Cumulus Media approves 2023 quarterly incentive plan for executives based on adjusted EBITDA targets

CUMULUS MEDIA INC

2023 QIP pays quarterly cash awards tied to year-to-date adjusted EBITDA goals.
Target awards as percentage of base salary per existing employment agreements.
If annual target EBITDA met, executives receive 100% of target; threshold yields 50%, maximum yields 200%.
Quarterly payouts of 12.5% of annual target if year-to-date target met; no payment if not met.
Full-year payout reduced by prior quarterly payments; linear interpolation for between-goal performance.

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