SEC Contract Filing

Filing Date: 2023-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>17
<FILENAME>milneramendment4.htm
<DESCRIPTION>EX-10.27
<TEXT>
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<title>Document</title></head><body><div id="i896f87b2f6544b089e7ee55a1eb3e288_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This Fourth Amendment to Employment Agreement (&#8220;Fourth Amendment&#8221;) is made by and between David Milner (&#8220;Employee&#8221;) and Cumulus Media Inc. (&#8220;Company&#8221;) on this 31</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:100%;position:relative;top:-4.2pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> day of September, 2017.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, Employee and Company are parties to that certain Employment Agreement dated July 21, 2014, and as amended by that First Amendment to Employment Agreement dated November 13, 2015, that Second Amendment to Employment Agreement dated February 19, 2016 and that Third Amendment to Employment Agreement dated August 12, 2016 (collectively, the &#8220;Agreement&#8221;)&#59;</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, the Parties wish to modify the terms of the Agreement in accordance with the terms hereof&#59; and </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, this Fourth Amendment, once executed by the Parties, shall be incorporated into the Agreement and shall have the same force and effect as if it were part of the original Agreement between the Parties.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">NOW THEREFORE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, the Parties in consideration of the mutual promises set forth herein, hereby agree as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9pt">Sections 1.1 and 2.1 of the Agreement are amended to delete the references to &#8220;Senior Vice President&#8221; and to insert in lieu thereof&#58; &#8220;Executive Vice President&#8221;.</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9pt">The first paragraph of Section 3 of the Agreement is deleted in its entirety and the following is inserted in lieu thereof&#58;</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">TERM</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. The term of Employee&#8217;s employment by the Company under this Agreement (the &#8220;Employment Period&#8221;) will commence on September 1, 2014 and shall continue until December 31, 2020. The Employment Period will be automatically extended from year to year unless either the Company or Employee gives written notice of non-renewal on or before July 1, 2020 (but no earlier than June 1, 2020), or annually on or before July 1st thereafter (but no earlier than June 1st) that the Employment Period shall not be extended. The term &#8220;Employment Period&#8221; shall refer to the Employment Period if and as so extended.&#8221;</font></div><div style="margin-bottom:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:9pt">Sections 3.1 and 3.2 are deleted in their