Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The Board of Directors (the “Board”) of Cumulus Media Inc. (the “Company”), previously approved, subject to stockholder approval, the Cumulus Media Inc. 2020 Equity Incentive Compensation Plan (the “Plan”). The Company’s stockholders approved the Plan at the Company’s 2020 Annual Meeting of Stockholders (the “Annual Meeting”) held on April 30, 2020. A detailed summary of the material terms of the Plan appears under the caption “Proposal 4—Approval of the Cumulus Media Inc. 2020 Equity and Incentive Compensation Plan” in the Company’s proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 27, 2020, which description is incorporated by reference herein.
Item 5.07 – Submission of Matters to a Vote of Security Holders
The Annual Meeting was held on April 30, 2020. The results of voting on the proposals submitted to a vote of the Company’s stockholders at the Annual Meeting were as follows:
Proposal No. 1 (Election of Directors):
| | | | | | |
Nominee | | Votes For | | Votes Withheld | | Broker Non-Votes |
Mary G. Berner | | 13,748,300 | | 14,201 | | 571,361 |
David M. Baum | | 13,686,370 | | 76,131 | | 571,361 |
Matthew C. Blank | | 13,686,496 | | 76,005 | | 571,361 |
Thomas H. Castro | | 13,748,139 | | 14,362 | | 571,361 |
Joan Hogan Gillman | | 13,685,380 | | 77,121 | | 571,361 |
Andrew W. Hobson | | 13,747,815 | | 14,686 | | 571,361 |
Brian G. Kushner | | 13,496,262 | | 266,239 | | 571,361 |
As a result of the foregoing vote, each of the seven listed nominees were elected to serve as directors of the Company until the Company’s next annual meeting of stockholders and until their successors are elected and qualified.
Proposal No. 2 (Proposal to approve, on an advisory basis, the compensation paid to the Company’s named executive officers):
| | | | | | |
Votes For | | Votes Against | | Abstain | | Broker Non-Votes |
10,557,154 | | 2,897,459 | | 307,888 | | 571,361 |
As a result of the foregoing, the proposal to approve, on an advisory basis, the compensation paid to the Company’s named executive officers was approved.
Proposal No. 3 (Proposal to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for 2020):
| | | | |
Votes For | | Votes Against | | Abstain |
14,311,900 | | 17,066 | | 4,896 |
As a result of the foregoing, the proposal to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for 2020 was approved.
Proposal No. 4 (Proposal to approve the Company’s 2020 Equity and Incentive Compensation Plan):
| | | | | | |
Votes For | | Votes Against | | Abstain | | Broker Non-Votes |
7,355,864 | | 6,193,601 | | 213,036 | | 571,361 |
As a result of the foregoing, the proposal to approve the Company’s 2020 Equity and Incentive Compensation Plan was approved.
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