Document:

EX-10.3

 Exhibit 10.3 

AUDACY EMPLOYEE STOCK PURCHASE PLAN 

							
			
	 1.
	 	 Purpose of the Plan
	  	 	1	 
			
	 2.
	 	 Definitions
	  	 	1	 
			
	 3.
	 	 Administration of the Plan
	  	 	3	 
			
	 4.
	 	 Stock Subject to the Plan
	  	 	3	 
			
	 5.
	 	 Offering Periods
	  	 	4	 
			
	 6.
	 	 Eligibility
	  	 	4	 
			
	 7.
	 	 Payroll Deductions
	  	 	5	 
			
	 8.
	 	 Purchase Rights
	  	 	6	 
			
	 9.
	 	 Accrual Limitations
	  	 	9	 
			
	 10.
	 	 Effective Date and Term of the Plan
	  	 	10	 
			
	 11.
	 	 Amendment and Termination
	  	 	11	 
			
	 12.
	 	 General Provisions
	  	 	11	 

  

 1.    PURPOSE OF THE PLAN 

The Audacy Employee Stock Purchase Plan is intended to promote the interests of the Company (as defined in Article 2) by providing Eligible
Employees (as defined in Article 2) of a Participating Employer (as defined in Article 2) with the opportunity to acquire a proprietary interest in the Company through participation in a payroll deduction-based employee stock purchase plan designed
to qualify under section 423 of the Internal Revenue Code of 1986, as amended. The Plan (as defined in Article 2) is not intended and shall not be construed as constituting an “employee benefit plan” within the meaning of section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended. 
 2.    DEFINITIONS 

(a)    “1933 Act” shall mean the Securities Act of 1933, as amended. 

(b)    “Board” shall mean the Company’s Board of Directors. 

(c)    “Change of Control” shall be deemed to have occurred if: 

(i)    Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (other
than persons who are shareholders of the Company on the date the Plan is adopted) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of all votes required to elect a majority of the Board, provided that a Change of Control shall not be deemed to occur as a result of a change of ownership resulting from the death of a shareholder; 

(ii)    The consummation by the Company of (A) a merger or consolidation of the Company with another
corporation where the shareholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such shareholders to more than 50% of all votes required
to elect a majority of the board of directors of the surviving corporation or (B) the consummation of an agreement (or agreements) providing for the sale or disposition by the Company of all or substantially all of the assets of the Company;

 (iii)    The shareholders of the Company approve an agreement providing for a liquidation or
dissolution of the Company; or 
 (iv)    Any person has completed a tender offer or exchange offer for
shares representing more than 50% of all votes required to elect a majority of the Board. 
 (d)    
“Code” shall mean the Internal Revenue Code of 1986, as amended, and any regulations issued from time to time thereunder. 

(e)    “Common Stock” shall mean the Class A common stock of the Company. 

(f)    “Company Affiliate” shall mean any U.S. subsidiary corporation that is wholly-owned by the
Company, whether now existing or subsequently established. 
  

  
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 (g)    “Company” shall mean Audacy, Inc., and any
corporate successor to all or substantially all of the assets or voting stock of Audacy, Inc. that shall adopt the Plan. 

(h)    “Cash Compensation” shall mean (i) the regular hourly wages or base salary paid to a
Participant by one or more Participating Employers during the Participant’s period of participation in one or more Offering Periods under the Plan, plus (ii) all overtime and commission payments received during such period. Such Cash
Compensation shall be calculated before deduction of (A) any income or employment tax withholdings or (B) any contributions made by the Participant to any Code section 401(k) salary deferral plan, any Code section 125 cafeteria benefit
program or any Code section 132(f)(4) transportation fringe benefit program now or hereafter established by the Company or any Company Affiliate. However, Cash Compensation shall not include any contributions made by the Company or any Company
Affiliate on the Participant’s behalf to any employee benefit or welfare plan now or hereafter established (other than Code section 401(k), Code section 125, or Code section 132(f)(4) contributions deducted from such Cash Compensation). 

(i)    “Effective Date” shall mean May 12, 2016. 

(j)    “Eligible Employee” shall mean any person who is employed by a Participating Employer as an
employee on a basis under which he or she is regularly expected to render more than twenty hours of service per week and for more than five months per calendar year and has completed at least one year of employment with a Participating Employer.
Notwithstanding any provision contained in the Plan to the contrary, unless otherwise required in order to maintain the qualified status of the Plan under Section 423 of the Code, the following individuals shall be excluded from participation
in the Plan: (i) any individual who is classified by a Participating Employer as an independent contractor, or (ii) who is otherwise treated by a Participating Employer as other than an employee on its payroll records, including any
individual who has signed a document stating that he or she is not eligible to participate in Company benefits, or any leased employee within the meaning of Code section 414(n) or other leased employee, temporary employee, freelancer, lease-to-hire worker, common law employee or worker who performs services for a Participating Employer and who is paid by a job agency or similar outside employment or
staffing agency, regardless of whether any of the above such individuals are subsequently determined by the Internal Revenue Service, the U.S. Department of Labor or a court to be employees. 

(k)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(l)    “Fair Market Value” per share of Common Stock on any relevant date shall be determined in
accordance with the following provisions: 
 (i)    If the principal trading market for the Common Stock
is a national securities exchange or market, the last reported sale price thereof on the relevant date or (if there were no trades on that date or if the Committee determines otherwise in its discretion) the latest preceding date upon which a sale
was reported, or 
 (ii)    If the Common Stock is not principally traded on a national securities
exchange or market, the mean between the last reported “bid” and “asked” prices 

  
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of Common Stock on the relevant date, as reported on Nasdaq or, if not so reported, as reported by the National Daily Quotation Bureau, Inc. or as reported in a customary financial reporting
service, as applicable and as the Plan Administrator determines. 
 (iii)    If the Common Stock is not
publicly traded or, if publicly traded but not subject to reported transactions or “bid” or “asked” quotations as set forth above, the Fair Market Value per share shall be as determined by the Plan Administrator on the basis of
available prices for such Common Stock or in such manner as may be authorized by applicable regulations under the Code. 

(m)    “Offering Period” shall mean the period during which shares of Common Stock shall be offered for
purchase under the Plan as described in Section 5. 
 (n)     “Participant” shall mean any
Eligible Employee of a Participating Employer who is actively participating in the Plan. 

(o)    “Participating Employer” shall mean the Company, Company Affiliates, and such other subsidiary
and/or affiliate companies as may be authorized from time to time by the Board to extend the benefits of the Plan to their Eligible Employees, subject to the requirements of applicable law. 

(p)    “Plan” shall mean the Audacy Employee Stock Purchase Plan, as set forth in this document, and as
amended from time to time. 
 (q)    “Plan Administrator” shall mean the committee appointed by the
Board to administer the Plan or its designee. 
 (r)    “Purchase Date” shall mean the last business
day of each Offering Period. The initial Purchase Date shall be September 30, 2016. 
 3.    ADMINISTRATION OF THE PLAN 

The Plan Administrator shall have full discretionary authority to interpret and construe any provision of the Plan and to adopt such rules and
regulations for administering the Plan as it may deem necessary in order to comply with the requirements of Code section 423. Decisions of the Plan Administrator shall be final and binding on all parties having an interest in the Plan. As a
condition of participating in the Plan, all Participants must acknowledge, in writing or by completing the enrollment forms to participate in the Plan, that all decisions and determinations of the Plan Administrator shall be final and binding on the
Participant, his or her beneficiaries and any other person having or claiming an interest under the Plan on behalf of the Participant. The Plan Administrator may delegate its ministerial duties to one or more subcommittees or to a third party
administrator, as it deems appropriate. 
 4.    STOCK SUBJECT TO PLAN 

(a)     Number of Shares. Subject to adjustment as described below, the aggregate number of shares of Common Stock
that may be issued or transferred under the Plan is One Million (1,000,000) shares. 

  
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 (b)     Adjustment. If there is any change in the number or kind
of shares of Common Stock outstanding by reason of any stock split or reverse stock split, stock dividend, spinoff, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without
the Company’s receipt of consideration, the Plan Administrator shall make appropriate adjustments, as determined by the Plan Administrator in its sole discretion, to (i) the maximum number and class of securities issuable under the Plan,
(ii) the maximum number and class of securities purchasable per Participant on any Purchase Date, (iii) the maximum number and class of securities purchasable in total by all Participants on any Purchase Date, if applicable, and
(iv) the number and class of securities and the price per share in effect under each outstanding purchase right, in order to prevent the dilution or enlargement of benefits thereunder. In addition, the Plan Administrator shall have discretion
to make the foregoing equitable adjustments in any circumstances in which an adjustment is not mandated by this Section 4(b) or applicable law. Any adjustments made by the Plan Administrator shall be consistent with Code section 423 and shall
be final, binding and conclusive. 
 5.    OFFERING PERIODS 

(a)     Limitations. Shares of Common Stock shall be offered for purchase under the Plan through a series of
consecutive Offering Periods until such time as the Plan terminates as set forth in Section 10(b). 
 (b)    
Duration of Offering Period. Each Offering Period shall be of such duration (not to exceed twenty-seven months) as shall be determined by the Plan Administrator prior to the beginning of such Offering Period. Unless the Plan Administrator
determines otherwise before the beginning of the Offering Period, Offering Periods shall commence at three-month intervals on each January 1, April 1, July 1 and October 1 (or the next business day, if such date is not a business
day) over the term of the Plan, and each Offering Period shall last for three months, ending on March 31, June 30, September 30 or December 31, as the case may be (or the closest business day preceding such date, if such date is
not a business day). Accordingly, unless the Plan Administrator determines otherwise, four separate Offering Periods shall commence in each calendar year during which the Plan remains in existence. 

6.    ELIGIBILITY 

(a)     Commencement of Participation. Each individual who is an Eligible Employee on the start date of any Offering
Period under the Plan may enter that Offering Period on such start date. However, an Eligible Employee may participate in only one Offering Period at a time, to the extent applicable. 

(b)     Limitation on Participation. Under no circumstances shall purchase rights be granted under the Plan to any
Eligible Employee if such individual would, immediately after the grant, own (within the meaning of Code section 424(d)) or hold outstanding options or other rights to purchase, stock possessing 5% or more of the total combined voting power or value
of all classes of stock of the Company or any Company Affiliate. 
 (c)     Enrollment Forms. Except as otherwise
provided in Section 6(a) above, in order to participate in the Plan for a particular Offering Period, an Eligible Employee must 

  
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complete enrollment forms prescribed by the Plan Administrator (including a stock purchase agreement and a payroll deduction authorization) and file such forms with the Plan Administrator at such
time on or before the beginning of that Offering Period, in such manner as determined by the Plan Administrator (which may include electronic submission). An Eligible Employee who is actively participating in the Plan shall automatically be enrolled
as a Participant for the next Offering Period, unless the Eligible Employee elects otherwise at least seven days prior to the beginning of the next Offering Period (or by such other date as the Plan Administrator determines) by filing the
appropriate form with the Plan Administrator. 
 7.    PAYROLL DEDUCTIONS 

(a)     Elections. The payroll deduction authorized by the Participant for purposes of acquiring shares of Common
Stock during an Offering Period may be any multiple of 1% of the Cash Compensation paid to the Participant during each Offering Period, up to a maximum of 15% of Cash Compensation. The deduction rate so authorized shall continue in effect
throughout the Offering Period, except to the extent such rate is changed in accordance with the following guidelines: 

(i)    The Participant may, at any time during the Offering Period, reduce his or her rate of payroll
deduction to zero to become effective as soon as possible after filing the appropriate form with the Plan Administrator. Following the effectiveness of such payroll rate reduction, the Participant will continue to participate in the Offering Period
with the payroll deductions accrued prior to the reduction, unless the Participant requests a refund. Except as provided in this Section 7(a)(i), in no event may a Participant increase or otherwise change the rate of payroll deduction during an
Offering Period. 
 (ii)    Prior to the commencement of any new Offering Period, a Participant may
increase the rate of his or her payroll deduction by filing the appropriate form with the Plan Administrator. The new rate (which may not exceed the 15% of Cash Compensation maximum) shall become effective on the start date of the first Offering
Period following the filing of such form. 
 (b)     Commencement. Payroll deductions shall begin on the
first pay day as of which commencement is administratively feasible following the beginning of the Offering Period and shall (unless sooner terminated by the Participant) continue through the pay day ending with or immediately prior to the last day
of that Offering Period. The amounts so collected shall be credited to a book account established on the Company’s records for the Participant. No interest shall accrue on the balance from time to time outstanding in such account. The amounts
collected from the Participant shall not be required to be held in any segregated account or trust fund and may be commingled with the general assets of the Company and used for general corporate purposes. 

(c)     Cessation of Payroll Deductions. Payroll deductions shall automatically cease upon the termination of the
Participant’s purchase right in accordance with the Plan. 
 (d)     No Requirement to Purchase. The
Participant’s acquisition of Common Stock under the Plan on any Purchase Date shall neither limit nor require the Participant’s acquisition of Common Stock on any subsequent Purchase Date, whether within the same or a different Offering
Period. 

  
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 8.    PURCHASE RIGHTS 

(a)     Grant of Purchase Rights. A Participant shall be granted a separate purchase right for each Offering Period
in which he or she is enrolled. The purchase right shall be granted on the start date of the Offering Period and shall provide the Participant with the right to purchase shares of Common Stock, upon the terms set forth below. To the extent required
by the Plan Administrator, the Participant shall execute a stock purchase agreement embodying such terms and such other provisions (not inconsistent with the Plan) as the Plan Administrator may deem advisable. 

(b)     Exercise of the Purchase Right. Each purchase right shall be automatically exercised on the Purchase
Date for the Offering Period, and shares of Common Stock shall accordingly be purchased on behalf of each Participant on the Purchase Date. The purchase shall be effected by applying the Participant’s payroll deductions for the Offering Period
to the purchase of whole shares of Common Stock at the purchase price in effect for the Participant for that Purchase Date. 

(c)     Purchase Price. Unless the Plan Administrator determines otherwise prior to the beginning of the
Offering Period, the purchase price per share at which Common Stock will be purchased on the Participant’s behalf on each Purchase Date shall be equal to 85% of the Fair Market Value per share of Common Stock on the Purchase Date. The Plan
Administrator may change the purchase price prior to the beginning of an Offering Period, provided that the purchase price may not be less than the 85% of the lower of (i) the Fair Market Value per share of Common Stock on the start date of
that Offering Period or (ii) the Fair Market Value per share of Common Stock on the Purchase Date. 
 (d)    
Number of Purchasable Shares. The number of shares of Common Stock purchasable by a Participant on each Purchase Date shall be the number of whole shares obtained by dividing the amount collected from the Participant through payroll deductions
during the Offering Period by the purchase price in effect for the Participant for that Purchase Date. However, the maximum number of shares of Common Stock that may be purchased by a Participant on any one Purchase Date shall not exceed 2,000
shares, subject to adjustment as described in Section 4(b) and this Section 8(d) and subject to the accrual limitation under Article 9 below. In addition, the Plan Administrator shall have the discretionary authority, exercisable prior to
the start of any Offering Period, to determine whether there will be a maximum number of shares of Common Stock that may be purchased in total by all Participants in the Plan on any Purchase Date, subject to adjustment as described in
Section 4(b) and the accrual limitation under Article 9 below. The Plan Administrator shall have the discretionary authority, exercisable prior to the start of any Offering Period, to increase or decrease the limitation to be in effect for the
number of shares of Common Stock that may purchased by a Participant on each Purchase Date, subject to the accrual limitation under Article 9 below and the adjustment described in Section 4(b) above. 

(e)     Excess Payroll Deductions. Any payroll deductions that are not applied to the purchase of shares of Common
Stock on any Purchase Date because they are not sufficient to 

  
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purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next Purchase Date, unless the Participant requests a refund. However, any payroll deductions not
applied to the purchase of Common Stock by reason of the limitations on the maximum number of shares purchasable per Participant or in total by all Participants on the Purchase Date shall be promptly refunded. 

(f)     Suspension of Payroll Deductions. In the event that a Participant is, by reason of the accrual limitations
in Article 9, precluded from purchasing additional shares of Common Stock on a Purchase Date, then no further payroll deductions shall be collected from such Participant with respect to that Purchase Date. Payroll deductions shall
automatically resume on behalf of the Participant at the beginning of the first Offering Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 8(g) below.  

(g)     Withdrawal from Offering Period. The following provisions shall govern the Participant’s withdrawal
from an Offering Period: 
 (i)    A Participant may withdraw from the Offering Period in which he or she
is enrolled at any time prior to the Purchase Date (or by such other date as the Plan Administrator determines) by filing the appropriate form with the Plan Administrator within ten days prior to the Purchase Date (or such other date as the Plan
Administrator determines), and no further payroll deductions shall be collected from the Participant with respect to that Offering Period. Any payroll deductions collected during the Offering Period in which such withdrawal occurs shall, at the
Participant’s election, be promptly refunded or held for the purchase of shares on the Purchase Date. If no such election is made at the time of such withdrawal, then the payroll deductions collected from the Participant during the Offering
Period in which such withdrawal occurs shall be promptly refunded. 
 (ii)    The Participant’s
withdrawal from an Offering Period shall be irrevocable, and the Participant may not subsequently rejoin that Offering Period at a later date. In order to resume participation in any subsequent Offering Period, the Participant must re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the beginning of that Offering Period. 

(h)     Termination of Purchase Right. The following provisions shall govern the termination of outstanding
purchase rights: 
 (i)    If a Participant ceases to be an Eligible Employee for any reason (including
death, disability or change in status) while his or her purchase right remains outstanding, the Participant’s purchase right shall immediately terminate, and all of the Participant’s payroll deductions for the Offering Period in which the
purchase right so terminates shall be promptly refunded to the Participant. 
 (ii)    If a Participant
ceases to remain in active service by reason of an approved unpaid leave of absence, then the Participant shall have the right, exercisable at any time prior to the Purchase Date (or by such other date as the Plan Administrator determines), to
(A) withdraw all the payroll deductions collected to date on his or her behalf 

  
 7 

 
for that Offering Period or (B) have such funds held for the purchase of shares on his or her behalf on the Purchase Date. In no event, however, shall any further payroll deductions be
collected on the Participant’s behalf during such leave. Upon the Participant’s return to active service (x) within three months following the commencement of such leave or (y) prior to the expiration of any longer period for
which such Participant has a right to reemployment with the Company provided by statute or contract, his or her payroll deductions under the Plan shall automatically resume at the rate in effect at the time the leave began, unless the Participant
withdraws from the Plan prior to his or her return. An individual who returns to active employment following a leave of absence that exceeds in duration the applicable (x) or (y) time period will be treated as a new Eligible Employee for
purposes of subsequent participation in the Plan and must accordingly re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before his or her scheduled start date into the
applicable Offering Period. 
 (i)     Change of Control. Unless the Plan Administrator determines otherwise
prior to the effective date of any Change of Control, in the event of a Change of Control during an Offering Period, no purchase rights will be exercised for such Offering Period and all payroll deductions accrued during an Offering Period up until
the date immediately prior to the date of the Change of Control shall be refunded to Participants. 
 (j)    
Proration of Purchase Rights. If the total number of shares of Common Stock to be purchased pursuant to outstanding purchase rights on any particular date exceeds the number of shares then available for issuance under the Plan, the Plan
Administrator shall make a pro-rata allocation of the available shares on a uniform and nondiscriminatory basis, and the payroll deductions of each Participant, to the extent in excess of the aggregate
purchase price payable for the Common Stock pro-rated to such Participant, shall be promptly refunded. 

(k)     Assignability. A purchase right shall be exercisable only by the Participant and shall not be assignable or
transferable by the Participant. 
 (l)     Stockholder Rights. A Participant shall have no stockholder rights
with respect to the shares subject to his or her outstanding purchase right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant has become a holder of record of the
purchased shares. 
 (m)     ESPP Brokerage Account; Restrictions on Sale. The shares of Common Stock purchased
on behalf of each Participant shall be deposited directly into a brokerage account which the Company shall establish for the Participant at a Company-designated brokerage firm. The account will be known as the ESPP Brokerage Account. The following
policies and procedures shall be in place for any shares deposited into the Participant’s ESPP Brokerage Account until those shares have been held for the requisite period necessary to avoid a disqualifying disposition under U.S. federal tax
laws: 
 (i)    Unless the shares are sold, the shares must be held in the ESPP Brokerage Account until
the later of the following two periods: (x) the end of the two-year period measured from the start date of the Offering Period in which the shares were purchased and (y) the end of the one-year period measured from the actual Purchase Date of those shares. 

  
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 (ii)    Unless the shares are sold, the deposited shares
shall not be transferable (either electronically or in certificate form) from the ESPP Brokerage Account until the required holding period for those shares is satisfied. Such limitation shall apply both to transfers to different accounts with the
same ESPP broker and to transfers to other brokerage firms. After the required holding period, the shares may be transferred (either electronically or in certificate form) to other accounts or to other brokerage firms. 

(iii)    The foregoing procedures shall not in any way limit when the Participant may sell his or her
shares. These procedures are designed solely to assure that any sale of shares prior to the satisfaction of the required holding period is made through the ESPP Brokerage Account. In addition, the Participant may request a stock certificate or share
transfer from his or her ESPP Brokerage Account prior to the satisfaction of the required holding period should the Participant wish to make a gift of any shares held in that account. However, shares may not be transferred (either electronically or
in certificate form) from the ESPP Brokerage Account for use as collateral for a loan, unless those shares have been held for the required holding period. 

(iv)    The foregoing procedures shall apply to all shares purchased by the Participant under the Plan,
whether or not the Participant continues in employee status. 
 (n)    Notwithstanding anything to the contrary in the
Plan or any policy of the Company, the Plan Administrator may require that shares acquired under the Plan not be sold or otherwise be disposed of for a period of up to twelve (12) months following the Purchase Date on which those shares were
purchased. The foregoing restriction, if imposed, shall not apply in the event of Participant’s death to the transfer of shares to the Participant’s estate or to the subsequent sale of the shares by the estate. Shares acquired under the
Plan must be held in the Participant’s ESPP Brokerage Account during any such restriction period and may be subject to further transfer restrictions as set forth above in Section 8(m)(ii). 

9.    ACCRUAL LIMITATIONS 

(a)     Dollar Limitation. Notwithstanding anything in the Plan to the contrary, no Participant shall be entitled to
accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if and to the extent that such accrual, when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right granted
under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code section 423) of the Company or any Company Affiliate, would otherwise permit the Participant to purchase more than $25,000
worth of stock of the Company or any Company Affiliate (determined on the basis of the Fair Market Value per share on the date or dates such rights are granted) for each calendar year in which such rights are at any time outstanding. 

(b)     Application of Dollar Limitation. For purposes of applying such accrual limitations to the purchase rights
granted under the Plan, the following provisions shall apply: 
 (i)    The right to acquire Common Stock
under each outstanding purchase right shall accrue on each Purchase Date on which such right remains outstanding. 

  
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 (ii)    No right to acquire Common Stock under any
outstanding purchase right shall accrue to the extent the Participant has already accrued in the same calendar year the right to acquire Common Stock under one or more other purchase rights at a rate equal to $25,000 worth of Common Stock
(determined on the basis of the Fair Market Value per share on the date or dates of grant) for each calendar year in which such rights were at any time outstanding. 

(iii)    If a purchase right is outstanding in more than one calendar year, then Common Stock purchased
pursuant to the exercise of such purchase right shall be applied first, to the extent allowable under this Article, against the $25,000 limitation for the earliest year in which the purchase right was outstanding, then against the $25,000 limitation
for each succeeding year, in order. 
 (c)     Refund. If by reason of such accrual limitations, any purchase
right of a Participant does not accrue for a particular Offering Period, then the payroll deductions that the Participant made during that Offering Period with respect to such purchase right shall be promptly refunded. 

(d)     Conflict. In the event there is any conflict between the provisions of this Article and one or more
provisions of the Plan or any instrument issued thereunder, the provisions of this Article shall be controlling. 
 10.    EFFECTIVE
DATE AND TERM OF THE PLAN 
 (a)     Effective Date. The Plan was adopted by the Board on February
    , 2016, and shall become effective at the Effective Date, provided that no purchase rights granted under the Plan shall be exercised, and no shares of Common Stock shall be purchased hereunder, until (i) the Plan shall
have been approved by the stockholders of the Company and (ii) the Company shall have complied with all applicable requirements of the 1933 Act (including the registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and Exchange Commission), all applicable listing requirements of any stock exchange on which the Common Stock is listed for trading and all other applicable
requirements established by law or regulation have been met. In the event such stockholder approval is not obtained, or such compliance is not effected, within twelve months after the date on which the Plan is adopted by the Board, the Plan shall
terminate and have no further force or effect, and all sums collected from Participants during the initial Offering Period hereunder shall be promptly refunded. 

(b)     Term. Unless sooner terminated by the Board, the Plan shall terminate upon the date on which all shares
available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan. No further purchase rights shall be granted or exercised, and no further payroll deductions shall be collected, under the Plan following
such termination. 

  
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 11.    AMENDMENT AND TERMINATION 

The Board may alter, amend, suspend or terminate the Plan at any time, to become effective immediately following the close of any Offering
Period; provided, however, that any such action will be subject to the approval of the Company’s stockholders within one year after such Board action if such stockholder approval is required by any federal or state law or regulation or the
rules of any automated quotation system or stock exchange on which the Common Stock may then be quoted or listed, or if such stockholder approval is necessary in order for the Plan to continue to meet the requirements of Section 423 of the
Code, and the Board may otherwise, in its discretion, determine to submit other such actions to stockholders for approval. In the event of Plan termination, any outstanding payroll deductions that are not used to purchase Common Stock on a Purchase
Date pursuant to the Plan shall be promptly refunded to such Participants. 
 12.    GENERAL PROVISIONS 

(a)     Death. In the event of the death of a Participant, the Company shall deliver any shares of Common Stock,
cash or both shares of Common Stock and cash held for the benefit of Participant to the executor or administrator of the estate of the Participant. 

(b)     Expenses. All costs and expenses incurred in the administration of the Plan shall be paid by the Company;
however, each Plan Participant shall bear all costs and expenses incurred by such individual in the sale or other disposition of any shares purchased under the Plan. 

(c)     No Right of Employment. Nothing in the Plan shall confer upon the Participant any right to continue in the
employ of the Company or any Company Affiliate or interfere with or otherwise restrict in any way the rights of the Company (or any Company Affiliate) or of the Participant, which rights are hereby expressly reserved by each, to terminate such
person’s employment at any time for any reason, with or without cause. 
 (d)     Withholding. If and to the
extent that any stock purchases or sales under this Plan are subject to federal, state or local taxes, the Company is authorized to withhold all applicable taxes from shares issuable under the Plan or from other compensation payable to the
Participant. 
 (e)     Transferability. Neither payroll deductions credited to a Participant nor any rights with
regard to the exercise a purchase right under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution) by the Participant. Any such attempt at assignment,
transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 8(g). 

(f)     Voting. The Participant shall have no voting rights in shares that he or she may purchase pursuant to the
Plan until such shares of Common Stock have actually be purchased by the Participant. 

  
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 (g)     Governing Law. The validity, construction, interpretation
and effect of the Plan shall be governed and construed by and determined in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of laws provisions thereof. 

  
 12EX-10.4

 Exhibit 10.4 

AUDACY ACQUISITION EQUITY COMPENSATION PLAN 

As Amended and Restated 

1.    Purpose of Plan. This Audacy Acquisition Equity Compensation Plan (the “Plan”) was assumed
by Audacy Inc., a Pennsylvania corporation (the “Company”) in connection with the merger of QL Gaming Group, LLC (formerly RotoQL, Inc.) and a merger subsidiary of the Company. The Plan is designed to offer employees, directors,
Consultants (as hereinafter defined) and Non-Employee Directors (as hereinafter defined) of the Company and its Affiliates (as hereinafter defined) as may be selected in the sole discretion of the Committee
(or, in the absence of the Committee, the Board) a greater stake and closer identity with the Company and its Affiliates through Awards (each, as hereinafter defined). The Plan is intended to advance the best interests of the Company by providing
those persons who have a substantial responsibility for the management and growth of the Company and its Affiliates with additional incentives by allowing them to acquire an ownership interest in the Company and thereby encouraging such persons to
continue to remain employed by, or in the service of, and increase the value of, the Company or its Affiliates. The availability and offering of the Awards under the Plan also increases the Company’s ability to attract and retain individuals of
exceptional managerial talent upon whom, in large measure, the sustained progress, growth and profitability of the Company and its Affiliates depends. 

2.    Definitions. Certain terms used in the Plan have the meanings set forth below: 

“Affiliate” means any “parent” or “majority-owned subsidiary” of the Company, as such terms are defined
in Rule 405 of the Securities Act. The Committee shall have the authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined within the foregoing definition. 

“Award” means a grant or sale, as applicable, of an Incentive Stock Option, a Non-
Qualified Option, SAR, Restricted Stock or shares of Common Stock to a Participant under the terms of this Plan. Each such Award shall be made pursuant to the terms of an award agreement (the “Award Agreement”) between the Company
and the Participant which will specify the terms of such Award, including, without limitation, the vesting requirements, if any, applicable to such Award. 

“Board” means the Company’s board of directors. 

“Cause”, when used in connection with the termination of a Participant’s employment or other service with the Company or
an Affiliate, shall have the meaning given to such term in any employment or other agreement between such Participant and the Company or an Affiliate, as applicable, or with respect to members of the Board, “Cause” shall have the
meaning set forth in applicable law, if any. In the event that such term is not defined in such agreement or in the absence of any such agreement or applicable law, “Cause” shall mean the following: 

(i)    The Participant’s willful failure to perform his duties and responsibilities to the Company (or a successor,
if appropriate), or refusal to perform any lawful and reasonable directive of the Board; 
 (ii)    The
Participant’s material misconduct, including without limitation commission of any act of fraud, embezzlement, dishonesty, moral turpitude, misappropriation of funds, breach of fiduciary duty, duty of loyalty and fidelity or any other willful
misconduct, whether or not related to the performance of the Participant’s duties or responsibilities to the Company, or any act that affects the Company’s reputation in a manner that may reasonably be expected to have a material adverse
effect on the business, prospects, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company; 

  
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 (iii)    The Participant’s unauthorized use or disclosure of any
proprietary information or trade secrets of the Company (or a successor, if appropriate) or any other party to whom Participant owes an obligation of nondisclosure as a result of Participant’s relationship with the Company (or a successor, if
appropriate); or 
 (iv)    The Participant’s material breach of any of Participant’s obligations under any
written agreement or covenant with the Company (or a successor, if appropriate). 
 Notwithstanding the foregoing, a Participant’s
termination shall not be for Cause under clauses (i) or (iv) above unless the Company shall have provided the Participant with written notice of such failure and, if such failure is susceptible of cure, a period of ten (10) business days
within which to cure such failure; provided, however, with respect to clause (iv) that a breach of any confidentiality obligation, non-competition or
non-solicitation obligations, assignment of intellectual property obligation or any other similar non-curable breaches shall constitute “Cause”
ipso facto and shall not require the Company to provide any cure period to the Participant. 
 “Code” means
the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as the same may be amended from time to time and any successor statute. 

“Committee” means the committee of the Board designated by the Board to administer the Plan. In the absence of any such
Committee, any action permitted or required to be taken hereunder by the Committee shall be deemed to refer to the Board. 
 “Common
Stock” means the Company’s Class A Common Stock, par value $0.01 per share, or such authorized shares of stock of the Company as the Committee may from time to time authorize for use under the Plan. 

“Consultant” means any individual who provides consulting or other services to the Company or its Affiliates and who is
neither an employee nor a director of such entities. 
 “Continuous Service” means service with the Company or an
Affiliate, whether as an employee, director (other than a director who is or formerly was an employee) or Consultant, that has not been interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an
Affiliate as an employee, director, or Consultant or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate,
shall not be deemed a termination of Continuous Service; provided, however, if the entity for which a Participant is rendering service ceases to qualify as an Affiliate, as determined by the Committee in its sole discretion, such
Participant’s Continuous Service shall be considered to have terminated on the date such entity ceases to qualify as an Affiliate. For example, a change in status from an employee of the Company to a Consultant of an Affiliate or to a director
shall not constitute an interruption of Continuous Service. To the extent permitted by law, the Committee or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of (i) any leave of absence approved by the Committee or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or
their successors. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms
of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. 

  
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 “Covered Employee” has the same meaning as set forth in
Section 162(m)(3) of the Code. 
 “Disability” means a “disability” within the meaning of the
Section 409A of the Code, as in effect from time to time. 
 “EBITDA” means for any given year, the Company’s
earnings before interest, income taxes, depreciation, amortization and any accounting charges incurred with respect to this Plan or any other Awards granted under this Plan as determined after payment of bonuses, if any, but adjusted for any items
that are considered unique, or likely to affect only one accounting period (unique “one time” charges are charges for which an adjustment to EBITDA would be considered proper), as determined by the Board, in its sole discretion, based on
the audited financial statements for such year. Except in the case of a Performance Compensation Award, the Committee shall have the authority to modify the definition of EBITDA in any individual Award Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exercise Price” means the exercise price per share of an Option. 

“Fair Market Value” means: (a) if there is a regular public trading market for the Common Stock, the “Fair Market
Value” of a share of Common Stock shall mean, as of any given date, (i) the price of the Common Stock on the composite transaction tape of the NASDAQ Global Select Market as of the close of the regular business hours of the NASDAQ Global
Select Market, without regard to after-hours trading that may hereinafter be commenced on such exchange, on the most recent date for which such closing price is available, or (ii) if the Common Stock is not listed on the NASDAQ Global Select
Market, the analogous closing price on any other established securities exchange or national market system on which the Common Stock is listed, or (b) if there is no regular public trading market for the Common Stock, the “Fair Market
Value” of a share of Common Stock shall be determined in good faith by the Committee, provided that Fair Market Value shall be determined consistent with the requirements of Section 409A of the Code (to the extent that Section 409A
shall be applicable) and, for purposes of Incentive Stock Options, Section 422(c)(1) of the Code. 
 “Grant Date”
means, with respect to Options or SARs, the date specified by the Committee on which the Award of an Option or SAR shall be effective, which shall not be earlier than the date on which the Committee takes action with respect thereto, and with
respect to an Award of Restricted Stock or shares of Common Stock, the date on which the Participant purchases or otherwise acquires such Restricted Stock or shares of Common Stock. 

“Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code and is
designated as an Incentive Stock Option. To the extent that any Option is not designated as an Incentive Stock Option or even if so designated does not qualify as an Incentive Stock Option at or subsequent to its grant date, it shall constitute a Non-Qualified Option. 
 “Initial Public Offering” means the first public offering of
shares of Common Stock pursuant to an effective registration statement under the Securities Act. 
 “Liquidation Event”
shall mean any of the following events: 
 (a)    (i) An event that is defined as a “Liquidation
Event” in the Company’s certificate of incorporation, or 

  
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 (ii)    in the absence of such definition, (x) the
sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its
subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are
held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation or (y) a merger or consolidation in which the Corporation is a
constituent party (or a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation), excluding, however any such merger or consolidation involving the
Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent,
immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting entity; or (2) if the surviving or resulting entity is a wholly owned subsidiary of another
entity immediately following such merger or consolidation, the parent corporation of such surviving or resulting entity, in each case in substantially the same proportions (as determined by comparison to the other stockholders immediately prior to
such merger or consolidation), and with all of their same respective rights, powers, preferences, privileges, restrictions, qualifications and limitations, as in effect immediately prior to such merger or consolidation; or 

(b)    a Stock Sale. 

“Management Securities” means any and all shares of Common Stock, Awards, Options, Option Shares, SARs and Restricted Stock
issued or granted to a Participant. 
 “Negative Discretion” means the discretion authorized by the Plan to be applied by
the Committee to eliminate or reduce the size of a Performance Compensation Award in accordance with Section 22(e). 
 “Non-Employee Director” shall mean a director of the Board who is a “non-employee director” within the meaning of Rule
16b-3. 
 “Non-Qualified Option” means an
Option that is not an Incentive Stock Option. 
 “Option” means the right to purchase, at the price and for the term fixed
by the Committee in accordance with the Plan, and subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of shares of Common Stock determined by the Committee. 

“Option Shares” means any shares of Common Stock acquired upon exercise of an Option granted under the terms of this Plan.

 “Outside Director” means a director of the Board who is an “outside director” within the meaning of
Section 162(m) of the Code and Treasury Regulations Section 1.162-27(e)(3) or any successor to such statute and regulation. 

“Participant” means each (i) Consultant, (ii) employee, or (iii) director to whom the Committee has made an Award
under the Plan. Notwithstanding anything in the Plan to the contrary, Participants in the Plan will be limited as provided by New York Stock Exchange Listed Company Manual Rule 303A.08. 

  
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 “Performance Goal” means a goal that must be met by the end of a period
specified by the Committee (but that is substantially uncertain to be met before the relevant Award is granted) based upon one or more objective criteria determined by the Committee, in its discretion, which may include the following: (i) the
Fair Market Value of Common Stock, (ii) the market share of the Company and/or its Affiliates (or any business unit thereof), (iii) sales by the Company and/or its Affiliates (or any business unit thereof), (iv) earnings per share of Common
Stock, (v) return on stockholder equity of the Company, (vi) costs of the Company and/or its Affiliates (or any business unit thereof), (vii) cash flow of the Company and/or its Affiliates (or any business unit thereof), (viii) return on
total assets of the Company and/or its Affiliates (or any business unit thereof), (ix) return on invested capital of the Company and/or its Affiliates (or any business unit thereof), (x) return on net assets of the Company and/or its Affiliates (or
any business unit thereof), (xi) operating income of the Company and/or its Affiliates (or any business unit thereof) including, without limitation, EBITDA or similar measures or (xii) any other criteria specified by the Committee. The
Committee shall have discretion to determine the specific targets with respect to each Performance Goal. 
 “Performance
Period” means the one or more periods of time not less than one fiscal quarter in duration, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a
Participant’s right to and the payment of a Performance Compensation Award. 
 “Period of Restriction” means the
period during which Restricted Stock is subject to forfeiture or a right of repurchase. The Period of Restriction shall not lapse with respect to any Restricted Stock until all conditions imposed on the Award under the Plan and the Award Agreement
have been satisfied. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint share company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

“Restricted Stock” means shares of Common Stock that are awarded under Section 10 or Option Shares acquired by a
Participant that are subject to forfeiture or a right of repurchase under the Plan or an applicable Award Agreement. 
 “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Stock Sale” means a transaction or series of related transactions in which a Person, or a group of related Persons, acquires
from stockholders of the Company more than fifty percent (50%) of the outstanding voting power of the Company (other than pursuant to transactions between Affiliates). 

“SAR” means a stock appreciation right awarded under Section 13 and subject to the terms and conditions contained
therein. 
 “Ten Percent Stockholder” means a Person who on any given date owns, either directly or indirectly (taking into
account the attribution rules contained in Section 424(d) of the Code), stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate. 

  
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 3.    Administration of the Plan. 

a.    General. The Committee shall have the power and authority to prescribe, amend and rescind rules and
procedures governing the administration of this Plan, including, but not limited to, the full power and authority to (i) determine and designate from time to time those eligible individuals to whom Awards are to be made and the number of shares
subject to each such Award; (ii) determine the Period of Restriction, if any, applicable to an Award; (iii) determine the time or times when, and the manner and conditions upon which, each Award shall vest or become exercisable and the
duration of such exercise period, if applicable; (iv) determine or impose other conditions to the receipt of shares of Common Stock subject to an Award under the Plan, as it may deem appropriate, including but not limited to, cash payments;
(v) interpret the terms of the Plan, the terms of any Award Agreement under the Plan and the rules of procedures established by the Committee governing any such Awards; (vi) determine the rights of any Person under the Plan or the meaning
of requirements imposed by the terms of the Plan or any rule or procedure established by the Committee; (vii) correct any defect or omission or reconcile any inconsistency in the Plan or in any Award Agreement hereunder; and (viii) make
all other determinations and take all other actions necessary or advisable for the implementation and administration of the Plan. Each action of the Committee shall be final, binding, conclusive and
non-appealable on all Persons. 
 b.    Composition of the Committee. If
the Plan is not intended to comply with Rule 16b-3, the Plan shall be administered by the Board or a Committee consisting of two or more directors appointed to such committee from time to time by the Board.
The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3 and/or Section 162(m) of the Code. However, if the Board intends to satisfy
such exemption requirements, with respect to Awards to any Covered Employee and with respect to any insider subject to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists
solely of two or more Non-Employee Directors who are also Outside Directors. Within the scope of such authority, the Board or the Committee may (a) delegate to a committee of one or more members of the
Board who are not Outside Directors the authority to grant Awards to eligible persons who are either (i) not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting from such Award or
(ii) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code or (b) delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted
under the Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors who are also Outside Directors. 

4.    Shares of Stock Subject to the Plan. 

a.    The number of shares of Common Stock available for Awards under the Plan shall not exceed, in the aggregate,
2,929,910 shares of Common Stock; provided that such number shall be subject to adjustment in accordance with the provision of Section 23(a) below. All such shares may be issued through the exercise of Incentive Stock Options. 

b.    Subject to adjustment in accordance with Section 19(a), in the case of any Award intended to comply with
Section 162(m) of the Code, no Participant shall be granted, during any one (1) calendar year period, Options and Stock Appreciation Rights with respect to more than 2,929,910 shares of Common Stock in the aggregate or any other Awards
with respect to more than 2,929,910 shares of Common Stock in the aggregate. If an Award is to be settled in cash, the number of shares of Common Stock on which the Award is based shall count toward the individual share limits set forth in this
Section 4(b). 

  
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 c.    Any shares of Common Stock issued by the Company through the
assumption or substitution of outstanding grants from an acquired company shall not reduce the shares available for Awards under the Plan. Any shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued
shares or treasury shares. If any Award granted hereunder otherwise terminates or expires, the shares subject to such Award shall again be available for Awards under the Plan. In the event that shares of Common Stock that otherwise would have been
issuable under the Plan are withheld by the Company in payment of the Purchase Exercise Price or withholding taxes, such shares shall remain available for issuance under the Plan. 

5.    Option Awards. 

a.    An Award of an Option shall be evidenced by an Award Agreement. Award Agreements shall conform to the requirements
of the Plan and may contain such other provisions as the Committee shall deem advisable. With respect to Incentive Stock Options, the aggregate Fair Market Value (determined as of the time the Option is granted) of the shares of Common Stock with
respect to which an Incentive Stock Option may first become exercisable by a Participant in any one calendar year under the Plan shall not exceed $100,000. 

b.    The Committee shall establish the term of each Option, as set forth in the Award Agreement; provided that in
no event shall (i) an Incentive Stock Option be granted to an individual who is not an employee of the Company or of a “subsidiary corporation” or a “parent corporation”, whether now or hereafter existing, as such terms are
defined in Section 424(f) of the Code and (ii) any Option have a term greater than ten (10) years from the Grant Date (except that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall be no more than five
(5) years from the Grant Date). Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety on the day after the last day of its term. Each Option shall also expire, be forfeited and terminate at such
times and in such circumstances as otherwise provided hereunder or under the applicable Award Agreement. The Company shall have no liability to a Participant, or to any other party, if an Option (or any part thereof) which is intended to be an
Incentive Stock Option is not an Incentive Stock Option. 
 6.    Option Price. The Exercise Price for any Option
shall not be less than one hundred percent (100%) (or one hundred ten percent (110%) in the case of an Incentive Stock Option granted to a Ten Percent Stockholder) of the Fair Market Value of a share of Common Stock on the Grant Date of such Option.
Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption of or substitution for another option in a manner
satisfying the provisions of Section 424(a) of the Code. 
 7.    Terms of Options; Vesting and Exercisability
Options. 
 a.    The Award Agreement shall specify the term of the Option and the conditions under which the Option
or any Option Shares may be forfeited to the Company. The Committee may, in its sole discretion, modify (in a manner not materially adverse to the Participant) or accelerate the vesting of an Option and Option Shares. 

b.    Options and Option Shares shall vest as provided in the Award Agreement. The Committee may condition the vesting
upon the passage of time (subject to the Participant’s Continuous Service) or on the achievement of one or more Performance Goals that are established by the Committee and set forth in the Award Agreement. The Committee may also provide in an
Award Agreement that the vesting of the Option and Option Shares shall be accelerated in certain circumstances stated therein. 

c.    Unless specifically provided otherwise in an Award Agreement, 

  
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 i)    upon a termination of a Participant’s Continuous Service
with the Company (and all of its Affiliates) due to the Participant’s death or Disability, the Participant (or his or her successors or assigns, as applicable) shall have until the earlier of (x) the termination date of the applicable
Award Agreement as set forth in Section 5(b) above or (y) twelve (12) months following the date of such death or Disability to exercise any vested Options or portions thereof; 

ii)    upon a termination of a Participant’s Continuous Service with the Company (and all of its Affiliates) for
Cause, all unexercised Options (or portions thereof), whether or not vested, shall be forfeited with no further compensation due to the Participant; and 

iii)    upon a termination of a Participant’s Continuous Service with the Company (and all of its Affiliates) for
any reason other than death, Disability or Cause, the Participant (i) shall forfeit all Options (or portions thereof) and Option Shares which have not vested, and (ii) shall have until the earlier of (x) the termination date of such
Award Agreement as set forth in Section 5(b) above or (y) three (3) months following the date of such termination to exercise any vested options (or portions thereof). 

d.    An Award Agreement may, but need not, include a provision whereby the Participant may elect at any time to exercise
an Option as to part or all of the Option Shares prior to the full vesting of such Option. Any Option Shares so purchased shall be Restricted Stock as described in Section 10 and (i) shall vest in accordance with the vesting schedule
otherwise applicable to such Option, (ii) shall be subject to repurchase rights in favor of the Company as described in the Award Agreement and (iii) shall be subject to any other restrictions the Committee determines to be appropriate,
including, without limitation, Section 17 hereof. 
 e.    Without limiting the scope of the Committee’s
discretion hereunder, the Committee may impose such other restrictions on the exercise of Options as it may deem necessary or appropriate. 

8.    Exercise of Options; Payment. 

a.    Notice of Exercise. Subject to vesting and other restrictions provided for hereunder or otherwise imposed in
accordance herewith, an Option may be exercised, and payment in full of the aggregate Exercise Price made, by a Participant only by written notice (in the form prescribed by the Committee) to the Company specifying the number of shares to be
purchased. 
 b.    Form of Payment. 

i)    The aggregate Exercise Price shall be paid in full upon the exercise of the Option. Payment must be made by one of
the following methods: (i) cash or a personal, certified or bank cashier’s check; (ii) if approved by the Committee in its sole discretion, shares of previously owned shares of Common Stock having an aggregate Fair Market Value on the
date of exercise equal to the aggregate Exercise Price; (iii) if approved by the Committee in its sole discretion, through the withholding by the Company of shares of Common Stock otherwise to be received, with such withheld shares of Common
Stock having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price; (iv) by any combination of such methods of payment or any other method acceptable to the Committee in its sole discretion; or
(v) any other method approved by the Committee. 
 ii)    Except in the case of Options exercised by check, the
Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without 

  
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limitation, any limitation or prohibition designed to avoid accounting consequences which may result from the use of shares of Common Stock as payment of the Exercise Price. Any fractional shares
resulting from a Participant’s election that is accepted by the Company shall be paid in cash. 

9.    Disqualifying Disposition of an Incentive Stock Option. If shares of Common Stock acquired upon the exercise
of an Incentive Stock Option are disposed of by a Participant prior to the expiration of (i) two years from the Grant Date of such Option or (ii) one year from the date of the transfer of shares to the Participant pursuant to the exercise
of such Option, or in any other “disqualifying disposition” within the meaning of Section 422 of the Code, such Participant shall notify the Company in writing as soon as practicable thereafter of the date and terms of such
disposition and, if the Company (or any Affiliate thereof) thereupon has a tax withholding obligation, shall pay to the Company (or such Affiliate) an amount equal to any withholding tax the Company (or such Affiliate) is required to pay as a result
of the disqualifying disposition. 
 10.    Restricted Stock Awards. 

a.    An Award of Restricted Stock shall be evidenced by an Award Agreement. Award Agreements shall conform to the
requirements of the Plan and may contain such other provisions as the Committee shall deem advisable. 
 b.    An Award
Agreement with respect to Restricted Stock shall specify (i) the number of shares of Common Stock subject to the Award, (ii) the Period of Restriction applicable to the Award, (iii) the events that will give rise to a forfeiture of
the Award and (iv) the Performance Goal(s), if any, that must be achieved in order for the restrictions to be removed from the Award. 

c.    Unless otherwise stated in the applicable Award Agreement, during the Period of Restriction, the Participant shall
have the right to receive, with respect to the Participant’s Restricted Stock, dividends declared by the Company on its Common Stock and the Participant agrees to comply with Section 20 hereof. 

d.    Restricted Stock shall be subject to repurchase rights in favor of the Company if so provided in an Award
Agreement. Restricted Stock acquired by a Participant upon the exercise of an Option (i) shall vest in accordance with the vesting schedule otherwise applicable to the Option, (ii) shall be subject to the repurchase rights in favor of the
Company set forth in the applicable Award Agreement) and (iii) shall be subject to any other restrictions the Committee reasonably determines to be appropriate, including, without limitation, Section 17 hereof. 

11.    Vesting of Restricted Stock. Restricted Stock shall vest as provided in the applicable Award Agreement. The
Committee may condition the vesting upon the passage of a period of time (subject to the Participant’s Continuous Service with the Company or its Affiliates) and/or on the achievement of one or more Performance Goals or such other factors
established by the Committee and set forth in the Award Agreement. The Committee may also provide in an Award Agreement that the vesting of Restricted Stock shall be accelerated in certain circumstances stated therein. 

12.    Common Stock Awards. 

a.    An Award of unrestricted shares of Common Stock shall be evidenced by an Award Agreement. Award Agreements shall
conform to the requirements of the Plan and may contain such other provisions as the Committee shall deem advisable, including, but not limited to, the requirement of a cash payment by the Participant in exchange for such Award. 

  
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 b.    An Award Agreement with respect to shares of Common Stock shall
specify (i) the number of shares of Common Stock subject to the Award, (ii) the payment required for such Award, if any, and (iii) if applicable, the events that will give rise to a forfeiture of the Award. 

c.    Shares of Common Stock acquired by a Participant pursuant to an Award shall (i) if specified in the applicable
Award Agreement, be subject to repurchase rights in favor of the Company, and (ii) be subject to any other restrictions the Committee reasonably determines to be appropriate, including, without limitation Section 17 hereof. A Participant
shall have the right to receive, with respect to such Participant’s shares of Common Stock received pursuant to an Award under this Section 12, dividends declared by the Company on its shares of Common Stock. 

13.    Stock Appreciation Rights. The Committee may grant SARs under the Plan, which shall be evidenced by Award
Agreements in such form as the Committee shall from time to time approve. SARs shall comply with and be subject to the following terms and conditions: 

a.    Benefits Upon Exercise. 

i)    A SAR shall entitle the Participant to receive a payment equal to the excess of the Fair Market Value of the shares
of Common Stock covered by the SAR on the dates described in the applicable Award Agreement over the base amount of the SAR. Such payment may be in cash, in shares of Common Stock, Restricted Stock or any combination, as the Committee shall
determine in the Award Agreement. A SAR may be granted in tandem with all or a portion of a related Option under the Plan (“Tandem SAR”), or may be granted separately (“Freestanding SAR”). A Tandem SAR may be
granted either at the time of the grant of the Option or at any time thereafter during the term of the Option and shall be exercisable only to the extent that the related Option is exercisable. 

ii)    Upon exercise of a Tandem SAR as to some or all of the shares of Common Stock covered by the Award, the related
Option shall be canceled automatically to the extent of the number of shares of Common Stock covered by such exercise, and such shares shall no longer be available for purchase under the Option. Conversely, if the related Option is exercised as to
some or all of the Option Shares, the related Tandem SAR, if any, shall be canceled automatically to the extent of the number of Option Shares covered by such exercise. 

b.    Base Price. The base price of a Tandem SAR shall be the Exercise Price of the related Option. The base price
of a Freestanding SAR shall be determined by the Committee at the time of the Award of such SAR but shall be not less than one hundred (100%) of the Fair Market Value of the Common Stock on the Grant Date of the Freestanding SAR. If a SAR is not
granted in tandem with an Option, then the base price of the SAR shall be no less than the Fair Market Value of a share of Common Stock on the Grant Date of such SAR. 

c.    Other Restrictions. Unless otherwise provided in the applicable Award Agreement, SARs shall generally be
subject to the same terms, conditions and limitations applicable to Options granted hereunder. 
 14.    Restrictions
on Transfer; Company Purchase. 
 a.    Except as provided below, no Participant shall sell, transfer, assign,
pledge, donate or otherwise dispose of (including any transfer by operation of law or involuntary transfer) Awards of Management Securities acquired pursuant to this Plan or any interest therein, for any reason during the Participant’s
lifetime, and any attempt to do so shall be void and the relevant Award shall be forfeited. The Committee may grant Management Securities (except Incentive Stock Options) that are transferable 

  
 10 

 
by the Participant during his or her lifetime, but such Management Securities shall be transferable only to the extent specifically provided in such Participant’s Award Agreement. The
transferee of the Participant shall, in all cases, be subject to the provisions of the Award Agreement and the terms and conditions of this Plan. 

b.    No Participant shall sell, transfer, assign, pledge, donate or otherwise dispose of (including any transfer by
operation of law or involuntary transfer) Management Securities, or any interest therein, except as expressly provided herein. Any transfer or attempted transfer of such Management Securities in violation of any provision of this Plan or the
applicable Award Agreement shall be null and void and of no force and effect, and the purported transferee shall have no rights or privileges in or with respect to the Company or its capital stock. 

c.    Notwithstanding Section 14(a) and Section 14(b) of the Plan, an Option may be exercised by a
Participant’s legal representative, and Management Securities may be transferred by will or pursuant to the laws of descent and distribution to a beneficiary approved by the Company. 

d.    Each Participant and his, her or its Permitted Transferees will be required to represent that (i) any
Restricted Stock (whether or not vested) and (ii) any shares of Common Stock acquired pursuant to the Plan, including Option Shares (hereinafter, “Covered Shares”), are held solely for the Participant or his, her or its
Permitted Transferee’s own account and not on the behalf of another Person(s). The Participant and his, her or its Permitted Transferees will be required to acknowledge that federal, state and/or foreign securities laws govern and restrict the
Participant’s or his, her or its Permitted Transferee’s right to offer, sell or otherwise dispose of the Covered Shares unless such offer, sale or other disposition thereof is registered under the Securities Act and all other applicable
federal, state and foreign securities laws or, in the opinion of the Company’s counsel, such offer, sale or other disposition is exempt from registration thereunder. The Participant and his, her or its Permitted Transferees will be required to
agree not to offer, sell or otherwise dispose of the Covered Shares in any manner which would: (i) require the Company to file any registration statement (or similar filing under applicable securities law) with the Securities and Exchange
Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder or any other applicable federal, state or foreign securities law. The
Participant and his, her or its Permitted Transferees will be required to acknowledge that the certificates for any Covered Shares will bear the legend set forth herein or such other legends as the Company deems necessary or desirable in connection
with the Securities Act or any other applicable rules, regulations or laws. This Section 14(d) shall terminate upon the occurrence of an Initial Public Offering. 

15.    [Intentionally Omitted]. 

16.    Securities Law Compliance. 

a.    General. No shares of Common Stock shall be purchased or sold pursuant to any Award unless and until
(a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has
executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. 

b.    Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that
satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule
16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any
provision of the Plan would conflict with the intent expressed in this Section 16(b), such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

  
 11 

 c.    Rule 701. Although this Plan is intended to be a written
compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this Plan that do not qualify for exemption under Rule 701. In the event that a grant of an Award is intended to qualify
for such exemption, and any provision of the Plan would cause such Award not to qualify for such exemption, the Plan shall be deemed automatically amended to the extent necessary to cause all such Awards granted under the Plan to qualify for the
exemption. 
 17.    Covenants. 

a.    Equity Agreements; Joinder. The Committee may require that a Participant (or any other Person with an
interest in Common Stock issued or distributed pursuant to the Plan, including, but not limited to, a Permitted Transferee) execute a stockholders’ or voting or similar agreement (the “Company Equity Agreements”) with such
terms as the Committee deems appropriate, with respect to any Common Stock issued or distributed pursuant to the Plan. In the event of any inconsistency or conflict between this Section 17 and the terms of any such Company Equity Agreement
which applies to any Common Stock issued or distributed pursuant to the Plan, the terms of such Company Equity Agreement shall govern. Upon being granted an Award under the Plan, each Participant shall execute any additional documents the Committee
deems necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on such Participant pursuant to the terms of the Plan and the applicable Award Agreement. 

b.    Right of First Refusal. Any Participant who wishes to transfer, encumber, hypothecate, assign, or otherwise
dispose of (other than (i) to a Permitted Transferee (as hereinafter defined), or (ii) to the Company) all or any part of such Participant’s Management Securities (any Participant who wishes to transfer any Management Securities is
hereinafter referred to as an “Offeror”) shall first submit a written offer (the “Offer Notice”) to sell such Management Securities to the Company at the same price per share and upon the same terms and conditions
offered by a bona fide prospective purchaser of such Management Securities; provided that if any consideration to be received by the Offeror for the Management Securities is property other than cash, the price per Management Security shall be
determined using the fair market value of such property (as determined by the Board in good faith). The Company shall be entitled to freely assign its rights as an offeree described in this Section 17(b) to one or more parties that it may
designate. The Offer Notice shall contain the name of the prospective purchaser of the Management Securities, the number of Management Securities which the Offeror intends to transfer to such prospective purchaser (the “Offered
Shares”), the price per Management Security and any and all other known terms of the prospective transfer. The Offer Notice shall continue to be a binding offer to sell all or any portion of the Offered Shares until the earlier of:
(i) the Company’s written rejection of such offer or (ii) the date that is thirty (30) days after the Company’s receipt of the Offer Notice. The closing of the purchase of any Offered Shares by the Company and/or its
assignees shall take place, and all payments from the Company shall have been delivered to the Offeror, by the later of (i) the date specified in the Offer as the intended date of the proposed transfer and (ii) sixty (60) days after
delivery of the Offer Notice. Subject to applicable federal and state securities laws, if the Company and/or its assignees shall fail to purchase all of the Offered Shares, then the Offeror may sell or otherwise dispose of the Offered Shares that
were not so purchased to the proposed transferee on the terms and conditions specified in the Offer Notice within thirty (30) days following the expiration of the right of first refusal set forth in this Section 17(b). If the Offered
Shares are not sold or otherwise disposed of by the Offeror during such thirty (30) day period, the Offered Shares will again be subject to the restrictions of this Agreement. The Offeror may not transfer any Offered Shares to any prospective
purchaser unless such prospective purchaser agrees to comply with the terms of the Plan (including, without limitation, this Section 17) and the applicable 

  
 12 

 
Award Agreement and executes any documents requested by the Company agreeing to be bound by the terms and conditions of the Plan and such Award Agreement. This Section 17(b) shall terminate
upon the closing of an Initial Public Offering. 
 c.    Permitted Transfers. Notwithstanding anything to the
contrary herein, unless otherwise provided in an Award Agreement, a Participant that is (i) a natural person may transfer any Management Securities (other than an Incentive Stock Option) to such Participant’s (A) spouse, child
(natural or adopted), or any other direct lineal descendant of such Participant (or his or her spouse) (all of the foregoing collectively referred to as “Family Members”), or any other relative approved by the Board, or any
custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such Participant or any such Family Members or (B) the heirs, executors, administrators or
personal representatives upon the death of such person or upon the incompetency or disability of such person for purposes of the protection and management of such person’s assets and (ii) not a natural person, may transfer any Management
Securities to such Participant’s (A) partners, stockholders or members of the Participant, as applicable or (B) any other entity, directly or indirectly, controlled by such Participant (such Persons and the Persons described in
Section 14(c) are hereinafter referred to as “Permitted Transferees”) without complying with Section 17(b); provided that a Participant shall deliver prior written notice to the Company of any such transfer to a Permitted
Transferee and such Management Securities shall at all times remain subject to the terms and restrictions set forth in the Plan (including, without limitation, this Section 17) and the applicable Award Agreement (including the applicability of
any repurchase option or forfeiture provision, if the transferring Participant ceases to provide services to the Company and its Affiliates). No Person shall be a Permitted Transferee unless (i) the transfer complies with Section 14, (ii)
the transferor receives no consideration for such transfer and (iii) such transferee executes any and all applicable documents agreeing to be bound by the terms and conditions of the Plan. A Permitted Transferee shall not be able to transfer
any Management Securities to any Person other than the Participant who or which initially transferred the Management Securities to him, her or it without first complying with Section 17(b). 

d.    Notwithstanding the foregoing, an Award Agreement may expressly provide for other transfer restrictions which may
either supersede or supplement Section 17(b) and/or Section 17(c) as set forth in such Award Agreement (if applicable). 

18.    Legends. Prior to the occurrence of an Initial Public Offering, certificates representing Management
Securities awarded under the Plan shall bear the following legend (in addition to any such legends as the Company deems necessary or desirable to comply with the Securities Act or any other applicable rules, regulations or laws); provided,
however, that the Company’s failure to cause certificates to bear such legends shall not affect the Company’s rights hereunder: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY TO THE ISSUER OF AN OPINION OF COUNSEL,
REASONABLY SATISFACTORY TO THE ISSUER, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TERMS AND CONDITIONS OF THE AUDACY ACQUISITION EQUITY COMPENSATION PLAN, AS AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL OFFICE OF AUDACY, INC. AND AN AWARD AGREEMENT BETWEEN THE ISSUER AND A PARTICIPANT IN SUCH
PLAN. THE 

  
 13 

 
SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF THE SECURITIES IS SUBJECT TO THE TERMS OF SUCH PLAN AND AWARD AGREEMENT AND THE SECURITIES ARE TRANSFERABLE OR OTHERWISE DISPOSABLE ONLY UPON
PROOF OF COMPLIANCE THEREWITH. 
 19.    Adjustment for Changes in Common Stock, Mergers, Etc. 

a.    In the event of a reorganization, recapitalization, stock split, spin-off,
stock dividend, issuance of stock rights, combination of shares, merger, consolidation or other change in the corporate structure of the Company affecting the shares of Common Stock, the Committee shall make appropriate changes in the number and
type of shares authorized by this Plan and any other adjustments to outstanding Awards as it determines is reasonably appropriate in its sole discretion. 

b.    In addition, in the event of a Liquidation Event, outstanding Awards shall be subject to the definitive agreement
relating to such transaction (the “Acquisition Agreement”), which does not have to provide that all outstanding Awards (or a portion thereof) be treated in an identical manner. In the sole and absolute discretion of the Committee,
an Award Agreement may provide that in the event of a Liquidation Event, shares obtained pursuant to this Plan shall be subject to certain rights and obligations, which include but are not limited to the following: (i) the obligation to vote
all such Shares in favor of such Liquidation Event, whether by vote at a meeting of the Company’s stockholders or by written consent of such stockholders; (ii) the obligation to sell or exchange all such shares and all rights to acquire
shares, under this Plan pursuant to the terms and conditions of such Liquidation Event; (iii) the right to transfer less than all but not all of such Shares pursuant to the terms and conditions of such Liquidation Event, and (iv) the
obligation to execute all documents and take any other action reasonably requested by the Company to facilitate the consummation of such Liquidation Event. The Acquisition Agreement, without the consent of any Participant, may provide for one or
more of the following: 
  

	 	(1)	 The continuation of any outstanding Awards by the Company (if the Company is the surviving corporation);

  

	 	(2)	 The assumption of any such outstanding Awards by the surviving corporation or its parent in a manner that
complies with Sections 424(a) and 409A of the Code, to the extent applicable (whether or not such Awards are Incentive Stock Options); 

  

	 	(3)	 The substitution by the surviving corporation or its parent of new options or restricted stock for any such
outstanding Awards in a manner that complies with Sections 424(a) and 409A of the Code, to the extent applicable (whether or not such Awards are Incentive Stock Options); 

 

	 	(4)	 Full exercisability of any such outstanding Awards and full vesting of any Awards. The full exercisability of
such Awards and full vesting of any Awards may be contingent on the closing of such Liquidity Event; 

  

	 	(5)	 Cancellation of Options and SARs for no consideration after the holders of vested Options and SARs (Options and
SARs (including Options and SARs that vest as of the effective date of the transaction) have been given notice and the opportunity to exercise such Options and SARs, to the extent vested (including Options and SARs that vest as of the effective date
of the transaction) during a period of not less than five full business days preceding the closing date of such merger or consolidation, unless (1) a shorter period is required to permit a timely closing of such merger or consolidation and
(2) such shorter period still offers the Participants a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options or SARs during such period may be contingent on the closing of such Liquidation Event;

  
 14 

	 	(6)	 The cancellation of any outstanding Options and SARs and a payment to the holders of such Options and SARs
equal to the excess, if any, of (1) the Fair Market Value of the shares subject to such Options or SARs as of the closing date of such Liquidation Event over (2) their Exercise Price. Such payment shall be made in the form of cash, cash
equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until the date or dates when such Options would have become
exercisable or such shares would have vested consistent with the requirements of Section 409A of the Code. To the extent such payment is made in cancellation of unvested Options or SARs, such payment may be subject to vesting based on the
Participant’s continued employment or service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which such Options would have become exercisable or such Shares would have
vested. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement pertaining to such Liquidation Event may apply to such payment to the same extent and in the same manner
as such provisions apply to the holders of Stock. If the Spread applicable to an Option is zero or a negative number, then the Option may be cancelled without making a payment to the Participant. If the Exercise Price of the shares subject to such
Options exceeds the Fair Market Value of such shares, then such Options may be cancelled without making a payment to the Participants. For purposes of this Section 19(b)(6), the Fair Market Value of any security shall be determined without
regard to any vesting conditions that may apply to such security; 

  

	 	(7)	 Suspension of the Participant’s right to exercise the Option during a limited period of time preceding the
closing of the transaction if such suspension is administratively necessary to permit the closing of the transaction; or 

  

	 	(8)	 Termination of any right the Participant has to exercise the Option prior to vesting in the Shares subject to
the Option (i.e., “early exercise”), such that following the closing of the transaction the Option may only be exercised to the extent it is vested. 

For purposes of Section 19(b) above, any references to “Options” shall include “SARs”. 

20.    Taxes. The Company shall be entitled, if necessary or desirable, to withhold, (or secure payment from the
Participant in lieu of withholding) using and permitting any means the Committee deems appropriate, the amount of any withholding or other tax due from the Company or its Affiliates with respect to shares subject to issuance under this Plan, and the
Company may defer such issuance unless indemnified to the Board’s satisfaction. In any event, each Participant shall be required to indemnify the Company and its Affiliates and hold them harmless for any and all withholding and similar tax
obligations arising as a result of the grant of Awards hereunder. 
 21.    Termination and Amendment. The
Committee at any time may suspend or terminate this Plan or make such additions or amendments to this Plan or any Award Agreement as it deems advisable; provided that, subject to the other provisions hereof, the Committee may not change any
of the terms of an Award Agreement in a manner which would have a material adverse effect on the Participant without the Participant’s approval, unless such amendment is required by an applicable law or rule; and provided further, that
the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to the Code or the regulations promulgated under the Code as such provisions apply to
Incentive Stock Options. No Awards shall be granted hereunder after the ten (10) year anniversary of the earlier of Board and/or stockholder approval of this Plan. 

  
 15 

 22.    Qualified Performance-Based Compensation. 

a.    General. The Committee may condition the grant or vesting of any Awards upon the attainment of specified
Performance Goals, including established Performance Goals intended to meet the requirements of qualified performance-based compensation under Section 162(m) of the Code (any such award a “Performance Compensation Award”), or
such other factors as the Committee may determine, in its sole discretion. The Committee shall establish the Performance Goals and the applicable vesting percentage of the Performance Compensation Award applicable to each Participant or class of
Participants in writing prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may
incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. With regard to a
Performance Compensation Award, to the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. The
applicable Performance Goals shall be based on one or more of the Performance Criteria set forth in Section 22(b). An Award will not constitute a Performance Compensation Award if any amount or portion of any amount thereof will be paid either
regardless of performance, or based upon a level of performance that is substantially certain to be met at the time the Performance Goals are established. 

b.    Performance Goals established for purposes of conditioning the grant or vesting of a Performance Compensation Award
shall be based on one or more of the attainment of certain target levels of or specified increases of the following performance criteria (“Performance Criteria”): (i) the Fair Market Value of Common Stock, (ii) the
market share of the Company and/or its Affiliates (or any business unit thereof), (iii) sales by the Company and/or its Affiliates (or any business unit thereof), (iv) earnings per share of Common Stock, (v) return on stockholder equity of the
Company, (vi) costs of the Company and/or its Affiliates (or any business unit thereof), (vii) cash flow of the Company and/or its Affiliates (or any business unit thereof), (viii) return on total assets of the Company and/or its Affiliates (or
any business unit thereof), (ix) return on invested capital of the Company and/or its Affiliates (or any business unit thereof), (x) return on net assets of the Company and/or its Affiliates (or any business unit thereof), (xi) operating income of
the Company and/or its Affiliates (or any business unit thereof), or (xii) EBITDA. In addition, such Performance Criteria may be based upon the attainment of specified levels of Company (or subsidiary, division or other operational unit of the
Company) performance under one or more of the measures described above relative to the performance of other corporations. To the extent permitted under Code Section 162(m), but only to the extent permitted under Code Section 162(m)
(including, without limitation, compliance with any requirements for stockholder approval), the Committee may: (i) designate additional business criteria on which the Performance Criteria may be based or (ii) adjust, modify or amend the
aforementioned business criteria. 
 c.    Payment. Unless otherwise provided in the applicable Award Agreement,
a Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. A Participant shall be eligible to receive payment in
respect of a Performance Compensation Award only to the extent that the Performance Goals and the targets thereunder for such period are achieved. 

d.    Certification. Following the completion of a Performance Period, the Committee shall review and certify in
writing whether, and to what extent, the Performance Goals and the targets for the Performance Period have been achieved and, if so, calculate and certify in writing the amount of the 

  
 16 

 
Performance Compensation Awards earned for the period based upon the attainment of the target Performance Goals. The Committee shall then determine the actual size of each Participant’s
Performance Compensation Award for the Performance Period and, in so doing, may apply Negative Discretion in accordance with Section 22(e) below, if and when it deems appropriate. Performance Compensation Awards granted for a Performance Period
shall be paid to Participants as set forth in the applicable Award Agreement, but in no event prior to the completion of the certification set forth in this clause 

e.    Use of Discretion. Except as otherwise provided in an Award Agreement, in determining the actual size of an
individual Performance Compensation Award for a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned in the Performance Period through the use of Negative Discretion if, in its sole
judgment, such reduction or elimination is appropriate; provided, that, the exercise of such discretion would not cause the Performance Compensation Award to fail to qualify as “performance-based compensation” under
Section 162(m) of the Code. The Committee shall not have the discretion to (i) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not
been attained or (ii) increase a Performance Compensation Award above the maximum amount payable under Section 4. 

f.    Shareholder Approval and Re-approval Required. Unless the Company
submits this Section 22 and the definitions of “Performance Goal” and “Performance Criteria” to the Company’s shareholders in accordance with (and at such times required under) Section 162(m)(4)(C)(ii) of
the Code, and such shareholder approval is obtained, then no further Performance Compensation Awards shall be made to Covered Employees under this Section 22 after the date of the applicable shareholders’ meeting, but the Plan may continue
in effect for Awards to Participants not in accordance with Section 162(m) of the Code. 
 23.    Purchaser
Representative. If the Company or any Participant enters into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) under the Securities Act may be available with respect to such negotiation or transaction
(including a merger, consolidation or other reorganization) each of the Participants will, at the request of the Company, appoint a purchaser representative (as such term is defined in Rule 501(h) under the Securities Act) reasonably acceptable to
the Company. If each of the Participants appoints the purchaser representative designated by the Company, the Company will pay the fees of such purchaser representative, but if a Participant declines to appoint the purchaser representative
designated by the Company, such Participant will appoint another purchaser representative (reasonably acceptable to the Company), and such Participant will be responsible for the fees of the purchaser representative so appointed. 

24.    Severability. Whenever possible, each provision of this Plan will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Plan is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not
affect any other provision or the enforceability of this Plan in any other jurisdiction, but this Plan will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
 25.    Business Days. If any time period for giving notice or taking action hereunder or under an
Award Agreement expires on a day which is a Saturday, Sunday or holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically extended to the business day immediately following such
Saturday, Sunday or holiday. 
 26.    Reservation of Rights. Neither the Plan nor any Award granted hereunder
shall confer on any Participant any right to continuation of the Participant’s employment or other service relationship with the Company or its Affiliates, nor shall it interfere in any way with such Participant’s right or the right of the
Company or its Affiliates to terminate such relationship, with or without Cause. 

  
 17 

 27.    Governing Law. All issues concerning this Plan will be
governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the law of any jurisdiction other than the State of Delaware. 
 28.    Section 409A of the Code.

 a.    This Plan and the related Award Agreements (collectively, for purposes of this Section 28, the
“Plan”) are intended to comply with the requirements of Section 409A of the Code (“Section 409A”). Payments of Non-Qualified Deferred Compensation (as such term is defined under
Section 409A and the regulations promulgated thereunder) may only be made under this Plan upon an event and in a manner permitted by Section 409A. Any amounts payable solely on account of an involuntary separation from service of the
Participant within the meaning of Section 409A shall be excludible from the requirements of Section 409A, either as involuntary separation pay (exempt from the provisions of Section 409A under Treas. Reg. Section 1.409A-1(b)(9)) or as short-term deferral amounts (as described in Treas. Reg. Section 1.409A-1(b)(4)), to the maximum possible extent. For purposes of
Section 409A, the right to a series of installment payments under this Plan shall be treated as a right to a series of separate payments. 

b.    To the extent required by Section 409A, and notwithstanding any other provision of this Plan to the contrary,
no payment of Non-Qualified Deferred Compensation will be provided to, or with respect to, the Participant on account of his separation from service until the first to occur of (i) the date of the
Participant’s death or (ii) the date which is one day after the six (6) month anniversary of his separation from service, but in either case only if he is a “specified employee” (as defined under
Section 409A(a)(2)(B)(i) of the Code and the regulations promulgated thereunder) in the year of his separation from service. Any payment that is delayed pursuant to the provisions of the immediately preceding sentence shall instead be paid in a
lump sum promptly following the first to occur of the two dates specified in such immediately preceding sentence. 

c.    Any payment of Non-Qualified Deferred Compensation made pursuant to a
voluntary or involuntary termination of the Participant’s employment with the Company shall be withheld until the Participant incurs both (i) a termination of his employment relationship with the Company and all of the Affiliates and
(ii) a “separation from service” with the Company and all of the Affiliates, as such term is defined in Treas. Reg. Section 1.409A-1(h). 

d.    If a Participant is permitted to elect to defer a Plan Award or any payment under a Plan Award, such election shall
be made in accordance with the requirements of Code Section 409A. Each initial deferral election (an “Initial Deferral Election”) must be received by the Committee prior to the following dates or will have no effect whatsoever: 

 

	 	(1)	 Except as otherwise provided below or in Treas Reg.
Section 1.409A-2, the December 31 immediately preceding the year in which the compensation is earned; 

  

	 	(2)	 With respect to the first year of participation in the Plan (for purposes of this Section 28(d)(2),
treated as one plan together with any other plan, program or arrangement with which the Plan is aggregated for purposes of Code Section 409A), within 30 days of the Participant first becoming eligible to participate in the Plan (including for
purposes of this Section 28(d)(2) any other plan, program or arrangement with which the Plan is aggregated for purposes of Code Section 409A); 

  
 18 

	 	(3)	 With respect to any annual or long-term incentive pay which qualifies as “performance-based
compensation” within the meaning of Code Section 409A, by the date six (6) months prior to the end of the performance measurement period applicable to such incentive pay provided such additional requirements set forth in Code
Section 409A are met; 

  

	 	(4)	 With respect to “fiscal year compensation” as defined under Code Section 409A, by the last day
of the Company’s fiscal year immediately preceding the year in which the fiscal year compensation is earned; or 

  

	 	(5)	 With respect to mid-year Plan Awards or other legally binding rights to
a payment of compensation in a subsequent year that is subject to a forfeiture condition requiring the Participant’s continued service for a period of at least twelve (12) months, on or before the thirtieth (30th) day following the grant of such Plan Award, provided that the election is made at least twelve (12) months in advance of the earliest date at which the forfeiture condition could lapse.

 The Committee may, in its sole discretion, permit Participants to submit additional deferral elections in order to
delay, but not to accelerate, a payment, or to change the form of payment of an amount of deferred compensation (a “Subsequent Deferral Election”), if, and only if, the following conditions are satisfied: (i) the Subsequent Deferral
Election must not take effect until 12 months after the date on which it is made, (ii) in the case of a payment other than a payment attributable to the Participant’s death, disability or an unforeseeable emergency (all within the meaning
of Section 409A of the Code) the Subsequent Deferral Election further defers the payment for a period of not less than five years from the date such payment would otherwise have been made and (iii) the Subsequent Deferral Election is
received by the Committee at least 12 months prior to the date the payment would otherwise have been made. In addition, Participants may be further permitted to revise the form of payment they have elected, or the number of installments elected,
provided that such revisions comply with the requirements of a Subsequent Deferral Election. 
 e.    The preceding
provisions of this Section 28 shall not be construed as a guarantee by the Company or by any Affiliate of any particular tax effect to the Participants under this Plan. The Company and its Affiliates shall not be liable to the Participants for
any tax, penalty or interest imposed under Section 409A nor for reporting in good faith any payment made under this Plan as an amount includible in gross income under Section 409A. 

  
 19

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