---
schema_version: "secwatch.filing_event.v1"
accession: "0001058623-23-000036"
form_type: "8-K"
ticker: "CMLS"
cik: "0001058623"
company_name: "CUMULUS MEDIA INC"
filed_at: "2023-03-07T23:59:59+00:00"
generated_at: "2026-06-18T09:14:47.306547+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.25
calibrated_materiality_score: 0.25
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001058623-23-000036
- form_type: 8-K
- ticker: CMLS
- cik: 0001058623
- company_name: CUMULUS MEDIA INC
- filed_at: 2023-03-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.25
- calibrated_materiality_score: 0.25
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1058623/000105862323000036/0001058623-23-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1058623/000105862323000036/cmls-20230303.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001058623-23-000036
- JSON: https://secwatch.observer/filing/0001058623-23-000036.json
- Plain text: https://secwatch.observer/filing/0001058623-23-000036.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.