registration Rights Agreement, dated
August 1, 2011, between the Company and the other parties thereto. 
 “Fair Market Value” means the fair
market value of the applicable class of the Company Common Stock or Class A Warrants, as the case may be, as of the relevant determination date based on the closing sales price of the applicable class of the Company Common Stock or Class A
Warrants, as the case may be, on the New York Stock Exchange, NASDAQ or such other stock exchange as the Company Common Stock or Class A Warrants, as applicable, is then listed for trading (and, if not so listed, as determined by the board of
directors of the Company in good faith based on relevant facts and circumstances). 
 “FINRA” means the
Financial Industry Regulatory Authority or any successor self-regulatory organization. 
 “Follow-on Investor”
means any Person, other than a transferee that is an Affiliate of an Investor, that (i) becomes an Investor, in a single transaction or in a series of transactions (whether or not related), pursuant to the terms of Section 6.1
in connection with a purchase of Registrable Securities for a gross purchase price of at least twenty-five million dollars ($25,000,000), (ii) beneficially owns Registrable Securities with a Fair Market Value of at least twenty-five million
dollars ($25,000,000) as of any date of determination and (iii) the Company has agreed in writing is a Follow-on Investor for purposes of this Agreement. 
 “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC
which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
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 “Free Writing Prospectus” means any “free writing prospectus” as
defined in Rule 405 promulgated under the Securities Act (or any successor thereto). 
 “Indemnified Person”
means either an Investor Indemnified Person or Company Indemnified Persons, as applicable. 
 “Investment
Agreement” has the meaning set forth in the Preamble. 
 “Investor(s)” has the meaning set forth in
the preamble, and such term shall include any transferee to whom registration rights granted pursuant to this Agreement are validly assigned pursuant to Section 6.1 hereof. 

“Investor Indemnified Person” has the meaning set forth in Section 5.1. 

“Lockup Restrictions” has the meaning set forth in Section 3.5. 

“Merger Agreement” means that certain Agreement and Plan of Merger, dated March 9, 2011, by and among Citadel
Broadcasting Corporation, the Company, Cadet Holding Corporation and Cadet Merger Corporation. 
 “NASDAQ”
means the Nasdaq Stock Market, Inc. or any successor organization thereto. 
 “Permitted Interruption” has the
meaning set forth in Section 2.6(c). 
 “Person” means an individual, limited liability company,
association, joint stock company, partnership, corporation, trust, estate or unincorporated organization. 
 “Piggyback
Registration” has the meaning set forth in Section 2.3. 
 “Piggyback Investors” has the
meaning set forth in Section 2.3. 
 “Registrable Securities” means Crestview Registrable
Securities, and Syndicate Registrable Securities beneficially owned by the Investors, and any shares of Company Common Stock issued or issuable to any Investor with respect thereto by way of stock dividend or distribution, stock split, or in
connection with any combination of shares, recapitalization, merger, share exchange, conversion, exercise, consolidation or similar transaction; provided, however, that any such securities shall cease to be Registrable Securities
(i) when they have been sold pursuant to a Registration Statement, (ii) on the third (3rd) anniversary of the effective date of a Registration Statement that covers the resale of such Registrable Securities (other than Crestview
Registrable Securities, as to which this clause (ii) shall not apply) (exclusive of any period during which the holders of Registrable Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence
of a Permitted Interruption), (iii) have been transferred to someone other than an Investor or a Person who becomes an Investor in accordance with Section 6.1 hereof, or (iv) when they have ceased to be outstanding. 

“Registration Expenses” has the meaning set forth in Section 3.6. 

  
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 “Registration Statement” means any Shelf Registration Statement, any Demand
Registration Statement and any other registration statement prepared and filed with the SEC pursuant to Article II hereof, and all amendments and supplements to such Registration Statement, including post-effective amendments, in each case
including the prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Required Investors” means, collectively, (i) Crestview Investors holding a majority of the outstanding Crestview
Registrable Securities (on an as-exercised basis) held by all Crestview Investors, (ii) Investors (other than Crestview Investors) holding a majority of the outstanding Registrable Securities (on an as-exercised basis) held by all Investors
(other than Crestview Investors) and (iii) any Investor who purchases a minimum of 11,500,000 shares of Company Common Stock and/or Class A Warrants in the aggregate pursuant to the Investment Agreement or the UBS Securities Purchase
Agreement and any transferee thereof to whom registration rights granted pursuant to this Agreement are validly assigned pursuant to Section 6.1 hereof, in each case so long as such Investor or transferee beneficially owns at least 5,000,000
shares of such Company Common Stock and/or Class A Warrants that constitute Registrable Securities (appropriately adjusted to reflect any stock split, dividend or combination, or any recapitalization, merger, consolidation, exchange or other
similar reorganization). 
 “Rule 144” means Rule 144 promulgated under the Securities Act (or any successor
thereto). 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
promulgated thereunder. 
 “Shelf Registration Statement” means the Company’s “shelf”
Registration Statement on Form S-3 that covers the resale, to be made on a delayed or continuous basis, of securities that constitute Registrable Securities, under Rule 415 promulgated under the Securities Act (or any successor thereto), and all
amendments and supplements to such Registration Statement, including post-effective amendments, in each case including the prospectus contained therein, all exhibits thereto and all material incorporated by reference therein; provided, that
if the Company is a WKSI, such “shelf” Registration Statement shall cover an unspecified number of securities to be sold by the Investors. 
 “Shelf Resale Registration” has the meaning set forth in Section 2.1(c). 
 “Shelf Takedown” has the meaning set forth in Section 2.1(d). 
 “Stockholders’ Agreement” means that certain Stockholders’ Agreement, dated September 16, 2011, by and between the Company, certain Investors and the other parties
thereto. 
 “Syndicate Investor(s)” has the meaning set forth in the preamble and such term shall include any
transferee to whom registration rights granted pursuant to this Agreement are validly assigned pursuant to Section 6.1 hereof. 

  
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 “Syndicate Registrable Securities” means the Class A Common Stock,
Class B Common Stock and Class A Warrants, issued or issuable to, and beneficially owned by, UBS Investor or Syndicate Investors pursuant to the Investment Agreement or the UBS Securities Purchase Agreement, or upon conversion, exercise or
exchange of any such Class B Common Stock or Class A Warrants, and, solely in the event that all Syndicate Registrable Securities are beneficially owned by Persons other than (a) Persons that are Investors as of the date hereof (without
regard to any permitted transferees under Section 6.1 hereof) or (b) Follow-on Investors, are not otherwise transferable by any such UBS Investors or Syndicate Investors under Rule 144 without the volume or manner of sale restrictions
under such rule (assuming the Company is not in compliance with the current public information requirements of Rule 144). 

“Syndicate Shelf Resale Registration” has the meaning set forth in Section 2.1(b). 

“UBS Investor” has the meaning set forth in the preamble and such term shall include any transferee to whom registration
rights granted pursuant to this Agreement are validly assigned pursuant to Section 6.1 hereof. 
 “UBS
Investor Syndication” has the meaning set forth in the Investment Agreement. 
 “UBS Securities Purchase
Agreement” has the meaning set forth in the preamble. 
 “underwritten offering” means a registered
underwritten offering in which securities of the Company are sold to one or more underwriters for reoffering to the public, pursuant to which the Company shall use reasonable best efforts to facilitate the distribution and sale of any securities to
be offered pursuant to this Agreement, including by having its officers make road show presentations, hold meetings with and make calls to potential investors and take such other actions, including in connection with due diligence investigations
described in Sections 4.3 and 4.6(g), as shall be reasonably requested by the Investors initiating such underwritten offering or the lead managing underwriter of an underwritten offering. 

“Underwritten Takedown” has the meaning set forth in Section 2.3. 

“WKSI” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities Act (or
any successor thereto). 
 ARTICLE II 
 DEMAND AND PIGGYBACK RIGHTS 
 2.1 Shelf Registration
Statements. 
 (a) Crestview Investor will have the right, for so long as the Company is eligible to use Form
S-3, to demand that the Company prepare and file a Shelf Registration Statement, and the Company will use its commercially reasonable efforts to cause it to be declared effective by the date that is eighteen (18) months from the Closing (the
“Crestview Lockup Expiration Date”) providing for the registration for resale of all of Crestview Investor’s 

  
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shares of Class A Common Stock, and shares received by Crestview Investor upon exercise of the Class A Warrants or conversion of Class B Common Stock received upon exercise of Class B
Warrants, in each case purchased pursuant to the Investment Agreement or otherwise acquired in compliance with the terms and conditions of the Investment Agreement, this Agreement and the Stockholders’ Agreement, and, solely in the event that
all Crestview Registrable Securities are beneficially owned by Persons other than (a) Crestview Investor and its Affiliates (without regard to any permitted transferees under Section 6.1 hereof, other than Affiliates of Crestview
Investor) or (b) Follow-on Investors, not otherwise transferable under Rule 144 without the requirement to comply with the volume or manner of sale restrictions under such rule (collectively, “Crestview Registrable
Securities”), and the Company will keep such registration statement (the “Crestview Shelf Resale Registration”) continuously effective until the earliest of (i) the date that all Crestview Registrable
Securities registered thereunder have been sold pursuant to such Crestview Shelf Resale Registration, (ii) the date that all such Crestview Registrable Securities may be sold under Rule 144 without the volume or manner of sale restrictions
under such rule and without the requirement for the Company to be in compliance with the current public information required under Rule 144, solely in the event that all such Crestview Registrable Securities are beneficially owned by Persons other
than (a) Crestview Investor and its Affiliates (without regard to any permitted transferees under Section 6.1 hereof, other than Affiliates of Crestview Investor) or (b) a Follow-on Investor, (iii) the date that the
Company ceases to be Form S-3 eligible, in which event the Company will use its commercially reasonable efforts to file a Crestview Shelf Resale Registration on Form S-1 or any other applicable form on which it is then eligible for such resales with
the SEC as promptly as practicable after the Company ceased to be Form S-3 eligible for such resales, and (iv) the third (3rd) anniversary of the effective date of such Crestview Shelf Resale Registration (exclusive of any period during
which the holders of Registrable Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence of a Permitted Interruption); provided, however, that such third (3rd) anniversary shall be at least three years after the Crestview
Lockup Expiration Date (exclusive of any period during which the holders of Registrable Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence of a Permitted Interruption). Notwithstanding the
foregoing, Crestview Investor shall not be permitted to sell, pursuant to the Crestview Shelf Resale Registration and during any six-month period from and after the effectiveness of the Crestview Shelf Resale Registration, shares in an amount that
represents more than one-half (1/2) of the aggregate amount of the Crestview Registrable Securities that it received at the Closing (but, for the avoidance of doubt, Crestview Investor will be permitted to sell during such six-month period by
means other than pursuant to the Crestview Shelf Resale Registration so long as Crestview Investor is in compliance with the Stockholders’ Agreement). Upon the written request of Crestview Investor, the Company will file and seek effectiveness
of a post-effective amendment to the Crestview Shelf Resale Registration to register additional Crestview Registrable Securities to the extent that they were not included in the Crestview Shelf Resale Registration Statement at the time it was
declared effective by the SEC. 
 (b) The Company has filed a Shelf Registration Statement (File No. 333-176294), providing
for the resale of the Syndicate Registrable Securities (the “Syndicate Shelf Resale Registration” and, together with the Crestview Shelf Resale Registration, the “Shelf Resale
Registrations”), and will use commercially reasonable efforts to amend the Syndicate Shelf Resale Registration with respect to all Investors who had executed and delivered a

  
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definitive UBS Securities Purchase Agreement and provided the requisite selling securityholder information on or before the date of Closing, and (y) cause the Syndicate Shelf Resale
Registration to be declared effective by the SEC within five (5) Business Days of the Closing. The Company will keep the Syndicate Shelf Resale Registration continuously effective until the earliest of (i) the date that all Syndicate
Registrable Securities registered thereunder have been sold pursuant to such Syndicate Shelf Resale Registration, (ii) the date that all such Syndicate Registrable Securities may be sold under Rule 144 without the volume or manner of sale
restrictions under such rule (assuming for such purpose that the Company is not in compliance with the current public information requirements of Rule 144), solely in the event that all Syndicate Registrable Securities are beneficially owned by
Persons other than (a) Persons that are Investors as of the date hereof (without regard to any permitted transferees under Section 6.1 hereof) or (b) Follow-on Investors, (iii) the date that the Company ceases to be Form S-3
eligible for such resales, in which event the Company will use its commercially reasonable efforts to file a Syndicate Shelf Resale Registration on Form S-1 or any other applicable form on which it is then eligible for such resales with the SEC as
promptly as practicable after the Company ceased to be Form S-3 eligible for such resales, and (iv) the third
(3rd) anniversary of the effective date of such
Syndicate Shelf Resale Registration (exclusive of any period during which the holders of Registrable Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence of a Permitted Interruption).

 (c) The Investors who hold Registrable Securities each shall be entitled, at any time and from time to time when the
applicable Shelf Resale Registration is effective, to sell such Registrable Securities pursuant to such Shelf Resale Registration (each, a “Shelf Takedown”). The resale of Registrable Securities pursuant to a Shelf Resale
Registration may, from time to time (without limitation as to the number of times) from and after the date such Shelf Resale Registration is declared effective by the SEC, be an underwritten offering upon the written request of one or more Investors
beneficially owning at least ten percent (10%) of the outstanding Company Common Stock or anticipating a minimum of $50 million in aggregate gross proceeds from such offering. If any Investor wishes to request that a Shelf Takedown be an
underwritten Shelf Takedown, then, prior to making such request, such Investor will provide five (5) Business Days’ notice to the Company and the Company will promptly notify each other Investor of such initiating Investor’s intent
and each other Investor shall be permitted, upon delivery of a written notice to the Company prior to the expiration of such five (5) Business Day period, to have its Registrable Securities included in such request for an underwritten Shelf
Takedown. In the event that any Person(s) so requests such an underwritten offering, then (i) the other Investors shall have the right to exercise piggyback registration rights with respect to such offering, subject to
Section 2.1(f), and (ii) the provisions of Section 3.1(b) shall apply thereto. In the event, and to the extent, that an Investor requests to participate in an underwritten Shelf Takedown and the Registration Statement
pursuant to which the underwritten Shelf Takedown will be effected does not already include Registrable Securities held by such requesting Investor, and such Registrable Securities may not otherwise be included in the underwritten Shelf Takedown
pursuant to the rules and regulations of the SEC, then the Company and such Investor will cooperate and use all commercially reasonable efforts to amend the Registration Statement, to the extent permitted by the rules and regulations of the SEC, in
order to include such Investor, and the securities it proposes to sell, in the Shelf Takedown, as selling securityholder thereunder. Each Investor, if applicable, shall use its commercially reasonable efforts to cooperate in taking any customary
actions necessary or appropriate, including providing such information to the 

  
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Company as is reasonably requested, to permit any such Investor to exercise its piggyback registration rights in such circumstances. 

(d) If a Shelf Resale Registration ceases to be effective for any reason at any time (other than (i) because all
securities included within the Shelf Resale Registration have been sold or have ceased to be Registrable Securities or (ii) after the third (3rd) anniversary of the date that the Shelf Resale Registration is declared effective by the SEC (or, in the case of
Crestview Investor, the third (3rd) anniversary of
the Crestview Lockup Expiration Date, if later) (exclusive of any period during which the holders of Registrable Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence of a Permitted
Interruption)), the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall use commercially reasonable efforts to amend the Shelf Resale Registration as
soon as reasonably practicable and in no event later than forty five (45) days of such cessation of effectiveness in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration
Statement pursuant to Rule 415 promulgated under the Securities Act (or any successor thereto) covering all of the Registrable Securities included in the Shelf Resale Registration (in which case the provisions of Sections 2.1(a),
2.1(b), 2.1(c) and 2.1(d) shall apply to such subsequent or additional Shelf Registration Statement). 

(e) In any underwritten Shelf Takedown, the Investors holding a majority of the Registrable Securities (on an as-exercised basis)
requested to be included in such Shelf Takedown, shall have the right to select the managing underwriter, provided that such managing underwriter shall be reasonably acceptable to the Company. If the managing underwriters advise any Person
requesting such Shelf Takedown and the Company that, in their opinion, the number of securities requested to be included in such underwritten offering exceeds the amount that can be sold in such underwritten offering without adversely affecting the
distribution (including the timing and/or price at which the Registrable Securities can be sold) of the securities being offered, such underwritten offering will include only the number of securities that the underwriters advise in their reasonable
good faith judgment can be sold in such underwritten offering without having an adverse effect on the distribution (including the timing and/or price at which the Registrable Securities can be sold) of the securities being offered. The Company will
include in such underwritten offering pursuant to the Shelf Resale Registration, to the extent of the number of securities which such Investors requesting such Shelf Takedown and the Company are so advised can be sold in such underwritten offering,
(i) first, during the Applicable Period, securities proposed to be sold by the BofA Investors; (ii) second, securities proposed to be sold by the Investors initiating the Shelf Takedown, pro rata, on the basis of the number of Registrable
Securities requested to be included (on an as-exercised basis); (iii) third, any Existing Registrable Securities as to which piggyback rights have been exercised by any holders thereof, pro rata on the basis of the number of such securities
requested to be included; (iv) fourth, any other securities as to which piggyback rights have been exercised by any holders of Company securities, pro rata on the basis of the number of securities requested to be included, and (v) fifth,
any other securities of the Company that the Company has agreed to include, pro rata on the basis of the number of securities requested to be included. 
 2.2 Crestview Investor Demand Registration Rights. Commencing eighteen (18) months after the Closing, Crestview Investor shall have three (3) rights, exercisable

  
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by written notice to the Company, to request that the Company effect the registration under the Securities Act of all or any portion of the Crestview Registrable Securities (a “Demand
Registration”). The Company shall use commercially reasonable efforts to prepare and file with the SEC a Registration Statement with respect to such Demand Registration, and to cause such Registration Statement filed pursuant to this
Section 2.2 to become effective as promptly as practicable after such filing, and, subject to Section 2.6(c) hereof, to remain effective until the earlier of (i) the date on which all Crestview Registrable Securities
included within such Registration Statement have been sold and (ii) the expiration of one (1) year from the date such Registration Statement first becomes effective (exclusive of any period during which the holders of Registrable
Securities are prohibited or impaired from disposition of Registrable Securities by reason of the occurrence of a Permitted Interruption), at which time the Company shall have the right to deregister any of such securities that remain unsold. For
the avoidance of doubt, a request by Crestview Investor to file the Crestview Shelf Resale Registration Statement or any replacement thereof pursuant to Section 2.1(a) shall not constitute a Demand Registration. For purposes of this
Section 2.2 and any Demand Registration hereunder, the rights of Crestview Investor with respect thereto shall not be transferable unless the transferee holds a majority of the Crestview Registrable Securities that Crestview Investor
received as of the Closing, and otherwise complies with Section 6.1 hereof. 
 2.3 Piggyback Registration
Rights. If the Company at any time proposes to register any securities (whether pursuant to the exercise of demand registration rights by a securityholder of the Company or at the initiative of the Company) under the Securities Act in
connection with an underwritten public offering of such securities for cash, or to undertake an underwritten offering of securities that are already registered on an effective Registration Statement (an “Underwritten
Takedown”), whether for its own account or for the account of other securityholders, and the form of registration statement prospectus, as the case may be, to be used may be used for the registration, or the Underwritten Takedown, of
Registrable Securities beneficially owned by the Investors (for the avoidance of doubt, Crestview Investor shall not have the right to piggyback during the period prior to the date that is eighteen (18) months after Closing)
(“Piggyback Investors”), any Piggyback Investor may, by written notice to the Company, request that any or all Registrable Securities held by such Piggyback Investor be included in such proposed underwritten offering, or
Underwritten Takedown, of securities by the Company under the Securities Act (a “Piggyback Registration”). The Company will facilitate such Piggyback Registration in the manner described in this Agreement. Notwithstanding
anything in this Agreement to the contrary, (i) the Investors will not have piggyback rights under this Agreement or otherwise with respect to the initial filing of the CMP Registration Statement (but will have piggyback rights with respect to
an Underwritten Takedown thereunder), and (ii) the Investors will not have piggyback or other registration rights with respect to registered primary offerings by the Company (A) covered by a Form S-8 Registration Statement (or a successor
form) applicable to employee benefit-related offers and sales, (B) where the securities are not being sold by the Company for cash, (C) covered by a registration statement on Form S-4 (or successor form) or (D) relating to a corporate
reorganization pursuant to Rule 145 promulgated under the Securities Act (or any successor thereto). In the event, and to the extent, that an Investor requests to participate in an Underwritten Takedown and the Registration Statement pursuant to
which the Underwritten Takedown will be effected does not already include Registrable Securities held by such requesting Investor, and such Registrable Securities may not otherwise be included in the Underwritten Takedown pursuant to the rules and

  
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regulations of the SEC, then the Company and such Investor will cooperate and use all commercially reasonable efforts to amend the Registration Statement, to the extent permitted by the rules and
regulations of the SEC, in order to include such Investor, and the securities it proposes to sell, in the Underwritten Takedown, as selling securityholder thereunder. 
 2.4 Additional Demand Registrations. If the Company effects the registration of less than seventy five percent (75%) of the Registrable Securities requested to be included by Crestview
Investor in a Demand Registration under Section 2.2 solely as a result of the operation of Section 3.3, then Crestview Investor shall be entitled to request, and the Company shall effect, an additional Demand Registration;
provided, that at least six (6) months have elapsed since the effective date of the most recent Demand Registration pursuant to Section 2.2. If the Company withdraws or suspends any Demand Registration pursuant to
Section 2.6(c) before the expiration of such Demand Registration under Section 2.2, and before all of the Crestview Registrable Securities covered by such Demand Registration have been sold pursuant thereto (or in the case of
any withdrawal by Crestview Investor following the occurrence of a Permitted Interruption in accordance with Section 2.6(c)), then Crestview Investor shall be entitled to request, and the Company shall effect, an additional Demand
Registration. Other than in the case of any withdrawal by Crestview Investor following the occurrence of a Permitted Interruption in accordance with Section 2.6(c), which is addressed by the preceding sentence, if Crestview Investor
withdraws all of its Crestview Registrable Securities from a Demand Registration and Crestview Investor reimburses all of the Registration Expenses incurred by the Company in connection with such withdrawn Demand Registration, then Crestview
Investor shall be entitled to request, and the Company shall effect, an additional Demand Registration. Any such additional Demand Registration pursuant to this Section 2.4 shall be requested and effected in the manner and subject to the
procedures that applied with respect to the initial Demand Registration. 
 2.5 Effective Registration Statement.
A Demand Registration pursuant to Section 2.2 shall not be deemed to have been effected, without limiting Section 2.4, and shall not count against the limit on the number of such registrations set forth in
Section 2.2 unless (i) a Registration Statement with respect thereto has become effective and, after it has become effective, such Demand Registration is not interfered with by any stop order, injunction or other order or
requirement of the SEC or other governmental agency or court for any reason, and (ii) the sale of Registrable Securities contemplated thereby (if underwritten) has been consummated. 

2.6 Limitations on Demand and Piggyback Rights. 

(a) With respect to any registrations requested pursuant to Section 2.2 or Section 2.4, the Company may include
in such registration any other equity securities of the Company. 
 (b) Subject to Section 6.5, any demand for the
filing of a Registration Statement pursuant to Sections 2.1(a), 2.2 or 2.4 will be subject to the constraints of any applicable lockup arrangements entered into by the Company in connection with a then pending underwritten offering, and such demand
must be deferred until such lockup arrangements no longer apply. If a demand pursuant to Sections 2.1(a), 2.2 or 2.4 has been made under this 

  
 11 

 
Article II, no further demands may be made by the same Person so long as the related offering is still being pursued in good faith. 

(c) The Company may postpone the filing of any Registration Statement or suspend the effectiveness of any Registration Statement, any
amendment or post-effective amendment thereto or prospectus supplement for a reasonable “blackout period”, as described below, if (and, subject to the foregoing, only for so long as) the board of directors of the Company determines in good
faith (as certified in writing by an officer of the Company) that such registration, offering, amendment or supplement (i) would materially interfere with a bona fide business, financing or acquisition (including any merger, reorganization,
consolidation, tender offer or similar transaction) transaction of the Company, (ii) is reasonably likely to require premature disclosure of material, nonpublic information, the premature disclosure of which the board of directors reasonably
determines in the exercise of its good faith judgment (and not for the avoidance of its obligations under this Agreement) would not be in the best interests of the Company, or (iii) could not be effected by the Company in compliance with the
applicable financial statement requirements under the Securities Act or Exchange Act (such event described in this Section 2.6(c) during which the Company is not required to make such filing, amendment or supplement is herein referred to
as a “Permitted Interruption”); provided, however, that the Company shall not postpone the filing of a demanded Registration Statement or suspend the effectiveness of any Registration Statement pursuant to
clauses (i) and (ii) of this Section 2.6 for more than (i) an aggregate of 30 days during the first six-month period following the Closing, (ii) an aggregate of 90 days (of which only 30 days may be used during the
first six-month period following Closing) prior to the one-year anniversary of the Closing, and (iii) following the first anniversary of the Closing, (A) 120 consecutive days, and (B) an aggregate of 180 days in any 360 day period.
Upon the occurrence of any Permitted Interruption resulting from the matters described in clause (iii) of the definition thereof, the Company shall use commercially reasonable efforts to take such actions as necessary to permit the use of such
Registration Statement as soon as possible. The Company agrees to notify each of the Investors affected by a Permitted Interruption in writing as promptly as practicable upon each of the commencement and the termination of each Permitted
Interruption. The Company shall not be required in such notice of a Permitted Interruption to disclose the cause for such Permitted Interruption, and each Investor agrees, subject to applicable law, that it will not disclose receipt of such notice
of Permitted Interruption to any Person, except such officers, directors, employees, advisors or representatives of such Investor as have a need to know and who agree to keep such information confidential. Each Investor agrees that, upon receipt of
any such notice from the Company, such Investor will forthwith discontinue disposition of Registrable Securities pursuant to the applicable Registration Statement until such Investor’s receipt of the Company’s notice as to the termination
of the Permitted Interruption. In the event of a Permitted Interruption that would postpone the filing of a Registration Statement with the SEC, the Investor(s) initiating such Registration Statement shall have the right to withdraw their request
for registration (and, to the extent applicable, such Registration Statement shall not count against the limit on Demand Registrations set forth in Section 2.2) and Investors that have exercised piggyback rights with respect to such
Registration Statement shall have the right to withdraw their request for piggyback registration of their Registrable Securities by giving written notice to the Company within ten (10) days following receipt of the Company’s notice as to
termination of the Permitted Interruption. No such withdrawal shall affect the obligations of the Company with respect to Registrable Securities not so withdrawn and the duration of the applicable period in which a Registration Statement is to

  
 12 

 
remain effective shall be extended by the number of days of any such Permitted Interruption. The Company shall reimburse each holder of Registrable Securities for all costs and expenses
reasonably incurred by such Investor in connection with the postponement or withdrawal of such a filing. 
 ARTICLE III

 NOTICES, CUTBACKS AND OTHER MATTERS 
 3.1 Notifications. 
 (a) In order for one or more Investors to
exercise their right to demand that a Registration Statement be filed or an underwritten offering be pursued, they must so notify the Company in writing indicating the number of securities sought to be registered or underwritten. The Company will
keep the Investors contemporaneously apprised of all pertinent aspects of its pursuit of any registration or underwriting, whether pursuant to a Demand Registration or otherwise, with respect to which a Piggyback Registration opportunity is
available. Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions. 
 (b) Any Investor wishing to exercise its piggyback registration rights with respect to a Registration Statement or an underwritten offering must notify the Company within the time periods set forth herein
(and the Company shall promptly notify the other Piggyback Investors thereof) of the number of securities it seeks to have included in such Registration Statement. Such notice must be given as soon as practicable, but, subject to the next sentence
hereof, in no event later than 5:00 pm, New York City time, on the second trading day prior to (i) if applicable, the date on which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts for the
relevant offering is expected to be finalized, and (ii) in any case, the date on which the pricing of the relevant offering is expected to occur. Subject to Section 2.3, in the event that any sale of securities pursuant to a
Registration Statement is underwritten, the Company shall promptly notify each Piggyback Investor of such development and the Piggyback Investors and/or such other stockholders of the Company (as applicable) shall have three (3) Business Days
after receipt of such notice to request the inclusion of such Registrable Securities in the registration by the Company under the Securities Act in connection with such proposed registration of securities. 

3.2 Plan of Distribution; Underwriters. The resale of Registrable Securities pursuant to a Demand Registration may be made
from time to time from and after the date the Demand Registration Statement is declared effective by the SEC, upon the written request of Crestview Investor, pursuant to an underwritten offering; provided that any such underwritten request
anticipates a minimum of $50 million in aggregate gross proceeds from such offering. Crestview Investor shall be entitled to determine the plan of distribution and to select its counsel (which, at the election of Crestview, may be the same as
counsel for the Company). The underwriters of any underwritten offering pursuant to a Demand Registration shall be selected by Crestview Investor, subject, however, to the prior approval of the Company, which approval shall not be unreasonably
withheld or delayed; provided, however, that Crestview Investor shall not be required to pursue an underwritten offering upon exercise of the Demand Registration. 

  
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 3.3 Cutbacks. If the managing underwriters advise the Company and the selling
Investors that, in their reasonable good faith opinion, the number of securities requested to be included in an underwritten offering (other than any resale of Registrable Securities pursuant to a Shelf Resale Registration that is an underwritten
offering, which shall be subject to Section 2.1(f)) exceeds the amount that can be sold in such offering without adversely affecting the distribution (including the timing and/or price at which the Registrable Securities can be sold) of the
securities being offered, such offering will include only the number of securities that the underwriters advise can be sold in such offering without having an adverse effect on the distribution (including the timing and/or price at which the
Registrable Securities can be sold) of the securities being offered. The Company will include in such Registration Statement (other than any resale of Registrable Securities pursuant to the Shelf Resale Registration that is an underwritten offering,
which shall be subject to Section 2.1(f)), to the extent of the number of securities which the Company is so advised can be sold in such offering, (i) first, all securities proposed by Company, if any, to be sold for its own account, in
the case of an underwritten offering initiated by the Company; (ii) second, during the Applicable Period, securities proposed to be sold by the BofA Investors; (iii) third, Registrable Securities proposed to be sold by the Investor(s)
initiating the registration, pro rata, on the basis of the number of Registrable Securities owned by the Investors who requested to be included (including, if applicable, Class A Warrants on an as-exercised basis); (iv) fourth, any
Existing Registrable Securities as to which piggyback rights have been exercised by any holders thereof, pro rata on the basis of the number of such securities requested to be included; (v) fifth, any other Registrable Securities as to which
piggyback rights have been exercised by any holders thereof, pro rata on the basis of the number of securities requested to be included, (vi) sixth, any other securities as to which piggyback rights have been exercised by any holders of Company
securities, pro rata on the basis of the number of securities requested to be included, and (vii) seventh, any other securities of the Company that the Company has agreed to include, pro rata on the basis of the number of securities requested
to be included. 
 3.4 Withdrawals. Without limiting any Investor’s withdrawal rights pursuant to
Section 2.6(c), even if securities held by any Investor have been part of a registered underwritten offering, such Investor may, no later than the time at which the public offering price and underwriters’ discount are determined
with the managing underwriter, decline to sell all or any portion of the securities being offered for its account. In the event of such a withdrawal, the Company and any Investor having the right to participate in such offering may, in their
discretion, include additional securities in such offering in replacement of any securities so withdrawn without requiring any further notice or piggyback registration rights with respect to the Investor that has withdrawn its securities.

 3.5 Lockups. 
 (a) In connection with any underwritten offering of Registrable Securities, (i) the Company (and each of its executive officers and directors) and (ii) each Investor which is selling Registrable
Securities pursuant to its rights hereunder will agree to be bound by the underwriting agreement’s lockup restrictions (the “Lockup Restrictions”) (which must apply, and continue to apply, in a like manner to each of the
Company (and each of its executive officers and directors) and Investors participating in the underwritten offering (except to the extent each of foregoing is released, pro rata, on the basis of the number of Registrable Securities

  
 14 

 
held (on an as-exercised basis)) that are agreed to (a) by the Company (if a majority of the securities being sold in such underwritten offering are being sold for its account) or
(b) by Investors holding a majority of Registrable Securities being sold by all Investors in such underwritten offering (if a majority of the securities being sold in such underwritten offering are being sold by Investors), as applicable
(including, if applicable, Class A Warrants on an as-exercised basis). 
 (b) Without limiting Section 3.5(a),
following the date that is eighteen (18) months after the Closing, in connection with any underwritten offering of Registrable Securities, each Investor that is not selling Registrable Securities in such underwritten offering pursuant to its
rights hereunder (other than any Excluded Investor (as of the date on which the Lockup Restrictions become effective)) will agree to be bound by the Lockup Restrictions with respect to all of such Investor’s Registrable Securities, if
reasonably requested by the managing underwriter or underwriters in an underwritten offering as being necessary, in their good faith, for the success of the underwritten offering, for a maximum period beginning seven days prior to, and ending on the
90th day following, the effective date of any such underwritten offering, to the extent that the Company, each of its executive officers and directors and the Investors (other than any Excluded Investor) are bound by the Lockup Restrictions in a
like manner (except to the extent the Investors subject to the Lockup Restrictions and each of the foregoing is released, pro rata, on the basis of the number of Registrable Securities beneficially owned (including, if applicable, Class A
Warrants on an as-exercised basis)) except to the extent to required to effect a redemption request made by a limited partner or investor in an Investor in accordance with such Investor’s organizational documents and provided that such Lockup
Restrictions shall not apply to sales (in a single transaction or in a series of transactions, whether or not related) of Registrable Securities constituting less than 0.75% of the outstanding Company Common Stock as of such sale. 

3.6 Expenses. All costs and expenses incurred in connection with any Registration Statement or registered offering that
includes securities held by Investors (including the costs incurred in connection with the obligations in Section 4.2), including all registration and filing fees, including FINRA filing fees, printing expenses, reasonable fees and
disbursements of counsel (including the fees and disbursements of one outside counsel for Investors selected by the holders of the majority of the Registrable Securities (on an as-exercised basis) to be included in such Registration Statement and of
the independent certified public accountants, and the expense of qualifying such securities under state blue sky laws (all such expenses, the “Registration Expenses”), will be borne by the Company. However,
underwriters’, brokers’ and dealers’ discounts and commissions, or similar fees of securities industry professionals and applicable transfer taxes, if any, in each case relating to securities sold for the account of an Investor will
be borne by such Investor. 
 ARTICLE IV 
 FACILITATING REGISTRATIONS AND OFFERINGS 
 4.1 General. If
the Company becomes obligated under this Agreement to facilitate a registration or offering of Registrable Securities on behalf of Investors, the Company will do so with the same degree of care and dispatch as would reasonably be expected in the
case 

  
 15 

 
of a registration and offering by the Company of securities for its own account. Without limiting this general obligation, the Company will fulfill its specific obligations as described in this
Article IV. 
 4.2 Registration Statements. In connection with each Registration Statement (including any Shelf
Resale Registration, Demand Registration and any other registration statement as to which piggyback rights apply), the Company will: 
 (a) (i) prepare and file with the SEC a Registration Statement (or an amendment or supplement to any Shelf Resale Registration) covering the applicable Registrable Securities, (ii) file amendments
thereto as warranted, (iii) seek the effectiveness thereof, and (iv) file with the SEC prospectuses and prospectus supplements as may be required, all in consultation with the Investors and as reasonably necessary in order to permit the
offer and sale of the such Registrable Securities in accordance with the applicable plan of distribution; 
 (b)
(1) within a reasonable time prior to the filing of any Registration Statement, any prospectus, any amendment to a Registration Statement, amendment or supplement to a prospectus or any Free Writing Prospectus, provide copies of such documents to
the selling Investors and to the underwriter or underwriters of an underwritten offering, if applicable, and to their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the
counsel to the Investors or the underwriter or the underwriters may request; and make such of the representatives of the Company as shall be reasonably requested by the selling Investors or any underwriter available for discussion of such documents;

 (2) within a reasonable time prior to the filing of any document which is to be incorporated by reference into
a Registration Statement or a prospectus, provide copies of such document to counsel for the Investors and underwriters; fairly consider and include such reasonable changes in such document prior to or after the filing thereof as counsel for such
Investors or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 

(3) with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that
no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the Holders of the Registrable
Securities covered by such Registration Statement, which Free Writing Prospectuses or other materials shall be subject to the review of counsel to such selling Holders, and make all required filings of all Free Writing Prospectuses with the SEC;

 (c) cause each Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective
date of such Registration Statement, amendment or supplement and during the distribution of the registered securities (x) to comply in all material respects with the requirements of the Securities Act and Exchange Act and the rules and
regulations of the SEC and (y) not to contain any untrue statement of a material fact or omit 

  
 16 

 
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (d) notify each Investor promptly, and, if requested by such Investor, confirm such advice in writing, (i) when a Registration Statement has become effective and when any post-effective amendments
and supplements thereto become effective if such Registration Statement or post-effective amendment is not automatically effective upon filing pursuant to Rule 462 of the Securities Act (or any successor thereto), (ii) of the issuance by the
SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iii) if, between the effective
date of a Registration Statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true and
correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (iv) of
the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related prospectus contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading; 

(e) furnish counsel for each underwriter, if any, and for the respective Investors copies of any correspondence with the SEC or any state
securities authority relating to the Registration Statement or prospectus or prospectus supplement or other amendment thereof; 

(f) otherwise comply with all applicable rules and regulations of the SEC, including making available to its security holders an earnings
statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor thereto); and 
 (g) use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible time. 

4.3 Due Diligence. In connection with each registration and offering of securities to be sold by Investors, the Company
will, in accordance with customary practice, make available for inspection by representatives of the Investors and underwriters and any counsel or accountant retained by such Investor or underwriters all relevant financial and other records,
pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in
connection with their due diligence exercise. 
 4.4 Information from Investors. Each Investor that holds
securities covered by any Registration Statement will furnish to the Company such information regarding itself as is required to be included in the Registration Statement, the ownership of securities by such Investor and the proposed distribution by
such Investor of such securities, and make such customary representations to the Company, as the Company may from time to time reasonably 

  
 17 

 
request in writing; provided that no Investor shall be required to make any representation or warranty to the Company or the underwriters except such as relate to such Investor’s ownership
of shares and the authority, and absence of conflicts, with respect to entering into an underwriting and related agreements and to such Investor’s intended method of distribution. Subject to Section 4.2(b), each Investor authorizes
the Company to include such written information (without independently verifying the accuracy or completeness thereof) in the applicable Registration Statement or other documents prepared or filed in connection therewith. Each Investor further
agrees to promptly notify the Company of any inaccuracies or changes in the information provided to the Company that it becomes aware of that may occur subsequent to the date such information was provided to the Company at any time while a
Registration Statement including such information pertaining to securities owned by such Investor remains effective. Each Investor agrees to distribute Registrable Securities included in the Registration Statement only in the manner described in the
applicable Registration Statement. 
 4.5 Additional Agreements of Investors. 

(a) Each Investor agrees to, following such time that such Investor becomes aware, as expeditiously as possible, (i) notify the
Company of the occurrence of any event that makes any statement regarding such Investor made in any Registration Statement or any related prospectus that includes Registrable Securities of such Investor untrue in any material respect or that
requires the making of any changes in either a Registration Statement or prospectus that includes Registrable Securities of such Investor so that, in such regard, (A) in the case of a Registration Statement, it will not contain any untrue
statement of material fact or omit to state any material fact required to be stated therein regarding such Investor or necessary to make the statements therein regarding such Investor not misleading and (B) in the case of a prospectus, it will
not contain any untrue statement of material fact or omit to state any material fact required to be stated therein regarding such Investor or necessary to make the statements therein regarding such Investor, in light of the circumstances in which
they were made, not misleading, and (ii) provide the Company with such information regarding such Investor as may be required to enable the Company to prepare a supplement or post-effective amendment to the applicable Registration Statement or
a supplement to such prospectus. 
 (b) Each Investor agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 4.2(d)(ii) or Section 4.2(d)(iv) hereof, such Investor will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement until such
Investor’s receipt of the copies of any necessary supplements or amendments to such Registration Statement or applicable prospectus, and, if so directed by the Company, such Investor will deliver to the Company all copies in its possession,
other than permanent file copies then in such Investor’s possession, of the Registration Statement or applicable prospectus covering such Registrable Securities at the time of receipt of such notice. Each Investor agrees that in the event it
receives any notice from the Company under Section 4.2(d)(ii) or Section 4.2(d)(iv), it will not disclose such fact to any Person (other than its Representatives) unless such information is public. 

4.6 Non-Shelf Registered Offerings and Shelf Takedowns. In connection with any non-shelf registered offering or Shelf
Takedown that is demanded by Investors or as to which piggyback rights otherwise apply, the Company will: 

  
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 (a) cooperate with the selling Investors and the sole underwriter or managing underwriter of
an underwritten offering, if any, to facilitate the timely preparation and delivery of certificates representing the securities to be sold and not bearing any restrictive legends; and enable such securities to be in such denominations (consistent
with the provisions of the governing documents thereof) and registered in such names as the selling Investors or the sole underwriter or managing underwriter of an underwritten offering, if any, may reasonably request at least five days prior to any
sale of such securities; 
 (b) furnish to each Investor and to each underwriter, if any, participating in the relevant
offering, without charge, as many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Investor or underwriter may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Investor and underwriter in connection with the offering and
sale of the securities covered by the prospectus or the preliminary prospectus; 
 (c) (i) use all commercially reasonable
efforts to register or qualify the Registrable Securities being offered and sold, no later than the time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such
jurisdictions as each underwriter, if any, or any Investor holding securities covered by a registration statement, shall reasonably request; (ii) use all commercially reasonable efforts to keep each such registration or qualification effective
during the period such registration statement is required to be kept effective; and (iii) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and/or Investor to consummate
the disposition in each such jurisdiction of such Registrable Securities owned by such Investor; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any
jurisdiction in which it is not so qualified or to consent to be subject to general service of process (other than service of process in connection with such registration or qualification or any sale of securities in connection therewith) in any
such jurisdiction; 
 (d) cause all shares of Class A Common Stock (including shares of Class A Common Stock issuable
upon conversion of any Registrable Securities) that are Registrable Securities being sold to be qualified for inclusion in or listed on NASDAQ or any other U.S. securities exchange on which securities issued by the Company are then so qualified or
listed if so requested by the Investors, or if so requested by the underwriter or underwriters of an underwritten offering of Registrable Securities; 
 (e) provide a transfer agent and registrar for all Registrable Securities; 
 (f)
obtain a CUSIP/ISIN number for all such Registrable Securities, to the extent applicable, in each case not later than the effective date of the applicable Registration Statement; 

  
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 (g) cooperate and assist in any filings required to be made with FINRA and in the
performance of any due diligence investigation by any underwriter in an underwritten offering; 
 (h) if requested by any
participating Investor or the underwriters, promptly include in a prospectus supplement or amendment such information as the Investor or managing underwriters may reasonably request, including in order to permit the intended method of distribution
of such securities, and make all required filings of such prospectus supplement or such amendment as soon as reasonably practicable after the Company has received such request; 

(i) use all commercially reasonable efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant
to this Agreement, including by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be requested by the Investors or the lead managing underwriter of an underwritten
offering; and 
 (j) enter into customary agreements (including, in the case of an underwritten offering, underwriting
agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein) and take all other customary
and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in connection therewith: 
 (1) make such representations and warranties to the selling Investors and the underwriters, if any, in form, substance and scope as are customarily made by issuers to selling securityholders and
underwriters, as the case may be, in similar underwritten offerings; 
 (2) obtain opinions of counsel to the
Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to the underwriters, if any, covering the matters customarily covered in
opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by underwriters; 
 (3) obtain “cold comfort” letters and updates thereof from the Company’s independent certified public accountants addressed to the selling Investors, if permissible, and the underwriters,
if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “comfort” letters to underwriters in connection with primary underwritten offerings; and 

(4) to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the
Investors providing for, among other things, the appointment of a representative as agent for the selling Investors for the purpose of soliciting purchases of Registrable Securities, which agreement shall be customary in form, substance and scope
and shall contain customary representations, warranties and covenants. 

  
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 The above shall be done at such times as customarily occur in similar registered offerings
or shelf takedowns. 
 ARTICLE V 
 INDEMNIFICATION 
 5.1 Indemnification by the Company. In the
event of any registration under the Securities Act by any Registration Statement or any offering, pursuant to rights granted in this Agreement, of Registrable Securities held by Investors, the Company will indemnify, defend and hold harmless
Investors, each director, officer, employee and Affiliate of each Investor and each other Person, if any, who controls such Investor within the meaning of the Securities Act (each, an “Investor Indemnified Person”), against
any losses, claims, damages, or liabilities (including legal fees and costs of court), joint or several, to which such Investor Indemnified Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or
liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement of a material fact or alleged untrue statement of any material fact (a) contained in any Registration Statement under which such securities were
registered under the Securities Act or any amendment or supplement to any of the foregoing, or which arise out of or are based upon the omission of a material fact or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or (b) contained in any preliminary prospectus, if used prior to the effective date of such Registration Statement, or in the final prospectus (as amended or supplemented if the Company
shall have filed with the SEC any amendment or supplement to the final prospectus) or other Disclosure Package or offering document, or which arise out of or are based upon the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and will reimburse each Investor Indemnified Person for any legal or any other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that (i) the Company shall not be liable to any Investor Indemnified Person in any such case to the extent that any
such loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or such amendment or supplement, in reliance upon and in
conformity with information furnished to the Company through a written instrument duly executed by such Investor Indemnified Person specifically for use in the preparation thereof and (ii) with respect to any untrue statement of a material fact
or omission of a material fact or alleged untrue statement of a material fact or omission of a material fact made in any preliminary prospectus, or prospectus, the indemnity agreement contained in this Section 5.1 will not inure to the
benefit of any Person to the extent that any such losses, claims, damages or liabilities of such Person result from the fact that there was not sent or given to any Person who purchased Registrable Securities, at or prior to the written confirmation
of the sale of Registrable Securities to such Person, a copy of the prospectus, as then amended or supplemented (exclusive of material incorporated by reference), if the Company had previously furnished copies thereof to such Person. In connection
with any underwritten public offering effected under a Registration Statement, the Company will agree to indemnify the underwriters on terms and conditions customary for such an offering. The Company’s obligations pursuant to this
Section 5.1 shall 

  
 21 

 
remain in full force and effect regardless of any investigation made by or on behalf of an Investor Indemnified Person, and shall survive the transfer (in accordance with the terms hereof) of
such Registrable Securities by the seller thereof. 
 5.2 Indemnification by Investors. Each Investor will,
severally and not jointly, indemnify, defend and hold harmless (in the same manner and to the same extent as set forth in Section 5.1) the Company, each director, officer, employee and Affiliate of the Company and any Person who controls the
Company within the meaning of the Securities Act (each, a “Company Indemnified Persons”), with respect to any untrue statement of a material fact or omission of a material fact from any Registration Statement, or any
amendment or supplement to it, if such statement or omission was made in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by such Investor specifically regarding such Investor for
use in the preparation of such Registration Statement or amendment or supplement. Each Investor’s obligations pursuant to this Section 5.2 shall remain in full force and effect, regardless of any investigation made by or on behalf
of any Company Indemnified Person, and shall survive the transfer of such Registrable Securities by the seller thereof. Notwithstanding the foregoing, the liability of any such Investor shall not exceed an amount equal to the net proceeds realized
by such Investor from the sale of Registrable Securities pursuant to such Registration Statement. 
 5.3 Indemnification
Procedures. Promptly after receipt by an Indemnified Person of notice of the commencement of any action involving a claim referred to in the preceding Sections of this Article V, the Indemnified Person will, if a resulting claim is to be
made or may be made against an indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any Indemnified Person to give notice shall not relieve the indemnifying party of its obligations in
this Article V, except to the extent that the indemnifying party is actually prejudiced by the failure to give such notice. If any such action is brought against an Indemnified Person, the indemnifying party will be entitled to participate in and to
assume the defense of the action with counsel reasonably satisfactory to the Indemnified Person, and after notice from the indemnifying party to such Indemnified Person of its election to assume defense of the action, the indemnifying party will not
be liable to such Indemnified Person for any legal or other expenses incurred by the latter in connection with the action’s defense. An Indemnified Person shall have the right to employ separate counsel in any action or proceeding and
participate in the defense thereof, but the fees and expenses of such counsel shall be at such Indemnified Person’s expense unless (a) the employment of such counsel has been specifically authorized in writing by the indemnifying party,
which authorization shall not be unreasonably withheld, (b) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the Indemnified Person within 30 days after notice of any such action or proceeding,
or (c) the named parties to any such action or proceeding (including any impleaded parties) include the Indemnified Person and the indemnifying party and the Indemnified Person shall have been advised by such counsel that there may be one or
more legal defenses available to the Indemnified Person that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or
proceeding on behalf of the Indemnified Person), it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the 

  
 22 

 
reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party
and counsel for the Indemnified Person in order to adequately represent the indemnified parties) for the Indemnified Person and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of
invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter
into any settlement which (i) does not include as an unconditional term the giving by the claimant or plaintiff, to the Indemnified Person, of a release from all liability in respect of such claim or litigation, (ii) involves the
imposition of equitable remedies or the imposition of any non-financial obligations on the Indemnified Person, or (iii) requires or results in an admission of liability on behalf of the Indemnified Persons, or enjoin such Indemnified Persons
from taking, or compel such Indemnified Persons to take any action. 
 5.4 Contribution. If the indemnification
required by this Article V from the indemnifying party is unavailable to or insufficient to indemnify, defend and hold harmless an Indemnified Person in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the
indemnifying party shall contribute to the amount paid or payable by the Indemnified Person as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the
indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect the relative benefit referred to in clause (i) and also the relative
fault of the Indemnified Person and indemnifying parties, in connection with the actions which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and the Indemnified Person shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information
supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims,
damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. The Company and Investors agree that it would
not be just and equitable if contribution pursuant to this Section 5.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the
prior provisions of this Section 5.4. 
 Notwithstanding the provisions of this Section 5.4, no Investor
shall be required to contribute any amount pursuant to Section 5.4 in excess of the amount of the net proceeds received by such Investor in the applicable registration giving rise to indemnification under this Article V. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such a fraudulent misrepresentation. 

  
 23 

 ARTICLE VI 
 OTHER AGREEMENTS 
 6.1 Transfer of Rights. 

(a) This Agreement is personal to the parties hereto and not assignable or transferable; provided, however, that
notwithstanding the foregoing, an Investor may assign and transfer its rights and obligations under this Agreement with respect to the Registrable Securities transferred or sold to any Person in connection with such transfer or sale, which
assignment or transfer shall only be effective upon receipt by the Company of a duly executed commitment by such transferee to be bound by the terms of this Agreement in the form attached hereto as Exhibit A, in which case, the transferring
Investor’s rights with respect to such transferred Registrable Securities under this Agreement shall be assigned to, and may be enforced by, such transferee of Registrable Securities, and such transferee shall thereupon have all of the rights
and obligations of its transferor hereunder with respect to the transferred Registrable Securities. Notwithstanding the foregoing, no transfer of registration rights under this Agreement shall be permitted if immediately following such transfer the
disposition of such Registrable Securities by the transferee is not restricted under the Securities Act, except if such transferee is a Follow-on Investor and such transferee executes and delivers to the Company the commitment described in the
immediately preceding sentence. Any assignment or transfer of rights and obligations under this Agreement in violation of this Agreement shall be null and void. 
 (b) In the event the Company engages in a merger or consolidation in which the Registrable Securities are converted into securities of another company, and which securities are not tradable without
registration under the Securities Act, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Investors by the issuer of such securities. To the extent such new issuer, or any
other company acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will, unless the Required Investors otherwise agree, use its best
efforts to modify any such “inherited” registration rights obligations so as not to interfere in any material respects with the rights provided under this Agreement. 
 6.2 Limited Liability. Notwithstanding any other provision of this Agreement, neither the members, general partners, limited partners or managing directors, or any directors or officers of
any members, general or limited partner, advisory director, nor any future members, general partners, limited partners, advisory directors, or managing directors, if any, of any Investor shall have any personal liability for performance of any
obligation of such Investor under this Agreement in excess of the respective capital contributions of such members, general partners, limited partners, advisory directors or managing directors to such Investor. 

6.3 Rule 144. If the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the
Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is not required to file such reports, it will, upon the request of any Investors, make such information
available) and will take such further action as any Investor may reasonably request, so as to enable such 

  
 24 

 
Investor to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144, as such Rule may be amended from
time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Investors, the Company will deliver to such Investors a written statement as to whether it has complied with such requirements.

 6.4 In-Kind Distributions. If any Investor seeks to effectuate an in-kind distribution of all or part of its
Registrable Securities to its direct or indirect equityholders, the Company will cooperate with such Investor and the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Investor.

 6.5 No Inconsistent Agreements. The Company has not entered into, and on or after the date of this Agreement
will not enter into, any agreement that conflicts with the provisions hereof. The rights granted to the Investors hereunder do not in any way conflict with the rights granted to the holders of the Company’s other issued and outstanding
securities under any other agreement. The Company shall not, without the prior written consent of the holders of a majority of the outstanding Registrable Securities (on an as-exercised basis) held by all Investors, grant to any Persons the right to
request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, if such rights could reasonably be expected, in the good faith determination of the
Company’s board of directors, to conflict with or be in parity with the rights of the Investors granted hereunder. The granting by the Company of registration rights to a third party shall not be deemed to be in conflict with or be in parity
with the rights of the Investors granted hereunder as long as the provisions of Articles II, III and IV are complied with at all times. 
 ARTICLE VII 
 MISCELLANEOUS 

7.1 Notices. All notices, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given (i) on the date so given, if delivered personally, (ii) on the date sent, if delivered by facsimile with telephone confirmation of receipt, (iii) on the second Business Day following the date deposited
in the mail if mailed via an internationally recognized overnight courier and (iv) on the fourth (4th) Business Day following the date deposited in the mail if mailed via registered or certified mail, return receipt requested, postage prepaid, in each case, to the other party at the following
addresses: 
 if to any Investor, to the address listed on Annex A, with copies (which shall not constitute notice) to the
respective persons listed on Annex A. 
 if to the Company, to: 

Cumulus Media Inc. 
 3280 Peachtree Road, N.W. 
 Suite 2300 

Atlanta, Georgia 30305 
 Attn: Lewis W. Dickey, Jr. 

  
 25 

 Facsimile: (404) 949-0700 

with a copy (which shall not constitute notice) to: 
 Jones Day 
 1420 Peachtree Street, N.E. 

Suite 800 

Atlanta, GA 30309 

Attn: Mark L. Hanson, Esq. 
 Facsimile: (404) 581-8330 
 7.2 Section Headings. The article
and section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article
or Section of this Agreement unless otherwise specifically indicated. 
 7.3 Use of Terms. Whenever required by
the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. Whenever the words “include”,
“included” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”. Reference to any agreement, document or instrument means such agreement, document or instrument as
amended or otherwise modified from time to time in accordance with the terms thereof. When used in this Agreement, words such as “herein”, “hereinafter”, “hereof”, “hereto”, and “hereunder” shall
refer to this Agreement as a whole, unless the context clearly requires otherwise. The use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Unless stated otherwise, any calculation of a percentage of “Registrable Securities” or “Company Common Stock” under this Agreement
shall be made on a fully diluted basis (i.e., as if all Class A Warrants had been exercised and all shares of Company Common Stock had been converted into Class A Common Stock). 

7.4 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 7.5 Consent to Jurisdiction and Service of Process. The parties to this Agreement hereby agree to submit to the
jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof in any action or proceeding arising out of or relating to this Agreement.

 7.6 WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY 

  
 26 

 
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.6. 

7.7 Amendments; Termination. This Agreement may be amended or modified, or rights may be waived, only by an instrument in
writing executed by the Company and the Required Investors; provided, however, that (i) any amendment or modification of or waiver of rights under, this Agreement that is adverse to the Investors (other than Crestview Investors)
shall only be undertaken with (and shall only require) the prior written consent of the Company and the holders of a majority of the outstanding Registrable Securities (on an as-exercised basis) held by all Investors (other than Crestview Investors)
so affected, except that if any such amendment or modification would materially adversely affect the rights of an Investor hereunder, then the consent of each Investor so affected shall also be required, and (ii) any amendment or modification
of or waiver of rights under, this Agreement that is adverse to Crestview Investors shall only be undertaken with (and shall only require) the prior written consent of the Company and Crestview Investors holding a majority of the outstanding
Crestview Registrable Securities (on an as-exercised basis) held by all Crestview Investors. 
 7.8 Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the transactions contemplated hereby. The registration rights granted under this Agreement supersede any description thereof in the
Investment Agreement, the UBS Securities Purchase Agreement, or any other agreement between or among the Company and one or more of the other parties hereto with respect to the subject matter hereof. 

7.9 Severability. The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or
render unenforceable any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable, to the extent necessary to render it valid and enforceable and to the extent permitted by law
and consistent with the intent of the parties to this Agreement. 
 7.10 Counterparts. This Agreement may be
executed in multiple counterparts, including by means of facsimile, each of which shall be deemed an original, but all of which together shall constitute the same instrument. 
 7.11 No Limitation on Convertible Securities. Nothing in this Agreement shall operate to limit the right of any Investor to request the registration of Registrable Securities issuable upon
conversion, exchange or exercise of securities beneficially owned by such Investor 

  
 27 

 
notwithstanding the fact that at the time of such request, such Investor does not hold the Registrable Securities underlying such securities. 

[Remainder of page intentionally blank] 

  
 28 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement effective as of the date
first written above. 
  

					
	CUMULUS MEDIA INC.
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

		 	Name:	 	Lewis W. Dickey, Jr.
		 	Title:	 	Chairman, President and Chief Executive Officer

 
			
	CRESTVIEW RADIO INVESTORS, LLC
		
	By:	 	Crestview Partners II, L.P., its managing member
		
	By:	 	Crestview Partners II GP, L.P., its general partner
		
	By:	 	Crestview, L.L.C., its general partner

					
		
	By:	 	 /s/ Thomas S. Murphy, Jr.

		 	Name:	 	Thomas S. Murphy, Jr.
		 	Title:	 	Managing Director

  

			
	Address for Notices:
	
	 Crestview Radio Investors LLC
 c/o Crestview Partners II, L.P.
 667 Madison Avenue, 10th Floor

New York, NY 10065

	Attention:	 	Jeffrey Marcus
		 	Tom Murphy
		 	Brian Cassidy
	 Fax: (212) 906-0793
  

with a copy to (which copy alone shall not constitute notice):

	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 1285 Avenue of the Americas
 New York, NY 10019-6064

	Attention:	 	Kenneth M. Schneider
		 	Neil Goldman
	Fax: (212) 757-3990

 
					
	UBS SECURITIES LLC
		
	By:	 	 /s/ Craig Klein

		 	Name:	 	Craig Klein
		 	Title:	 	UBS Securities LLC Executive Director
		
	By:	 	 /s/ Marybeth Ross

		 	Name:	 	Marybeth Ross
		 	Title	 	Executive Director

  

	
	Address:
	UBS Securities LLC
	299 Park Avenue
	New York, New York 10171
	Attention: Special Situations Group – Immediate Attention Required
	Fax: (203) 719-1516

 
			
	 SYNDICATE INVESTOR:
  

GLOBAL UNDERVALUED SECURITIES
MASTER FUND, L.P.

 

		
	By:	 	 KLEINHEINZ CAPITAL PARTNERS, INC.
 INVESTMENT MANAGER

  

			
		
	Signature:	 	/s/ James R. Phillips
	Print Name:	 	James R. Phillips
	Title:	 	Chief Financial Officer

  

	
	 Address:
  
 301 Commerce Street
 Suite 1900
 Fort Worth, TX 76102
 Phone: 817-348-8100
 Fax: 817-348-8010
 jkp@kleinheinz.com
 ajr@kleinheinz.com

 
			
	 SYNDICATE INVESTOR:
  

BHR MASTER FUND, LTD.

  

			
		
	Signature:	 	/s/ William J. Brown
	Print Name:	 	William J. Brown
	Title:	 	President and COO

  

	
	 Address:
  
 BHR Capital LLC
 545 Madison Ave., 10th FL
 New York,
NY 10022
 212-378-0830

  

			
	 SYNDICATE INVESTOR:
  

BHR OC MASTER FUND, LTD.

  

			
		
	Signature:	 	/s/ William J. Brown
	Print Name:	 	William J. Brown
	Title:	 	President and COO

  

	
	 Address:
  
 BHR Capital LLC
 545 Madison Ave., 10th FL
 New York,
NY 10022
 212-378-0830

 
			
	 ARES ENHANCED CREDIT
OPPORTUNITIES FUND LTD.

 

		
	By:	 	 ARES ENHANCED CREDIT

OPPORTUNITIES FUND
 MANAGEMENT, L.P.,

its manager

		
	By:	 	 ARES ENHANCED CREDIT OPPORTUNITIES MANAGEMENT GP LLC, its general partner

  

			
		
	Signature:	 	/s/Darryl L. Schall
	Print Name:	 	Darryl L. Schall
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

  

  

			
	 ARES SPECIAL SITUATIONS FUND, L.P.

 

		
	By:	 	 ASSF MANAGEMENT, L.P.,
 its
general partner

		
	By:	 	 ASSF OPERATING MANAGER, LLC,

its general partner

  

			
		
	Signature:	 	/s/Darryl L. Schall
	Print Name:	 	Darryl L. Schall
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

  

			
	ARES SPECIAL SITUATIONS FUND III, L.P.
		
	By:	 	 ASSF MANAGEMENT III, L.P.,
 its
general partner

		
	By:	 	 ASSF OPERATING MANAGER III, LLC,

its general partner

  

			
		
	Signature:	 	/s/ Darryl L. Schall
		
	Print Name:	 	Darryl L. Schall
		
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

			
	 ARES STRATEGIC INVESTMENT
 PARTNERS LTD.

		
	By:	 	 ARES STRATEGIC INVESTMENT

MANAGEMENT LLC,
 as investment
manager

  

			
		
	Signature:	 	/s/ Darryl L. Schall
		
	Print Name:	 	Darryl L. Schall
		
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

			
	 ARES STRATEGIC INVESTMENT
 PARTNERS III, L.P.

		
	By:	 	 ARES STRATEGIC INVESTMENT GP

III, LLC,
 its general
partner

  

			
		
	Signature:	 	/s/ Darryl L. Schall
		
	Print Name:	 	Darryl L. Schall
		
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

			
	ARES SPECIAL SITUATIONS FUND I-B, L.P.
		
	By:	 	 ASSF MANAGEMENT, L.P.,
 its
general partner

		
	By:	 	 ASSF OPERATING MANAGER, LLC,

its general partner

  

			
		
	Signature:	 	/s/ Darryl L. Schall
		
	Print Name:	 	Darryl L. Schall
		
	Title:	 	Authorized Signatory

  

	
	 Address:
  
 2000 Avenue of the Stars
 12th Fl.
 Los
Angeles, CA 90067

 EXHIBIT A 

FORM OF JOINDER TO 
 REGISTRATION RIGHTS AGREEMENT 
 This JOINDER to the Registration Rights
Agreement, dated as of                     , 2011 (the “Registration Rights Agreement”), of Cumulus Media Inc., a Delaware
corporation (the “Company”), is executed on behalf of the undersigned (“Investor”) effective as of the date set forth on the signature page below, with reference to the following facts: 

WHEREAS, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the Registration
Rights Agreement; and 
 WHEREAS, Investor is the transferee of Registrable Securities (the “Transferred Registrable
Securities”) from a[n] [Crestview] Investor (in this instance, as defined in the Registration Rights Agreement) and in connection with such transfer, the registration rights of such [Crestview] Investor (in this instance, as defined in the
Registration Rights Agreement) with respect to the Transferred Registrable Securities are being assigned to Investor in accordance with the terms of Section 6.1 of the Registration Rights Agreement, and the Registration Rights Agreement
requires Investor to become a party thereto if Investor desires to avail itself of the registration and other rights therein with respect to the Transferred Registrable Securities, and Investor agrees to do so in accordance with the terms thereof;

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees as follows: 
 1. Agreement to be
Bound. Investor hereby agrees that upon execution of this Joinder, Investor shall become a party to the Registration Rights Agreement as a[n] “[Crestview]Investor” and shall be fully bound by, and subject to, and shall be entitled to
the benefits of all of the covenants, terms and conditions of the Registration Rights Agreement applicable to a[n] “[Crestview] Investor” and the Transferred Registrable Securities as though an original party thereto. 

2. Counterparts. This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement. 
 3. Notices. For purposes of Section 7.1 of the
Registration Rights Agreement, all notices, demands or other communications to Investor shall be directed to Investor’s address set forth below Investor’s signature below. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Investor has executed this Joinder effective as of the date set
forth below. 
  

			
	INVESTOR:
		
	By:	 	  

			
		
	Name:	 	  

			
		
	Title:	 	  

 

	
	ADDRESS:
	
	  

	
	  

	
	  

	
	  

 

			
	Date:Exhibit 10.6

 Exhibit 10.6 
 STOCKHOLDERS’ AGREEMENT 
 OF 

CUMULUS MEDIA INC. 
 dated as of September 16, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I    DEFINITIONS	  	 	2	  
			
	 SECTION 1.1.
	 	Certain Defined Terms	  	 	2	  
			
	 SECTION 1.2.
	 	Other Definitional Provisions	  	 	7	  
		
	ARTICLE II   CORPORATE GOVERNANCE	  	 	8	  
			
	 SECTION 2.1.
	 	Board of Directors Matters	  	 	8	  
			
	 SECTION 2.2.
	 	Company Cooperation	  	 	11	  
			
	 SECTION 2.3.
	 	Board Observation Rights	  	 	11	  
			
	 SECTION 2.4.
	 	Affiliate Transactions	  	 	12	  
		
	ARTICLE III  TRANSFERS; RESTRICTIONS	  	 	12	  
			
	 SECTION 3.1.
	 	Rights and Obligations of Transferees	  	 	12	  
			
	 SECTION 3.2.
	 	Standstill Agreement	  	 	12	  
			
	 SECTION 3.3.
	 	Going Private Transactions	  	 	13	  
			
	 SECTION 3.4.
	 	Lock-Up Agreement	  	 	14	  
			
	 SECTION 3.5.
	 	Additional Stock Transfer Limitations	  	 	14	  
			
	 SECTION 3.6.
	 	Exchange of Securities by the Crestview Stockholder	  	 	14	  
			
	 SECTION 3.7.
	 	Reservation of Shares	  	 	15	  
		
	ARTICLE IV  MISCELLANEOUS	  	 	15	  
			
	 SECTION 4.1.
	 	Not A “Group”	  	 	15	  
			
	 SECTION 4.2.
	 	Termination	  	 	16	  
			
	 SECTION 4.3.
	 	Confidentiality	  	 	16	  
			
	 SECTION 4.4.
	 	Other Activities of Certain Institutional Stockholders	  	 	16	  
			
	 SECTION 4.5.
	 	Amendments and Waivers	  	 	17	  
			
	 SECTION 4.6.
	 	Successors, Assigns and Transferees	  	 	17	  
			
	 SECTION 4.7.
	 	Legend	  	 	17	  
			
	 SECTION 4.8.
	 	Notices	  	 	18	  
			
	 SECTION 4.9.
	 	Further Assurances	  	 	19	  
			
	 SECTION 4.10.
	 	Entire Agreement; Third Party Beneficiaries	  	 	19	  
			
	 SECTION 4.11.
	 	Delays or Omissions	  	 	19	  
			
	 SECTION 4.12.
	 	Governing Law	  	 	20	  
			
	 SECTION 4.13.
	 	Specific Performance; Jurisdiction	  	 	20	  
			
	 SECTION 4.14.
	 	Waiver of Jury Trial	  	 	21	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 4.15.
	 	Termination of Existing Stockholder Agreements	  	 	21	  
			
	 SECTION 4.16.
	 	Severability	  	 	21	  
			
	 SECTION 4.17.
	 	Titles and Subtitles	  	 	21	  
			
	 SECTION 4.18.
	 	Counterparts; Facsimile Signatures	  	 	21	  
			
	 SECTION 4.19.
	 	Certain Indemnification Matters	  	 	22	  
			
	 SECTION 4.20.
	 	Certain Corporate Matters	  	 	22	  
			
	 SECTION 4.21.
	 	Blackstone Group Stockholders	  	 	23	  
		
	ARTICLE V  REPRESENTATIONS AND WARRANTIES	  	 	24	  
			
	 SECTION 5.1.
	 	Representations and Warranties of the Company	  	 	24	  
			
	 SECTION 5.2.
	 	Representations and Warranties of the Stockholders	  	 	24	  

  
 ii 

 THIS STOCKHOLDERS’ AGREEMENT (this “Agreement”) is entered as
of September 16, 2011, among CUMULUS MEDIA INC., a Delaware corporation (the “Company”); BA Capital Company, L.P. and Banc of America Capital Investors SBIC, L.P. (together, the “BofA Stockholders”); Blackstone
FC Communications Partners L.P., (“Blackstone”); Lewis W. Dickey, Jr., John W. Dickey, David W. Dickey, Michael W. Dickey, Lewis W. Dickey, Sr. and DBBC, L.L.C. (collectively, the “Dickey Group Stockholders”);
Crestview Radio Investors, LLC (the “Crestview Stockholder”); MIHI LLC (the “Macquarie Stockholder”); UBS Securities LLC (the “UBS Stockholder”); and any Person who becomes a party hereto pursuant
to Section 3.1 (each of the foregoing, a “Stockholder” and collectively, the “Stockholders”). 
 RECITALS 
 WHEREAS, contemporaneously with the execution of this Agreement,
the Company has issued and sold to the Crestview Stockholder, and the Crestview Stockholder has purchased from the Company, as an investment in the Company, shares of Class A Common Stock, par value $0.01 per share, of the Company
(“Class A Common Stock”); 
 WHEREAS, contemporaneously with the execution of this Agreement, the Company has
issued to the Crestview Stockholder warrants to purchase shares of Class A Common Stock in accordance with the terms set forth in the Class A Common Stock Purchase Warrant, dated as of the date hereof, issued by the Company to the
Crestview Stockholder (“Crestview Class A Warrants”); 
 WHEREAS, contemporaneously with the execution of
this Agreement, the Company also has issued and sold to the UBS Stockholder, and the UBS Stockholder has purchased from the Company, as an investment in the Company, warrants to purchase shares of Class A Common Stock in accordance with the
terms set forth in the Warrant Agreement, dated as of the date hereof, between the Company and the warrant agent thereunder (the “UBS Class A Warrants”); 
 WHEREAS, contemporaneously with the execution of this Agreement, the Company has issued and sold to the Macquarie Stockholder, and the Macquarie Stockholder has purchased from the Company, as an
investment in the Company, shares of Series A Preferred Stock, par value $0.01 per share, of the Company (“Company Straight Preferred”); 
 WHEREAS, after giving effect to the transactions consummated on the date hereof, the Stockholders own the equity securities of the Company in the respective amounts indicated for each Stockholder (and for
the Blackstone Group Stockholders) on Schedule A attached to this Agreement; and 
 WHEREAS, contemporaneously with the
execution of this Agreement, all of the Stockholders, on the one hand, and the Company, on the other, are terminating certain existing voting and shareholder agreements to which the Company and such Stockholders are parties. 

NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the
Company and each Stockholder agree as follows: 

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Certain Defined Terms. As used herein,
the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any
other Person directly or indirectly controlling, controlled by or under common control with, such Person. 

“Agreement” has the meaning assigned to such term in the preamble. 

“beneficial owner” or “beneficially own” has the meaning given such term in Rule 13d-3 under the
Exchange Act, and a Person’s beneficial ownership of Common Stock or other Equity Securities of the Company shall be calculated in accordance with the provisions of such rule. For the avoidance of doubt, no Person shall be deemed to
beneficially own any security solely as a result of such Person’s execution of this Agreement. 

“Blackstone” has the meaning assigned to such term in the preamble. 

“Blackstone Group Stockholders” means, collectively, Blackstone, Blackstone FC Capital Partners IV, L.P., Blackstone FC
Capital Partners IV-A L.P., Blackstone Family FCC L.L.C., Blackstone Participation FCC L.L.C. and Blackstone Communications FCC L.L.C. 
 “BofA Stockholders” has the meaning assigned to such term in the preamble. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by
law to be closed in New York City. 
 “Bylaws” means the Bylaws of the Company, as in effect on the date hereof
and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Charter” means the Third Amended and Restated Certificate of Incorporation of the Company, as in effect on the date
hereof and as the same may be amended, supplemented or otherwise modified from time to time. 
 “Class A Common
Stock” has the meaning assigned to such term in the recitals. 
 “Class A Warrants” means the
Crestview Class A Warrants and the UBS Class A Warrants. 
 “Class B Common Stock” means the Class B
Common Stock, par value $0.01 per share, of the Company. 

  
 2 

 “Class C Common Stock” means the Class C Common Stock, par value $0.01 per
share, of the Company. 
 “Closing” means the closing of the transactions contemplated by the Investment
Agreement. 
 “Common Stock” means, collectively, the Class A Common Stock, the Class B Common Stock and
the Class C Common Stock, and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other
similar reorganization. 
 “Communications Act” means the Communications Act of 1934. 

“Company” has the meaning assigned to such term in the preamble. 

“Company Straight Preferred” has the meaning assigned to such term in the recitals. 

“Competing Entity” means each of Clear Channel Communications, Inc., Entercom Communications Corp. or any Person that is
controlled, directly or indirectly, by either Clear Channel Communications, Inc. or Entercom Communications Corp. 

“Control” (including the terms “controlling”, “controlled by” and “under
common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether
through the ownership of voting securities, as trustee or executor, by contract or otherwise. 
 “Covered
Claims” has the meaning set forth in Section 4.19. 
 “Crestview Class A Warrants”
has the meaning assigned to such term in the recitals. 
 “Crestview Stockholder” has the meaning assigned to
such term in the preamble. 
 “Dickey Group Stockholders” has the meaning assigned to such term in the
preamble. 
 “Director” means any member of the Board. 

“Equity Securities” means any and all shares of Common Stock or other equity securities of the Company, securities of
the Company convertible into, or exchangeable or exercisable for (whether presently convertible, exchangeable or exercisable or not), such shares, and options, warrants or other rights (whether presently convertible, exchangeable or exercisable or
not) to acquire such shares of Common Stock or other equity securities of the Company, other than shares of Company Straight Preferred. 
 “Equity Trading Business” has the meaning assigned to such term in Section 4.4. 
 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder. 

  
 3 

 “Exchange Agreement” means that certain Exchange Agreement, dated as of
January 31, 2011, by and among the Company, the Blackstone Group Stockholders, and the other parties signatory thereto. 

“Excluded Transfers” means (i) Transfers to any Affiliate, including any Affiliate of such Stockholder’s
ultimate parent entity, so long as such Affiliate agrees to be bound in writing to the terms of this Agreement (if not already bound hereby) to the same extent as the Transferring Stockholder (or Blackstone Group Stockholder) is bound hereunder
prior to giving effect to such Transfer; (ii) (A) Transfers in a bona fide public offering (including any sale under a registration statement filed pursuant to the Registration Rights Agreements) or (B) Transfers to a
broker-dealer in a block sale (including any sale pursuant to the Registration Rights Agreements); (iii) Transfers to a mutual fund which, to the knowledge of the Stockholder effecting the Transfer, typically makes investments in Persons in the
ordinary course of its business for investment purposes only and not with the purpose or effect of changing or influencing the control of such Persons and that, to the knowledge of such Stockholder, has not filed in the three (3) years
immediately preceding the date of the proposed Transfer a Statement on Schedule 13D with respect to any Voting Securities; and (iv) Transfers pursuant to any merger, tender offer or exchange offer or other business combination, acquisition of
assets or similar transaction or change of control pursuant to which voting securities would be acquired or received by the Company or any other Person; provided, however, that a majority of the disinterested members of the Board has
approved such transaction or proposed transaction and recommended it to the stockholders of Company (and has not withdrawn such recommendation). 
 “Existing Stockholder Agreements” means, collectively, each of the Voting Agreement, dated as of June 30, 1998, among the Company, BA Capital Company, L.P., and the other
stockholders of the Company party thereto; the Shareholder Agreement, dated as of March 28, 2002, between the Company and Banc of America Capital Investors SBIC, L.P.; the Voting Agreement, dated as of January 6, 2009, among the Company
and the stockholders of the Company party thereto; the Voting Agreement, dated as of January 31, 2011, among Blackstone, as Sellers’ Representative thereunder, and the Dickey Group Stockholders; and the Voting Agreement and consent, dated
as of January 31, 2011, among Blackstone, as Sellers’ Representative thereunder, and the BofA Stockholders. 

“FCC” means the Federal Communications Commission. 

“FCC Regulations” means the rules, regulations, published decisions, published orders, and policies promulgated by the
FCC and in effect from time to time. 
 “Going-Private Transaction” means either (a) a Rule 13e-3
transaction, as such term is defined in Rule 13e-3 of the Exchange Act, or any successor to such rule, with respect to the Company to which such Rule 13e-3 applies or (b) regardless of whether Rule 13e-3 applies to a transaction, any
transaction or series of transactions involving (i) a “purchase” (as such term is defined in Rule 13e-3 of the Exchange Act) of any Equity Security by a Significant Stockholder or a member of its Restricted Group, (ii) a tender
offer for or request or invitation for tenders of an Equity Security by a Significant Stockholder or a member of its Restricted Group, or (iii) a solicitation subject to Regulation 14A of the Exchange Act by a Significant Stockholder or a
member of its Restricted Group of any proxy, consent or authorization of, or a distribution 

  
 4 

 
subject to Regulation 14C of the Exchange Act of an information statement to, any Equity Security holder of the Company by a Significant Stockholder or a member of its Restricted Group in
connection with (x) a merger, consolidation, reclassification, recapitalization, reorganization or similar corporate transaction of the Company or between the Company (or its Subsidiaries) and a Significant Stockholder or a member of its
Restricted Group, (y) a sale of substantially all of the assets of the Company to a Significant Stockholder or a member of its Restricted Group, or (z) a reverse stock split of any class of Equity Securities involving the purchase of
fractional interests, which in the case of such clause (i), (ii) or (iii), has either a reasonable likelihood or a purpose of the Significant Stockholder (together with any other member of its Restricted Group) obtaining beneficial ownership of
85% or more of the Voting Securities. 
 “Group” has the meaning assigned to such term in Section 13(d)(3)
of the Exchange Act. 
 “Independent Director” means a Director who would qualify as an “Independent
Director” pursuant to the listing standards of the corporate governance rules for The NASDAQ Stock Market. 

“Information” means all confidential information about the Company or any of its Subsidiaries that is or has been
furnished to any Stockholder or any of its Representatives by or on behalf of the Company or any of its Subsidiaries, or any of their respective Representatives (whether written or oral or in electronic or other form and whether prepared by the
Company or any of its Subsidiaries or their respective Representatives), together with that portion of all written or electronically stored documentation prepared by such Stockholder or its Representatives based on or reflecting, in whole or in
part, such information; provided, however, that the term “Information” shall not include any information that (i) is or becomes generally available to the public through no action or omission by such Stockholder
or its Representatives in violation of this Agreement, (ii) is or becomes available to such Stockholder on a non-confidential basis from a source, other than the Company or any of its Subsidiaries, or any of their respective Representatives,
that to such Stockholder’s knowledge, after reasonable inquiry, is not prohibited from disclosing to such Stockholder by a contractual, legal or fiduciary obligation or (iii) is independently developed by a Stockholder or its
Representatives or Affiliates without use of any Information. 
 “Institutional Director” has the meaning
assigned to such term in Section 4.20(a). 
 “Institutional Stockholders” has the meaning assigned to
such term in Section 4.20(a). 
 “Investment Agreement” means that certain Amended and Restated
Investment Agreement, dated as of April 22, 2011, by and among the Company, the Crestview Stockholder, the Macquarie Stockholder and the UBS Stockholder  
 “Law” means the law of any jurisdiction, whether international, multilateral, multinational, national, federal, state, provincial, local or common law, or an order, act, statute,
ordinance, regulation, rule, extension order or code promulgated by a governmental authority (including any department, court, agency or official, or non-governmental self-regulatory organization, agency or authority and any political subdivision or
instrumentality thereof). 

  
 5 

 “Macquarie Stockholder” has the meaning assigned to such term in the
preamble. 
 “Observer” has the meaning assigned to such term in Section 2.3. 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing. 

“Registration Rights Agreements” means, together, the Registration Rights Agreement, dated as of the date hereof, among
the Company and the other Persons party thereto, and the Registration Rights Agreement, dated as of August 1, 2011, among the Company, the Blackstone Group Stockholders, the BofA Stockholders, the Dickey Group Stockholders and the other Persons
party thereto. 
 “Representatives” means with respect to any Person, any of such Person’s, or its
Affiliates’, directors, officers, employees, general partners, Affiliates, direct or indirect shareholders, members or limited partners, attorneys, accountants, financial and other advisers, and other agents and representatives, including, in
the case of any Stockholder, any designee nominated for election to the Board or a committee thereof by such Stockholder. 

“Restricted Group” means, with respect to any Stockholder, (a) such Stockholder, (b) any Affiliate of such
Stockholder (other than any portfolio company), and (c) any Group (that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act with respect to securities of the Company) of which such Stockholder or its
Affiliate (other than any portfolio company) is a member. 
 “Sale of the Company” means, in any one or more
related transactions, a merger (other than a merger solely for the purpose of forming a holding company with no change in indirect ownership or to effect a change in the Company’s state of incorporation), business combination or sale of all or
substantially all of the Company’s assets, in each case, as a result of which the Directors immediately prior to such transaction do not represent a majority of the Board immediately following the consummation of such transaction (or series of
transactions), or the stockholders of the Company immediately prior to such transaction do not, immediately following the consummation of such transaction (or series of transactions), continue to own equity securities representing more than 50% of
the vote and of the equity of the Company, of the ultimate controlling Person (in the case of a merger or business combination) or Person succeeding to ownership of all or substantially all of the Company’s assets (in the case of a sale of
assets). 
 “Secondary Indemnitors” has the meaning assigned to such term in Section 4.19.

 “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder.

 “Significant Stockholders” means each Stockholder who, together with its controlled Affiliates, beneficially
owns fifteen percent (15%) or more of the Company’s outstanding 

  
 6 

 
Common Stock (including, for the avoidance of doubt, Common Stock for which any Class A Warrants held by it or its controlled Affiliates are exercisable). 

“Specified Indemnitee” has the meaning set forth in Section 4.19. 

“Stockholder” has the meaning set forth in the preamble. 

“Subsidiary” means, with respect to any Person, (i) any corporation of which a majority of the securities entitled
to vote generally in the election of directors thereof, at the time as of which any determination is being made, or a majority of the economic interests in such Person’s equity, are owned by such Person, either directly or indirectly, and
(ii) any joint venture, general or limited partnership, limited liability company or other legal entity in which such Person is the record or beneficial owner, directly or indirectly, of a majority of the voting or equity interests or of which
such Person is the general partner or managing member. 
 “Transfer” means, directly or indirectly, to sell,
transfer, assign, hypothecate or similarly dispose of (by merger, operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to, the sale, transfer,
assignment, hypothecation or similar disposition of (by merger, operation of law or otherwise), any shares of Equity Securities beneficially owned by a Person. 
 “Transferee” means any Person to whom any Stockholder or any transferee thereof Transfers Equity Securities in accordance with the terms hereof. 

“UBS Class A Warrants” has the meaning assigned to such term in the recitals. 

“UBS Stockholder” has the meaning assigned to such term in the preamble. 

“Voting Securities” means at any time the then-issued and outstanding Common Stock and any other securities of the
Company of any kind or class having power generally to vote for the election of Directors. 
 SECTION 1.2. Other Definitional
Provisions. Unless otherwise expressly provided, for the purposes of this Agreement, the following rules of interpretation shall apply: 
 (a) When a reference is made in this Agreement to an article or a section, paragraph, exhibit or schedule, such reference will be to an article or a section, paragraph, exhibit or schedule hereof unless
otherwise clearly indicated to the contrary. 
 (b) Whenever the words “include,” “includes” or
“including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” 
 (c) The words “hereof,” “herein” and “herewith” and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any
particular provision of this Agreement. 
 (d) The meaning assigned to each term defined herein will be equally applicable to
both the singular and the plural forms of such term, and words denoting any gender will include 

  
 7 

 
all genders. Where a word or phrase is defined herein, each of its other grammatical forms will have a corresponding meaning. 

(e) A reference to any period of days will be deemed to be to the relevant number of calendar days, unless otherwise specified.

 (f) The word “dollars” and symbol “$” mean U.S. dollars. 

(g) References herein to any Person shall include such Person’s heirs, executors, personal representatives, administrators,
successors and assigns; provided, however, that nothing contained in this Section 1.2(g) is intended to authorize any assignment or Transfer not otherwise permitted by this Agreement. 

(h) The word “or” shall be disjunctive but not exclusive. 

(i) The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any provisions hereof.

 (j) Any statute or rule defined or referred to herein or in any agreement or instrument that is referred to herein means such
statute or rule as from time to time amended, modified or supplemented, including by succession of comparable successor statutes or rules and references to all attachments thereto and instruments incorporated therein. 

ARTICLE II 

CORPORATE GOVERNANCE 
 SECTION 2.1. Board of Directors Matters. 
 (a) Board Size. Effective
as of the Closing, in accordance with Section 3.2 of the Bylaws, the size of the Board has been fixed at seven (7) Directors, and the two vacancies on the Board created thereby have been filled by the Board with Jeffrey Marcus and Arthur
J. Reimers, each having been designated by the Crestview Stockholder. 
 (b) Nomination of Directors. Subject to
Section 2.1(e), each Stockholder agrees with the Company that it shall: (i) appear in person or by proxy at each annual meeting or special meeting of the stockholders of the Company at which Directors are to be elected for the
purposes of obtaining a quorum; (ii) at each such stockholders’ meeting, vote, in person or by proxy, all of the Voting Securities now owned or hereafter acquired by it in favor of election of the following designees nominated for election
to the Board pursuant to this Section 2.1(b) and in accordance with the Bylaws and the nomination procedures of the Company; and (iii) in any action by written consent of the holders of Voting Securities for the purpose of electing
Directors, consent to election of the following designees nominated for election to the Board pursuant to this Section 2.1(b) and in accordance with the Bylaws and the nomination procedures of the Company: 

  
 8 

 (i) two (2) Persons designated as nominees for election to the Board by the Crestview
Stockholder; 
 (ii) one (1) Person designated as nominee for election to the Board by the BofA Stockholders; 

(iii) one (1) Person designated as nominee for election to the Board by Blackstone; 

(iv) one (1) Person designated as nominee for election to the Board by the Dickey Group Stockholders; and 

(v) two (2) other Persons nominated for election to the Board by the Board, each of whom shall qualify as an Independent Director
(both with respect to the Company and each Stockholder). 
 The rights of the Stockholders to designate nominees for election to
the Board as set forth in this Section 2.1(b) are personal to each Stockholder and may not be exercised by any Transferee, except that in the event a Stockholder no longer holds any Common Stock but its Affiliates continue to hold Common
Stock transferred by such Stockholder to such Affiliates (whether directly or by Transfers through other Affiliates of such Stockholder), and such rights have not been terminated pursuant to Section 2.1(e), the rights of such Stockholder
may be exercised by the Affiliates of such Stockholder to which such Common Stock was Transferred. 
 (c) Lead Director.
Effective as of the Closing, Jeffrey Marcus has been appointed by the Independent Directors of the Company to serve as the lead director of the Board. For so long as the Crestview Stockholder is the largest stockholder of the Company, the Crestview
Stockholder will have the right to have one of its designees who is nominated and elected to the Board appointed by the Independent Directors to serve as the lead director of the Board. In the event that a vacancy is created at any time by the
death, disability, resignation or removal of the Person serving as lead director of the Board, the Stockholders shall use their reasonable best efforts to cause the Independent Directors to approve any such other designee of the Crestview
Stockholder who is nominated and elected to the Board to serve as the lead director of the Board. Any such designee must qualify as an Independent Director. 
 (d) Removal and Replacement; Vacancies. 
 (i) In the event that a vacancy
is created at any time by the death, disability, retirement, resignation or removal of any Director nominated for election to the Board pursuant to Section 2.1(b), the Company, by action of the remaining Directors, shall, and the
Stockholders agree with the Company to use their reasonable best efforts to cause the remaining Directors, to fill the vacancy created thereby with a replacement nominee designated by the Stockholder who had designated such Director for nomination
pursuant to Section 2.1(b) as promptly as practicable. If such vacant position had been held by a Person nominated under Section 2.1(b)(v), then the vacancy shall be filled by action of the majority of the Board. 

(ii) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any Director
nominated for election to the Board pursuant 

  
 9 

 
to Section 2.1(b) and the remaining Directors have not caused the vacancy created thereby to be filled pursuant to Section 2.1(d)(i) by a new designee of the appropriate
Person promptly after the Stockholders have been notified of such vacancy, then in such case the Company shall take all such actions as and when requested by the Stockholder who is entitled, pursuant to Section 2.1(b) to designate a
Person to fill such vacancy (the “Designating Stockholder”), and each other Stockholder hereby agrees with the Company to vote, or act by written consent with respect to, all Voting Securities beneficially owned by it to act to fill
the vacancy with a Person designated as a replacement by the Designating Stockholder in accordance with Section 2.1(b). Upon the written request of any Person having rights under Section 2.1(b), each other Stockholder agrees
with the Company to vote, or act by written consent with respect to, all Voting Securities beneficially owned by it to, remove any Director nominated by such Person for election to the Board pursuant to Section 2.1(b) and to elect any
replacement Director designated for nomination by such Person pursuant to this Section 2.1(d). 
 (iii) Subject to
Section 2.1(e), unless otherwise requested in writing by the Person entitled to nominate such Person for election to the Board under Section 2.1(b), no other Stockholder shall take any action to cause the removal of any
Directors nominated by such Person for election to the Board pursuant to Section 2.1(b). 
 (iv) Any vacancy on the
Board that results from the termination of rights of nomination pursuant to Section 2.1(e) may be filled by action of a majority of the Board, in accordance with the Bylaws and applicable nomination procedures of the Company. 

(e) Termination of Rights of Nomination. Notwithstanding anything in Section 2.1(b) to the contrary: 

(i) in the case of the Dickey Group Stockholders, upon the earlier of (A) such time as the Dickey Group Stockholders and their
Affiliates cease to beneficially own, collectively, at least fifty percent (50%) of the number of shares of Common Stock they collectively beneficially own immediately following the Closing; and (B) the date, if any, on which the Dickey
Group Stockholders or their Affiliates acquire beneficial ownership of, collectively, more than ten percent (10%) of the outstanding equity of any Competing Entity, then the Dickey Group Stockholders shall cease to have the right to designate
any nominee for election to the Board pursuant to Section 2.1(b). 
 (ii) in the case of the BofA Stockholders, upon
the earlier of (A) such time as the BofA Stockholders and their Affiliates, collectively, cease to beneficially own, collectively, at least fifty percent (50%) of the number of shares of Common Stock they beneficially own immediately
following the Closing; and (B) the date, if any, on which the BofA Stockholders or their Affiliates acquire beneficial ownership of, collectively, more than ten percent (10%) of the outstanding equity of any Competing Entity, then the BofA
Stockholders shall cease to have the right to designate any nominee for election to the Board pursuant to Section 2.1(b). 
 (iii) in the case of the Crestview Stockholder: 
 (A) upon such time as the
Crestview Stockholder and its Affiliates, collectively, cease to beneficially own 38,882,488 shares of Class A 

  
 10 

 
Common Stock, as such number may be proportionately adjusted for stock splits, reverse stock splits and the like after the date of this Agreement, the Crestview Stockholder shall cease to have
the right to designate two individuals as nominees for election to the Board pursuant to Section 2.1(b)(i) and shall only have the right to designate one nominee for election to the Board pursuant to Section 2.1(b)(i),
subject to Section 2.1(e)(iii)(B) below; and 
 (B) upon the earlier of (x) such time as Crestview Stockholder
and its Affiliates, collectively, ceases to beneficially own at least 25,921,659 shares of Class A Common Stock, as such number may be proportionately adjusted for stock splits, reverse stock splits and the like after the date of this
Agreement, and (y) the date, if any, on which the Crestview Stockholder or its Affiliates acquire beneficial ownership of, collectively, more than ten percent (10%) of the outstanding equity of any Competing Entity, the Crestview
Stockholder shall cease to have the right to designate any nominee for election to the Board pursuant to Section 2.1(b)(i). 
 (iv) in the case of Blackstone, upon the earlier of (A) the day immediately prior to the date Directors who are to be elected at the fourth annual meeting of Company’s stockholders held
following January 31, 2011 are nominated for such election and (B) such time as the Blackstone Group Stockholders or their respective Affiliates, collectively, cease to beneficially own at least fifty percent (50%) of the number of
shares of Class A Common Stock received by the Blackstone Group Stockholders at the closing on August 1, 2011 of the acquisition provided for in the Exchange Agreement, Blackstone shall cease to have the right to designate any nominee for
election to the Board pursuant to Section 2.1(b). 
 (f) Compliance with the Communications Act and FCC
Regulations. Notwithstanding any statement in this Section 2.1 to the contrary, all rights of nomination for Directors set forth in this Section 2.1 shall be subject to compliance with the Communications Act and FCC
Regulations, including any restrictions or conditions that may be imposed by any decision or order of the FCC. 
 SECTION 2.2.
Company Cooperation. The Company shall take such action as may be required under applicable Law and the Bylaws (subject to such vote of the Board as may be required) (i) to cause the Board to consist of the number of Directors specified
in Section 2.1(a) and (ii) to cause one of the Directors designated by the Crestview Stockholder to be appointed and serve as the lead director of the Board in accordance with Section 2.1(c). The Company agrees to
include in the slate of nominees to be voted upon by stockholders of the Company the Persons designated for nomination to the Board in accordance with Section 2.1(b). 

SECTION 2.3. Board Observation Rights. So long as the Macquarie Stockholder and its Affiliates, collectively, continue to
beneficially own at least $45.0 million of Company Straight Preferred (valued at liquidation value, without regard to the actual current market value thereof), the Macquarie Stockholder shall be entitled to designate one (1) individual as a
non-voting Board observer (the “Observer”). The Company shall provide to the Observer, concurrently with the Directors and in the same manner, notice of such meetings and a copy of all materials provided

  
 11 

 
to Directors generally; provided, however, that (i) the Observer shall not have the right to vote or participate in Board decisions and (ii) the Board, by majority vote,
shall be entitled to exclude the Observer from portions of any Board meeting and to cause portions of any Board materials delivered to the Observer to be redacted where and to the extent that the Board determines that exclusion is reasonably
necessary to preserve attorney-client privilege or otherwise comply with applicable Law; provided, further, that, for the avoidance of doubt, the Observer shall be subject to the confidentiality obligations set forth in
Section 4.3 hereof and the Macquarie Stockholder shall be responsible for the Observer’s compliance therewith. 

SECTION 2.4. Affiliate Transactions. Subject to Section 4.4, and except for such transactions as are contemplated by
agreements to which the Company is a party on the date hereof or to be entered into on the date hereof, any transaction between the Company or any Subsidiary of the Company, on the one hand, and a Stockholder or any Affiliate of such Stockholder, on
the other, shall require the approval of a majority of the disinterested members of the Board. 
 ARTICLE III 

TRANSFERS; RESTRICTIONS 
 SECTION 3.1. Rights and Obligations of Transferees. 
 (a) No Stockholder
shall Transfer any Equity Securities, except in compliance with the Securities Act, the Charter, any applicable state or foreign securities Laws, and this Agreement, or if such Transfer would violate the Communications Act or FCC Regulations and
such Stockholder has been so advised by the Company. Without limiting the generality of the foregoing, no such Transfer shall be made or recognized in the books and records of the Company if such Transfer would result in a violation of the
Communications Act or FCC Regulations. If a Transfer requires approval of the FCC under the Communications Act or FCC Regulations, such Transfer will not be recognized until such approval is obtained. Any Transfers in violation of this Agreement
shall be null and void and the Company shall not in any way give effect to any such impermissible Transfer. Prior to the consummation of a Transfer by any Stockholder (or any Blackstone Group Stockholder) described in clause (i) of the
definition of Excluded Transfers, as a condition thereto, the applicable Transferee shall agree in writing to be bound by the terms of this Agreement (if not already bound hereby) to the same extent as the Transferring Stockholder (or Blackstone
Group Stockholder) is bound hereunder prior to giving effect to such Transfer. Blackstone hereby covenants and agrees with the Company to cause the other Blackstone Group Stockholders to comply with the provisions of this Section 3.1(a).

 (b) For the avoidance of doubt, except as set forth in Section 4.7(b), restrictions on Transfer of shares of
Company Straight Preferred shall be solely as set forth in the Certificate of Designations therefor. 
 SECTION 3.2.
Standstill Agreement. 
 (a) Prior to the seven (7) year anniversary of the Closing, without the prior written
consent of the Company, except (i) by way of stock dividend, stock split, reorganization, 

  
 12 

 
recapitalization, merger, consolidation or other like distributions made to holders of Equity Securities generally or (ii) pursuant to the terms of any stock option, stock purchase or other
similar plans for Directors, if any, each Significant Stockholder (so long as it is a Significant Stockholder) covenants and agrees that such Significant Stockholder shall not, and shall not permit any other member of its Restricted Group to,
directly or indirectly, acquire, agree to acquire or make a proposal to acquire (or publicly announce or otherwise disclose an intention to propose to acquire) or offer to acquire, by purchase or otherwise, beneficial ownership of any Equity
Securities not beneficially owned by them immediately following the Closing. 
 (b) Notwithstanding anything in
Section 3.2(a) to the contrary, the Crestview Stockholder will be permitted to (i) exercise the Crestview Class A Warrants and (ii) subject to the last sentence in this Section 3.2(b), directly or indirectly,
acquire, agree to acquire or make a proposal to acquire (or publicly announce or otherwise disclose an intention to propose to acquire) beneficial ownership of a number of shares that would not cause the Crestview Stockholder to beneficially own
more than 64,804,148 shares of Common Stock, as such number may be proportionately adjusted for stock splits, reverse stock splits and the like after the date of this Agreement. With respect to any shares of Common Stock beneficially owned by the
Crestview Stockholder or its Affiliates in excess of 51,843,318 shares of Common Stock, such shares, in any matters submitted for the vote or consent of holders of the Company’s Common Stock, shall be voted (or consents executed in respect
thereof) by the Crestview Stockholder and its Affiliates, as applicable, in accordance with the recommendation of, or at the direction of, the Board (with each Director who was nominated for election to the Board as a designee of the Crestview
Stockholder recusing himself from such direction). 
 (c) Notwithstanding anything in this Section 3.2 to the
contrary, a Significant Stockholder or any member of its Restricted Group shall not be prohibited from making a confidential proposal to the Board to acquire additional Equity Securities if the Board (i) determines to effect, or to solicit
proposals to effect, a Sale of the Company, or (ii) causes the Company to enter into a definitive agreement providing for the Sale of the Company. 
 SECTION 3.3. Going Private Transactions. Prior to the seven (7) year anniversary of the Closing, without the prior written consent of the Company, no Significant Stockholder (so long as it is
a Significant Stockholder) will, or will permit any other member of its Restricted Group to, make any public announcement with respect to, or submit a proposal for, or offer in respect of (with or without conditions) any transaction or series of
transactions that would constitute or result in a Going-Private Transaction, unless such Going-Private Transaction: (a) which is not a tender or exchange offer made by any member of such Significant Stockholder’s Restricted
Group, is (i) approved by the Board and determined by the Board to be fair to the stockholders of the Company who are not members of such Significant Stockholder’s Restricted Group, in each case with the approval of a majority of the
disinterested members of the Board, and (ii) approved by a majority of the outstanding Voting Securities not beneficially owned by members of such Significant Stockholder’s Restricted Group; or (b) which is a tender or
exchange offer made by a member of such Significant Stockholder’s Restricted Group and is contingent upon (i) the acquisition of a majority of the outstanding shares of Common Stock not beneficially owned by members of such Significant
Stockholder’s Restricted Group, and accompanied by an undertaking that such member of such Significant Stockholder’s Restricted Group shall acquire all of the shares of Common Stock, if any, that remain outstanding after the

  
 13 

 
completion of such tender or exchange offer in a merger at the same price per share paid in such tender or exchange offer and (ii) the disinterested members of the Board, being authorized on
behalf of the full Board to take and disclose a position contemplated by Rules 14d-9 and 14e-2(a) promulgated under the Exchange Act with respect to such tender or exchange offer, not recommending that holders of shares of Common Stock refrain from
tendering their shares of Common Stock in such tender or exchange offer. To the extent the Company releases any other stockholder of the Company (other than the Macquarie Stockholder or the UBS Stockholder, if they are Significant Stockholders) from
restrictions of the type described in this Section 3.3, then the Crestview Stockholder will also be released from the restrictions in this Section 3.3. 
 SECTION 3.4. Lock-Up Agreement. During the eighteen (18) month period after the Closing, the Crestview Stockholder agrees that it will not Transfer any Equity Securities without the prior
written consent of the Company. Notwithstanding the foregoing, the Crestview Stockholder shall be permitted to Transfer all or any portion of its Equity Securities at any time under the following circumstances: (a) Transfers to any Affiliate
(including any Affiliate of the Crestview Stockholder’s ultimate parent entity), so long as such Affiliate agrees in writing to be bound by the provisions of this Section 3.4; (b) Transfers pursuant to a merger, tender offer or
exchange offer, or other business combination, acquisition of assets or similar transaction or change of control, involving the Company or any of its Subsidiaries; provided, however, that the Board has approved such transaction or
proposed transaction and has recommended it to the stockholders of Company (and has not withdrawn such recommendation); or (c) Transfers after the commencement of bankruptcy or insolvency proceedings of the Company and its Subsidiaries.

 SECTION 3.5. Additional Stock Transfer Limitations. Without the prior written consent of the Company, no Significant
Stockholder shall, and each Significant Stockholder shall use commercially reasonable efforts to cause members of its Restricted Group not to, directly or indirectly, Transfer Equity Securities (other than Excluded Transfers) to any Person who, to
the knowledge of such Significant Stockholder, (a) is a Competing Entity, other than with the prior approval of a majority of the disinterested members of the Board or (b) immediately following the consummation of such Transfer would have
(together with its Affiliates and any member of a Group that includes such Person) beneficial ownership of ten percent (10%) or more of the outstanding shares of Common Stock. In connection with the consummation of a Transfer by any Significant
Stockholder (x) described in clause (ii)(A) of the definition of Excluded Transfers, such transferring Stockholder agrees with the Company to use commercially reasonable efforts to effect as wide a distribution of such Equity Securities as is
reasonably practicable, and in connection with the consummation of a Transfer by any Significant Stockholder (y) described in clause (ii)(B) of the definition of Excluded Transfers, the broker-dealer shall be instructed by such Significant
Stockholder not to Transfer any Equity Securities to any Person who, to the knowledge of the transferring Significant Stockholder, is a Competing Entity, other than with the prior approval of a majority of the disinterested members of the Board. To
the extent the Company releases any other stockholder of the Company from restrictions of the type described in this Section 3.5, the Crestview Stockholder will also be released from the restrictions in this Section 3.5.

 SECTION 3.6. Exchange of Securities by the Crestview Stockholder. At any time and from time to time after the Closing,
the Crestview Stockholder will be permitted, by delivery of 

  
 14 

 
reasonable written notice to the Company and subject to compliance with the Communications Act and FCC Regulations, (a) to exchange all or any portion of the shares of Class A Common
Stock held by it (including any shares issued to it upon exercise of the Crestview Class A Warrants) for the same number of shares of Class B Common Stock, (b) to exchange all or any portion of any shares of Class B Common Stock held by it
for the same number of shares of Class A Common Stock, and (c) to exchange all or any portion of the shares of Class A Common Stock or any shares of Class B Common Stock held by it into Crestview Class A Warrants, or warrants to
purchase shares of Class B Common Stock, to purchase the same number of shares of Class A Common Stock or Class B Common Stock (as the case may be). Any warrants to purchase shares of Class B Common Stock issued to the Crestview Stockholder
pursuant to the preceding sentence will have a term of twenty (20) years from the date of issuance. The Company hereby agrees, promptly upon the request of the Crestview Stockholder and, subject to compliance with applicable federal and state
securities Laws, the Communications Act and FCC Regulations, to give effect to the foregoing exchange rights of the Crestview Stockholder, subject to receipt by the Company from the Crestview Stockholder of such reasonable assurances as to ownership
of the applicable shares and such other documentation (which shall be in customary form) as the Company may reasonably request. 

SECTION 3.7. Reservation of Shares. The Company shall at all times reserve and keep available a sufficient number of its
authorized but unissued shares of (i) Class A Common Stock for the purpose of issuing shares of Class A Common Stock upon exercise of the Class A Warrants and (ii) Company Straight Preferred for the purpose of issuing shares
of Company Straight Preferred as pay-in-kind dividends. If at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to permit the exercise in full of such Class A Warrants, or the number of
shares of Company Straight Preferred shall not be sufficient to permit the issuance of pay-in-kind dividends required by the terms of the Company Straight Preferred, the Company shall take such corporate action as may be necessary to increase its
authorized but unissued shares of Class A Common Stock or Company Straight Preferred, as applicable, to such number of shares as shall be sufficient for such purpose (and the Stockholders shall in their capacity as stockholders vote in favor of
or consent to any such increase). The Company covenants that all shares of Class A Common Stock issued and sold upon exercise of the Class A Warrants, and all shares of Company Straight Preferred issued as pay-in-kind dividends, shall be
validly issued, fully paid, nonassessable and free and clear of all liens of any kind or nature whatsoever. 
 ARTICLE IV

 MISCELLANEOUS 
 SECTION 4.1. Not A “Group”. The Stockholders and the Company acknowledge that the arrangements contemplated by this Agreement are not intended to constitute the formation of a Group. Each
Stockholder agrees that, for purposes of determining beneficial ownership of such Stockholder, it shall disclaim any beneficial ownership by virtue of this Agreement of the Company’s securities owned by the other Stockholders (or, in the case
of the BofA Stockholders, the other Stockholders other than the BofA Stockholders), and the Company agrees to recognize such disclaimer in its Exchange Act and Securities Act reports. 

  
 15 

 SECTION 4.2. Termination. This Agreement shall terminate upon the
earlier of (a) the fifteenth (15th) anniversary
of the date of this Agreement, (b) a Sale of the Company, and (c) the date on which both (i) the rights of each Stockholder pursuant to Section 2.1(b) to nominate individuals for election to the Board, or to designate the
Observer pursuant to Section 2.3, have terminated in accordance with the terms of Section 2.1(e) or Section 2.3, respectively, and (ii) no Stockholder that is a party to this Agreement continues to be a
Significant Stockholder; provided, however, that, notwithstanding anything in this Section 4.2 to the contrary, the rights and obligations of each Stockholder under this Agreement shall terminate on the date on which such
Stockholder no longer beneficially owns any Equity Securities or, in the case of the Macquarie Stockholder, the date on which the Macquarie Stockholder and its Affiliates, collectively, cease to beneficially own at least $45.0 million of Company
Straight Preferred (valued at liquidation value, without regard to the actual current market value thereof) or, in the case of the UBS Stockholder, the date on which the UBS Stockholder and its Affiliates cease to beneficially own UBS Warrants and
shares of Class A Common Stock in such amounts as to cause the UBS Stockholder and its Affiliates to beneficially own at least 10,368,665 shares of Common Stock. 
 SECTION 4.3. Confidentiality. Each Stockholder agrees with the Company to, and agrees with the Company to use commercially reasonable efforts to cause its Representatives to, keep confidential and
not divulge any Information; provided, however, that nothing herein shall prevent any Stockholder from disclosing such Information (a) upon the order of any court or administrative agency, (b) upon the request or demand of
any regulatory agency or authority having jurisdiction over such Stockholder or Representative, (c) to the extent required by Law or legal process or required or requested pursuant to subpoena, interrogatories or other discovery requests,
(d) to the extent necessary in connection with the exercise of any remedy hereunder, (e) to other Stockholders, (f) to such Stockholder’s Representatives that in the reasonable judgment of such Stockholder need to know such
Information, or (g) to any bona fide proposed Transferee in accordance with this Agreement as long as such Transferee agrees to be bound by the provisions of this Section 4.3 as a Stockholder or the disclosing Stockholder
agrees to be responsible for any breach of this Section 4.3 by such proposed Transferee; provided, further, that, in the case of clause (a), (b) or (c), such Stockholder shall notify the Company of the proposed
disclosure as far in advance of such disclosure as reasonably practicable and, if requested by the Company, use commercially reasonable efforts (but at the sole expense of the Company) to ensure that any Information so disclosed is accorded
confidential treatment, when and to the extent available. 
 SECTION 4.4. Other Activities of Certain Institutional
Stockholders. Notwithstanding anything in this Agreement to the contrary, nothing in Article III of this Agreement (or any other agreement entered into in connection with the transactions contemplated by this Agreement) shall restrict the
activities of the Macquarie Stockholder, the UBS Stockholder, the BofA Stockholders, the Blackstone Group Stockholders, or their respective Affiliates, in any capacity other than as a Significant Stockholder, to the extent any of the Macquarie
Stockholder, the UBS Stockholder, the BofA Stockholders or the Blackstone Group Stockholders is a Significant Stockholder. By way of example, notwithstanding anything in this Agreement to the contrary, this Agreement shall not restrict the advisory
or investment banking services offered by the Macquarie Stockholder, the UBS Stockholder, the BofA Stockholders, the Blackstone Group Stockholders, or their respective Affiliates, and shall not restrict the ability of the Macquarie Stockholder, the
UBS Stockholder, the BofA Stockholders, the Blackstone Group Stockholders, 

  
 16 

 
or their respective Affiliates, to Transfer, pledge or encumber Equity Securities on behalf of their respective clients, or any Transfer, pledge or encumbrance made by any Affiliate of any of the
Blackstone Group Stockholders, the Macquarie Stockholder, the UBS Stockholder or the BofA Stockholders to the extent the business of such Affiliate is to trade for its account or the account of others (e.g., an asset manager or equity fund)
(an “Equity Trading Business”); provided, that, to the extent any of the Macquarie Stockholder, the UBS Stockholder, the BofA Stockholders or the Blackstone Group Stockholders is a Significant Stockholder, the Macquarie
Stockholder, the UBS Stockholder, the BofA Stockholders or the Blackstone Group Stockholder, or a transferee of any of such Significant Stockholders that is an Affiliate, as applicable, maintains, in accordance with its customary internal and
industry practice, an information wall between the Macquarie Stockholder, the UBS Stockholder, the BofA Stockholders or the Blackstone Group Stockholders, as applicable, and its Affiliate engaged in an Equity Trading Business. 

SECTION 4.5. Amendments and Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of
this Agreement shall be effective without the approval of the Company and Stockholders holding a majority of the outstanding Common Stock (on an as-exercised basis, in the case of Class A Warrants) held by all Stockholders; provided,
however, that (i) Agreement may not be amended, modified or waived in any manner adversely affecting the rights or obligations of any Stockholder which does not, by its terms, adversely affect the rights or obligations of all similarly
situated Stockholders in a substantially similar manner without the consent of such Stockholder; (ii) no amendment, modification or waiver to Section 2.1 (directly or by amendment of the definitions used therein) shall adversely
affect the rights of a Stockholder to designate nominee(s) for election to the Board (and, in the case of the Crestview Stockholder, to have one of its Director nominees appointed as lead director) without the consent of such Stockholder;
(iii) no amendment, modification or waiver to any of Article III, Section 4.4 or Section 4.20 (directly or by amendment, modification or waiver of the definitions used therein) shall seek to restrict, or further
restrict, the activities of, or impose additional Transfer restrictions with respect to securities of the Company held by, any Stockholder or its Affiliates without the consent of such Stockholder; (iv) none of Section 2.3,
Section 3.1(b) or Section 4.20(d) may be amended (directly or by amendment, modification or waiver of the definitions used therein) without the consent of the Macquarie Stockholder; (v) amendment, modification or waiver
of this Section 4.5 shall require the consent of each Stockholder; and (vi) any Stockholder may terminate or waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose. 

SECTION 4.6. Successors, Assigns and Transferees. Except as expressly set forth herein, this Agreement shall bind and inure to the
benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. 
 SECTION 4.7.
Legend. 
 (a) Restrictive Legend. All certificates representing Equity Securities held by each Significant
Stockholder shall bear a legend substantially in the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDERS’ 

  
 17 

 
AGREEMENT, DATED AS OF SEPTEMBER 16, 2011, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE ISSUER.” 
 (b) Securities Act Legend. All certificates representing the Equity Securities or shares of Company Straight Preferred held by each Stockholder shall bear a legend substantially in the following
form: 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.” 
 (c) Upon request of any Stockholder and receipt by the Company of an
opinion of counsel, in form and substance reasonably satisfactory to the Company, to the effect that the legend in clause (b) is no longer required under the Securities Act and applicable state securities Laws, the Company shall promptly cause
such legend to be removed from any certificate for any securities to be Transferred in accordance with the terms of this Agreement; provided, however, that an opinion of counsel shall not be required for a Transfer by any Stockholder
that is (i) a partnership Transferring all of the assets owned by it to its partners or former partners, pro rata in accordance with their respective partnership interests, (ii) a corporation Transferring to a wholly-owned
Subsidiary or a parent corporation that owns all of the capital stock of such Stockholder, (iii) a limited liability company Transferring all of the assets owned by it to its members or former members, pro rata in accordance with their
respective interests in the limited liability company, (iv) an individual Transferring to such Stockholder’s family member or trust for the benefit of such Stockholder, or (v) Transferring its securities to any Affiliate of such
Stockholder, in the case of an institutional Stockholder, or other Person under common management with such Stockholder; provided, further, that the Transferee in each case agrees to be subject to the restrictions in this section. The
legend set forth in Section 4.7(a) shall be automatically removed upon the expiration of the Transfer restrictions set forth in this Agreement or upon any Excluded Transfer (other than any Excluded Transfer pursuant to clause (i) of
the definition thereof). 
 SECTION 4.8. Notices. All notices and other communications to be given to any party hereunder
shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or when received in the form of a facsimile or other electronic transmission (receipt confirmation requested), and
shall be directed to the address set forth below (or at such other address or facsimile number as such party shall designate by like notice): 

  
 18 

 if to the Company, to: 

Cumulus Media Inc. 
 3280 Peachtree Road, N.W. 
 Suite 2300 

Atlanta, Georgia 30305 
 Attention: Richard S. Denning, Esq. 
 Fax: (404) 949-0740 

with a copy (which shall not constitute notice) to: 
 Jones Day 
 1420 Peachtree Street, N.E. 

Suite 800 

Atlanta, Georgia 30309-3053 
 Attention: John E. Zamer, Esq. 
 Fax: (404) 581-8330 

if to any other Stockholder, to the address of such other Stockholder as shown in Schedule A attached to this Agreement.

 SECTION 4.9. Further Assurances. At any time or from time to time after the date hereof, the parties agree to
cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the
consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 SECTION
4.10. Entire Agreement; Third Party Beneficiaries. Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, that they may have related to the subject matter hereof in any way. This Agreement is not intended to confer in or on behalf of
any Person not a party to this Agreement any rights, benefits, causes of action or remedies with respect to the subject matter or any provision thereof. 
 SECTION 4.11. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party
under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance
thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by Law, or otherwise afforded to any party, shall be
cumulative and not alternative. 

  
 19 

 SECTION 4.12. Governing Law. This Agreement will be governed by and construed in
accordance with the Laws of the State of Delaware applicable to contracts made and to be performed within the State of Delaware, without giving effect to conflicts of law rules that would require or permit the application of the Laws of another
jurisdiction. 
 SECTION 4.13. Specific Performance; Jurisdiction. 

(a) The parties agree that irreparable damage would occur for which money damages would not suffice in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that the parties would not have any adequate remedy at law. It is accordingly agreed that any non-breaching party shall be
entitled to an injunction, temporary restraining order or other equitable relief exclusively in the Delaware Court of Chancery enjoining any such breach and enforcing specifically the terms and provisions hereof, or in the event (but only in the
event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware or another court sitting in the state of Delaware. Each party agrees not to raise any
objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party under this Agreement. Any party
seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to post a bond or undertaking in connection with such order or injunction sought
in accordance with the terms of this Section 4.13(a). The provisions of this Section 4.13(a) are in addition to any other remedy to which any party is entitled at law, in equity or otherwise. 

(b) Each of the parties hereto irrevocably agrees that any legal action or proceeding in connection with or with respect to this
Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or
assigns shall be brought and determined exclusively in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District
Court for the District of Delaware or another court sitting in the state of Delaware. Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and
unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action in connection with or relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the
aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding in connection with or with respect to this Agreement,
(i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to serve in accordance with this Section 4.13, (ii) any claim that it or its property is exempt
or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and
(iii) to the fullest extent permitted by the applicable Law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action

  
 20 

 
or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

(c) Each of the parties hereto irrevocably consents to the service of any summons and complaint and any other process in any other action
in connection with or relating to this Agreement, on behalf of itself or its property, by the personal delivery of copies of such process to such party or by sending or delivering a copy of the process to the party to be served at the address and in
the manner provided for the giving of notices in Section 4.8. Nothing in this Section 4.13 shall affect the right of any party hereto to serve legal process in any other manner permitted by Law. 

SECTION 4.14. Waiver of Jury Trial. Each party hereby waives, to the fullest extent permitted by applicable Law, any right it may
have to a trial by jury in respect of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party (i) certifies and acknowledges that no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, and (ii) acknowledges that it understands and has considered the implications of this waiver and
makes this waiver voluntarily, and that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual waivers and certifications in this Section 4.14. 

SECTION 4.15. Termination of Existing Stockholder Agreements. Each of the Company and each Stockholder that is a party to any of
the Existing Stockholder Agreements hereby consent to, and agree, that each of the Existing Stockholder Agreements shall be, and hereby is, terminated effective as of the date of this Agreement. 

SECTION 4.16. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 4.17. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and will not affect the meaning or interpretation of this Agreement. 
 SECTION 4.18. Counterparts; Facsimile
Signatures. This Agreement may be executed in counterparts, each of which shall constitute one and the same instrument. Signatures provided by facsimile or electronic transmission in “pdf” or equivalent format will be deemed to be
original signatures. 

  
 21 

 SECTION 4.19. Certain Indemnification Matters. The Company hereby acknowledges that
an Indemnitee (as defined in the Charter) who is an officer, director, partner, member, manager, employee, managing director or Affiliate of, or a Director nominee pursuant to Section 2.1 of, a Stockholder (each such Indemnitee, a
“Specified Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance pursuant to charter documents, constitutive agreements or other agreements with such Stockholder or Affiliates of such
Stockholder or other Person (other than the Company and its Affiliates) of which such Specified Indemnitee is an officer, director, partner, member, manager, employee, managing director or Affiliate (collectively, the “Secondary
Indemnitors”). In furtherance of the foregoing, the Company hereby covenants and agrees as follows: 
 (a) The Company
shall be the indemnitor of first resort for any claims or proceedings (collectively, “Covered Claims”) for which any Specified Indemnitee is entitled, under the Charter or otherwise, to indemnification by the Company (i.e.,
the Company’s obligations to each such Specified Indemnitee with respect to any Covered Claim are primary and any obligations of any Secondary Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by any such Specified Indemnitee with respect Covered Claims are secondary). 
 (b) Subject to paragraph (b) of
Article XI of the Charter, the Company shall pay the expenses (including attorneys’ fees and expenses) incurred by any Specified Indemnitee in defending any Covered Claim in advance of such Covered Claim’s final disposition, without regard
to any rights any such Specified Indemnitee may have against any Secondary Indemnitor. 
 (c) The Company hereby irrevocably
waives, relinquishes and releases each Secondary Indemnitor from any and all claims against such Secondary Indemnitor for contribution, subrogation or any other recovery of any kind in respect of any Covered Claim. 

The Company further agrees that no advancement or payment by any Secondary Indemnitor on behalf of any such Specified Indemnitee with
respect to any Covered Claim for which any such Specified Indemnitee has sought indemnification from the Company shall affect the foregoing and any such Secondary Indemnitor shall have a right of contribution and/or subrogation to the extent of such
advancement or payment to all of the rights of recovery of such Specified Indemnitee against the Company. Any amendment, repeal or modification of this Section 4.19 shall not adversely affect any right or protection of a Specified
Indemnitee or Secondary Indemnitor existing prior to such repeal or modification. 
 SECTION 4.20. Certain Corporate
Matters. 
 (a) The parties hereby acknowledge and agree that (i) any Director who is also an officer, director,
partner, member, manager, employee, managing director or Affiliate of, or a director nominee pursuant to Section 2.1 of, any of the BofA Stockholders, the Blackstone Group Stockholders or the Crestview Stockholder (any such Director, an
“Institutional Director” and such Stockholders, together with the UBS Stockholder, collectively, the “Institutional Stockholders”) and (ii) each Institutional Stockholder and its Affiliates, may, and shall have
no duty not to, whether directly, or as a partner in any partnership, or as a joint venturer in any joint venture, or as an officer, director, manager, member or stockholder of any corporation or limited

  
 22 

 
liability company, or as an agent of or participant in any syndicate, pool, trust or association, (A) carry on and conduct, any business of any kind, nature or description, whether or not
such business is competitive with or in the same or similar lines of business as the Company, (B) do business with any client, customer, vendor or lessor of any of the Company or its Affiliates, and (C) make investments in any kind of
property or business in which the Company may make investments. 
 (b) The parties acknowledge and agree that, if any
Institutional Director acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (i) such Institutional Director or an Institutional Stockholder or its Affiliates, on the one hand, and the
Company, on the other hand, then, unless such opportunity is offered to such Institutional Director solely in such individual’s capacity as a Director, such Institutional Director shall not have any duty to offer or communicate information
regarding such corporate opportunity to the Company. To the fullest extent permitted by Section 122(17) of the General Corporation Law of the State of Delaware, the Company hereby renounces any interest or expectancy of the Company in any such
corporate opportunity and waives any claim against any Institutional Director, and shall indemnify each Institutional Director against any claim, that such Institutional Director is liable to the Company or its stockholders for breach of any
fiduciary duty solely by reason of the fact that such Institutional Director (A) pursues or acquires any corporate opportunity for his own account or the account of any Institutional Stockholder, Affiliate, or other Person with which such
Institutional Director is associated or employed, (B) directs, recommends, sells, assigns, or otherwise transfers such corporate opportunity to another Person or (C) does not communicate information regarding such corporate opportunity to
the Company; provided, however, in each case, that any corporate opportunity that is offered to any Institutional Director solely in such individual’s capacity as a Director shall belong to the Corporation. Each Stockholder (for
itself and on behalf of the Company) hereby acknowledges and consents to the foregoing. 
 (c) The Company and each Stockholder
who is entitled, pursuant to Section 2.1(b), to designate a nominee for election to the Board shall, as promptly as reasonably practicable following the date hereof, take all actions necessary or appropriate to cause the Board to adopt
and approve the provisions of this Section 4.20. 
 (d) Nothing herein creates a fiduciary duty of the Observer to
the Company, and the Company acknowledges that the Observer does not owe fiduciary duties to the Company under applicable Law. 

SECTION 4.21. Blackstone Group Stockholders. Blackstone hereby covenants and agrees with the Company to, cause each other
Blackstone Group Stockholder to comply with the provisions of this Agreement as though such other Blackstone Group Stockholder were a Stockholder party to this Agreement, including voting and executing written consents in respect of, and causing to
be counted as present at stockholder meetings of the Company for purposes of obtaining a quorum, the shares of Common Stock owned by each other Blackstone Group Stockholder. 

  
 23 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 5.1. Representations and
Warranties of the Company. The Company represents and warrants to each Stockholder as follows: 
 (a) the Company has all
requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and
constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except to the extent that the enforcement hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar Laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity; and 

(b) the execution and delivery of this Agreement by the Company, the performance of its obligations hereunder, and the consummation of
the transactions contemplated hereby will not violate, conflict with or result in a breach, or constitute a default (with or without notice or lapse of time or both) under any provision of the Charter or Bylaws. 

SECTION 5.2. Representations and Warranties of the Stockholders. Each Stockholder, severally and not jointly, represents and
warrants, solely with respect to itself, to each other Stockholder and to the Company as follows: 
 (a) such Stockholder has
all requisite power and authority to enter into this Agreement and to perform its obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by such Stockholder and
constitutes a valid and binding obligation of such Stockholder enforceable against such Stockholder in accordance with its terms, except to the extent that the enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar Laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity; and 

(b) the execution and delivery of this Agreement by such Stockholder, the performance of its obligations hereunder, and the consummation
of the transactions contemplated hereby will not violate, conflict with or result in a breach, or constitute a default (with or without notice or lapse of time or both) under any provision of its charter, bylaws or other similar organizational
documents. 
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 24 

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders’ Agreement to be
executed effective as of the date set forth in the first paragraph hereof. 
  

			
	CUMULUS MEDIA INC.
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

		 	Name: Lewis W. Dickey, Jr.
		 	 Title:   Chairman, President and
             Chief Executive Officer

 Stockholders’ Agreement 

 
			
	CRESTVIEW RADIO INVESTORS, LLC
		
	By:	 	Crestview Partners II, L.P., its managing member
		
	By:	 	Crestview Partners II GP, L.P., its general partner
		
	By:	 	Crestview, L.L.C., its general partner
		
	By:	 	 /s/ Thomas S. Murphy, Jr.

		 	Name: Thomas S. Murphy, Jr.
		 	Title: Managing Director

 Stockholders’ Agreement 

 
			
	MIHI LLC
		
	By:	 	 /s/ Tobias Bachteler

		 	Name: Tobias Bachteler
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Andrew Underwood

		 	Name: Andrew Underwood
		 	Title: Authorized Signatory

 Stockholders’ Agreement 

 
			
	UBS SECURITIES LLC
		
	By:	 	 /s/ Craig Klien

		 	Name: Craig Klien
		 	Title:   UBS Securities LLC Executive Director
		
	By:	 	 /s/ Marybeth Ross

		 	Name: Marybeth Ross
		 	Title:   Executive Director

 Stockholders’ Agreement 

 
					
	BLACKSTONE FC COMMUNICATIONS PARTNERS L.P.
		
	By:	 	BCMA FCC L.L.C., its general partner
		
	By:	 	 /s/ Stephen A. Schwarzman

		 	Name:	 	Stephen A. Schwarzman
		 	Title:	 	Founding Member

 Stockholders’ Agreement 

 
			
	DICKEY GROUP STOCKHOLDERS:
	
	 /s/ Lewis W. Dickey, Jr.

	Lewis W. Dickey, Jr.
	
	 /s/ John W. Dickey

	John W. Dickey
	
	 /s/ David W. Dickey

	David W. Dickey
	
	 /s/ Michael W. Dickey

	Michael W. Dickey
	
	 /s/ Lewis W. Dickey, Sr.

	Lewis W. Dickey, Sr.
	
	DBBC, L.L.C.
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

		 	Name: Lewis W. Dickey, Jr.
		 	Title: Manager

 Stockholders’ Agreement 

 
			
	BOFA STOCKHOLDERS:
	
	BA CAPITAL COMPANY, L.P.
		
	By:	 	RE SBIC Management, LLC, its general partner
		
	By:	 	RE Equity Management, L.P., its sole member
		
	By:	 	RE Equity Management GP, LLC, its general partner
		
	By:	 	 /s/ Robert H. Sheridan III

		 	Name: Robert H. Sheridan III
		 	Title:   Member and Authorized Signatory
	
	BANC OF AMERICA CAPITAL INVESTORS SBIC, L.P.
		
	By:	 	Ridgemont Capital Management SBIC, LLC, its general partner
		
	By:	 	Ridgemont Capital Management, L.P., its sole member
		
	By:	 	REP I GP, LLC, its general partner
		
	By:	 	 /s/ Robert H. Sheridan III

		 	Name: Robert H. Sheridan III
		 	Title:   Member and Authorized Signatory

 Stockholders’ Agreement

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