Document:

Exhibit

Exhibit 10.11

Cumulus Media Inc.
Description of 2017 Non-Equity Incentive Plans

Awards to the Company’s executive officers under the Company’s 2017 quarterly incentive plan (the “2017 QIP”) are based on the Company achieving budgeted adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) levels. The target cash incentive award opportunity available to each executive officer under the 2017 QIP is calculated as a percentage of each executive officer’s base salary, all in accordance with the terms of each such officer’s employment agreement.

Under the 2017 QIP, performance is measured at the end of each quarter, beginning with the quarter ended March 31, 2017, based on year-to-date performance at the end of the respective quarter. If target performance levels for the year-to-date period have been met or exceeded, 25% of the total annual target bonus will be awarded following applicable quarter end. If, at the completion of any quarter, target performance levels for the year-to-date period (other than the full year period) have not been met, no payment will be made for that period.

Following the end of the year, actual annual performance is compared to the threshold, target and maximum performance goals. If the Company achieves the full-year 2017 threshold EBITDA goal, each executive officer will be entitled under the 2017 QIP to a total payout for the full year equal to 25% of his or her respective 2017 QIP target award opportunity. If the Company meets or exceeds the full-year 2017 maximum EBITDA goal, each executive officer will be entitled under the 2017 QIP to a total payout for the full year equal to 150% of his or her respective 2017 QIP target award opportunity. Actual performance between threshold and target or target and maximum will result in payout amounts determined by linear interpolation. The payout amount calculated for performance over the full-year period will be reduced by payments previously made for the quarterly periods in 2017.

The Company’s 2017 Supplemental Incentive Plan (the “2017 SIP”) was approved to provide participants the opportunity to earn cash payments in ratable installments over the final three fiscal quarters of 2017, based on the Company’s year-to-date performance at the end of the respective period. In order to be eligible to participate in the 2017 SIP, participants were required to agree to the cancellation of all of their respective outstanding equity incentive awards.

The 2017 SIP provided payouts only in the event the Company’s EBITDA performance met or exceeded applicable levels after taking into account the proposed 2017 SIP payouts, making the program self-funding. Specifically, performance under the 2017 SIP is measured, and payments are made, as of the end of each applicable period, based on the Company’s EBITDA after giving effect to any such proposed payments. If target performance levels for the year-to-date period have been met or exceeded, one-third of the total annual 2017 SIP target bonus is awarded following each period end. If, after giving effect to such payments target performance levels for the year-to-date period (other than the full year period) have not been met, no payment are made following the applicable quarter. Under the 2017 SIP, target award opportunities for each executive officer were as follows: Ms. Berner ($1,470,000), Mr. Abbot ($587,500), Ms. Grimes ($120,000), and Mr. Denning ($480,000).
Following the end of the year, actual annual EBITDA performance is compared to the threshold, target and maximum performance goals, and payouts, if any, are determined in the same manner as under the 2017 QIP, except that under the 2017 SIP, EBITDA performance is determined after giving effect to such proposed payments and awards made at previous quarter ends that have been paid is subject to repayment by the affected executive in the event the affected executive resigns his or her employment with the Company prior to year-end.Exhibit

Exhibit 10.12

Cumulus Media Inc.
Description of 2018 Non-Equity Incentive Plans

Awards to the executive officers under the Company’s 2018 quarterly incentive plan (the “2018 QIP”) will be based on the Company achieving budgeted adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) levels. The target cash incentive award opportunity available to each executive officer under the 2018 QIP is calculated as a percentage of each executive officer’s base salary, all in accordance with the terms of each such officer’s existing employment agreement.

Under the 2018 QIP, performance is measured at the end of each quarter, based on year-to-date performance at the end of the respective quarter. If target performance levels for the year-to-date period have been met or exceeded, 25% of the total annual target bonus will be awarded following applicable quarter end. If, at the completion of any quarter, target performance levels for the year-to-date period (other than the full year period) have not been met, no payment will be made for that period.

Following the end of the year, actual annual performance will be compared to the threshold, target and maximum performance goals. If the Company achieves the full-year 2018 threshold EBITDA goal, each executive officer will be entitled under the 2018 QIP to a total payout for the full year equal to 25% of his or her respective 2018 QIP target award opportunity. If the Company meets or exceeds the full-year 2018 maximum EBITDA goal, each executive officer will be entitled under the 2018 QIP to a total payout for the full year equal to 150% of his or her respective 2018 QIP target award opportunity. Actual performance between threshold and target and target and maximum will result in payout amounts determined by linear interpolation. The payout amount calculated for performance over the full-year period will be reduced by payments previously made for the quarterly periods in 2018.

The Company’s 2018 Supplemental Incentive Plan (the “2018 SIP”) provides participants the opportunity to earn cash payments in ratable installments over the fiscal quarters of 2018, based on the Company’s year-to-date performance at the end of the respective period. 

The 2018 provides payouts only in the event the Company’s EBITDA performance meets or exceeds applicable levels after taking into account the proposed 2018 SIP payouts, making the program self-funding. Specifically, performance under the 2018 SIP will be measured, and payments will be made, as of the end of each applicable period, based on the Company’s EBITDA after giving effect to any such proposed payments. If target performance levels for the year-to-date period have been met or exceeded, one-quarter of the total annual 2018 SIP target bonus will be awarded following each period end. If, after giving effect to such payments target performance levels for the year-to-date period (other than the full year period) have not been met, no payment will be made following the applicable quarter. Under the 2018 SIP, target award opportunities for each executive officer are as follows: Ms. Berner ($1,470,000), Mr. Abbot ($587,500), Ms. Grimes ($120,000), and Mr. Denning ($480,000).

Following the end of the year, actual annual EBITDA performance will be compared to the threshold, target and maximum performance goals, and payouts, if any, will be determined in the same manner as under the 2018 QIP, except that under the 2018 SIP, EBITDA performance will be determined after giving effect to such proposed payments and awards made at previous quarter ends that have been paid will be subject to repayment by the affected executive in the event the affected executive resigns his or her employment with the Company prior to year-end.Exhibit

Exhibit 10.18
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This Third Amendment to Employment Agreement (“Third Amendment”) is made by and between Richard S. Denning (“Executive”) and Cumulus Media Inc. (“Company”) on this 25th day of October, 2017.
WHEREAS, Executive and Company are parties to that certain Employment Agreement dated November 29, 2011, as amended by that First Amendment to Employment Agreement dated March 30, 2016 and further amended by that Second Amendment to Employment Agreement dated August 26, 2016 (collectively, “Agreement”); and 
WHEREAS, the Parties wish to modify the terms of the Agreement in accordance with the terms hereof;
NOW THEREFORE, the Parties in consideration of the mutual promises set forth herein, hereby agree as follows:
1.The following definition of “Change in Control” shall supersede the definition of “Change in Control” set forth in Section 5.4 of the Agreement:
“For purposes of this Agreement, “Change in Control” means the date that: (i) any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock of the Company held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; provided, if any one person, or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a “change in control”; (ii) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) ownership of the Company’s stock possessing thirty percent (30%) or more of the total voting power of the stock of the Company; (iii) a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; (iv) a consummation of a merger or consolidation involving the Company or in which Company securities are issued unless the individuals who held Company voting securities immediately prior to consummation of such transaction continue to hold at least 50% of the voting power of the stock of the Company immediately following consummation of such transaction; or (v) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions (for this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets); provided, however, a transfer of assets by the Company is not treated as a “change in control” if the assets are transferred to (a) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to his/her/its stock, (b) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power 

of all the outstanding stock of the Company, or (d) an entity, at least fifty percent (50%) of the total value or voting power of which is owed, directly or indirectly, by a person described in clause (c) hereof.”
2.    All capitalized terms used herein, unless given specific definitions in this Third Amendment shall have the definition ascribed to such terms in the Agreement.
3.    This Third Amendment shall be effective as of the date first written above (the “Effective Date”).
4.    Except as expressly amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.
5.    This Third Amendment may be executed in any number of counterparts, each of which when taken together shall constitute one and the same original instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this Third Amendment the day and year indicated herein.
COMPANY
Cumulus Media Inc.
By:     
Name:     
Title:    

EXECUTIVE

 
Richard S. Denning

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