SEC Form 4 · accession 0001209191-17-044171
CUMULUS MEDIA INC · CMIA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Suzanne M Grimes
Officer — EVP/Corporate Marketing
Period of report
Jun 30, 2017
Accepted (ET)
Jul 6, 2017 · 5:31 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001058623
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock OptionF1,F4,F2,F3 | $1.73 | Jun 30, 2017 | D | 50,000 | D | — | Jan 23, 2027 | Class A Stock, $.01 par value | 50,000 | 0 | D |
Explanation of responses
- F1Previously 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.
- F225,000 of such options were exercisable at each of $2.48 and $0.97 per share.
- F37,500 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.
- F4As 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.