Document:

2010 Equity Incentive Plan

 Exhibit 10.3 

CITADEL BROADCASTING CORPORATION 

2010 EQUITY INCENTIVE PLAN 

ARTICLE I 

PURPOSE 

Purpose of the Plan. The Plan shall be known as the Citadel Broadcasting Corporation 2010 Equity Incentive Plan (the
“Plan”). The Plan is intended to further the growth and profitability of the Company by increasing incentives and encouraging Share ownership on the part of the Employees, Members of the Board, and Independent Contractors of Citadel
Broadcasting Corporation, a Delaware corporation (the “Company”) and its Subsidiaries. The Plan is intended to permit the grant of Awards that constitute Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion deems appropriate, including any combination of the above. 

ARTICLE II 

DEFINITIONS 

The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:

 “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the
1934 Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or
superseding such section or regulation. 
 “Affiliate” means any corporation or any other entity (including,
but not limited to, partnerships and joint ventures) directly or indirectly controlled by the Company. 

“Award” means, individually or collectively, a grant under the Plan of Incentive Stock Options, Non-Qualified Stock
Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion deems appropriate. 

“Award Agreement” means the written agreement setting forth the terms and conditions applicable to an Award. 

“Base Price” means the price at which a stock appreciation right may be exercised with respect to a Share. 

“Board” means the Company’s Board of Directors, as constituted from time to time. 

 “Cause” means with respect to a Participant’s Termination from and
after the date hereof, the following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time
of the grant of the Award (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to: (i) the commission by a Participant of any indictable offense which carries a maximum
penalty of imprisonment; (ii) perpetration by a Participant of an illegal act, or fraud which could cause significant economic injury to the Company; (iii) continuing failure by the Participant to perform the Participant’s duties in
any material respect, provided that the Participant is given notice and an opportunity to effectuate a cure as determined by the Committee; or (iv) a Participant’s willful misconduct with regard to the Company that could have a material
adverse effect on the Company; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of
the grant of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on
occurrence of a change in control, such definition of “cause” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a Participant’s Termination of
Directorship, “cause” means an act or failure to act that constitutes cause for removal of a director under applicable law. 

“Change in Control” means the date that any one or more of the following events occurs to the extent such event also
constitutes a “change in control event” within the meaning of Section 409A of the Code: 
 (i) any one person, or
more than one person acting as a group, acquires ownership of stock of the Company that, together with stock of the Company held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Company; provided, if any one person, or more than one person acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of the
Company, the acquisition of additional stock by the same person or persons is not considered to cause a “change in control”; 

(ii) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) ownership of the Company’s stock possessing thirty percent (30%) or more of the total voting power of the stock of the Company; 

(iii) a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Company’s Board before the date of the appointment or election; 
 (iv) any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market
value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions (for this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets); provided, however, a transfer of assets by the Company is not treated as a “change in
control” if the assets are transferred to (a) a shareholder of the company (immediately before the asset transfer) in exchange for or with respect to his/her/its stock, (b) an entity, fifty percent (50%) or more of the total
value or voting power of which is owned, directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of
all the outstanding stock of the Company, or (d) an entity, at least fifty percent (50%) of the total value or voting power of which is owed, directly or indirectly, by a person described in clause (c) hereof. 

 

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 Notwithstanding any of the foregoing, a “change in control” shall not be deemed to occur solely by
reason of the conversion of the Company’s debtholders, as of June 2, 2010, into equityholders. 

“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder shall include such section or regulation, any valid regulation or other guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or
regulation. 
 “Committee” means at least one committee, as described in Article III., appointed by the Board
from time to time to administer the Plan and to perform the functions set forth herein. 
 “Disability” means
with respect to a Participant’s Termination, the Participant shall have been substantially unable to perform the Participant’s material duties to the Company and its Subsidiaries by reason of illness, physical or mental disability or other
similar incapacity, which inability shall continue for one-hundred-eighty (180) consecutive days or two-hundred-seventy (270) days in any twenty-four (24)-month period. A Disability shall only be deemed to occur at the time of the
determination by the Committee of the Disability. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of
the Code. 
 “Eligible Individual” means any of the following individuals who is designated by the Committee in
its discretion as eligible to receive Awards subject to the conditions set forth herein: (a) any Member of the Board, officer or Employee of the Company or a Subsidiary of the Company, (b) any individual to whom the Company, or a
Subsidiary of the Company, has extended a formal offer of employment, so long as the grant of any Award shall not become effective until the individual commences employment or (c) any Independent Contractor or advisor of the Company or a
Subsidiary. 
 “Employee” means an employee of the Company or a Subsidiary. Notwithstanding anything to the
contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer of employment by the Company or a Subsidiary; provided that any such Award shall be subject to forfeiture if such individual does not commence
employment by a date established by the Committee. 
 “Employment Agreement” means any employment agreement in
effect between a Participant and the Company. 
  

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 “Exercise Price” means the price at which a Share subject to an Option may
be purchased upon the exercise of the Option. 
 “Fair Market Value” means, except as otherwise specified in a
particular Award Agreement, (a) while the Shares are readily traded on an established national or regional securities exchange, the closing transaction price of such a Share as reported by the principal exchange on which such Shares are traded
on the date as of which such value is being determined or, if there were no reported transaction for such date, the opening transaction price as reported by exchange for the first trading date following the date by which such value is being
determined on the next preceding date for which a transaction was reported, (b) if the Shares are not readily traded on an established national or regional securities exchange, the average of the bid and ask prices for such a Share on the date
as of which such value is being determined, where quoted for such Shares, or (c) if Fair Market Value cannot be determined under clause (a) or clause (b) above, or if the Board determines in its sole discretion that the Shares are too
thinly traded for Fair Market Value to be determined pursuant to clause (a) or clause (b), the value as determined by the Board, in its sole discretion, on a good faith basis. 

“Good Reason” means, unless otherwise agreed to in writing by the Participant, the following: (a) in the case where
there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but
it does not define “good reason” (or words of like import)), termination due to: (i) any material diminution or adverse change in the Participant’s duties or authorities or (ii) a material reduction in the Participant’s
base salary; provided that in order to invoke a termination for Good Reason, (A) the Participant must provide written notice within ninety (90) days of the occurrence of any event of “Good Reason,” (B) the Company must fail
to cure such event within ten (10) days of the giving of such notice, and (C) the Participant must terminate employment within thirty (30) days following the expiration of the Company’s cure period; or (b) in the case where
there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “good reason” (or
words of like import), “good reason” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “good reason” only applies on occurrence of a change in control, such
definition of “good reason” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. 

“Grant Date” means the date that the Award is granted. 

“Immediate Family” means the Participant’s children, stepchildren, grandchildren, parents, stepparents,
grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws (including all such relationships arising because of legal adoption) and any other person required under applicable law to be accorded a status identical to any of
the foregoing. 
 “Incentive Stock Option” means an Option that is designated as an Incentive Stock Option and
is intended by the Committee to meet the requirements of Section 422 of the Code. 
 “Independent
Contractor” means an independent contractor or consultant of the Company or a Subsidiary. Notwithstanding anything to the contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer to become an
independent contractor or consultant by the Company or a Subsidiary; provided that any such Award shall be subject to forfeiture if such individual does not commence his or her duties by a date established by the Committee. 

 

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 “Member of the Board” means an individual who is a member of the Board or
of the board of directors of a Subsidiary. 
 “Non-Qualified Stock Option” means an Option that is not an
Incentive Stock Option. 
 “Option” means an option to purchase Shares granted pursuant to Article VII.

 “Other Stock-Based Award” means an Award under Article XI of this Plan that is valued in whole or in part by
reference to, or is payable in or otherwise based on, Shares including, without limitation, an Award valued by reference to an Affiliate. 

“Participant” means an Employee, Independent Contractor, or Member of the Board with respect to whom an Award has been
granted and remains outstanding. 
 “Performance Award” means an Award granted to a Participant pursuant to
Article X hereof contingent upon achieving certain Performance Goals. 
 “Performance Goals” means goals
established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 

“Performance Period” means the designated period during which the Performance Goals must be satisfied with respect to
the Award to which the Performance Goals relate. 
 “Period of Restriction” means the period during which
Awards are subject to forfeiture and/or restrictions on transferability. 
 “Restricted Stock” means a Stock
Award granted pursuant to Article VIII under which the Shares are subject to forfeiture upon such terms and conditions as specified in the relevant Award Agreement. 

“Restricted Stock Unit” or “RSU” means a Stock Award granted pursuant to Article VIII subject to a
period or periods of time after which the Participant will receive Shares if the conditions contained in such Stock Award have been met. 

“Share” means the Company’s common shares, or any security issued by the Company or any successor in exchange or in
substitution therefore. 
 “Stock Appreciation Right” or “SAR” means an Award granted pursuant
to Article IX, granted alone or in tandem with a related Option which is designated by the Committee as a SAR. 
 “Stock
Award” means an Award of Restricted Stock or an RSU pursuant to Article VIII. 
  

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 “Subsidiary” means, with respect to any person, any corporation, limited
liability company, partnership, association or other business entity of which (a) if a corporation, a majority of the total voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of that person or a combination thereof, or (b) if a limited liability company,
partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any person or one or more
Subsidiaries of that person or a combination thereof. For purposes hereof, person or persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such person or
persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company, partnership,
association or other business entity. 
 “Ten Percent Holder” means an Employee (together with persons whose
stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code) who, at the time an Option is granted, owns shares representing more than ten percent of the voting power of all classes of securities of the Company.

 “Termination” means (i) in the case of an Employee: (a) a termination of employment of a
Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be a Subsidiary, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Subsidiary at the
time the entity ceases to be a Subsidiary; (ii) in the case of a Consultant: (x) that the Consultant is no longer acting as a consultant to the Company or a Subsidiary; or (y) when an entity which is retaining a Participant as a
Consultant ceases to be a Subsidiary unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Subsidiary at the time the entity ceases to be a Subsidiary; or (iii) in the case of a Member of the Board,
that individual Director has ceased to be a Member of the Board. Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise define Termination in the Award Agreement or, if no rights of a Participant are reduced, may
otherwise define Termination thereafter. 
 Notwithstanding the foregoing, for Awards that are considered to be “deferred
compensation” under Section 409A of the Code and that are settled or distributed upon a “Termination,” the foregoing definition shall only apply to the extent the applicable event would also constitute a “separation from
service” under Code Section 409A. 
 “Transfer” means: (a) when used as a noun, any direct or
indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary (including by operation of law), and
(b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and whether voluntarily or
involuntarily (including by operation of law). “Transferred” and “Transferable” shall have a correlative meaning. 
  

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 ARTICLE III 

ADMINISTRATION 

3.1 The Committee. The Plan shall be administered by the Committee. The Committee shall consist of one (1) or more Members of
the Board and may consist of the entire Board. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee. 

3.2 Authority and Action of the Committee. It shall be the duty of the Committee to administer the Plan in accordance with the
Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the full and final authority in its discretion to
(a) determine which Eligible Individuals shall be eligible to receive Awards and to grant Awards, (b) prescribe the form, amount, timing and other terms and conditions of each Award, (c) interpret the Plan and the Award Agreements
(and any other instrument relating to the Plan), (d) adopt such procedures as it deems necessary or appropriate to permit participation in the Plan by Eligible Individuals, (e) adopt such rules as it deems necessary or appropriate for the
administration, interpretation and application of the Plan, (f) interpret, amend or revoke any such procedures or rules, (g) correct any technical defect(s) or technical omission(s), or reconcile any technical inconsistency(ies), in the
Plan and/or any Award Agreement, (h) accelerate the vesting of any Award, (i) extend the period during which an Option or SAR may be exercisable, and (j) make all other decisions and determinations that may be required pursuant to the
Plan and/or any Award Agreement or as the Committee deems necessary or advisable to administer the Plan. 
 The acts of the
Committee shall be either (i) acts of a majority of the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. A majority of
the Committee shall constitute a quorum. The Committee’s determinations under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information furnished to that member by any Employee of the Company or any of its Subsidiaries or Affiliates, the Company’s independent certified public accountants or any
executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

The Company shall effect the granting of Awards under the Plan, in accordance with the determinations made by the Committee, by execution
of written agreements and/or other instruments in such form as is approved by the Committee. 
 3.3 Delegation by the
Committee. 
 3.3.1 The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate
all or any part of its authority and powers under the Plan to one or more Members of the Board of the Company and/or officers of the Company; provided, however, that the Committee may not delegate its authority or power if prohibited by applicable
law. 
  

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 3.3.2 The Committee may, in its sole discretion, employ such legal counsel, consultants and
agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the
Board in the engagement of any such counsel, consultant or agent shall be paid by the Company. 
 3.4 Indemnification.
Each person who is or shall have been a member of the Committee, or of the Board and any person designated pursuant to Section 3.3.1, shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or
expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any good faith
action taken or good faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment
in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Notice of Articles or Articles of the Company, by contract, as a matter of
law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 
 3.5 Decisions
Binding. All determinations, decisions and interpretations of the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan or any Award Agreement shall be final, conclusive, and binding on all persons, and
shall be given the maximum deference permitted by law. 
 ARTICLE IV 

SHARES SUBJECT TO THE PLAN 

4.1 Number of Shares. Subject to adjustment as provided in Section 4.3, the number of Shares available for delivery pursuant
to Awards granted under the Plan shall be 10,000,000 Shares, approximately 5,000,000 of which were authorized for issuance upon emergence from bankruptcy and 5,000,000 of which shall be utilized for future grants. Shares awarded under the Plan may
be; authorized but unissued Shares, authorized and issued Shares reacquired and held as treasury Shares or a combination thereof. To the extent permitted by applicable law or exchange rules, Shares issued in assumption of, or in substitution for,
any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary or Affiliate shall not reduce the Shares available for grants of Awards under this Section 4.1. Subject to adjustment as provided in
Section 4.3, the maximum number of Shares with respect to which Incentive Stock Options may be granted shall be 10,000,000. Subject to adjustment as provided in Section 4.3, the maximum number of Shares that may be subject to Options or
SARs granted to any Participant during the term of the Plan is 10,000,000. 
 4.2 Lapsed Awards. To the extent that
Shares subject to an outstanding Option (except to the extent Shares are issued or delivered by the Company in connection with the exercise of a tandem SAR) or other Award are not issued or delivered by reason of (i) the expiration,
cancellation, forfeiture or other termination of such Award, (ii) the withholding of such Shares in satisfaction of applicable federal, state or local taxes or (iii) of the settlement of all or a portion of such Award in cash, then such
Shares shall again be available under this Plan. 
  

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 4.3 Changes in Capital Structure. Unless otherwise provided in the Award Agreement,
in the event that any extraordinary dividend or other extraordinary distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, change of control or exchange of Shares or other securities of the Company, or other corporate transaction or event (each a “Corporate Event”) affects the Shares, the Board shall, in such
manner as it in good faith deems equitable, adjust any or all of (i) the number of Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted, (ii) the number
of Shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards, and (iii) the Exercise Price or Base Price with respect to any Award, or make provision for an immediate cash
payment to the holder of an outstanding Award in consideration for the cancellation of such Award. 
 4.3.1 If the Company
enters into or is involved in any Corporate Event, the Board may, prior to such Corporate Event and upon such Corporate Event, take such action as it deems appropriate, including, but not limited to, replacing Awards with substitute awards in
respect of the Shares, other securities or other property of the surviving corporation or any affiliate of the surviving corporation on such terms and conditions, as to the number of Shares, pricing and otherwise, which shall substantially preserve
the value, rights and benefits of any affected Awards granted hereunder as of the date of the consummation of the Corporate Event. Notwithstanding anything to the contrary in the Plan, if a Change in Control occurs, with respect to clauses (a),
(d) and (e) of such definition only, the Company shall have the right, but not the obligation, to cancel each Participant’s Awards immediately prior to such Change in Control and to pay to each affected Participant in connection with
the cancellation of such Participant’s Awards, an amount equal that the Committee, in its sole discretion, in good faith determines to be the equivalent value of such Award (e.g., in the case of an Option or SAR, the amount of the spread), it
being understood that the equivalent value of an Option or SAR with an exercise price greater than or equal to the fair market value of the underlying Shares shall be $0. 

4.3.2 Upon receipt by any affected Participant of any such substitute awards (or payment) as a result of any such Corporate Event, such
Participant’s affected Awards for which such substitute awards (or payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant. Any actions or determinations of the Committee
under this Section 4.3 need not be uniform as to all outstanding Awards, nor treat all Participants identically. 
 4.3.3
If the Company (i) makes distributions (by dividend or otherwise), (ii) grants rights to purchase securities, or (iii) issues securities, in the case of clauses (ii) and (iii) at a price below Fair Market Value, and in each
case of clauses (i), (ii) and (iii), (an “Extraordinary Distribution”), then, to reflect such Extraordinary Distribution, (A) SARs and Options shall be adjusted to retain the pre-Extraordinary Distribution spread by
decreasing the base price or exercise price of such SAR and Option awards, respectively, or, if the SAR base price or Option exercise price, as adjusted, would be less than twenty-five (25%) of the value of the Company’s common stock
post-Extraordinary Distribution, holders will be granted dividend equivalent rights for the balance of the lost spread, such rights to be payable in cash when the applicable SAR or Option award vests and (B) holders of Stock Awards will be
granted dividend equivalent rights payable in cash when the applicable Stock Award vests. 
  

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 4.4 Minimum Purchase Price. Notwithstanding any provision of this Plan to the
contrary, if authorized but previously unissued Shares are issued under this Plan, such Shares shall not be issued for a consideration that is less than as permitted under applicable law. 

ARTICLE V 

EFFECTIVE DATE 

The Plan has been adopted by the Company on June 3, 2010 (the “Effective Date”) as approved by the United States
Bankruptcy Court and was thereafter ratified and approved by the Board on June 9, 2010. 
 ARTICLE VI 

GENERAL REQUIREMENTS FOR AWARDS 

6.1 Awards Under the Plan. Awards under the Plan may be in the form of Incentive Stock Options, Non-Qualified Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards and Other Stock Awards, cash payments and such other forms as the Committee in its discretion deems appropriate, including any combination of the above. No fractional
Shares shall be issued under the Plan nor shall any right be exercised under the Plan with respect to a fractional Share. 
 6.2
General Eligibility. All Eligible Individuals are eligible to be granted Awards, subject to the terms and conditions of this Plan. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee
in its sole discretion. 
 6.3 Incentive Stock Options. Notwithstanding anything herein to the contrary, only eligible
Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined
by the Committee in its sole discretion. 
 ARTICLE VII 

STOCK OPTIONS 

7.1 Grant of Options. Subject to the provisions of the Plan, Options may be granted to Participants at such times, and subject to
such terms and conditions, as determined by the Committee in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified Stock Options, or a combination thereof; provided, however, that an Incentive Stock Option may
only be granted to an Employee of the Company or a Subsidiary and no Incentive Stock Option shall be granted more than ten years after the earlier of (i) the Effective Date or (ii) the date this Plan is approved by the Company’s
shareholders. 
  

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 7.2 Award Agreement. Each Option shall be evidenced by an Award Agreement that shall
specify the Exercise Price, the expiration date of the Option, the number of Shares to which the Option pertains, any conditions to the exercise of all or a portion of the Option, and such other terms and conditions as the Committee, in its
discretion, shall determine. The Award Agreement pertaining to an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market
Value (determined as of the Grant Date) of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company, or
any parent or subsidiary as defined in Section 424 of the Code) exceeds $100,000, such Options shall constitute Non-Qualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into account in the
order in which they are granted. 
 7.3 Exercise Price. Subject to the other provisions of this Section, the Exercise
Price with respect to Shares subject to an Option shall be determined by the Committee in its sole discretion; provided, however, that the Exercise Price with respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be less
than one hundred and ten percent (110%) of the Fair Market Value of a Share on the Grant Date. If and to the extent that an Option by its terms purports to be granted at a price lower than that permitted by the Plan, such Option shall be deemed
for all purposes to have been granted at the lowest price that would have in fact have been permitted by the Plan at the time of grant. 

7.4 Expiration Dates. Each Option shall terminate not later than the expiration date specified in the Award Agreement pertaining
to such Option; provided, however, that the expiration date with respect to an Option shall not be later than the tenth (10th) anniversary of its Grant Date and the expiration date with respect to an Incentive Stock Option granted to a Ten
Percent Holder shall not be later than the fifth (5th) anniversary of its Grant Date. 
 7.5 Exercisability of
Options. Subject to Section 7.4, Options granted under the Plan shall be exercisable at such times, and shall be subject to such restrictions and conditions, as the Committee shall determine in its sole discretion. The exercise of an Option
is contingent upon payment by the optionee of the amount sufficient to pay all taxes required to be withheld by any governmental agency. Such payment may be in any form approved by the Committee. 

7.6 Method of Exercise. Options shall be exercised in whole or in part by the Participant’s delivery of a written notice of
exercise to the General Counsel of the Company (or his or her designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Exercise Price with respect to each such Share and an
amount sufficient to pay all taxes required to be withheld by any governmental agency. The Exercise Price shall be payable to the Company in full in cash or its equivalent and no Shares resulting from the exercise of an Option shall be issued until
full payment therefore has been made. The Committee, in its sole discretion, also may permit exercise (a) by tendering previously acquired Shares or (b) by any other means which the Committee, in its sole discretion, determines to both
provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. As soon as practicable after receipt of a written notification of exercise and full payment for the Shares with respect to which the Option is exercised,
the Company shall deliver to the Participant Share certificates (or the equivalent if such Shares are held in book entry form) for such Shares with respect to which the Option is exercised. 

 

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 7.7 Early Exercise. The Committee may provide that an Option include a provision
whereby the Participant may elect at any time before the Participant’s Termination to exercise the Option as to any part or all of the Shares subject to the Option prior to the full vesting of the Option and such Shares shall be subject to the
provisions of Article VIII and treated as Restricted Stock. Any unvested Shares so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Committee determines to be appropriate. 

7.8 Restrictions on Share Transferability. Incentive Stock Options are not transferable, except by will or the laws of descent.
The Committee may impose such additional restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but not limited to, restrictions related to applicable federal securities laws, the requirements
of any national securities exchange or system upon which Shares are then listed or traded, or any blue sky or state securities laws. 

7.9 Cashing Out of Option. Unless otherwise provided in the Award Agreement, on receipt of written notice of exercise, the
Committee may elect to cash out all or part of the portion of the Shares for which an Option is being exercised by paying the optionee an amount, in cash or Shares, equal to the excess of the Fair Market Value of the Shares over the option price
times the number of Shares for which the Option is being exercised on the effective date of such cash-out. 
 7.10 Certain
Powers. Notwithstanding anything herein to the contrary, unless otherwise provided in the Award Agreement, the Committee may, at its sole and absolute discretion, (i) lower the strike price of an Option after it is granted, or take any
other action with the effect of lowering the strike price of an Option after it is granted or (ii) permit Participants to cancel an Option in exchange for another Award. 

7.11 Incentive Stock Options. Should any Option granted under this Plan be designated an “Incentive Stock Option,” but
fail, for any reason, to meet the requirements of the Code for such a designation, then such Option shall be deemed to be a Non-Qualified Stock Option and shall be valid as such according to its terms. 

7.12 Dividends and Other Distributions. Unless otherwise provided in the Award Agreement, Participants holding Options shall be
entitled to receive dividend-equivalent payments and other distributions paid with respect to each Share covered by an Option; provided, that any such dividends or other distributions will be subject to the same vesting requirements as the Options
and shall be paid at the time the Options become vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the
Options with respect to which they were paid. 
  

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 ARTICLE VIII 

STOCK AWARDS 

8.1 Grant of Stock Awards. Subject to the provisions of the Plan, Stock Awards may be granted to such Participants at such times,
and subject to such terms and conditions, as determined by the Committee in its sole discretion. Stock Awards may be issued either alone or in addition to other Awards granted under the Plan. 

8.2 Stock Award Agreement. Each Stock Award shall be evidenced by an Award Agreement that shall specify the number of Shares
granted, the price, if any, to be paid for the Shares and the Period of Restriction applicable to a Restricted Stock Award or RSU Award and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

8.3 Transferability/Share Certificates. Shares subject to an Award of Restricted Stock may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated during a Period of Restriction. During the Period of Restriction, a Restricted Stock Award may be registered in the holder’s name or a nominee’s name at the discretion of the Company and may
bear a legend as described in Section 8.4.2. Unless the Committee determines otherwise, shares of Restricted Stock shall be held by the Company as escrow agent during the applicable Period of Restriction, together with stock powers or other
instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the Shares subject
to the Restricted Stock Award in the event such Award is forfeited in whole or part. 
 8.4 Other Restrictions. The
Committee, in its sole discretion, may impose such other restrictions on Shares subject to an Award of Restricted Stock as it may deem advisable or appropriate. 

8.4.1 General Restrictions. The Committee may set restrictions based upon applicable federal or state securities laws, or any
other basis determined by the Committee in its discretion. 
 8.4.2 Legend on Certificates. The Committee, in its sole
discretion, may legend the certificates representing Restricted Stock during the Period of Restriction to give appropriate notice of such restrictions. For example, the Committee may determine that some or all certificates representing Shares of
Restricted Stock shall bear the following legend: “The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer as set
forth in the Citadel Broadcasting Corporation Equity Incentive Plan (the “Plan”), and in a Restricted Stock Award Agreement (as defined by the Plan). A copy of the Plan and such Restricted Stock Award Agreement may be obtained from
the General Counsel of Citadel Broadcasting Corporation.” 
 8.5 Removal of Restrictions. Shares of Restricted Stock
covered by a Restricted Stock Award made under the Plan shall be released from escrow as soon as practicable after the termination of the Period of Restriction and, subject to the Company’s right to require payment of any taxes, a certificate
or certificates evidencing ownership of the requisite number of Shares shall be delivered to the Participant. 
  

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 8.6 Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless otherwise provided in the Award Agreement. 

8.7 Dividends and Other Distributions. Unless otherwise provided in the Award Agreement, Participants shall be entitled to receive
all dividends and other distributions paid with respect to Stock Awards provided, that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Stock Awards and shall be paid at the time the Stock
Award becomes vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Stock Awards with respect to which
they were paid. 
 ARTICLE IX 

STOCK APPRECIATION RIGHTS 

9.1 Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such Participants at such times, and subject to
such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 9.2 Base Price and Other
Terms. The Committee, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan. Without limiting the foregoing, the Base Price with respect to Shares subject to a
tandem SAR shall be the same as the Exercise Price with respect to the Shares subject to the related Option. 
 9.3 SAR
Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the Base Price (which shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date), the term of the SAR, the
conditions of exercise, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 
 9.4
Expiration Dates. Each SAR shall terminate no later than the tenth (10th) anniversary of its Grant Date; provided, however, that the expiration date with respect to a tandem SAR shall not be later than the expiration date of the related
Option. 
 9.5 Exercisability. 

9.5.1 Method of Exercise. Unless otherwise specified in the Award Agreement pertaining to a SAR, a SAR may be exercised (a) by
the Participant’s delivery of a written notice of exercise to the General Counsel of the Company (or his or her designee) setting forth the number of whole SARs which are being exercised, (b) in the case of a tandem SAR, by surrendering to
the Company any Options which are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as the Company may reasonably request. 

9.5.2 Tandem SARs. Tandem SARs (i.e., SARs issued in tandem with Options) shall be exercisable only at such time or times and to
the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Article VII. The related Options which have been surrendered by the exercise of a tandem SAR, in whole or in part, shall no longer be
exercisable to the extent the related tandem SARs have been exercised. 
  

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 9.5.3 Discretionary Limitations. If the Committee provides, in its discretion, that
any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Committee may waive such limitations on the exercisability at any time at
or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such factors, if any, as the Committee shall determine, in
its sole discretion. Unless otherwise set forth in an Award Agreement, in the event that a written employment agreement between the Company and a Participant provides for a vesting schedule that is more favorable than the vesting schedule provided
in the form of Award agreement, the vesting schedule in such employment agreement shall govern, provided that such agreement is in effect on the date of grant and applicable to the specific Award. 

9.6 Payment. Except as otherwise provided in the relevant Award Agreement, upon exercise of a SAR, the Participant shall be
entitled to receive payment from the Company in an amount determined by multiplying: (i) the amount by which the Fair Market Value of a Share on the date of exercise exceeds the Base Price specified in the Award Agreement pertaining to such SAR
by (ii) the number of Shares with respect to which the SAR is exercised. 
 9.7 Payment Upon Exercise of SAR.
Payment to a Participant upon the exercise of the SAR shall be made, as determined by the Committee in its sole discretion, either (a) in cash, (b) in Shares with a Fair Market Value equal to the amount of the payment or (c) in a
combination thereof, as set forth in the applicable Award Agreement. 
 9.8 Dividends and Other Distributions. Unless
otherwise provided in the Award Agreement, Participants holding SARs shall be entitled to receive dividend-equivalent payments and other distributions paid with respect to each Share covered by an SAR; provided, that any such dividends or other
distributions will be subject to the same vesting requirements as the SARs and shall be paid at the time the SARs become vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be
subject to the same restrictions on transferability and forfeitability as the SARs with respect to which they were paid. 

ARTICLE X 

PERFORMANCE AWARDS 

10.1 General. The Committee may grant a Performance Award to the Participant, payable in any form described in Section 6.1,
upon the attainment of specific Performance Goals. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant Performance Goal in accordance with
Article VIII. If the Performance Award is payable in cash, it may be paid upon attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair Market Value of such Shares), as determined
by the Committee, in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from time to time approve. Performance Awards
granted under the Plan shall be subject to the following terms and conditions and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable, which additional terms and conditions shall
be reflected in the applicable Award Agreement. 
  

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 10.2 Performance Goals. Unless otherwise prohibited by applicable law, the Committee
shall have the authority to grant Awards under this Plan that are contingent upon the achievement of Performance Goals. Such Performance Goals are to be specified in the relevant Award Agreement and may be based on such factors including, but not
limited to: (a) revenue, (b) earnings per Share (basic and diluted), (c) net income per Share, (d) Share price, (e) pre-tax profits, (f) net earnings, (g) net income, (h) operating income, (i) cash flow
(including, without limitation, operating cash flow, free cash flow, discounted cash flow, return on investment and cash flow in excess of cost of capital), (j) earnings before interest, taxes, depreciation and amortization, (k) earnings
before interest and taxes, (l) sales, (m) total stockholder return relative to assets, (n) total stockholder return relative to peers, (o) financial returns (including, without limitation, return on assets, return on net assets,
return on equity and return on investment), (p) cost reduction targets, (q) customer satisfaction, (r) customer growth, (s) gross margin, (t) revenue growth, (u) market share, (v) book value per share,
(w) expenses and expense ratio management, (x) same-store sales or same-stores sales growth, (y) any combination of the foregoing or (z) with respect to Awards that are not intended to qualify as performance-based compensation
under Section 162(m) of the Code, such other criteria as the Committee may determine. Performance Goals may be in respect of the performance of the Company, any of its Subsidiaries or Affiliates or any combination thereof on either a
consolidated, business unit or divisional level. Performance Goals may be absolute or relative (to prior performance of the Company or to the performance of one or more other entities or external indices) and may be expressed in terms of a
progression within a specified range. Multiple Performance Goals may be established and may have the same or different weighting. 

10.3 Additional Criteria. The foregoing criteria shall have any reasonable definitions that the Committee may specify, which may
include or exclude any or all of the following items, as the Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effects of currency fluctuations; effects of financing activities (e.g., effect on
earnings per share of issuing convertible debt securities); expenses for restructuring, productivity initiatives or new business initiatives; non-operating items; acquisition expenses; and effects of divestitures. Any such performance criterion or
combination of such criteria may apply to the Participant’s award opportunity in its entirety or to any designated portion or portions of the award opportunity, as the Committee may specify. 

10.4 Adjustment to Performance Goals. At any time prior to payment of an Award, the Committee may adjust previously established
Performance-Goals and other terms and conditions of the Award to reflect major unforeseen events, including, without limitation, changes in laws, regulations or accounting policies or procedures, mergers, acquisitions or divestitures or
extraordinary, unusual or non-recurring items. 
 10.5 Value, Form and Payment of Performance Award. The Committee will
establish the value or range of value of the Performance Award, the form in which the Award will be paid, and the date(s) and timing of payment of the Award. The Participant will be entitled to receive the Performance Award only upon the attainment
of the Performance Goals and such other criteria as may be prescribed by the Committee during the Performance Period. 
  

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 10.6 Maximum Number of Performance Awards. Subject to adjustment in accordance with
Section 4.3, the maximum number of Shares that may be subject to Performance Awards granted to any Participant during the term of the Plan is 10,000,000. Subject to adjustment in accordance with Section 4.3, the maximum amount that can be
paid out in cash to any Participant in respect of any cash-settled Performance Award granted to such Participant during the term of the Plan that is not expressed in the form of Share equivalents is the Fair Market Value of 10,000,000 Shares as of
the date of grant. 
 ARTICLE XI 

OTHER STOCK AWARDS 

11.1 Grant. Subject to the provisions of the Plan, the Committee may grant Other Stock-Based Awards that are payable in, valued in
whole or in part by reference to, or otherwise based on or related to Shares, including, but not limited to, Shares awarded purely as a bonus and not subject to any restrictions or conditions, Shares in payment of the amounts due under an incentive
or performance plan sponsored or maintained by the Company or a Subsidiary, performance units, dividend equivalent units, stock equivalent units, and deferred stock units. To the extent permitted by law, the Committee may, in its sole discretion,
permit Eligible Individuals to defer all or a portion of their cash compensation in the form of Other Stock-Based Awards granted under this Plan, subject to the terms and conditions of any deferred compensation arrangement established by the
Company, which shall be intended to comply with Section 409A of the Code. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 

11.2 Non-Transferability. Subject to the applicable provisions of the Award Agreement and this Plan, Shares subject to Awards made
under this Article XI may not be Transferred prior to the date on which the Shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 

11.3 Dividends. Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award
Agreement and this Plan, the recipient of an Award under this Article XI shall be entitled to receive all dividends and other distributions paid with respect to such Award provided, that any such dividends or other distributions will be subject to
the same vesting requirements as the underlying Award and shall be paid at the time the Award becomes vested. If any dividends or distributions are paid in Shares, such Shares shall be deposited with the Company and shall be subject to the same
restrictions on transferability and forfeitability as the Award with respect to which they were paid. 
 11.4 Vesting.
Any Award under this Article XI and any Shares covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. Unless expressly provided otherwise in an
Award Agreement, in the event that a written employment agreement between the Company and a Participant provides for a vesting schedule that is more favorable than the vesting schedule provided in the form of Award Agreement, the vesting schedule in
such employment agreement shall govern, provided that such agreement is in effect on the date of grant and applicable to the specific Award. 
  

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 11.5 Price. Shares issued on a bonus basis under this Article XI may be issued for no
cash consideration; Shares purchased pursuant to a purchase right awarded under this Article XI shall be priced, as determined by the Committee in its sole discretion. 

11.6 Payment. The form of payment for the Other Stock-Based Award shall be specified in the Award Agreement. 

ARTICLE XII 

PARTICIPANT TERMINATION 

12.1 Rules Applicable to Options and SARs. Unless otherwise determined by the Committee in the applicable Award Agreement (or, if
no rights of the Participant are reduced, thereafter) or otherwise provided in any applicable agreement between the Company and a Participant: 

12.1.1 Termination by Reason of Death or Disability. If a Participant’s Termination is by reason of death or Disability, all
Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the Participant’s
estate) at any time within a one-year period from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs; provided, however, if the Participant dies within such exercise period, all unexercised
Options or SARs held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one year from the date of such death, but in no event beyond the expiration of the stated
term of such Options or SARs. 
 12.1.2 Termination Without Cause or For Good Reason. If a Participant’s Termination
is by involuntary termination without Cause or for Good Reason, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time
within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs. 

12.1.3 Termination without Good Reason. If a Participant’s Termination is without Good Reason, all Options or SARs that are
held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the
expiration of the stated terms of such Options or SARs. 
 12.1.4 Termination for Cause. If a Participant’s
Termination is for Cause all Options or SARs, whether vested or unvested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

12.1.5 Unvested Options and SARs. Except as set forth in the applicable Award Agreement, Options or SARs that are not vested as of
the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 
  

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 12.2 Rules Applicable to Stock Awards, Performance Awards and Other Stock-Based
Awards. Unless otherwise determined by the Committee in the applicable Award Agreement (or, if no rights of the Participant are reduced, thereafter) or otherwise provided in any applicable agreement between the Company and a Participant, upon a
Participant’s Termination for any reason: (i) during the relevant Restriction Period, all Stock Awards still subject to restriction shall be forfeited; and (ii) any unvested Performance Award or Other Stock-Based Awards shall be
forfeited. 
 ARTICLE XIII 

CHANGE IN CONTROL 

The Committee may provide, in an Award Agreement or otherwise, that in the event of a Change in Control, unless the right to accelerated
vesting, the lapse of restrictions or risks of forfeiture, or accelerated delivery or receipt of cash provided for herein is waived or deferred by a Participant and the Company by written notice prior to the Change in Control, all restrictions and
risks of forfeiture on Awards (other than those imposed by law or regulation) shall lapse, and all deferral or vesting periods relating to Awards shall immediately expire. In the event of a Change in Control, the Board can unilaterally implement or
negotiate a procedure with any party to the Change in Control pursuant to which all Participants’ unexercised Options may be cashed out as part of the purchase transaction, without requiring exercise, for the difference between the purchase
price and the Exercise Price. 
 ARTICLE XIV 

AMENDMENT, TERMINATION AND DURATION 

14.1 Amendment, Suspension or Termination. The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any
part thereof, at any time and for any reason, subject to any requirement of stockholder approval required by applicable law, rule or regulation, including, without limitation, Section 422 of the Code and the rules of the applicable securities
exchange; provided, however, the Board may amend the Plan and any Award Agreement without shareholder approval as necessary to avoid the imposition of any taxes under Section 409A of the Code. Subject to the preceding sentence, the amendment,
suspension or termination of the Plan shall not, without the consent of the Participant, materially adversely alter or impair any rights or obligations under any Award theretofore granted to such Participant. Notwithstanding the foregoing, the
Committee may, but shall not be required to, amend or modify any Award to the extent necessary to avoid the imposition of taxes under Section 409A of the Code. The Company intends to administer the Plan and all Awards granted thereunder in a
manner that complies with Code Section 409A, however, the Company shall not be responsible for any additional tax imposed pursuant to Code Section 409A, nor will the Company indemnify or otherwise reimburse Participant for any liability
incurred as a result of Code Section 409A. No Award may be granted during any period of suspension or after termination of the Plan. 

14.2 Duration of the Plan. The Plan shall, subject to Section 14.1, terminate ten (10) years after adoption by the
Board, unless earlier terminated by the Board and no further Awards shall be granted under the Plan. The termination of the Plan shall not affect any Awards granted prior to the termination of the Plan. 

 

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 ARTICLE XV 

MISCELLANEOUS 

15.1 No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to
terminate any Participant’s employment or service at any time, for any reason and with or without cause. 
 15.2
Acceptance. Awards granted pursuant to this Plan must be accepted within a period of six (6) months (or such other period as the Committee may specify (the “Acceptance Period”)) after the grant date, by executing an
Award Agreement and by paying whatever price (if any) the Committee has designated thereunder. Any Award not accepted as described in this Section 15.2 shall be forfeited for no consideration immediately upon the expiration of the Acceptance
Period. 
 15.3 Participation. No person shall have the right to be selected to receive an Award under this Plan, or,
having been so selected, to be selected to receive a future Award. The Committee’s determination under the Plan (including, without limitation, determination of the eligible Employees who shall be granted Awards, the form, amount and timing of
such Awards, the terms and provisions of Awards and the Awards Agreements and the establishment of Performance Goals) need not be uniform and may be made by it selectively among eligible Employees who receive or are eligible to receive Awards under
the Plan, ether or not such eligible Employees are similarly situated. 
 15.4 Unfunded Status. The Plan is intended to
constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant by the Company, nothing set forth herein shall give any Participant any rights that are greater than those of
a general creditor of the Company. In its sole and absolute discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of or with respect
to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. 

15.5 Successors. All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or assets of the Company. 

15.6 Beneficiary Designations. Subject to the restrictions in Section 15.7 below, a Participant under the Plan may name a
beneficiary or beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s death. For purposes of this Section, a beneficiary may include a designated trust having as its primary beneficiary a family member
of a Participant. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner acceptable to the Committee. In the absence of any such designation, any vested benefits
remaining unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the terms of the Plan and of the applicable Award Agreement, any unexercised vested Award may be exercised by the administrator or
executor of the Participant’s estate. 
  

 20 

 15.7 Nontransferability of Awards. No Award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution; provided, however, that except as provided by in the relevant Award Agreement, a Participant may transfer, without
consideration, an Award other than an Incentive Stock Option to one or more members of his or her Immediate Family, to a trust established for the exclusive benefit of one or more members of his or her Immediate Family, to a partnership in which all
the partners are members of his or her Immediate Family, or to a limited liability company in which all the members are members of his or her Immediate Family; provided, further, that any such Immediate Family, and any such trust, partnership and
limited liability company, shall agree to be and shall be bound by the terms of the Plan, and by the terms and provisions of the applicable Award Agreement and any other agreements covering the transferred Awards. All rights with respect to an Award
granted to a Participant shall be available during his or her lifetime only to the Participant and may be exercised only by the Participant or the Participant’s legal representative. 

15.8 No Rights as Shareholder. Except to the limited extent provided in Sections 8.6 and 8.7, no Participant (nor any beneficiary)
shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless and until certificates representing such Shares, if any, or in the event the Shares are
non-certificate, such other method of recording beneficial ownership, shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary). 

15.9 Withholding. 

15.9.1 General. As a condition to the settlement of any Award hereunder, a Participant shall be required to pay in cash, or to make
other arrangements satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), an amount sufficient to satisfy any federal, state, local and foreign taxes of any
kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the Award.
Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Shares. 

15.9.2 Shares Not Publicly Traded. Notwithstanding anything to the contrary in Section 15.9.1, in the event the Shares are
not listed for trading on an established securities exchange on the date an Award is required to be settled then the Company shall, at the request of the Participant, deduct or withhold Shares having a Fair Market Value equal to the minimum amount
required to be withheld to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the
Code and/or any other applicable law, rule or regulation with respect to such Award. 
 15.9.3 Company Election to Pay
Cash. Notwithstanding anything herein to the contrary, unless otherwise provided in the Award Agreement, in the event that the settlement of any Award is to be made in Shares and such settlement would result in the Company having more than 290
shareholders, then the Board, in its sole and absolute discretion, may elect to settle such Award in cash. 
  

 21 

 15.9.4 Withholding Arrangements. The Committee, in its sole discretion and pursuant
to such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the tax withholding obligations in connection with an Award by (a) paying cash, (b) having the Company withhold otherwise
deliverable Shares, (c) delivering to the Company already-owned Shares having a Fair Market Value equal to the tax obligation, or (d) any combination of the foregoing. 

15.10 No Corporate Action Restriction. The existence of the Plan, any Award Agreement and/or the Awards granted hereunder shall
not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any Subsidiary’s
or Affiliate’s capital structure or business, (b) any merger, consolidation or change in the ownership of the Company or any Subsidiary or Affiliate, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks
ahead of or affecting the Company’s or any Subsidiary’s or Affiliate’s capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any Subsidiary or Affiliate, (e) any sale or transfer of all or
any part of the Company’s or any Subsidiary’s or Affiliate’s assets or business, or (f) any other corporate act or proceeding by the Company or any Subsidiary or Affiliate. No Participant, beneficiary or any other person shall
have any claim against any Member of the Board or the Committee, the Company or any Subsidiary or Affiliate, or any employees, officers, shareholders or agents of the Company or any Subsidiary or Affiliate, as a result of any such action.

 15.11 Conditions and Restrictions on Shares. Each Participant to whom an Award is made under the Plan shall
(i) enter into an Award Agreement with the Company that shall contain such provisions consistent with the provisions of the Plan, as may be approved by the Committee and (ii) to the extent the Award is made at a time prior to the date
Shares are listed for trading on an established securities exchange, enter into a “Stockholder’s Agreement” that is substantially similar in all material respect to any stockholder’s agreement entered into by any other employee
of the Company or its Subsidiaries in connection with the Award of any equity-based compensation. Each Award made hereunder shall be subject to the requirement that if at any time the Company determines that the listing, registration or
qualification of the Shares subject to such Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection
with, the exercise or settlement of such Award or the delivery of Shares thereunder, such Award shall not be exercised or settled and such Shares shall not be delivered unless such listing, registration, qualification, consent, approval or other
action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing Shares delivered pursuant to any Award made hereunder bear a legend indicating that the sale,
transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. Finally, no Shares shall be issued and delivered under the Plan, unless the
issuance and delivery of those Shares shall comply with all relevant regulations and any registration, approval or action thereunder. 
  

 22 

 15.12 Gender and Number. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

15.13 Severability. In the event any provision of the Plan or of any Award Agreement shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the Plan or the Award Agreement, and the Plan and/or the Award Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

 15.14 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all
applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

15.15 Governing Law. The Plan and all determinations made and actions taken pursuant hereto to the extent not otherwise governed
by the Code or the securities laws of the United States, shall be governed by the law of the State of Delaware and construed accordingly. 

15.16 Jurisdiction; Waiver of Jury Trial. Any suit, action or proceeding with respect to this Plan or any Award Agreement, or any
judgment entered by any court of competent jurisdiction in respect of any thereof, shall be brought in any Court in the State of Florida, and the Company and each Participant shall submit to the exclusive jurisdiction of such courts for the purpose
of any such suit, action, proceeding or judgment. The Company and each Participant shall irrevocably waive any objections which he, she or it may have to the laying of the venue of any suit, action or proceeding arising out of or relating to this
Plan or any Award Agreement brought in any Court in the State of Florida, and shall further irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in any inconvenient forum. The Company and
each Participant shall waive any right he, she or it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this Plan or any Award Agreement or any course of conduct, course of dealing, verbal or
written statement or action of any party to any Award Agreement or relating to this Plan in any way. 
 15.17 Captions.
Captions are provided herein for convenience only, and shall not serve as a basis for interpretation or construction of the Plan. 

15.18 Payments to Minors. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of
receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its
Affiliates and their employees, agents and representatives with respect thereto. 
  

 23 

 15.19 Section 409A of the Code. The Plan is intended to comply with the
applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will
comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the
contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such
provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action
taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties shall rest solely with the affected Participant(s)
and not with the Company. 
 15.20 Section 16(b) of the Exchange Act. All elections and transactions under this Plan
by persons subject to Section 16 of the Exchange Act involving Shares are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may, in its sole discretion, establish and adopt written administrative
guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of this Plan and the transaction of business thereunder. 

15.21 Other Benefits. No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits
under any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. 

15.22 Costs. The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares
pursuant to any Awards hereunder. 
 15.23 Award Agreement. Notwithstanding any other provision of the Plan, to the
extent the provisions of any Award Agreement are inconsistent with terms of the Plan and such inconsistency is a result of compliance with laws of the jurisdiction in which the Participant is resident or is related to taxation of such Award in such
jurisdiction, the relevant provisions of the particular Award Agreement shall govern. 
  

 24Form of Employment Agreement

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 3rd day of June, 2010 (the “Effective Date”), by
and between Citadel Broadcast Corporation, a Delaware corporation (the “Company”), and                     , an individual
(the “Executive”). 
 WHEREAS, the Executive is currently employed as the
                    ; and 

WHEREAS, the Company and the Executive desire to enter into this Agreement to set out the terms and conditions for the continued
employment relationship of the Executive with the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 

1. Employment Agreement. On the terms and conditions set forth in this Agreement, the Company agrees to continue to employ the
Executive and the Executive agrees to continue to be employed by the Company for the Employment Period set forth in Section 2 and in the positions and with the duties set forth in Section 3. Terms used herein with initial capitalization
not otherwise defined are defined in Section 26. 
 2. Term. The initial term of employment under this Agreement
shall commence on the Effective Date and continue until                      anniversary thereof (the “Initial Term”). The
term of employment shall be automatically extended for an additional consecutive twelve (12)-month period (the “Extended Term”) on
                     and each subsequent
                    , unless and until the Company or the Executive provides written notice to the other party in accordance with
Section 13 hereof not less than ninety (90) days before such anniversary date that such party is electing not to extend the term of employment under this Agreement (“Non-Renewal”), in which case the term of employment hereunder
shall end as of the end of such Initial Term or Extended Term, as the case may be, unless sooner terminated as hereinafter set forth. Such Initial Term and all such Extended Terms are collectively referred to herein as the “Employment
Period.” 
 3. Position and Duties. During the Employment Period, the Executive shall serve as the
                     of the Company. In such capacity, the Executive shall have the duties, responsibilities and authorities
customarily associated with the positions of                      in a company the size and nature of the Company. The Executive shall
devote the Executive’s reasonable best efforts and full business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Company; provided that the Executive shall be entitled to
serve as a member of the board of directors of a reasonable number of other companies, to serve on civic, charitable, educational, religious, public interest or public service boards (including, without limitation,
                    ), and to manage the Executive’s personal and family investments, in each case, to the extent such activities
do not materially interfere with the performance of the Executive’s duties and responsibilities hereunder. 
  

 1 

 4. Place of Performance. During the Employment Period, the Executive shall be based
primarily in                      or at such other additional location as mutually agreed upon by the Company’s Chief Executive
Officer and Executive. 
 5. Compensation and Benefits; Options; Change in Control. 

(a) Base Salary. During the Employment Period, the Company shall pay to the Executive a base salary (the “Base Salary”)
at an annual rate equal to that in effect on the date hereof per calendar year, less applicable deductions. The Base Salary shall be reviewed for increase by the Company no less frequently than annually and shall be increased in the discretion of
the Company and any such increased Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the Company’s regular payroll
procedures. 
 (b) Annual Bonus. The Executive shall be paid an annual cash performance bonus (an “Annual
Bonus”) in respect of each calendar year that ends during the Employment Term, to the extent [he/she] is employed by the Company on the last day of the applicable calendar year, earned based on performance against objective performance
criteria. The performance criteria for calendar years 2010 through 2012 are attached hereto as Exhibit A. For subsequent calendar years, the board of directors of the Company (the “Board”) will establish, in good faith after
consultation with the Company’s Chief Executive Officer, objective, reasonably attainable performance goals no later than sixty (60) days after the commencement of the relevant bonus period. Executive’s Annual Bonus for 2010 shall
be $                     (the “Target Bonus”) if target levels of performance for that year are achieved. In no event shall
the Target Bonus in respect of subsequent years be less than the 2010 Target Bonus and such Target Bonuses may be increased in the Board’s good faith discretion. The Executive’s Annual Bonus for a bonus period shall be determined by the
Board after the end of the applicable bonus period and shall be paid to the Executive when annual bonuses for that year are paid to other senior executives of the Company generally, but in no event later than March 15 of the year following the
year to which such Annual Bonus relates. In carrying out its functions under this Section 5(b), the Board shall at all times act reasonably and in good faith. 

(i) Executive’s 2009 annual bonus approved by the Company’s Compensation Committee of Citadel Broadcasting Corporation in such
amount as set forth in the Company’s 2009 Annual Report filed on Form 10-K [, as well as any other bonus, if any, approved by the Compensation Committee prior to the Effective Date] shall be paid to Executive within five (5) days
following the Effective Date. 
 (c) Vacation; Benefits. During the Employment Period, the Executive shall be entitled to
                     weeks vacation annually, which shall be accrued and used in accordance with the applicable policies of the Company. The
Executive shall be entitled to participate in such medical, dental, vision and life insurance, retirement and other plans and perquisites as the Company may have or establish from time to time [on the same terms and conditions as those in effect
immediately prior to the date hereof] [on terms and conditions applicable to other senior executives of the Company generally]. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the
modification or termination of such plans once established. [The Board shall promptly establish a non-qualified retirement benefit program on the terms and conditions (including with respect to the level of benefits provided) as set forth on the
attached Exhibit B]. 
  

 2 

 (d) Equity Awards. Within thirty (30) days of the Effective Date, the Executive
shall be granted stock appreciation rights which represent the right to receive common stock of the Company. The terms and conditions applicable to such equity awards shall be no less favorable to the Executive than as set forth on Exhibit
[B/C] attached hereto. The Board shall consider Executive, in good faith, for additional annual equity incentive awards during each year of the Employment Period. 

6. Expenses. The Executive is expected and authorized to incur reasonable expenses in the performance of the Executive’s
duties hereunder. The Company shall reimburse the Executive for all such expenses actually incurred in accordance with policies which may be adopted from time to time by the Company promptly upon periodic presentation by the Executive of an itemized
account, including reasonable substantiation, of such expenses. 
 7. Restrictive Covenants. 

(a) Confidentiality & Non-Disclosure Agreement. The Company and the Executive acknowledge and agree that during the
Executive’s employment with the Company, the Executive will have access to and may assist in developing Confidential Information and will occupy a position of trust and confidence with respect to the affairs and business of the Company and the
Company Affiliates. The Executive agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Confidential Information and to protect the Company and the Company Affiliates against harmful solicitation
of employees and customers, harmful competition and other actions by the Executive that would result in serious adverse consequences for the Company and the Company Affiliates. 

(b) Non-Disclosure. During and after the Executive’s employment with the Company, the Executive will not knowingly use,
disclose or transfer any Confidential Information other than as authorized in writing by the Company or within the scope of the Executive’s duties with the Company as determined reasonably and in good faith by the Executive. Anything herein to
the contrary notwithstanding, the provisions of this Section 7(a) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with
actual or apparent jurisdiction to order the Executive to disclose or make accessible any information; (ii) with respect to any other litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement
of this Agreement; (iii) as to information that becomes generally known to the public or within the relevant trade or industry other than due to the Executive’s violation of this Section 7(b); (iv) as to information that is or
becomes available to the Executive on a non-confidential basis from a source which is entitled to disclose it to the Executive; or (v) as to information that the Executive possessed prior to the commencement of employment with the Company.

 (c) Materials. The Executive will use Confidential Information only for normal and customary use in the Company’s
business, as determined reasonably and in good faith by the Executive. The Executive will return to the Company all Confidential Information and copies thereof and all other property of the Company or any Company Affiliate at any time upon the
request of the Company and in any event promptly after termination of Executive’s employment. The Executive agrees to attempt in good faith to identify and return to the Company any copies of any Confidential Information after the Executive
ceases to be employed by the Company. Anything to the contrary notwithstanding, nothing in this Section 7 shall prevent the Executive from retaining a home computer, papers and other materials of a personal nature, including diaries, calendars
and Rolodexes, information relating to [his/her] compensation or relating to reimbursement of expenses, information that the Executive reasonably believes may be needed for tax purposes, and copies of plans, programs and agreements relating
to [his/her] employment. 
  

 3 

 (d) No Solicitation or Hiring of Employees. During the Non-Compete Period, the
Executive shall not solicit, entice, persuade or induce any individual who is employed by the Company or its Affiliates (or who was so employed within six (6) months prior to the Executive’s action) to terminate or refrain from continuing
such employment or to become employed by or enter into contractual relations with any other individual or entity other than the Company or its Affiliates, and the Executive shall not hire, directly or indirectly, for himself or any other person, as
an employee, consultant or otherwise, any such person. Anything to the contrary notwithstanding, the Company agrees that (i) the Executive’s responding to an unsolicited request from any former employee of the Company for advice on
employment matters; and (ii) the Executive’s responding to an unsolicited request for an employment reference regarding any former employee of the Company from such former employee, or from a third party, by providing a reference setting
forth his/her personal views about such former employee, shall not be deemed a violation of this Section 7(d); in each case, to the extent the Executive does not encourage the former employee to become employed by a company or business that
employs the Executive or with which the Executive is otherwise associated (including, but not limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member,
consultant, contractor, director or otherwise). 
 (e) Non-Competition. 

(i) During the Non-Compete Period, the Executive shall not, directly or indirectly, (A) solicit, service, or assist any other
individual, person, firm or other entity in soliciting or servicing any Customer for the purpose of providing and/or selling any products that are provided and/or sold by the Company or its subsidiaries, or performing any services that are performed
by the Company or its subsidiaries, (B) interfere with or damage (or attempt to interfere with or damage) any relationship and/or agreement between the Company or its subsidiaries and any Customer or (C) associate (including, but not
limited to, association as a sole proprietor, owner, employer, partner, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor, director or otherwise) with any Competitive Enterprise; provided, however,
that Executive may own, as a passive investor, securities of any such entity that has outstanding publicly traded securities so long as his/her direct holdings in any such entity shall not in the aggregate constitute more than 1% of the voting power
of such entity. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the Non-Compete Period, he/she will provide a copy of this Agreement to such entity, and such entity shall acknowledge
to the Company in writing that it has read this Agreement. The Executive acknowledges that this covenant has a unique, very substantial and immeasurable value to the Company, that the Executive has sufficient assets and skills to provide a
livelihood for the Executive while such covenant remains in force and that, as a result of the foregoing, in the event that the Executive breaches such covenant, monetary damages would be an insufficient remedy for the Company and equitable
enforcement of the covenant would be proper. This covenant shall only be applicable to the Executive to the extent permitted by applicable law. 
  

 4 

 (ii) If the restrictions contained in Section 7(e) shall be determined by any court of
competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, Section 7(e) shall be modified to be
effective for the maximum period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum extent in all other respects as to which it may be enforceable. 

(f) Conflicting Obligations and Rights. The Executive agrees to inform the Company of any apparent conflicts between the
Executive’s work for the Company and any obligations the Executive may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the Company’s behalf. The Company shall
receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest. 

(g) Enforcement. The Executive acknowledges that in the event of any breach of this Section 7, the business interests of the
Company and the Company Affiliates will be irreparably injured, the full extent of the damages to the Company and the Company Affiliates will be impossible to ascertain, monetary damages will not be an adequate remedy for the Company and the Company
Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which the Executive expressly waives. The
Executive understands that the Company may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the Company’s right to enforce
any other requirements or provisions of this Agreement. The Executive agrees that each of the Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not
preclude the enforcement of any other covenants in this Agreement. 
 8. Termination of Employment. 

(a) Permitted Terminations. The Executive’s employment hereunder may be terminated during the Employment Period under the
following circumstances: 
 (i) Death. The Executive’s employment hereunder shall terminate upon the
Executive’s death; 
 (ii) By the Company. The Company may terminate the Executive’s employment: 

(A) Disability. If the Executive shall have been substantially unable to perform the Executive’s material duties hereunder
by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for one-hundred-eighty (180) consecutive days or two-hundred-seventy (270) days in any twenty-four (24)-month period (a
“Disability”). For the avoidance of doubt, during any period of illness, physical or mental disability or other similar incapacity, whether or not such condition results in a Termination by reason of Disability, the Executive shall
continue to receive [his/her] compensation and benefits hereunder, reduced by any benefits payable to [him/her] under any Company provided disability insurance policy or plan applicable to him; or 

 

 5 

 (B) Cause. For Cause or without Cause; 

(iii) By the Executive. The Executive may terminate his employment for any reason (including Good Reason) or for no reason.

 (b) Termination. Any termination of the Executive’s employment by the Company or the Executive (other than
because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 13 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a
notice which shall indicate the specific termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated. Termination of the Executive’s employment shall take effect on the Date of Termination. 

(c) Effect of Termination. Upon any termination of the Executive’s employment with the Company and its subsidiaries, the
Executive shall resign from, and shall be considered to have simultaneously resigned from, all positions with the Company and all of its subsidiaries. 

9. Compensation Upon Termination. 

(a) Death. If the Executive’s employment is terminated during the Employment Period as a result of the Executive’s
death, this Agreement and the Employment Period shall terminate without further notice or any action required by the Company or the Executive’s legal representatives. Upon the Executive’s death, the Company shall pay or provide to the
Executive’s representative or estate all Accrued Benefits, if any, to which the Executive is entitled. Except as set forth herein, the Company shall have no further obligation to the Executive under this Agreement. 

(b) Disability. If the Company terminates the Executive’s employment during the Employment Period because of the
Executive’s Disability pursuant to Section 8(a)(ii)(A), the Company shall pay to the Executive all Accrued Benefits, if any, to which the Executive is entitled. Except as set forth herein, the Company shall have no further obligations to
the Executive under this Agreement. 
 (c) Termination by the Company for Cause or by the Executive without Good Reason.
If, during the Employment Period, the Company terminates the Executive’s employment for Cause pursuant to Section 8(a)(ii)(B) or the Executive terminates his employment without Good Reason, the Company shall pay to the Executive all
Accrued Benefits, if any, to which the Executive is entitled. In addition, in the event of a Termination described in this Section 9(c), the Company may elect to extend the Non-Compete Period through the date that is twelve (12) months
following Executive’s Date of Termination by providing notice to Executive within ten (10) days following the Date of Termination (the “Extended Non-Compete Obligation”). In the event the Company elects to impose the
Extended Non-Compete Obligation, the Company shall continue to pay Executive [his/her] Base Salary, at the rate in effect immediately prior to Executive’s Date of Termination, for a period of twelve (12) months following
Executive’s Date of Termination in accordance with the Company’s payroll practices in effect on the Date of Termination, provided Executive remains in compliance with Section 7 hereof through the expiration of the Non-Compete Period
(as extended hereby). 
  

 6 

 (d) Termination by the Company without Cause or by the Executive with Good Reason.
Subject to Section 9(e), if the Company terminates the Executive’s employment during the Employment Period other than for Cause or Disability pursuant to Section 8(a) or if the Executive terminates his employment hereunder with Good
Reason, (i) the Company shall pay the Executive (A) all Accrued Benefits, if any, to which the Executive is entitled, (B) a lump sum payment of an amount equal to a pro rata portion (based upon the number of days the Executive was
employed during the calendar year in which the Date of Termination occurs) of the Annual Bonus Executive would have been entitled to had [he/she] remained employed through the date such Annual Bonus was to be paid (i.e., based on
actual Company performance through the applicable performance period), such payment to be made at the time bonus payments are made to other executives of the Company but in any event by no later than March 15 of the calendar year following the
year that includes the Executive’s Date of Termination, and (C) a lump sum payment, within five (5) business days of the effective date of the Release (as defined in Section 10(f) below), of an aggregate amount equal to
             times Executive’s Base Salary and $            ; (ii) the Executive and his
covered dependents shall be entitled to continued participation on the same terms and conditions at the Company’s expense as applicable immediately prior to the Executive’s Date of Termination for twenty-four (24) months in such
medical, dental, vision and hospitalization insurance coverage in which the Executive and his eligible dependents were participating immediately prior to the Date of Termination; and (iii) Executive’s then outstanding equity awards shall
immediately become 100% vested and all vested stock appreciation rights then held by Executive (including those vested as a result of this clause (iii)) shall remain exercisable for the two (2)-year period following the Date of Termination (or, if
sooner, the expiration of the stock appreciation right). 
 (e) [Termination by Reason of Farid Suleman Ceasing to Serve as
Company’s Chief Executive Officer. In the event Farid Suleman’s employment with the Company and its subsidiaries is terminated by the Company without Cause or by Farid Suleman with Good Reason, the Executive may terminate [his/her]
employment with the Company upon serving notice of termination within ninety (90) days from the date of Farid Suleman’s termination of employment with the Company and in that event, Executive shall be entitled to receive a lump sum
payment, within five (5) business days of the effective date of the Release, equal to one (1) times [his/her] then Base Salary and a lump sum payment of amount equal to a pro rata portion (based upon the number of days the Executive was
employed during the calendar year in which the Date of Termination occurs) of Executive’s Target Bonus. In the event Farid Suleman voluntarily resigns from his employment with the Company and its subsidiaries without Good Reason, the Executive
may terminate [his/her] employment with the Company upon serving notice of termination within ninety (90) days from the date of Farid Suleman’s termination of employment with the Company, and in that event, Executive shall be entitled to
receive a lump sum payment, within five (5) business days of the effective date of the Release, equal to one-half (1/2) times [his/her] then Base Salary and a lump sum payment of an amount equal to a pro rata portion (based upon the number of
days the Executive was employed during the calendar year in which the Date of Termination occurs) of Executive’s Target Bonus.] 
  

 7 

 (f) Liquidated Damages. The parties acknowledge and agree that damages that will
result to the Executive for termination by the Company of the Executive’s employment without Cause or by the Executive for Good Reason shall be extremely difficult or impossible to establish or prove, and agree that the amounts payable to the
Executive under Section 9(d) (the “Severance Payments”) shall constitute liquidated damages for any such termination. The Executive agrees that, except for such other payments and benefits to which the Executive may be entitled as
expressly provided by the terms of this Agreement or any other applicable benefit plan or compensation arrangement (including equity-related awards), such liquidated damages shall be in lieu of all other claims that the Executive may make by reason
of any such termination of his employment. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits shall only be payable if the Executive delivers to the Company and does not
revoke a general release of claims in favor of the Company in substantially the form attached on Exhibit C/D hereto (“Release”). Such release must be executed and delivered (and no longer subject to revocation, if applicable)
within sixty (60) days following the Executive’s Date of Termination. The Company shall deliver to the Executive the appropriate form of release of claims for the Executive to execute within five business days of the Date of Termination.

 (g) No Offset. In the event of termination of [his/her] employment, the Executive shall be under no obligation
to seek other employment and there shall be no offset against amounts due to [him/her] on account of any remuneration or benefits provided by any subsequent employment [he/she] may obtain; provided that the Company will not be required
to continue to provide health insurance benefits to the Executive in the event Executive obtains substantially similar benefits from a subsequent employer following [his/her] termination of employment with the Company and its subsidiaries.
The Company’s obligation to make any payment pursuant to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Company or its affiliates may have against
[his/her] for any reason; provided the Company may offset from any cash severance benefit payable hereunder the amount of any loan made by the Company to the Executive that is then due and owing. 

(h) Certain Delays in Payment. Notwithstanding anything to the foregoing set forth herein, to the extent that the payment of any
amount constitutes “nonqualified deferred compensation” for purposes of Code Section 409A (as defined in Section 25 hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of
employment shall not be paid until the first regularly scheduled pay period following the 60th day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto. 

10. [Certain Additional Payments by the Company. 

(a) If it shall be determined that any benefit provided to the Executive or payment or distribution by or for the account of the Company
to or for the benefit of the Executive, whether provided, paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”) would be subject to the excise tax imposed by Section 4999 of
the Code, or any interest or penalties are incurred by the Executive with respect to such excise tax resulting from any action or inaction by the Company (such excise tax, together with any such interest and penalties, collectively, the “Excise
Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross Up Payment”) in an amount such that after payment by the Executive of the Excise Tax and all other income, employment, excise and other taxes that
are imposed on the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the sum of (A) the Excise Tax imposed upon the Payments and (B) the product of any deductions disallowed because of the inclusion of the
Gross-up Payment in the Executive’s adjusted gross income and the applicable marginal rate of federal income taxation for the calendar year in which the Executive’s Gross-Up Payment is to be made. Notwithstanding the foregoing provisions
of this Section 10(a), if it shall be determined that the Executive would be entitled to the Gross-Up Payment, but that the Parachute Value of all Payments does not exceed an amount equal to three hundred and ten percent (310%) of the
Executive’s Base Amount, then no Gross-Up Payment shall be made to the Executive and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount;
provided that such reduction shall only be made if such reduction results in a more favorable after-tax position for the Executive. The payment reduction contemplated by the preceding sentence, if any, shall be implemented by determining the
Parachute Payment Ratio for each “parachute payment” and then reducing the parachute payments in order beginning with the parachute payment with the highest Parachute Payment Ratio. For parachute payments with the same Parachute Payment
Ratio, such parachute payments shall be reduced based on the time of payment of such parachute payments, with amounts having later payment dates being reduced first. For parachute payments with the same Parachute Payment Ratio and the same time of
payment, such parachute payments shall be reduced on a pro rata basis (but not below zero) prior to reducing parachute payments with a lower Parachute Payment Ratio. 

 

 8 

 (b) Subject to the provisions of Section 10(c), all determinations required to be made
under this Section 10, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the Company’s independent,
certified public accounting firm or such other certified public accounting firm as may be designated by the Company prior to the change in ownership or effective control (as defined for purposes of Section 280G of the Code) of the Company (a
“280G Change in Control”) (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been
a Payment, or such earlier time as is requested by the Company. If the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting a 280G Change in Control, the Executive shall appoint another nationally
recognized accounting firm which is reasonably acceptable to the Company to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 10, shall be paid by the Company to the Executive within five days of the receipt of the Accounting Firm’s determination but in any event no
later than five (5) days from the date in which the Executive remits the applicable tax. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that additional Gross-Up Payments shall be required to be made to compensate the Executive for amounts of Excise Tax later
determined to be due, consistent with the calculations required to be made hereunder (an “Underpayment”). If the Company exhausts its remedies pursuant to Section 10(c) and the Executive is required to make a payment of any Excise
Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

 

 9 

 (c) The Executive shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than 10 business days after the Executive is informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that they desire to contest such claim, the
Executive shall: 
 (i) give the Company any information reasonably requested by the Company relating to such claim; 

(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 

(iii) cooperate with the Company in good faith effectively to contest such claim; and 

(iv) permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay
directly all costs and expenses (including additional interest and penalties incurred in connection with such contest) and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest
and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. 
 (d) The
following terms shall have the following meanings for purposes of this Section 10: 
 (i) “Base Amount” means
“base amount,” within the meaning of Section 280G(b)(3) of the Code. 
 (ii) “Parachute Payment Ratio”
shall mean a fraction the numerator of which is the value of the applicable parachute payment for purposes of Section 280G of the Code and the denominator of which is the intrinsic value of such parachute payment. 

 

 10 

 (iii) “Parachute Value” of a Payment shall mean the portion of such Payment that
constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 

(iv) “Safe Harbor Amount” means 2.99 times the Executive’s Base Amount.] 

11. Indemnification. During the Employment Period and thereafter, the Company agrees to indemnify and hold the Executive and the
Executive’s heirs and representatives harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses (including reasonable attorneys’ fees) as a result of any claim or proceeding
(whether civil, criminal, administrative or investigative), or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against the Executive that arises out of or relates to the Executive’s service as an
officer, director or employee, as the case may be, of the Company, or the Executive’s service in any such capacity or similar capacity with an affiliate of the Company or other entity at the request of the Company, both prior to and after the
Effective Date, and to promptly advance to the Executive or the Executive’s heirs or representatives such expenses upon written request with appropriate documentation of such expense upon receipt of an undertaking by the Executive or on the
Executive’s behalf to repay such amount if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Company. During the Employment Period and thereafter, the Company also shall provide the Executive with
coverage under its current directors’ and officers’ liability policy to the same extent that it provides such coverage to its other executive officers. If the Executive has any knowledge of any actual or threatened action, suit or
proceeding, whether civil, criminal, administrative or investigative, as to which the Executive may request indemnity under this provision, the Executive will give the Company prompt written notice thereof; provided that the failure to give such
notice shall not affect the Executive’s right to indemnification unless the Company is materially prejudiced thereby. The Company shall be entitled to assume the defense of any such proceeding and the Executive will use reasonable efforts to
cooperate with such defense, and upon the written request of Executive, Company shall be required to assume the defense of any such proceeding. This Section 11 shall continue in effect after the termination of the Executive’s employment or
the termination of this Agreement. 
 12. Attorney’s Fees. The Company shall advance the Executive (and his
beneficiaries) any and all costs and expenses (including without limitation attorneys’ fees and other charges of counsel) incurred by the Executive (or any of his beneficiaries) in resolving any controversy, dispute or claim arising out of or
relating to this Agreement, any other agreement or arrangement between the Executive and the Company, the Executive’s employment with the Company, or the termination thereof; provided that the Executive shall only be required to reimburse the
Company any advances to cover expenses incurred by the Executive for claims brought by the Executive if the Executive fails to prevail at least one material issue. The Executive shall be deemed to have prevailed on a material issue in the event of a
settlement pursuant to which the Company makes any payment to the Executive. This Section 12 shall continue in effect after the termination of the Executive’s employment or the termination of this Agreement. 

 

 11 

 13. Notices. All notices, demands, requests, or other communications which may be or
are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested, postage prepaid, delivered by
overnight air courier, or transmitted by facsimile transmission addressed as follows: 
  

	 	(i)	If to the Company: 

  

	 	 	Citadel Broadcast Company 

	 	 	7201 W. Lake Mead Blvd, Suite 400/ 

	 	 	Las Vegas, NV 89128 

	 	 	Attn: Farid Suleman, CEO 

  

	 	 	with a copy to: 

  

	 	 	Citadel Broadcast Company 

	 	 	142 W. 57th St, 11th Floor 

	 	 	New York, NY 10019 

	 	 	Attn: General Counsel 

  

	 	(ii)	If to the Executive: 

  

 
  

	 	 	Address last shown on the Company’s Records 

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the
delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 

14. Severability. The invalidity or unenforceability of any one or more provisions of this Agreement, including, without
limitation, Section 7, shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 

15. Survival. It is the express intention and agreement of the parties hereto that the provisions of Sections 7, 9, 10, 11,
12, 13, 14, 16, 17, 18, 20, 21, 22, 24, and 25 hereof and this Section 15 shall survive the termination of employment of the Executive. In addition, all obligations of the Company to make payments hereunder shall survive any termination of this
Agreement on the terms and conditions set forth herein. 
 16. Assignment. The rights and obligations of the parties to
this Agreement shall not be assignable or delegable, except that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the Executive’s estate, as the case may be, shall have the right to
receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and obligations of the Company hereunder shall be assignable and delegable in connection with any subsequent merger, consolidation, sale of all or substantially
all of the assets or equity interests of the Company or similar transaction involving the Company or a successor corporation. The Company shall require any successor to the Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
  

 12 

 17. Binding Effect. Subject to any provisions hereof restricting assignment, this
Agreement shall be binding upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns. 

18. Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed
by the party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to
enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or
privileges hereunder. 
 19. Headings. Section and subsection headings contained in this Agreement are inserted for
convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 

20. Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto,
shall be governed by and construed in accordance with the laws of the State of Delaware (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply). 

21. Dispute Resolution. Each of the parties hereto irrevocably and unconditionally (a) waives all right to trial by jury in
any proceeding relating to this Agreement or the Executive’s employment by the Company or any Company Affiliate, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”) whether such Proceeding is
based on contract, tort or otherwise; (b) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to
such party at his or its address as provided in Section 13; and (c) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by applicable law. 

22. Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment of the
Executive, there being no representations, warranties or commitments except as set forth herein and supersedes and replaces all other agreements related to the subject matter hereof of, including but not limited to any prior employment agreements,
letters, and/or bonus plans. 
  

 13 

 23. Counterparts. This Agreement may be executed in two counterparts, each of which
shall be an original and all of which shall be deemed to constitute one and the same instrument. 
 24. Withholding. The
Company may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in connection
with the exercise of a stock option or the transfer of stock or other property may, to the extent permitted in the applicable governing plan, be satisfied through withholding an appropriate number of shares of stock or appropriate amount of such
other property. 
 25. Section 409A. 

(a) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and
the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive notifies the
Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax
or interest under Code Section 409A and the Company concurs with such belief or the Company (without any obligation whatsoever to do so) independently makes such determination, the Company shall, after consulting with the Executive, reform such
provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply
with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without
violating the provisions of Code Section 409A. 
 (b) A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed on
the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code
Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such
“separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed
pursuant to this Section 25(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum with interest at the prime rate as
published in The Wall Street Journal on the first business day following the date of the “separation from service”, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the
normal payment dates specified for them herein. 
  

 14 

 (c) To the extent that reimbursements or other in-kind benefits under this Agreement
constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in
which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement,
or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

(d) For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be
within the sole discretion of the Company. 
 (e) Notwithstanding any other provision of this Agreement to the contrary, in no
event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

 26. Definitions. 

“Accrued Benefits” means (i) any unpaid Base Salary through the Date of Termination; (ii) any earned but unpaid
Annual Bonus; (iii) any accrued and unpaid vacation and/or sick days; (iv) any amounts or benefits owing to the Executive or to the Executive’s beneficiaries under the then applicable benefit plans of the Company; (v) any
other benefits or amounts due and owing to the Executive under the terms of any plan, program or arrangement of the Company; and (vi) any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to
the Date of Termination and which are reimbursable in accordance with Section 6. Amounts payable under (A) clauses (i), (ii) and (iii) shall be paid promptly after the Date of Termination, (B) clauses (iv) and
(v) shall be paid in accordance with the terms and conditions of the applicable plan, program or arrangement and (C) clause (vi) shall be paid promptly after submission of appropriate claims relating to such expenses. 

“Cause” shall be limited to the following events (i) the Executive’s conviction of, or plea of nolo contendere to, a
felony (other than in connection with a traffic violation) under any state or federal law; (ii) the Executive’s continued failure to substantially perform his essential job functions hereunder after receipt of written notice from the
Company that specifically identifies the manner in which the Executive has substantially failed to perform his essential job functions and specifying the manner in which the Executive may substantially perform his essential job functions in the
future; or (iii) an act of fraud or willful and material misconduct with respect, in each case, to the Company, by the Executive. For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered
“willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Anything herein to the contrary
notwithstanding, the Executive shall not be terminated for “Cause” hereunder unless (A) written notice stating the basis for the termination is provided to the Executive and (B) as to clauses (ii), (iii) or (iv) of
this paragraph, he is given thirty (30) days to cure the neglect or conduct that is the basis of such claim (it being understood that any errors in expense reimbursement may be cured by repayment). 

 

 15 

 “Change in Control” means the date that: 

(i) any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock of
the Company held by such person or group, constitutes more than fifty percent (50%) of the total Fair Market Value or total voting power of the stock of the Company; provided, if any one person, or more than one person acting as a group,
is considered to own more than fifty percent (50%) of the total Fair Market Value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a “change in
control”; 
 (ii) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) ownership of the Company’s stock possessing thirty percent (30%) or more of the total voting power of the stock of the Company; 

(iii) a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Company’s Board before the date of the appointment or election; 
 (iv) any
one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross Fair Market
Value equal to or more than forty percent (40%) of the total gross Fair Market Value of all of the assets of the Company immediately before such acquisition or acquisitions (for this purpose, gross Fair Market Value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets); provided, however, a transfer of assets by the Company is not treated as a “change in
control” if the assets are transferred to (a) a shareholder of the company (immediately before the asset transfer) in exchange for or with respect to his/her/its stock, (b) an entity, fifty percent (50%) or more of the total
value or voting power of which is owned, directly or indirectly, by the Company, (c) a person, or more than one person acting as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of
all the outstanding stock of the Company, or (d) an entity, at least fifty percent (50%) of the total value or voting power of which is owed, directly or indirectly, by a person described in clause (c) hereof. 

Notwithstanding any of the foregoing, a “change in control” shall not be deemed to occur solely by reason of the conversion of the
Company’s debtholders, as of June 2, 2010 into equityholders. 
 “Company Affiliate” means any entity
controlled by, in control of, or under common control with, the Company. 
  

 16 

 “Competitive Enterprise” means national, terrestrial radio broadcasting
companies. 
 “Confidential Information” means all non-public information concerning trade secrets, know-how,
software, developments, inventions, processes, technology, designs, financial data, strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to
research, operations, finances, current and proposed products and services, vendors, customers, advertising and marketing, and other non-public, proprietary, and confidential information of the Company or the Company Affiliates. Notwithstanding
anything to the contrary contained herein, the general skills, knowledge and experience gained during the Executive’s employment with the Company, information publicly available or generally known within the industry or trade in which the
Company competes and information or knowledge possessed by the Executive prior to his employment by the Company, shall not be considered Confidential Information. 

“Customer” means any person, firm, corporation or other entity whatsoever to whom the Company or its subsidiaries provided
services or sold any products to the Company and its subsidiaries, provided services or sold any products to within a twelve (12) month period on, before or after Executive’s Date of Termination. 

“Date of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, the date
of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s Disability pursuant to Section 8(a)(ii)(A), thirty (30) days after Notice of Termination, provided that the Executive
shall not have returned to the performance of the Executive’s duties on a full-time basis during such thirty (30)-day period; (iii) if the Executive’s employment is terminated by the Company pursuant to Section 8(a)(ii)(B) or by
the Executive pursuant to Section 8(a)(iii), the date specified in the Notice of Termination (provided, such date shall be at least              days prior the Date of
Termination in the event Executive terminates [his/her] employment with the Company and its subsidiaries without Good Reason); or (iv) if the Executive’s employment is terminated during the Employment Period other than pursuant to
Section 8(a), the date on which Notice of Termination is given. 
 “Fair Market Value” means (a) while the
Shares are readily traded on an established national or regional securities exchange, the closing transaction price of such a Share as reported by the principal exchange on which such Shares are traded on the date as of which such value is being
determined or, if there were no reported transaction for such date, the opening transaction price as reported by exchange for the first trading date following the date by which such value is being determined on the next preceding date for which a
transaction was reported, (b) if the Shares are not readily traded on an established national or regional securities exchange, the average of the bid and ask prices for such a Share on the date as of which such value is being determined, where
quoted for such Shares, or (c) if Fair Market Value cannot be determined under clause (a) or clause (b) above, or if the Board determines in its sole discretion that the Shares are too thinly traded for Fair Market Value to be
determined pursuant to clause (a) or clause (b), the value as determined by the Board, in its sole discretion, on a good faith basis. 
  

 17 

 “Good Reason” means, unless otherwise agreed to in writing by the Executive,
(i) any material diminution or adverse change in the Executive’s titles, duties or authorities; (ii) reduction in the Executive’s Base Salary or Target Bonus; (iii) a material adverse change in the Executive’s reporting
responsibilities; (iv) the assignment of duties inconsistent with the Executive’s position or status with the Company as of the date hereof; (v) a relocation of the Executive’s primary place of employment to a location more than
twenty-five (25) miles further from the Executive’s primary residence than the current location of the Company’s offices as set forth in Section 4; (vi) any other material breach of the terms of this Agreement or any other
agreement by the Company or any Company Affiliate; (vii) any purported termination of the Executive’s employment by the Company that is not effected in accordance with the applicable provisions of this Agreement; (viii) the failure of
the Company to obtain the assumption in writing of its obligations under this Agreement by any successor to all or substantially all of the assets of the Company within fifteen (15) days after a merger, consolidation, sale or similar
transaction; (ix) the delivery of a notice of Non-Renewal by the Company[; or (x) the occurrence of a Change in Control]. In order to invoke a termination for Good Reason pursuant to clauses (i) through (xi) hereof, (A) the
Executive must provide written notice within ninety (90) days of the occurrence of any event of “Good Reason, “ (B) the Company must fail to cure such event within ten (10) days of the giving of such notice and (C) the
Executive must terminate employment within thirty (30) days following the expiration of the Company’s cure period, and in order to invoke a termination for Good Reason pursuant to clause (xii) hereof, the Executive must provide the
Company with written notice of his/her intention to terminate his/her employment for Good Reason within thirty (30) days following a Change in Control. 

“Non-Compete Period” means the period commencing on the Effective Date and ending on the Executive’s Date of Termination;
provided, however, that in the event the Company elects to impose the Extended Non-Compete Obligation in accordance with the terms of Section 9(c) hereof, the Non-Compete Period will extend through the date that is twelve (12) months
following the Date of Termination. 
 “Share” means the Company’s common shares, or any security issued by the
Company or any successor in exchange or in substitution therefore. 
  

 18 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have
caused this Agreement to be duly executed and delivered on their behalf. 
  

			
	CITADEL BROADCASTING CORPORATION
		
	By:	 	 

			
		 	
	Name:	 	
	Title:	 	
	
	EXECUTIVE
	
	 

  

 19 

 EXHIBIT A 

Reorganized Citadel’s calendar year EBITDA on a consolidated basis shall meet or exceed the same year’s projected EBITDA on a consolidated
basis (as set forth below and incorporated herein), as adjusted to exclude the effects of acquisitions and dispositions, to exclude restructuring or reorganization costs related to any bankruptcy proceedings, and consistent with the accounting used
by the Company at the time the projections were prepared. 
 EBITDA Projections: 

2010 - $[—] million 

2011 - $[—] million 

2012 - $[—] million 
  

 20 

 EXHIBIT [B] 

DEFINED BENEFIT SERP 
  

	1.	Normal Retirement Benefit. Single life annuity payable at age 65 in an amount equal to 4% of Final Average Earnings for each year of service with the Company
(maximum 25 years). Normal Retirement Benefit offset by the actuarial equivalent of any retirement benefit funded by the Company (e.g., 401(k) matching contributions). 

 

	2.	Early Retirement Benefit. Benefit will commence at the earlier of (i) age 65 and (ii) the later of termination of employment and age 55, with an early
commencement reduction of 4% for each year benefit commences prior to age 65. 

  

	3.	Form of Payment. Lump sum actuarial equivalent determined using reasonable mortality tables and discount rate. 

 

	4.	Vesting. Vests 10% of each year of service with the Company. Full vesting upon separation from service due to death, disability, by the Company without Cause or
by the Executive for Good Reason. 

  

	5.	Definitions. 

  

	 	a.	Service. Service will include all service with the Company and its affiliates for all purposes under the Program. 

 

	 	b.	Final Average Earnings. Average base salary and bonus of five years preceding Executive’s termination of employment or, if sooner, reaching age 65.

  

 21 

 EXHIBIT [B/C] 

STOCK APPRECIATION RIGHTS AGREEMENT 

PURSUANT TO THE 

CITADEL BROADCASTING CORPORATION 2010 EQUITY INCENTIVE PLAN 

 
 * * * * * 

 

											
					
	Participant:    	 	 	 	 	 	 	 	
					
	Grant Date:	 	 	 	 	 	 	 	
					
	Base Price:	 	$	 	 	 		 	
			
	Number of Shares subject to this SAR:	 	 	 	 

  

* * * * * 
  

THIS STOCK APPRECIATION RIGHTS AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and
between Citadel Broadcasting Corporation, a Delaware corporation (the “Company”), and the Participant specified above, pursuant to the Citadel Broadcasting Corporation 2010 Equity Incentive Plan (the “Plan”), which is
administered by the Committee; and 
 WHEREAS, it has been determined under the Plan the Company will grant the stock appreciation rights
(“SAR”) provided for herein to the Participant; 
  
 NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan
(including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the grant of the SAR hereunder), all of which terms and provisions are made a part of and
incorporated in this Agreement as if they were each expressly set forth herein. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the
event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
 2. Grant of
SAR. The Company hereby grants to the Participant as of the Grant Date a SAR on the number of Shares specified above. This SAR represents the right, upon exercise, to receive a number of Shares with a Fair Market Value on the date of
exercise equal to the product of (i) the aggregate number of Shares with respect to which this SAR is exercised and (ii) excess of (A) the Fair Market Value of a Share as of the date of exercise over (B) the SAR Base Price
specified above. 
  

 22 

 3. Vesting and Exercisability of SAR. 

(a) Vesting. Except as otherwise provided in this Section 3, the SAR subject to this grant shall vest as follows, provided
that the Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates on each such vesting date: (i) one-third (1/3) on the first anniversary of the Grant Date, (ii) one-third (1/3) on the second
anniversary of the Grant Date, and (iii) one-third (1/3) on the third anniversary of the Grant Date. To the extent that the SARs have become vested with respect to a percentage of the SARs granted, the SARs may thereafter be exercised by
the Participant, in whole or in part, at any time or from time to time prior to the expiration of the SARs. 
 (b) Certain
Terminations. Any unvested portion of this SAR shall immediately become vested upon a Termination due to (i) the Participant’s death, (ii) the Participant’s Disability, (iii) a Termination by the Company without Cause or
(iv) a Termination by the Participant for Good Reason. 
 (c) Change in Control. Any unvested portion of this SAR
shall immediately become vested upon a Change in Control; provided the Participant is continuously employed by the Company or its Subsidiaries through such date. 

(d) Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, this SAR
shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date. 
  

	4.	Termination. 

 (a)
Termination by Reason of Death or Disability. If a Participant’s Termination is by reason of death or Disability, any portion of this SAR that is held by such Participant that is vested and exercisable at the time of the
Participant’s Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the Participant’s estate) at any time within a one (1)-year period from the date of such Termination, but in no event
beyond the expiration of the stated term of this SAR; provided, however, if the Participant dies within such exercise period, all unexercised SARs held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable
at the time of death, for a period of one year from the date of such death, but in no event beyond the expiration of the stated term of this SAR. 

(b) Termination Other Than for Cause or by Reason of Death or Disability. If a Participant’s Termination is for any reason
other than for Cause, or due to the Participant’s death or Disability, any portion of this SAR that is held by such Participant that is vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant
at any time within a period of two (2) years from the date of such Termination, but in no event beyond the expiration of the stated term of this SAR. 
  

 23 

 (c) Termination for Cause. If a Participant’s Termination is for Cause any
portion of this SAR, whether vested or unvested, that is held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

(d) Unvested SARs. Subject to Section 3(b), any portion of this SAR that is not vested as of the date of a Participant’s
Termination for any reason shall terminate and expire as of the date of such Termination. 
 5. Dividends and Other Distributions.
If the Company makes a distribution (by dividend or otherwise) then, to reflect such distribution, the Participant shall be entitled to receive such distribution with respect to each Share covered by a SAR as follows: (i) the Company shall pay
such distribution on the vested portion of the SARs at the time of such distribution and (ii) the Company shall accrue such distributions on the unvested portion of the SARs and pay such distributions in connection with, and at the time of, the
vesting of such unvested portion of the SAR. 
 6. Method of Exercise and Payment. Subject to Section 15.8 of the Plan, this
SAR shall be exercised by the Participant by delivering to the Company or its designated agent on any business day a written notice, in such manner and form as may be required by the Company, specifying the number of Shares subject to this SAR the
Participant then desires to exercise (the “Exercise Notice”). 
 7. Forfeiture. In the event the Company determines that
the Participant has materially violated any of the provisions set forth in Section 8 hereto, and has failed to cure such violation within fifteen (15) days of written notice that is given within thirty (30) days of the Company
becoming aware of such violation, unless otherwise determined by the Company, any outstanding portion of this SAR, whether vested or unvested, shall immediately be terminated and forfeited for no consideration. 

8. Restrictive Covenants. As a condition to the receipt of the SARs and/or exercise of the SARs, the Participant agrees as follows:

 (a) Confidentiality, Non-Disclosure and Non-Competition Agreement. The Company and the Participant acknowledge and
agree that during the Participant’s employment with the Company, the Participant will have access to and may assist in developing Confidential Information and will occupy a position of trust and confidence with respect to the affairs and
business of the Company and its Affiliates. The Participant agrees that the obligations set forth in this Section 8 are necessary to preserve the confidential and proprietary nature of Confidential Information and to protect the Company and its
Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by the Participant that would result in serious adverse consequences for the Company and its Affiliates. For purposes of this Agreement,
“Confidential Information” means all non-public information concerning trade secrets, know-how, software, developments, inventions, processes, technology, designs, financial data, strategic business plans or any proprietary or confidential
information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors, customers, advertising and marketing, and other non-public,
proprietary, and confidential information of the Company or its Affiliates. Notwithstanding anything to the contrary contained herein, the general skills, knowledge and experience gained during the Participant’s employment with the Company,
information publicly available or generally known within the industry or trade in which the Company competes and information or knowledge possessed by the Participant prior to his/her employment by the Company, shall not be considered Confidential
Information. 
  

 24 

 (b) Non-Disclosure. During and after the Participant’s employment with the
Company, the Participant will not use, disclose, copy or transfer any Confidential Information other than as authorized in writing by the Company or within the scope of the Participant’s duties with the Company as determined reasonably and in
good faith by the Participant. Anything herein to the contrary notwithstanding, the provisions of this Section 8(b) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or
legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Participant to disclose or make accessible any information; provided that prior to any such disclosure the Participant shall provide the Company
with reasonable notice of the requirements to disclose and an opportunity to object to such disclosure and the Participant shall cooperate with the Company in filing such objection; or (ii) as to information that becomes generally known to the
public or within the relevant trade or industry other than due to the Participant’s violation of this Section 8(b). 

(c) Materials. The Participant will use Confidential Information only for normal and customary use in the Company’s business,
as determined reasonably and in good faith by the Company. The Participant will return to the Company all Confidential Information and copies thereof and all other property of the Company or any of its Affiliate at any time upon the request of the
Company and in any event immediately after termination of Participant’s employment. The Participant agrees to identify and return to the Company any copies of any Confidential Information after the Participant ceases to be employed by the
Company. Anything to the contrary notwithstanding, nothing in this Section 8 shall prevent the Participant from retaining a home computer (provided all Confidential Information has been removed), papers and other materials of a personal nature,
including diaries, calendars and Rolodexes, information relating to his/her compensation or relating to reimbursement of expenses, information that may be needed for tax purposes, and copies of plans, programs and agreements relating to his/her
employment. 
 (d) Conflicting Obligations and Rights. The Participant agrees to inform the Company of any apparent
conflicts between the Participant’s work for the Company and any obligations the Participant may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the Company’s
behalf. The Company shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest. 

 

 25 

 (e) Enforcement. The Participant acknowledges that in the event of any breach or
threatened breach of this Section 8, the business interests of the Company and its Affiliates will be irreparably injured, the full extent of the damages to the Company and its Affiliates will be impossible to ascertain, monetary damages will
not be an adequate remedy for the Company and its Affiliates, and the Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or
security, which the Participant expressly waives. The Participant understands that the Company may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way
be deemed a waiver of the Company’s right to enforce any other requirements or provisions of this Agreement. The Participant agrees that each of the Participant’s obligations specified in this Agreement is a separate and independent
covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. 
 9.
Non-transferability. 
 (a) Restriction on Transfers. Except as provided in Section (b) below, this
SAR, and any rights or interests therein, (i) shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary
disposition by the Participant or by the laws of descent and distribution, (ii) shall not be pledged or encumbered in any way at any time by the Participant (or any beneficiary(ies) of the Participant) and (iii) shall not be subject to
execution, attachment or similar legal process. Any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of this SAR, or the levy of any execution, attachment or similar legal process upon this SAR, contrary to the
terms of this Agreement and/or the Plan, shall be null and void and without legal force or effect. 
 (b) Permissible
Transfers. During the Participant’s lifetime, the Participant may, with the consent of the Committee, transfer without consideration all or any portion of this SAR to one or more members of his/her Immediate Family, to a trust established
for the exclusive benefit of one or more members of his/her Immediate Family, to a partnership in which all the partners are members of his/her Immediate Family, or to a limited liability company in which all the members are members of his/her
Immediate Family. 
 (c) Company Rights. Notwithstanding anything herein to the contrary, the Participant, and any
permitted transferee, shall be subject to the Company’s call rights and rights of first refusal set forth in Annex A. 
 10. Entire
Agreement; Amendment. This Agreement, together with the Plan contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether
written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may
also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption
thereof. 
 11. Acknowledgment of Employee. The award of this SAR does not entitle Participant to any benefit other than that
granted under this Agreement. Any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation. 

 

 26 

 12. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware, without reference to the principles of conflict of laws thereof. 
 13. Withholding of Tax.

 (a) General. As a condition to the distribution of Shares to the Participant, the Participant shall be required to pay
in cash, or to make other arrangements satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), an amount sufficient to satisfy any federal, provincial,
state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or
regulation with respect to the SAR. Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Shares. 

(b) Shares Not Publicly Traded. Notwithstanding anything to the contrary in Section 13(a), in the event the Shares are not
listed for trading on an established securities exchange on the date the SARs are required to be settled then the Company shall, at the request of the Participant, deduct or withhold Shares having a Fair Market Value equal to the minimum amount
required to be withheld to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the
Code and/or any other applicable law, rule or regulation with respect to this SAR. 
 14. No Right to Employment. Any questions as
to whether and when there has been a termination of such employment and the cause of such termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the
Company to terminate the Participant’s employment or service at any time, for any reason and with or without cause. 
 15.
Notices. Any Exercise Notice or other notice which may be required or permitted under this Agreement shall be in writing, and shall be delivered in person or via facsimile transmission, overnight courier service or certified mail,
return receipt requested, postage prepaid, properly addressed as follows: 
 (a) If such notice is to the Company, to the
attention of the General Counsel of the Company or at such other address as the Company, by notice to the Participant, shall designate in writing from time to time. 

(b) If such notice is to the Participant, at his/her address as shown on the Company’s records, or at such other address as the
Participant, by notice to the Company, shall designate in writing from time to time. 
  

 27 

 16. Compliance with Laws. The issuance of this SAR (and the Shares upon exercise of this SAR)
pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act
of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this SAR or any of the Shares pursuant to
this Agreement if any such issuance would violate any such requirements. 
 17. Binding Agreement; Assignment. This Agreement
shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 9 hereof) any part of this Agreement without the prior express
written consent of the Company. 
 18. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which shall constitute one and the same instrument. 
 19. Headings. The titles and
headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 

20. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall
execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of
the transactions contemplated thereunder. 
 21. Severability. The invalidity or unenforceability of any provisions of this
Agreement, including, without limitation Section 8, in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any
provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

22. Definitions. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.

  
 [Remainder of Page Intentionally Left Blank] 

  

 28 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

  

			
	CITADEL BROADCASTING CORPORATION
		
	By:	 	 

			
		
	Name:	 	 

			
		
	Title:	 	 

			
		
		 	
	PARTICIPANT
		
	 	 	 
		
	Name:	 	 

			
		
	Social Security Number:	 	 

  

 29 

 EXHIBIT [C/D] 

GENERAL RELEASE 
 I,
                            , in consideration of and subject to the performance by Citadel
Broadcasting Corporation (together with its subsidiaries, the “Company”), of its obligations under Section 9 of the Employment Agreement, dated as of June 3, 2010 (the “Agreement”), do hereby release and
forever discharge as of the date hereof the Company and its respective affiliates and subsidiaries and all present, former and future directors, officers, agents, representatives, employees, successors and assigns of the Company and/or its
respective affiliates and subsidiaries and direct or indirect owners (collectively, the “Released Parties”) to the extent provided herein (this “General Release”). Terms used herein but not otherwise defined
shall have the meanings given to them in the Agreement. 
  

	1.	I understand that any payments or benefits paid or granted to me under Section 9 of the Agreement represent, in part, consideration for signing this General
Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified in Section 9 of the Agreement unless I execute this General Release and do not
revoke this General Release within the time period permitted hereafter or breach this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement
maintained or hereafter established by the Company or its affiliates. 

  

	2.	Except as provided in paragraph 4 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company, I
knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims,
counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present
(through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company and/or any of the Released Parties which I, my spouse, or any of my heirs, executors,
administrators or assigns, ever had, now have, or hereafter may have, by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of this General Release, and particularly, but without
limitation of the foregoing general terms, any claims arising from or relating in any way to my employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship
(including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older
Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income
Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law,
regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional
distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 

 

 30 

	3.	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

  

	4.	I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise
after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without
limitation, any claim under the Age Discrimination in Employment Act of 1967). 

  

	5.	I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever, including,
without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the foregoing, I acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the
right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such
charge or investigation or proceeding. 

  

	6.	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I
expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute
that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an
essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event that I should bring a Claim seeking damages against the Company, or
in the event that I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree
that I am not aware of any pending claim, or of any facts that could give rise to a claim, of the type described in paragraph 2 as of the execution of this General Release. 

 

	7.	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission
by the Company, any Released Party or myself of any improper or unlawful conduct. 

  

	8.	I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity of this General Release. I also agree that if I
violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments
received by me pursuant to the Agreement on or after the termination of my employment. 

  

 31 

	9.	I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the
Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. The
Company agrees to disclose any such information only to any tax, legal or other counsel of the Company as required by law. 

  

	10.	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its
underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other self-regulatory organization or governmental entity. 

 

	11.	I hereby acknowledge that Sections 7, 9, 11, 12, 13, 14, 15, 16, 17, 18, 20, 21, 22, 24, and 25 of the Agreement shall survive my execution of this General Release.

  

	12.	I represent that I am not aware of any Claim by me, and I acknowledge that I may hereafter discover Claims or facts in addition to or different than those which I now
know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my
decision to enter into it. 

  

	13.	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising
out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 

  

	14.	Whenever possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of
this General Release 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 shall not affect any other provision or any other jurisdiction,
but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	(i)	I HAVE READ IT CAREFULLY; 

	 	(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

 

 32 

	 	(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

	 	(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN
VOLITION; 

	 	(v)	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE
ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

	 	(vi)	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
REVOCATION PERIOD HAS EXPIRED; 

	 	(vii)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

	 	(viii)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY ME. 

  
  

 

									
					
	SIGNED:	 	 	 		 	DATE:	 	 

  

 33

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