On July 21, 2021, Audacy, Inc. entered into a First Amendment to the Employment Agreement between the Company and Robert Philips, dated March 5, 2020. Pursuant to the Amendment, Mr. Philips will now serve as President of Audacy Networks and Multi-Market Sales. Mr. Philips will no longer serve as the Company’s Chief Revenue Officer. The Amendment reflects the change in title, and provides that Mr. Philips will report to the Company’s Chief Operating Officer or Chief Revenue Officer.