CUMULUS MEDIA INC 4
4 · CUMULUS MEDIA INC · Filed Jul 6, 2017
Insider Transaction Report
Form 4
Grimes Suzanne M
EVP/Corporate Marketing
Transactions
- Disposition to Issuer
Employee Stock Option
2017-06-30$2.40/sh−50,000$120,000→ 0 totalExercise: $1.73Exp: 2027-01-23→ Class A Stock, $.01 par value (50,000 underlying)
Footnotes (4)
- [F1]Previously reported exercise prices and number of stock options have been proportionally adjusted to give effect to the Cumulus Media Inc. (the "Company") October 12, 2016 one-for-eight (1:8) reverse stock split.
- [F2]25,000 of such options were exercisable at each of $2.48 and $0.97 per share.
- [F3]7,500 shares were currently vested and exercisable. The remaining 42,500 would have vested and become exercisable as follows: 7,500 on 1/6/2018, 7,500 on 1/23/2018, 5,000 on 1/6/2019, 7,500 on 1/23/2019, 5,000 on 1/6/2020, 5,000 on 1/23/2020 and 5,000 on 1/23/2021.
- [F4]As previously disclosed by the Company, on May 18, 2017, the Board of Directors of the Company approved and adopted a supplemental incentive plan for 2017 (the "SIP") for key members of senior management. In order to be eligible participants had to agree to the cancellation of all of their outstanding equity awards. The price is derived from the previously disclosed target bonus amount as stipulated in the SIP, divided by the number of options canceled.