# EMMIS COMMUNICATIONS
CORPORATION CHANGE IN CONTROL
SEVERANCE AGREEMENT

THIS
AGREEMENT is entered into as of the 11th day of August, 2003 (the Effective
Date) by and between EMMIS COMMUNICATIONS CORPORATION, an Indiana corporation (the
Company), and MICHAEL LEVITAN (Executive).

W I T N E S S E T H

WHEREAS,
the Company considers the establishment and maintenance of a sound and vital management to
be essential to protecting and enhancing the best interests of the Company and its
stockholders; and

WHEREAS,
the Company recognizes that, as is the case with many publicly held corporations, the
possibility of a change in control may arise and that such possibility may result in the
departure or distraction of management personnel to the detriment of the Company and its
stockholders; and

WHEREAS,
the Compensation Committee of the Board (as defined in Section 1) has
determined that it is in the best interests of the Company and its stockholders to secure
Executives continued services and to ensure Executives continued and undivided
dedication to his duties in the event of any threat or occurrence of a Change in
Control (as defined in Section 1) of the Company; and

WHEREAS,
the Compensation Committee, at a meeting held on June 25, 2003, has authorized the Company
to enter into this Agreement.

NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained, the Company and Executive hereby agree as follows:

| | 1.      
        Definitions.
As used in this Agreement, the following terms shall have the respective
meanings set forth below:
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| | (a)                        Affiliate means,
with respect to a specified person, a person that,           directly or indirectly
through one or more intermediaries, controls, is           controlled by, or is under
common control with, the person specified.
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| | (b)                        Board means
the Board of Directors of the Company.
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| | (c)                        Bonus
Amount means the greater of (i) the highest annual incentive           bonus earned
by Executive from the Company (or its Affiliates) during the last           three (3)
completed fiscal years of the Company immediately preceding           Executives
Date of Termination (annualized in the event Executive was not           employed by the
Company (or its Affiliates) for the whole of any such fiscal           year), or (ii) if
the Date of Termination occurs before Executive has been           employed for a full
fiscal year, and before the date Company generally pays           bonuses to its
Executives for the fiscal year in which Executives           employment commenced,
the Executives target bonus for the fiscal year of           the Company which
includes the Executives Date of Termination.
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| | (d)                        Cause means
(i) the willful and continued failure of Executive to           perform substantially his
duties with the Company (other than any such failure           resulting from Executives
incapacity due to physical or mental illness or           any such failure subsequent to
Executive being delivered a Notice of Termination           without Cause by the Company
or delivering a Notice of Termination for Good           Reason to the Company) after a
written demand for substantial performance is           delivered to Executive by the
Board which specifically identifies the manner in           which the Board believes that
Executive has not substantially performed           Executives duties; provided
that Executive has not cured such failure or           commenced such performance within
30 days after such demand is given to           Executive, or (ii) the willful
engaging by Executive in illegal conduct or           gross misconduct which is
demonstrably and materially injurious to the Company           or its Affiliates. For
purpose of the preceding sentence, no act or failure to           act by Executive shall
be considered willful unless done or omitted           to be done by
Executive in bad faith and without reasonable belief that           Executives
action or omission was in the best interests of the Company.           Any act, or
failure to act, based upon authority given pursuant to a resolution           duly
adopted by the Board, based upon the advice of counsel for the Company (or           upon
the instructions of the Companys chief executive officer or another
          senior officer of the Company) shall be conclusively presumed to be done, or
          omitted to be done, by Executive in good faith and in the best interests of the
          Company. Cause shall not exist unless and until the Company has delivered to
          Executive a copy of a resolution duly adopted by three-quarters (3/4) of the
          entire Board (excluding Executive if Executive is a Board member) at a meeting
          of the Board called and held for such purpose (after reasonable notice to
          Executive and an opportunity for Executive, together with counsel, to be heard
          before the Board), finding that in the good faith opinion of the Board an event
          set forth in clauses (i) or (ii) has occurred and specifying the particulars
          thereof in detail. The Company must notify Executive of any event constituting
          Cause within ninety (90) days following the Companys knowledge of its
          existence or such event shall not constitute Cause under this Agreement.
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| | (e)                        Change
in Control means any of the following: (i) any individual,           entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the           Securities
Exchange Act of 1934, as amended (the Exchange Act))           (other than an
Affiliate or any employee benefit plan (or any related trust) of           the Company or
an Affiliate, and other than Jeffrey H. Smulyan or an Affiliate           of Mr. Smulyan)
(a Person) becomes after the date hereof the           beneficial owner of
25% or more of either the then outstanding Stock or the           combined voting power
of the then outstanding voting securities of the Company           entitled to vote in
the election of directors, except that no Change in Control           shall be deemed to
have occurred solely by reason of any such acquisition by a           corporation with
respect to which, after such acquisition, more than 60% of both           the then
outstanding common shares of such corporation and the combined voting           power of
the then outstanding voting securities of such corporation entitled to           vote in
the election of directors are then beneficially owned, directly or           indirectly,
by the persons who were the beneficial owners of the Stock and           voting
securities of the Company immediately before such acquisition in           substantially
the same proportion as their ownership, immediately before such           acquisition, of
the outstanding Stock and the combined voting power of the then           outstanding
voting securities of the Company entitled to vote in the election of           directors;
(ii) individuals who, as of the Effective Date, constitute the Board           (the Incumbent
Directors) cease for any reason to constitute at           least a majority of the
Board; provided that any individual who becomes a           director after the Effective
Date whose election, or nomination for election by           the Companys
shareholders, was approved by a vote or written consent of at           least two-thirds
of the directors then comprising the Incumbent Directors shall           be considered as
though such individual were an Incumbent Director, but           excluding, for this
purpose, any such individual whose initial assumption of           office is in
connection with an actual or threatened election contest relating           to the
election of the directors of the Company (as such terms are used in Rule           14a-11
under the Exchange Act); (iii) the consummation of (A) a merger,           reorganization
or consolidation with respect to which the individuals and           entities who were
the respective beneficial owners of the Stock and voting           securities of the
Company immediately before such merger, reorganization or           consolidation do not,
after such merger, reorganization or consolidation,           beneficially own, directly
or indirectly, more than 60% of, respectively, the           then outstanding common
shares and the combined voting power of the then           outstanding voting securities
entitled to vote in the election of directors of           the corporation resulting from
such merger, reorganization or consolidation, or           (B) the sale or other
disposition of all or substantially all of the assets of           the Company to any
Person; (iv) the approval by the shareholders of the Company           of a liquidation
or dissolution of the Company; or (v) such other event(s) or           circumstance(s) as
are determined by the Board to constitute a Change in           Control. Notwithstanding
the foregoing provisions of this definition, a Change           in Control of the Company
shall be deemed not to have occurred (a) with respect           to any Executive, if such
Executive is, by written agreement executed prior to           such Change in Control, a
participant on such Executives own behalf in a           transaction in which the
persons (or their Affiliates) with whom such Executive           has the written
agreement Acquire the Company (as defined below) and, pursuant           to the written
agreement, the Executive has an equity interest in the resulting           entity or a
right to acquire such an equity interest, or (b) in the event the           Company
separates or bifurcates its radio and television divisions by means of           merger,
corporate reorganization, sale or disposition of assets, spin-off,           tax-free
reorganization, or otherwise (any such separation or bifurcation, a           Separation
Event), and, immediately thereafter, Mr. Smulyan is           Chairman or Chief
Executive Officer of the Company or any successor thereto,           including without
limitation, either division or any entity established as a           result of a
Separation Event ( a Successor), Mr. Smulyan retains the           ability to
vote at least fifty percent (50%) of all classes of stock of the           Company or any
Successor, or Mr. Smulyan retains the ability to elect a majority           of the Board
of Directors of the Company or any Successor.
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| | Notwithstanding the
foregoing, a Change in Control of the Company shall not be deemed to occur solely because
any Person acquires beneficial ownership of more than 25% of the then outstanding Stock
as a result of the acquisition of the Stock by the Company which reduces the number of
shares of Stock outstanding; provided, that if after such acquisition by
the Company such person becomes the beneficial owner of additional Stock that increases
the percentage of outstanding Stock beneficially owned by such person, a Change in
Control of the Company shall then occur.
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| | For
the purposes of this definition, Acquire the Company means the acquisition of
beneficial ownership by purchase, merger, or otherwise, of either more than 50% of the
Stock (such percentage to be computed in accordance with Rule 13d-3(d)(1)(i) of the SEC
under the Exchange Act) or substantially all of the assets of the Company or its
successors; person means such term as used in Rule 13d-5 of the SEC under the
Exchange Act; beneficial owner means such term as defined in Rule 13d-3 of
the SEC under the Exchange Act; and group means such term as defined in
Section 13(d) of the Exchange Act.
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| | (f)                 Code means
the Internal Revenue Code of 1986, as amended, and           regulations and rulings
thereunder.  References to a particular section of
the Code shall include references to successor provisions.
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| | (g)                 Date
of Termination means (1) the effective date on which           Executives
employment by the Company terminates as specified in a prior           written notice by
the Company or Executive, as the case may be, to the other,           delivered pursuant
to Section 10 or (2) if Executives employment by           the Company
terminates by reason of death, the date of death of Executive.
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| | (h)                 Disability means
termination of Executives employment by the           Company due to Executives
absence from Executives duties with the           Company on a full-time basis for
at least one hundred eighty (180) consecutive           days as a result of Executives
incapacity due to physical or mental           illness.
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| | (i)                 Exchange
Act means the Securities Exchange Act of 1934, as amended.           References to
a particular section of, or rule under, the Exchange Act shall           include
references to successor provisions.
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| | (j)                 Good
Reason means, without Executives express written consent,           the
occurrence of any of the following events after a Change in Control:
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| | (i)                             any
(A) change in the duties or responsibilities (including reporting
               responsibilities) of Executive that is inconsistent in any material and
adverse                respect with Executives position(s), duties,
responsibilities or status                with the Company immediately prior to such
Change in Control (including any                material and adverse diminution of such
duties or responsibilities); provided, however, that Good Reason shall not
be deemed to occur                upon a change in duties or responsibilities (other than
reporting                responsibilities) that is solely and directly a result of the
Company no longer                being a publicly traded entity and does not involve any
other event set forth in                this paragraph (j) or (B) material and adverse
change in Executives titles                or offices (including, if applicable,
membership on the Board) with the Company                as in effect immediately prior
to such Change in Control;
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| | (ii)                             a
material breach by the Company or an Affiliate of the Company of an employment
               agreement to which the Executive and the Company or an Affiliate of the
Company                are parties;
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| | (iii)                             a
reduction by the Company in Executives rate of annual base salary or
               annual target bonus opportunity as in effect immediately prior to such
Change in                Control or as the same may be increased from time to time
thereafter;
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| | (iv)                             any
requirement of the Company that Executive (A) be based anywhere more than
               thirty-five (35) miles from the office where Executive is located at the
time of                the Change in Control, if such relocation increases Executives
commute by                more than twenty (20) miles, or (B) travel on Company business
to an extent                substantially greater than the travel obligations of
Executive immediately prior                to such Change in Control;
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| | (v)                             the
failure of the Company to (A) continue in effect any material employee
               benefit plan, compensation plan, welfare benefit plan or fringe benefit
plan in                which Executive is participating immediately prior to such Change
in Control or                the taking of any action by the Company which would
adversely affect                Executives participation in or reduce Executives
benefits under any                such plan, unless Executive is permitted to participate
in other plans providing                Executive with substantially equivalent benefits
in the aggregate (at                substantially equivalent cost with respect to welfare
benefit plans), or (B)                provide Executive with paid vacation in accordance
with the most favorable                vacation policies of the Company and its
Affiliates as in effect for Executive                immediately prior to such Change in
Control, including the crediting of all                service for which Executive had
been credited under such vacation policies prior                to the Change in Control;
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| | (vi)                             any
refusal by the Company to continue to permit Executive to engage in
               activities not directly related to the business of the Company in which
               Executive was permitted to engage prior to the Change in Control;
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| | (vii)                             any
purported termination of Executives employment which is not
               effectuated pursuant to Section 10(b) (and which will not constitute a
               termination hereunder); or
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| | (viii)                             the
failure of the Company to obtain the assumption and, if applicable,
               guarantee, agreement from any successor (and parent corporation) as
contemplated                in Section 9(b).
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| | An isolated, insubstantial and inadvertent
action taken in good faith and which is remedied by the Company within ten (10) days
after receipt of notice thereof given by Executive shall not constitute Good Reason.
Executives right to terminate employment for Good Reason shall not be affected by
Executives incapacity due to mental or physical illness and Executives
continued employment shall not constitute consent to, or a waiver of rights with respect
to, any event or condition constituting Good Reason; provided, however,
that Executive must provide notice of termination of employment within ninety (90) days
following Executives knowledge of an event constituting Good Reason or such event
shall not constitute a termination for Good Reason under this Agreement.
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| | (k)                        Qualifying
Termination means a termination of Executives           employment (i) by the
Company other than for Cause or (ii) by Executive for           Good Reason.
Termination of Executives employment on account of death,           Disability or
Retirement shall not be treated as a Qualifying Termination.
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| | (l)                        Retirement means
Executives retirement (not including any           mandatory early retirement) in
accordance with the Companys retirement           policy generally applicable to
its salaried employees, as in effect immediately           prior to the Change in
Control, or in accordance with any retirement arrangement           established with
respect to Executive with Executives written consent; provided, however,
that under no circumstances shall a resignation           with Good Reason be deemed a
Retirement.
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| | (m)                        SEC means
the Securities and Exchange Commission.
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| | (n)                        Stock means
the Class A Common Stock and the Class B Common Stock of           the Company, par value
$.01 per share.
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| | (o)                        Termination
Period means the period of time beginning with a Change           in Control and
ending two (2) years following such Change in Control.           Notwithstanding anything
in this Agreement to the contrary, if           (i) Executives employment is
terminated prior to a Change in Control           for reasons that would have constituted
a Qualifying Termination if they had           occurred following a Change in Control;
(ii) Executive reasonably demonstrates           that such termination (or Good Reason
event) was at the request of a Person who           had indicated an intention or taken
steps reasonably calculated to effect a           Change in Control, or was otherwise
made in connection with a Change in Control;           and (iii) a Change in Control
involving such third party or an Affiliate of such           third party (or a party
competing with such third party to effectuate a Change           in Control) does occur,
then for purposes of this Agreement, the date           immediately prior to the date of
such termination of employment or event           constituting Good Reason shall be
treated as a Change in Control. For purposes           of determining the timing of
payments and benefits to Executive under Section 4,           the date of the actual
Change in Control shall be treated as Executives           Date of Termination
under Section l(g).
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| | 2.              Obligation
of Executive. In the event of a tender or exchange offer,           proxy contest, or
the execution of any agreement which, if consummated, would           constitute a Change
in Control, Executive agrees not to voluntarily leave the           employ of the
Company, other than as a result of Disability, Retirement or an           event which
would constitute Good Reason if a Change in Control had occurred,           until the
Change in Control occurs or, if earlier, such tender or exchange           offer, proxy
contest, or agreement is terminated or abandoned.
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| | 3.              Term
of Agreement. This Agreement shall be effective on the date hereof           and
shall continue in effect until the Company shall have given three (3)           years written
notice of cancellation; provided, that,           notwithstanding the
delivery of any such notice, this Agreement shall continue           in effect for a
period of two (2) years after a Change in Control, if such           Change in Control
shall have occurred during the term of this Agreement.           Notwithstanding anything
in this Section to the contrary, this Agreement shall           terminate if Executive or
the Company terminates Executives employment           prior to a Change in Control
except as provided in the second sentence of           Section 1(o).
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| | 4.              Payments
Upon Termination of Employment.
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| | (a)              Qualifying
Termination  Severance. If during the Termination Period           the
employment of Executive shall terminate pursuant to a Qualifying           Termination,
then the Company shall provide to Executive:
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| | (i)                             within
ten (10) days following the Date of Termination a lump-sum cash amount
               equal to the sum of (A) Executives base salary through the Date of
               Termination and any bonus amounts which have become payable, to the extent
not                theretofore paid or deferred, (B) a pro rata portion of Executives
annual                bonus for the fiscal year in which Executives Date of
Termination occurs                in an amount at least equal to (1) Executives
target bonus for such fiscal                year, multiplied by (2) a fraction, the
numerator of which is the number of days                in the fiscal year in which the
Date of Termination occurs through the Date of                Termination and the
denominator of which is three hundred sixty-five (365), and                (C) any
accrued vacation pay, in each case to the extent not theretofore paid;
               plus
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| | (ii)                             within
ten (10) days following the Date of Termination, a lump-sum cash amount
               equal to (i) one and one-half (1 1/2) times Executives highest annual rate of
base                salary during the 36-month period immediately prior to Executives
Date of                Termination plus (ii) one and one-half (1 1/2) times Executives Bonus
Amount.
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| | (b)              Qualifying
Termination  Benefits. If during the Termination Period           the
employment of Executive shall terminate pursuant to a Qualifying           Termination,
the Company shall continue to provide, for a period of three (3)           years
following Executives Date of Termination, Executive (and           Executives
dependents, if applicable) with the same level of medical,           dental, accident,
disability and life insurance benefits upon substantially the           same terms and
conditions (including contributions required by Executive for           such benefits) as
existed immediately prior to Executives Date of           Termination (or, if more
favorable to Executive, as such benefits and terms and           conditions existed
immediately prior to the Change in Control); provided, that, if Executive
cannot continue to participate in the Company plans           providing such benefits,
the Company shall otherwise provide such benefits on           the same after-tax basis
as if continued participation had been permitted.           Notwithstanding the
foregoing, in the event Executive becomes reemployed with           another employer and
becomes eligible to receive welfare benefits from such           employer, the welfare
benefits described herein shall be secondary to such           benefits during the period
of Executives eligibility, but only to the           extent that the Company
reimburses Executive for any increased cost and provides           any additional
benefits necessary to give Executive the benefits provided           hereunder. For two
years following the Executives Date of Termination (or           such shorter
period ending upon the subsequent employment of Executive at a           level of service
commensurate with Executives positions with the Company           on the Date of
Termination), Executive shall be provided with outplacement           services from a
provider selected by the Company and at the Companys           expense. In
addition, the Company may make such additional payments, and provide           such
additional benefits, to Executive as the Company and Executive may agree in
          writing, or to which the Executive may be entitled under the compensation and
          benefit plans, policies, and arrangements of the Company.
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| | (c)              Nonqualifying
Termination. If during the Termination Period the           employment of Executive
shall terminate other than by reason of a Qualifying           Termination, then the
Company shall pay to Executive within thirty (30) days           following the Date of
Termination, a lump-sum cash amount equal to the sum of           Executives base
salary through the Date of Termination and any bonus           amounts which have become
payable, to the extent not theretofore paid or           deferred, and any accrued
vacation pay, to the extent not theretofore paid. The           Company may make such
additional payments, and provide such additional benefits,           to Executive as the
Company and Executive may agree in writing, and the Company           shall provide the
Executive with those payments and benefits to which Executive           may be entitled
under the compensation and benefit plans, policies, and           arrangements of the
Company, or any employment agreement with the Company or an           Affiliate of the
Company.
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| | (d)              Stock
Options. In the event of a Change in Control, all options to           purchase
Company stock held by Executive (Options) which are not           fully
vested and exercisable shall become fully vested and exercisable as of a           time
established by the Board, which shall be no later than a time preceding the
          Change in Control which allows Executive to exercise the Options and cause the
          stock acquired thereby to participate in the Change in Control transaction. If
          the Change in Control transaction is structured such that stock participating
          therein at one time is or may be treated differently than stock participating
          therein at a different time (e.g., a tender offer followed by a
          squeeze-out merger), the Board shall interpret this paragraph (d) to provide
for           the required vesting acceleration in a manner designed to allow Executive
to           exercise the Options and cause the stock acquired thereby to participate in
the           earliest portion of the Change in Control transaction. If the consummation
of a           Change in Control transaction is uncertain (e.g., a tender offer in
which           the tender of a minimum number of shares is a condition to closing, or a
voted           merger or proxy contest in which a minimum number of votes is a condition
to           closing), the Board shall apply this paragraph (d) by using its best efforts
to           determine if and when the Change in Control transaction is likely to close,
and           proceeding accordingly. To the extent necessary to implement this Section
4(d),           each stock option agreement reflecting the Options, and each stock option
plan           relating to each such stock option agreement, if any, shall be deemed
amended.
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| | 5.              Certain
Additional Payments by the Company.
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| | (a)                        If
it is determined (as hereafter provided) that any payment or distribution by
          the Company to or for the benefit of Executive, whether paid or payable or
          distributed or distributable pursuant to the terms of this Agreement or
          otherwise pursuant to or by reason of any other agreement, policy, plan,
program           or arrangement, including without limitation any stock option, stock
          appreciation right or similar right, or the lapse or termination of any
          restriction on or the vesting or exercisability of any of the foregoing (a
          Payment), would be subject to the excise tax imposed by Section
4999           of the Code (or any successor provision thereto) or to any similar tax
imposed           by state or local law, or any interest or penalties with respect to
such excise           tax (such tax or taxes, together with any such interest and
penalties, are           hereafter collectively referred to as the Excise Tax),
then           Executive will be entitled to receive an additional payment or payments (a
          Gross-Up Payment) in an amount such that, after payment by
Executive           of all taxes (including any interest or penalties imposed with
respect to such           taxes), including any Excise Tax, imposed upon the Gross-Up
Payment, Executive           retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon           the Payments.
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| | (b)                        Subject
to the provisions of Section 5(f) hereof, all determinations required to           be
made under this Section 5, including whether an Excise Tax is payable by
          Executive and the amount of such Excise Tax and whether a Gross-Up Payment is
          required and the amount of such Gross-Up Payment, will be made by a nationally
          recognized firm of certified public accountants (the Accounting
          Firm) selected by Executive in his sole discretion. Executive will direct
          the Accounting Firm to submit its determination and detailed supporting
          calculations to both the Company and Executive within 15 calendar days after
the           date of Executives termination of employment, if applicable, and any
other           such time or times as may be requested by the Company or Executive. If
the           Accounting Firm determines that any Excise Tax is payable by Executive, the
          Company will pay the required Gross-Up Payment to Executive within five
business           days after receipt of such determination and calculations. If the
Accounting           Firm determines that no Excise Tax is payable by Executive, it will,
at the same           time as it makes such determination, furnish Executive with an
opinion that he           has substantial authority not to report any Excise Tax on his
federal, state,           local income or other tax return. Subject to the provisions of
this Section 5,           any determination by the Accounting Firm as to the amount of
the Gross-Up           Payment will be binding upon the Company and Executive. As a
result of the           uncertainty in the application of Section 4999 of the Code (or
any successor           provision thereto) and the possibility of similar uncertainty
regarding           applicable state or local tax law at the time of any determination by
the           Accounting Firm hereunder, it is possible that Gross-Up Payments which will
not           have been made by the Company should have been made (an           Underpayment),
consistent with the calculations required to be made           hereunder. In the event
that an Underpayment is made and the Company exhausts or           fails to pursue its
remedies pursuant to Section 5(f) hereof and Executive           thereafter is required
to make a payment of any Excise Tax, Executive will           direct the Accounting Firm
to determine the amount of the Underpayment that has           occurred and to submit its
determination and detailed supporting calculations to           both the Company and
Executive as promptly as possible. Any such Underpayment           will be promptly paid
by the Company to, or for the benefit of, Executive within           five business days
after receipt of such determination and calculations.
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| | (c)                        The
Company and Executive will each provide the Accounting Firm access to and
          copies of any books, records and documents in the possession of the Company or
          Executive, as the case may be, reasonably requested by the Accounting Firm, and
          otherwise cooperate with the Accounting Firm in connection with the preparation
          and issuance of the determination contemplated by Section 5(b) hereof.
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| | (d)                        The
federal, state and local income or other tax returns filed by Executive will           be
prepared and filed on a consistent basis with the determination of the
          Accounting Firm with respect to the Excise Tax payable by Executive. Executive
          will make proper payment of the amount of any Excise Tax, and at the request of
          the Company, provide to the Company true and correct copies (with any
          amendments) of his federal income tax return as filed with the Internal Revenue
          Service and corresponding state and local tax returns, if relevant, as filed
          with the applicable taxing authority, and such other documents reasonably
          requested by the Company, evidencing such payment. If prior to the filing of
          Executives federal income tax return, or corresponding state or local tax
          return, if relevant, the Accounting Firm determines that the amount of the
          Gross-Up Payment should be reduced, Executive will within five business days
pay           to the Company the amount of such reduction.
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| | (e)                        The
fees and expenses of the Accounting Firm for its services in connection with
          the determinations and calculations contemplated by Sections 5(b) and (d)
hereof           will be borne by the Company. If such fees and expenses are initially
advanced           by Executive, the Company will reimburse Executive the full amount of
such fees           and expenses within five business days after receipt from Executive
of a           statement therefor and reasonable evidence of his payment thereof.
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| | (f)                        Executive
will notify the Company in writing of any claim by the Internal           Revenue Service
that, if successful, would require the payment by the Company of           a Gross-Up
Payment. Such notification will be given as promptly as practicable           but no
later than 10 business days after Executive actually receives notice of           such
claim and Executive will further apprise the Company of the nature of such
          claim and the date on which such claim is requested to be paid (in each case,
to           the extent known by Executive). Executive will not pay such claim prior to
the           earlier of (i) the expiration of the 30-calendar-day period following the
date           on which he gives such notice to the Company and (ii) the date that any
payment           of amount with respect to such claim is due. If the Company notifies
Executive           in writing prior to the expiration of such period that it desires to
contest           such claim, Executive will:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)                             provide
the Company with any written records or documents in his possession
               relating to such claim reasonably requested by the Company;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)                             take
such action in connection with contesting such claim as the Company will
               reasonably request in writing from time to time, including without
limitation                accepting legal representation with respect to such claim by an
attorney                competent in respect of the subject matter and reasonably
selected by the                Company;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)                             cooperate
with the Company in good faith in order effectively to contest such                claim;
and
| | -----------------------------------------------------------------------------------------------------------------------------------------

| | (iv)                             permit
the Company to participate in any proceedings relating to such claim;
| | -------------------------------------------------------------------------------------------------------------

provided, however, that the Company
will bear and pay directly all costs and expenses (including interest and penalties)
incurred in connection with such contest and will indemnify and hold harmless Executive,
on an after-tax basis, for and against any Excise Tax or income tax, including interest
and penalties with respect thereto, imposed as a result of such representation and payment
of costs and expenses. Without limiting the foregoing provisions of this Section 5(f), the
Company will control all proceedings taken in connection with the contest of any claim
contemplated by this Section 5(f) and, at its sole option, may pursue or forego any and
all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim (provided that Executive may participate therein at his
own cost and expense) and may, at its option, either direct Executive to pay the tax
claimed and sue for a refund or contest the claim in any permissible manner, and Executive
agrees to prosecute such contest to a determination before any administrative tribunal, in
a court of initial jurisdiction and in one or more appellate courts, as the Company will
determine; provided, however, that if the Company directs Executive to pay the tax claimed
and sue for a refund, the Company will advance the amount of such payment to Executive on
an interest-free basis and will indemnify and hold Executive harmless, on an after-tax
basis, from any Excise Tax or income tax, including interest or penalties with respect
thereto, imposed with respect to such advance; and provided further, however, that any
extension of the statute of limitations relating to payment of taxes for the taxable year
of Executive with respect to which the contested amount is claimed to be due is limited
solely to such contested amount. Furthermore, the Companys control of any such
contested claim will be limited to issues with respect to which a Gross-Up Payment would
be payable hereunder and Executive will be entitled to settle or contest, as the case may
be, any other issue raised by the Internal Revenue Service or any other taxing authority.

| | (g)                        If,
after the receipt by Executive of an amount advanced by the Company pursuant           to
Section 5(f) hereof, Executive receives any refund with respect to such           claim,
Executive will (subject to the Companys complying with the           requirements
of Section 5(f) hereof) promptly pay to the Company the amount of           such refund
(together with any interest paid or credited thereon after any taxes           applicable
thereto). If, after the receipt by Executive of an amount advanced by           the
Company pursuant to Section 5(f) hereof, a determination is made that           Executive
will not be entitled to any refund with respect to such claim and the           Company
does not notify Executive in writing of its intent to contest such           denial or
refund prior to the expiration of 30 calendar days after such           determination,
then such advance will be forgiven and will not be required to be           repaid and
the amount of such advance will offset, to the extent thereof, the           amount of
Gross-Up Payment required to be paid pursuant to this Section 5.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.              Withholding
Taxes. The Company may withhold from all payments due to           Executive (or his
beneficiary or estate) hereunder all taxes which, by           applicable federal, state,
local or other law, the Company is required to           withhold therefrom. In the case
of the withholding of an Excise Tax, such           withholding shall be consistent with
any determination made under Section 5.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.              Reimbursement
of Expenses. If any contest or dispute shall arise under           this Agreement
involving termination of Executives employment with the           Company or
involving the failure or refusal of the Company to perform fully in           accordance
with the terms hereof, the Company shall reimburse Executive, on a           current
basis, for all reasonable legal fees and expenses, if any, incurred by
          Executive in connection with such contest or dispute (regardless of the result
          thereof); provided, however, Executive shall be required to repay
          any such amounts to the Company to the extent that a court or an arbitration
          panel issues a final order from which no appeal can be taken, or with respect
to           which the time period to appeal has expired, setting forth that Executive
has           not wholly or partially prevailed on at least one material issue in
dispute.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8.              Scope
of Agreement. Nothing in this Agreement shall be deemed to entitle
          Executive to continued employment with the Company or its Subsidiaries, and if
          Executives employment with the Company shall terminate prior to a Change
          in Control, Executive shall have no further rights under this Agreement (except
          as otherwise provided hereunder); provided, however, that any
          termination of Executives employment during the Termination Period shall
          be subject to all of the provisions of this Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.              Successors;
Binding Agreement.
| | ----------------------------------------------

| | (a)                        This
Agreement shall not be terminated by any Change in Control or other merger,
          consolidation, statutory share exchange, sale of substantially all the assets
or           similar form of corporate transaction involving the Company (a Business
          Combination). In the event of any Business Combination, the provisions of
          this Agreement shall be binding upon the surviving corporation, and such
          surviving corporation shall be treated as the Company hereunder.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)                        The
Company agrees that in connection with any Business Combination, it will           cause
any successor entity to the Company unconditionally to assume (and for any
          parent corporation in such Business Combination to guarantee), by written
          instrument delivered to Executive (or his beneficiary or estate), all of the
          obligations of the Company hereunder. Failure of the Company to obtain such
          assumption and guarantee prior to the effectiveness of any such Business
          Combination that constitutes a Change in Control, shall be a breach of this
          Agreement and shall constitute Good Reason hereunder and shall entitle
Executive           to compensation and other benefits from the Company in the same
amount and on           the same terms as Executive would be entitled hereunder if
Executives           employment were terminated following a Change in Control by
reason of a           Qualifying Termination. For purposes of implementing the foregoing,
the date on           which any such Business Combination becomes effective shall be
deemed the date           Good Reason occurs, and shall be the Date of Termination if
requested by           Executive.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)                        This
Agreement shall inure to the benefit of and be enforceable by           Executives
personal or legal representatives, executors, administrators,           successors,
heirs, distributees, devisees and legatees. If Executive shall die           while any
amounts would be payable to Executive hereunder had Executive           continued to
live, all such amounts, unless otherwise provided herein, shall be           paid in
accordance with the terms of this Agreement to such person or persons           appointed
in writing by Executive to receive such amounts or, if no person is so
          appointed, to Executives estate.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.              Notice.
(a)  For purposes of this Agreement, all notices and           other
communications required or permitted hereunder shall be in writing and           shall be
deemed to have been duly given when actually received or, if mailed,           three days
after mailing by registered or certified mail, return receipt           requested, or one
business day after mailing by a nationally recognized express           mail delivery
service with instructions for next-day delivery, addressed as           follows:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If to
the Executive, to the Executives principal residence as reflected in the records of
the Company.
| | -------------------------------------------------------------------------------------------------------

| | If to the Company:
Emmis Communications Corporation
40 Monument Circle
Suite 700
Indianapolis, Indiana 46204
Attn.:  General Counsel | 
| | ------------------------------------------------------------------------------------------------------------------------------------ | 

or to such other address as either
party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt.

| | (b)                        A
written notice of Executives Date of Termination by the Company or
          Executive, as the case may be, to the other, shall (i) indicate the specific
          termination provision in this Agreement relied upon, (ii) to the extent
          applicable, set forth in reasonable detail the facts and circumstances claimed
          to provide a basis for termination of Executives employment under the
          provision so indicated and (iii) specify the termination date (which date shall
          be not less than fifteen (15) (thirty (30), if termination is by the Company
for           Disability) nor more than sixty (60) days after the giving of such notice).
The           failure by Executive or the Company to set forth in such notice any fact or
          circumstance which contributes to a showing of Good Reason or Cause shall not
          waive any right of Executive or the Company hereunder or preclude Executive or
          the Company from asserting such fact or circumstance in enforcing
          Executives or the Companys rights hereunder.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.              Full
Settlement; Resolution of Disputes. The Companys obligation to           make
any payments and provide any benefits pursuant to this Agreement and           otherwise
to perform its obligations hereunder shall be in lieu and in full           settlement of
all other severance payments to Executive under any other           severance or
employment agreement between Executive and the Company, and any           severance plan
of the Company; provided, however, that if any such           other
agreement or plan would provide Executive with a greater payment or more           or
longer benefits in respect of any particular item described hereunder (e.g.,
          severance, welfare benefits), then Executive shall receive such particular item
          of payment and/or benefit pursuant to such other agreement or plan, in lieu of
          receiving that particular item pursuant to this Agreement. The Companys
          obligations hereunder shall not be affected by any set-off, counterclaim,
          recoupment, defense or other claim, right or action which the Company may have
          against Executive or others. In no event shall Executive be obligated to seek
          other employment or take other action by way of mitigation of the amounts
          payable and benefits provided to Executive under any of the provisions of this
          Agreement and, except as provided in Section 4(b), such amounts shall not be
          reduced whether or not Executive obtains other employment. The parties agree
          that any controversy or claim of either party hereto arising out of or in any
          way relating to this Agreement, or breach thereof, shall be settled by final
and           binding arbitration in Indianapolis, Indiana by three arbitrators in
accordance           with the applicable rules of the American Arbitration Association,
and that           judgment upon any award rendered may be entered by the prevailing
party in any           court having jurisdiction thereof. The Company shall bear all
costs and expenses           arising in connection with any arbitration proceeding
pursuant to this Section.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.              Employment
by Subsidiaries. Employment by the Company for purposes of           this Agreement
shall include employment by any Affiliate.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.              Survival.
The respective obligations and benefits afforded to the Company           and Executive
as provided in Sections 4 (to the extent that payments or benefits           are owed as
a result of a termination of employment that occurs during the term           of this
Agreement), 5 (to the extent that Payments are made to Executive as a           result of
a Change in Control that occurs during the term of this Agreement), 6,           7, 9(c)
and 11 shall survive the termination of this Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 14.              GOVERNING
LAW; VALIDITY. THE INTERPRETATION, CONSTRUCTION AND PERFORMANCE           OF THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE           WITH
THE INTERNAL LAWS OF THE STATE OF INDIANA WITHOUT REGARD TO THE PRINCIPLES           OF
CONFLICTS OF LAWS THEREOF, OF SUCH PRINCIPLES OF ANY OTHER JURISDICTION WHICH
          COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE           OF INDIANA. THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION OF THIS
          AGREEMENT SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER
PROVISION           OF THIS AGREEMENT, WHICH OTHER PROVISIONS SHALL REMAIN IN FULL FORCE
AND EFFECT.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 15.              Counterparts.
This Agreement may be executed in counterparts, each of           which shall be deemed
to be an original and all of which together shall           constitute one and the same
instrument.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 16.              Miscellaneous.
No provision of this Agreement may be modified or waived           unless such
modification or waiver is agreed to in writing and signed by           Executive and by a
duly authorized officer of the Company. No waiver by either           party hereto at any
time of any breach by the other party hereto of, or           compliance with, any
condition or provision of this Agreement to be performed by           such other party
shall be deemed a waiver of similar or dissimilar provisions or           conditions at
the same or at any prior or subsequent time. Failure by Executive           or the
Company to insist upon strict compliance with any provision of this           Agreement
or to assert any right Executive or the Company may have hereunder,           including,
without limitation, the right of Executive to terminate employment           for Good
Reason, shall not be deemed to be a waiver of such provision or right           or any
other provision or right of this Agreement. Except as otherwise           specifically
provided herein, the rights of, and benefits payable to, Executive,           his estate
or his beneficiaries pursuant to this Agreement are in addition to           any rights
of, or benefits payable to, Executive, his estate or his           beneficiaries under
any other employee benefit plan or compensation program of           the Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
officer of the Company and Executive has executed this Agreement as of the day and year
first above written.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | EMMIS COMMUNICATIONS CORPORATION               
| | -----------------------------------------------
| | By: /s/ Jeffrey H. Smulyan
Title:Chairman & CEO
| | EXECUTIVE                                      
| | /s/ Michael Levitan