EXHIBIT 10.1

August 6, 2007

Mr. Marty Albertson

Dear Marty:

I am writing with reference to the Second Amended and Restated Employment
Agreement (as amended, the “Agreement”), dated as of October 8, 2004, between
you and Guitar Center, Inc. (the “Company”). Section 4(f)(ii) of the Agreement
provides that for fiscal 2007 the Company’s obligations under Section 4(f) to
grant an annual equity incentive to you shall be satisfied by granting to you
options to purchase 32,000 shares of the common stock of the Company. It is our
understanding that you have agreed to waive the Company’s obligation to grant
the 2007 options. Please confirm that our understanding is correct by signing
this letter in the space indicated below.

Best regards,

GUITAR CENTER, INC.

 

/s/ LELAND P. SMITH

 

Leland P. Smith

 

Executive Vice President of Corporate

 

Development and General Counsel

 

Confirmed:

 

/s/ MARTY ALBERTSON

 

Marty Albertson

 

 

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