exv10w2



 






Exhibit 10.2




RESTRICTED STOCK AGREEMENT




      Shares of Restricted Stock are awarded, effective as of the Date of Grant (as defined below),
by Emmis Communications Corporation (the “Company”) to the person named below (the “Grantee”) upon
the following terms and conditions. The Grantee will be deemed to have accepted the Restricted
Stock unless the Grantee delivers a written notice of rejection to the Company within 120 days of
the Date of Grant. The Restricted Stock grant evidenced by this Restricted Stock Agreement (the
“Agreement”) is made pursuant to the Company’s 2004 Equity Compensation Plan (the “Plan”), which is
incorporated in this Agreement by reference. A prospectus for the Plan is located on the Emmis
Intranet at “www.inside.emmis.com.”



      1. Definitions. For purposes of this Agreement and any amendments hereto, the terms
defined in Section 2 of the Plan, when capitalized in this Agreement, shall have the same meanings
as the meanings ascribed to them by the Plan, unless a different meaning is specified in this
Agreement, or unless a different meaning is plainly required by the context. For purposes of this
Agreement and any amendments hereto, the following terms, when capitalized, have the following
meanings, unless a different meaning is plainly required by the context:



	 	 	 
	Grantee:
	 	 

	 	 	 

	 
	 	 

	Address:
	 	 

	 	 	 

	 
	 	 

	Restricted Stock:
	 	___shares of the Company’s Stock

	 
	 	 

	Date of Grant:
	 	 

	 	 	 

	 
	 	 

	Vesting Date:
	 	 

	 	 	 






      2. Reference to Plan. The Restricted Stock is granted pursuant to the Plan in effect
on the Date of Grant. No amendment of the Plan adopted after the Date of Grant shall apply to the
Restricted Stock unless, by its express provisions, the amendment is effective retroactive to the
Date of Grant or some earlier date. No such retroactive amendment may, without the consent of the
Grantee, adversely affect the rights of the Grantee under this Agreement.



      3. Share Award. The Company hereby awards to the Grantee, subject to the terms and
conditions of the Plan and subject to the terms and conditions of this Agreement, the Restricted
Stock in the form of Class A Common Stock (or Class B Common Stock in the case of Jeffrey H.
Smulyan).



      4. Vesting and Restrictions on Transfer. The Restricted Stock will vest on the
Vesting Date or such earlier date as may be determined pursuant to this Agreement or the Plan
unless the Restricted Stock has been forfeited pursuant to Section 5. During the time from the
Date of Grant to the Vesting Date or such earlier date as may be determined pursuant to this
Agreement or the Plan (the “Restricted Period”), the Grantee may not sell, assign, transfer, pledge
or otherwise encumber the Restricted Stock, except as hereinafter provided. The Committee shall
have the authority, in its discretion, to waive the provisions of Section 5 and to shorten the
Restricted Period as to any or all of the Restricted Stock, and thereby to cause such Restricted
Stock to vest at an earlier date.



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      5. Forfeiture and Early Vesting.



      (a) The Restricted Stock shall be forfeited and returned to the Company if the Grantee has a
Termination of Employment prior to the Vesting Date, unless the Termination of Employment is: (i)
due to the death of the Grantee; or (ii) due to the Disability of the Grantee; or (iii) effected by
the Company or a Subsidiary due to the elimination of the Grantee’s position (other than in
connection with the sale or disposition of one or more stations, magazines or other business units); or (iv)
effected by the Company or a Subsidiary in connection with the sale
or disposition of one or more stations,
magazines or other business units; or (v) due to the Retirement (as defined below) of the Grantee.
However, the provisions of this Section shall not be deemed to limit the authority of the Committee
to declare the Restricted Stock fully vested whenever the Committee may determine that such action
is appropriate pursuant to the Plan or this Agreement.



      (b) If the Grantee has a Termination of Employment prior to the Vesting Date due to the death,
Disability or Retirement of the Grantee or in connection with the
sale or disposition of one or more stations,
magazines or other business units, all of the Restricted Stock shall vest immediately prior to such
Termination of Employment. For purposes of this Agreement, “Retirement” shall mean a Termination
of Employment other than for Cause at a time when (a) the sum of the Grantee’s service to the
Company plus the Grantee’s age is not less than sixty-five years, (b) the Grantee is not less than
fifty-five years of age, and (c) the Grantee has provided not less than ten years of service to the
Company.



      (c) If the Grantee has a Termination of Employment that is effected by the Company or a
Subsidiary due to the elimination of the Grantee’s position (other than in connection with
the sale or disposition of one or more stations, magazines or other
business units) prior to the Vesting Date, then the
portion of the Restricted Stock that shall vest immediately prior to such Termination of Employment
is equal to the total number of shares of Restricted Stock times a fraction, the numerator of which
is the number of days from the Date of Grant to the date of the Termination of Employment and the
denominator of which is the number of days between the Date of Grant and the Vesting Date. If the
calculation in the preceding sentence results in a fractional share, the number of shares which are
not forfeited will be rounded up to the next whole share. The remaining shares of Restricted Stock
shall be forfeited and returned to the Company.



      6. Certificates for Restricted Stock. The Company may issue a certificate in
respect of the Restricted Stock in the name of the Grantee and, if so, shall hold such certificate
on deposit for the account of the Grantee until the expiration of the Restricted Period. Each such
certificate shall bear the following legend:




The transferability of this certificate and the shares of stock represented hereby
are subject to the terms and conditions (including forfeiture) contained in the
Emmis Communications Corporation 2004 Equity Compensation Plan and an Agreement
entered into between the registered owner and Emmis Communications Corporation.
Copies of such Plan and Agreement are on file in the office of the Secretary of
Emmis Communications Corporation, One Emmis Plaza, 140 Monument Circle, Suite 700,
Indianapolis, Indiana 46204.


Upon issuance of such certificate, the Grantee shall be deemed to have appointed the Company as its
agent to sell, transfer or assign the Restricted Stock in such manner as the Company deems
appropriate, provided that such sale, transfer or assignment is not prohibited by the terms of this
Agreement or the Plan. In addition, if requested by the Company, following the issuance of such
certificate, the Grantee
shall execute a stock power endorsed in blank and shall promptly deliver such stock power to the Company.




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      7. Grantee’s Rights as Stockholder. If a certificate is issued for the Restricted
Stock, then during the Restricted Period: (i) the Grantee shall have the right to vote any
Restricted Stock which has not been forfeited hereunder; and (ii) the Grantee shall have the right
to receive any declared distribution (provided, however, that if the distribution is in the form of
Stock or other securities, the Stock or other securities shall be subject to the same restrictions
as the Restricted Stock). Except as otherwise provided in this Agreement, the Grantee shall have
none of the rights of a shareholder in respect of the Restricted Stock.



      8. Delivery of Shares Upon Expiration of Restricted Period. Upon the expiration of
the Restricted Period, the Company shall issue a certificate in respect to the Restricted Stock in
the name of the Grantee. Such certificate shall be free from any restrictive legend. If the
Company issued a certificate pursuant to Section 6, the Company shall (i) exchange the previously
issued certificate in respect of the Restricted Stock for a new certificate in respect of such
shares that does not bear the legend provided for in Section 6 above, (ii) deliver such new
certificate to the Grantee and (iii) relinquish to the Grantee the stock power held by the Company
pursuant to Section 6.



      9. Adjustments for Changes in Capitalization of the Company. If the Company is
involved in any reorganization, reclassification, recapitalization, stock split, reverse stock
split, stock dividend, share combination, merger, consolidation, asset spin-off or similar event,
the Committee will make equitable adjustments of the number of shares of Restricted Stock and all
other matters relating to the Plan and the Restricted Stock (including the type of security or
property to be delivered upon vesting), all in such manner as may be determined by the Committee in
its discretion, in order to prevent dilution or enlargement of the Grantee’s rights under this
Agreement. The Committee’s determination is conclusive in these matters. Any shares of Stock or
other securities received by the Grantee as a result of any of the foregoing shall be subject to
the same restrictions as the Restricted Stock.



      10. Delivery and Registration of Shares of Stock. The Company’s obligation to
deliver shares of Stock hereunder shall, if the Committee so requests, be conditioned upon the
receipt of a representation as to the investment intention of the Grantee or any other person to
whom such shares are to be delivered, in such form as the Committee shall determine to be necessary
or advisable to comply with the provisions of the Securities Act of 1933, as amended, or any other
federal, State or local securities legislation. In requesting any such representation, it may be
provided that such representation requirement shall become inoperative upon a registration of such
shares or other action eliminating the necessity of such representation under such Securities Act
or other securities legislation. The Company shall not be required to deliver any shares under
this Agreement prior to (i) the admission of such shares to listing on any stock exchange on which
the shares of Stock may then be listed, and (ii) the completion of such registration or other
qualification of such shares under any state or federal law, rule or regulation, as the Committee
shall determine to be necessary or advisable.



      11. Withholding Tax. Upon vesting of the Restricted Stock (or at such earlier time
as an election is made by the Grantee under Section 83(b) of the Internal Revenue Code of 1986, as
amended, or any successor provision thereto, to include the value of the Restricted Stock in
taxable income), the Company shall have the right to require the Grantee or other person receiving
the Restricted Stock to pay the Company the amount of any taxes which the Company is required to
withhold with respect to the Restricted Stock or, in lieu thereof, to retain, or sell without
notice, a sufficient number of shares of



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the Restricted Stock held by it to cover the amount of tax required to be withheld. The Company
shall have the right to deduct from all dividends paid with respect to the Restricted Stock the
amount of any taxes which the Company or any Affiliate is required to withhold with respect to such
dividend payments.



      12. Notices. All notices hereunder to the Company shall be delivered or mailed to it
addressed to the Secretary, Emmis Communications Corporation, One Emmis Plaza, 40 Monument Circle,
Suite 700, Indianapolis, Indiana 46204. All notices hereunder to the Grantee shall be delivered
personally or mailed to the Grantee’s address noted above. Such addresses for the service of
notices may be change at any time provided written notice of the change is furnished in advance to
the other party.



      13. Plan and Plan Interpretations as Controlling. The Restricted Stock and the terms
and conditions herein set forth are subject in all respects to the terms and conditions of the
Plan, which are controlling. All determinations and interpretations of the Committee shall be
binding and conclusive upon the Grantee or Grantee’s legal representatives with regard to any
question arising hereunder or under the Plan.



      14. Grantee’s Service. Nothing in this Agreement shall: (i) limit the right of the
Company or any of its Affiliates to terminate the Grantee’s service as a director, officer or
employee, for any or no reason or (ii) otherwise impose upon the Company or any of its Affiliates
any obligation to employ or accept the services of the Grantee.



      15. Entire Agreement; Governing Law; Attorneys’ Fees. The Plan is incorporated into
this Agreement by reference as if it appeared here in full. The Plan and this Agreement together
make up the entire agreement of the Company and Grantee with respect to the subject matter of this
Agreement and supersede in their entirety all prior promises and agreements of the Company and
Grantee with respect to the subject matter of this Agreement. This Agreement is to be construed,
administered and governed in all respects under and by the internal laws (but not the choice of law
rules) of the State of Indiana. Each of the Company and Grantee hereby submits to jurisdiction
before any state or federal court of record in Marion County, Indiana.



      IN WITNESS WHEREOF, this Restricted Stock Agreement is effective as of the Date of Grant.




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