Document:

EXHIBIT 10.11(b)

 Exhibit 10.11(b) 
 EXECUTION VERSION 
 AMENDMENT NO. 3 
 TO MASTER REPURCHASE AGREEMENT 
 Amendment No. 3, dated as of March 6,
2007 (this “Amendment”), among JPMORGAN CHASE BANK, N.A. (the “Buyer”), FIELDSTONE MORTGAGE COMPANY (a “Seller”) and FIELDSTONE INVESTMENT CORPORATION (a “Seller” and, together with
Fieldstone Mortgage Company, the “Sellers”). 
 RECITALS 
 The Buyer and the Sellers are parties to that certain Master Repurchase Agreement, dated as of July 14, 2006, as amended by Amendment No. 1,
dated as of December 20, 2006 and Amendment No. 2, dated as of January 31, 2007 (as the same may have been amended and supplemented from time to time, the “Existing Repurchase Agreement” and as amended by this
Amendment, the “Repurchase Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement. 
 The Buyer and the Sellers have agreed, subject to the terms and conditions of this Amendment, that the Existing Repurchase Agreement be amended to
reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement. 
 Accordingly, the Buyer and the Sellers hereby
agree, in consideration of the mutual premises and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby amended as follows: 
 SECTION 1. Definitions. Section 2 of the Existing Repurchase Agreement is hereby amended by adding the following defined term: 
 “Margin Account” shall mean that certain account #713449874, FIELDSTONE INVESTMENT CORP. MARGIN ACCOUNT HELD BY JPMORGAN CHASE BANK NA, whereby the Sellers shall deposit cash to satisfy a Margin
Deficit in accordance with Section 4 hereof.” 
 SECTION 2. Margin Amount Maintenance. Section 4 of the Existing
Repurchase Agreement is hereby amended by deleting subsection (c) thereto in its entirety and replacing it with the following: 
 “(c) Any cash transferred to the Buyer pursuant to Section 4(a) above may be credited to the Repurchase Price of the related Transactions. In the event that a Seller satisfies a Margin Deficit with cash, such Seller shall remit
such cash into the Margin Account which shall be held as unsegregated cash margin and collateral for all Obligations under the Repurchase Agreement. In the event that a Default exists, the Buyer shall be entitled to use any or all of funds in the
Margin Account to cure such circumstance or otherwise exercise remedies available to the Buyer without prior notice to, or consent from, either Seller.” 
 SECTION 3. Security Interest. Section 8 of the Existing Repurchase Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 
 “Security Interest. Although the parties intend that all Transactions hereunder be sales and purchases (other than for accounting and tax
purposes) and not loans, in the event any such Transactions are deemed to be loans, each Seller hereby pledges to Buyer as security for the performance by the Sellers of their Obligations and hereby grants, assigns and pledges to Buyer a fully
perfected first priority security interest in the Purchased Mortgage Loans, the records, and all servicing rights related to the Purchased Mortgage Loans, the Repurchase Documents (to the extent such Repurchase Documents and such Seller’s right
thereunder relate to the Purchased Mortgage Loans), any Property relating to any Purchased Mortgage Loan or the related Mortgaged Property, any Takeout Commitments relating to any Purchased Mortgage Loan, all insurance policies and insurance
proceeds relating to any Purchased Mortgage Loan or the related Mortgaged Property, including but not limited to any 

  

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payments or proceeds under any related primary insurance or hazard insurance, any Income relating to any Purchased Mortgage Loan, the Collection Account, the
Payment Account, the Margin Account, any Interest Rate Protection Agreements relating to any Purchased Mortgage Loan, and any other contract rights, accounts (including any interest of such Seller in escrow accounts) and any other payments, rights
to payment (including payments of interest or finance charges) and general intangibles to the extent that the foregoing relates to any Purchased Mortgage Loan and any other assets relating to the Purchased Mortgage Loans (including, without
limitation, any other accounts) or any interest in the Purchased Mortgage Loans, the servicing of the Purchased Mortgage Loans, all collateral under any other secured debt facility (including, without limitation, any facility documented as a
repurchase agreement or similar purchase and sale agreement) between the Sellers or their Affiliates on the one hand and the Buyer or the Buyer’s Affiliates on the other (excluding any syndicated credit facility in which a non-Affiliate of the
Buyer is also a creditor), and any proceeds (including the related securitization proceeds) and distributions and any other property, rights, title or interests as are specified on a Trust Receipt and Mortgage Loan Schedule and Exception Report with
respect to any of the foregoing, in all instances, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Repurchase Assets”), provided that no Default, Event of Default or Margin Deficit
exists, the Buyer shall release its security interest in the Purchased Mortgage Loans upon payment in full to the Buyer of the Repurchase Price with respect thereto. 
 The Sellers hereby authorize the Buyer to file such financing statement or statements relating to the Repurchase Assets without each Seller’s signature thereon as the Buyer, at its option, may deem appropriate.
The Sellers shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 8. Upon termination of this Repurchase Agreement and payment by the Seller of the Repurchase Price for all Purchased Mortgage
Loans and all other amounts due hereunder to the Buyer and the performance of all obligations under the Repurchase Documents, the Buyer shall release its security interest in any remaining Repurchase Assets.” 
 SECTION 4. Conditions Precedent. This Amendment shall become effective on the date hereof, subject to the satisfaction of the following conditions
precedent: 
 4.1 Delivered Documents. The Buyer shall have received the following documents, each of which shall be satisfactory to
the Buyer in form and substance: 
 (a) this Amendment, executed and delivered by a duly authorized officer of the Buyer and
Sellers; 
 (b) such other documents as the Buyer or counsel to the Buyer may reasonably request. 
 SECTION 5. Representations and Warranties. Each of the Sellers hereby represents and warrants to the Buyer that they are in compliance with all
the terms and provisions set forth in the Repurchase Agreement on their part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby confirm and reaffirm the representations and warranties contained in
Section 11 of the Existing Repurchase Agreement. 
 SECTION 6. Limited Effect. Except as expressly amended and modified by this
Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
 SECTION
7. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. 

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers
thereunto duly authorized as of the day and year first above written. 
  

					
	Buyer:	 	 JPMORGAN CHASE BANK, N.A.,
 as
Buyer

			
		 	By:	 	 /s/ Mark Wegener

		 	Name:	 	Mark Wegener
		 	Title:	 	
		
	Seller:	 	 FIELDSTONE MORTGAGE COMPANY,
 as
Seller

			
		 	By:	 	 /s/ Mark C. Krebs

		 	Name:	 	Mark C. Krebs
		 	Title:	 	Sr. Vice President & Treasurer
		
	Seller:	 	 FIELDSTONE INVESTMENT CORPORATION,
 as Seller

			
		 	By:	 	 /s/ Mark C. Krebs

		 	Name:	 	Mark C. Krebs
		 	Title:	 	Sr. Vice President & TreasurerSecond Amendment to Employment Agreement

 EXHIBIT 10.2 
 SECOND AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 This Second Amendment to Employment Agreement (this
“Second Amendment”) is entered into on March 29, 2007 by and between Live Nation Worldwide, Inc. (formerly known as SFX Entertainment, Inc.), a Delaware corporation (the “Company”), and Alan Ridgeway (the
“Employee”). 
 WHEREAS, the parties have entered into that certain Employment Agreement dated effective as of March 13, 2006
and that certain First Amendment to Employment Agreement dated effective as of August 8, 2006 (collectively, the “Original Agreement”). 
 WHEREAS, the parties desire to amend the Original Agreement as set forth below. 
 NOW, THEREFORE, in
consideration of the premises and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
 1. Section 1 of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “The Employee’s term of employment starts on the Effective Date of this Agreement and ends on the close of business on December 31, 2009
(the “Employment Period” or “Term of Employment”). Beginning on January 1, 2010 and continuing for so long thereafter as the Employee is employed hereunder, the Employment Period shall be automatically extended day to day so
that there will always be exactly one (1) year remaining in the Employment Period, unless either party terminates this Agreement in accordance with Section 7 below.” 
 2. The first sentence of Section 3(b) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “Effective January 1, 2007, the Company will pay the Employee an annual base salary of $465,000.00.” 
 3. The parties acknowledge that the Original Agreement included a typographical error which labeled two separate sections as Section 3(c). For
purposes of this Second Amendment, those two sections will be referred to as the “First Section 3(c)” and the “Second Section 3(c)”. 
 4. The First Section 3(c) of the Original Agreement is hereby deleted in its entirety. 

 5. The first sentence of the Second Section 3(c) of the Original Agreement is hereby amended and
restated in its entirety to read as follows, and the second sentence of Second Section 3(c) of the Original Agreement is deleted in its entirety: 
 “The Employee will be eligible for an annual performance bonus based upon the achievement of (i) financial targets by the Company and/or any divisions and/or business units thereof, and/or (ii) personal
goals and objectives related to the individual performance of the Employee, in each case as set and determined in writing by the Chief Executive Officer for each calendar year.” 
 6. The first sentence of Section 7(c) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “The Company may terminate the Employee’s employment with the Company for any reason at any time after December 31, 2009.” 

7. The first sentence of Section 7(e) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 
 “The Employee may provide notice at any time after December 31, 2009 of his intent to terminate his employment with the Company without
cause.” 
 8. Section 8(d) of the Original Agreement is hereby amended and restated in its entirety to read as follows: 

“Termination By The Company Without Cause or Termination by Employee for Good Reason. If the Employee’s employment with the Company is
terminated by the Company without Cause, or by Employee for Good Reason, the Company will, within 90 days, pay in a lump sum amount to the Employee his accrued and unpaid Base Salary, prorated bonus(es), if any (See Section 3(c)(iii) and
Exhibit A), unreimbursed expenses, and any payments to which he may be entitled under any applicable employee benefit plan (according to the terms of such plans and policies). Additionally, in lieu of a termination of employment, Employee has the
option of continuing employment by electing, within ten (10) days from notice by Company, to become a part-time consultant to Company in exchange for (i) severance pay, (ii) payment of reasonable expenses for repatriation of Employee
and his dependants to the United Kingdom (“Repatriation Expenses”), and (iii) costs for any penalties due for early termination of housing and automobile leases (“Lease Expenses”). In that event, Company will pay Employee
the Employee’s Base Salary (“Severance Pay”) as set forth in Section 3(b) for the greater of (a) the remainder of the Employment Period or (b) twelve (12) months, in either case in periodic payments in accordance
with ordinary payroll practices and deductions, Repatriation Expenses, and Lease Expenses, provided that Employee: (i) will serve as an exclusive part-time consultant for a period of twelve (12) months (the “Consulting Period”);
(ii) agrees not to compete with Employer, directly or indirectly, during the Consulting Period in accordance with Section 2(b); and (iii) agrees to and signs a general release of claims in a form and manner satisfactory to the
Company. If Employee 

  

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makes the foregoing election, Employee may subsequently opt out of the consulting arrangement and noncompete, and waive any right to further severance
payments, by giving Company at least 60 days’ written notice. In the event that Employee is re-hired and employed by the Company in any capacity prior to the conclusion of the severance payout, Employee’s entitlement to receive severance
pay will immediately end and no severance payments will be made after the date of re-employment. 
 9. Exhibit A of the Original Agreement is
hereby deleted in its entirety. 
 10. On February 16, 2007, the Employee was granted (i) options to purchase 50,000 shares of Live
Nation, Inc. common stock vesting in four equal annual installments on the first, second, third and fourth anniversaries of the grant date and (ii) 12,500 shares of Live Nation, Inc. restricted stock vesting 25% if certain performance goals for
fiscal year 2007 are met by the Company, and the remaining 75% vesting in three equal annual installments on the second, third and fourth anniversaries of the grant date. If the established performance goals for fiscal year 2007 are not
achieved, then the grant will be forfeited in its entirety. 
 11. The Original Agreement is and shall continue to be in full force and
effect, except as amended by this Second Amendment, and except that all references in the Original Agreement to “Agreement” or words of like import referring to the Original Agreement shall mean the Original Agreement as amended by this
Second Amendment. 
 12. Any and all defined terms which are not explicitly defined herein shall have the meaning ascribed to them in the
Original Agreement. 
 13. This Second Amendment may be signed in counterpart originals, which collectively shall have the same legal effect
all signatures had appeared on the same physical document. This Second Amendment may be signed and exchanged by electronic or facsimile transmission, with the same legal effect as if the signatures had appeared in original handwriting on the same
physical document. 
 IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the date first written above. 
  

			
	LIVE NATION WORLDWIDE, INC.
		
	 By:
	 	 /s/ Michael Rapino

		 	Michael Rapino
		 	President and Chief Executive Officer

  

			
		 	 /s/ Alan Ridgeway

		 	Alan Ridgeway

 [Signature Page to Second Amendment to Employment Agreement]

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