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Cumulus Media amends employment deals with Mary Berner and Frank Lopez-Balboa

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Apr 17, 2026 at 03:23 PM

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Cumulus Media has amended employment agreements with Mary G. Berner and Francisco "Frank" J. Lopez-Balboa, effective April 15, 2026. Berner, as CEO, will have a reduced base salary of $1,250,000, while Lopez-Balboa, as CFO, will have a base salary of $700,000. Both agreements extend through December 31, 2026, with automatic one-year renewals. Changes include modified severance multiples and Good Reason resignation rights tied to MIP allocation. The agreements were entered in connection with the Confirmation Order.

Cumulus Media entered into amended and restated employment agreements with Mary G. Berner as President and Chief Executive Officer and Francisco "Frank" J. Lopez-Balboa as Executive Vice President and Chief Financial Officer, effective as of the Confirmation Date.

Individual	Mary G. Berner	Francisco "Frank" J. Lopez-Balboa
Role	President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Type of Change	Amended and restated employment agreement	Amended and restated employment agreement
Effective Date	Effective as of the Confirmation Date (entered into April 15, 2026)	Effective as of the Confirmation Date (entered into April 15, 2026)
Reason	Agreement entered in connection with Confirmation Order	Agreement entered in connection with Confirmation Order
Replacement Info	Not disclosed	Not disclosed
Background Details	Agreement term through Dec 31, 2026 with automatic one-year extensions; base salary reduced to $1,250,000; severance multiples modified; Good Reason resignation rights tied to MIP allocation	Agreement term through Dec 31, 2026 with automatic one-year extensions; base salary reduced to $700,000; severance multiples modified; Good Reason resignation rights tied to MIP allocation
Board/Committee Role Changes	Not disclosed	Not disclosed

Original SEC Filing: CUMULUS MEDIA INC [ CMLSQ ] - 8-K - Apr. 17, 2026

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Individual	Mary G. Berner	Francisco "Frank" J. Lopez-Balboa
Role	President and Chief Executive Officer	Executive Vice President and Chief Financial Officer
Type of Change	Amended and restated employment agreement	Amended and restated employment agreement
Effective Date	Effective as of the Confirmation Date (entered into April 15, 2026)	Effective as of the Confirmation Date (entered into April 15, 2026)
Reason	Agreement entered in connection with Confirmation Order	Agreement entered in connection with Confirmation Order
Replacement Info	Not disclosed	Not disclosed
Background Details	Agreement term through Dec 31, 2026 with automatic one-year extensions; base salary reduced to $1,250,000; severance multiples modified; Good Reason resignation rights tied to MIP allocation	Agreement term through Dec 31, 2026 with automatic one-year extensions; base salary reduced to $700,000; severance multiples modified; Good Reason resignation rights tied to MIP allocation
Board/Committee Role Changes	Not disclosed	Not disclosed

Original SEC Filing: CUMULUS MEDIA INC [ CMLSQ ] - 8-K - Apr. 17, 2026

Disclaimer

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.