Document:

Form of Option Agreement

 Exhibit 10.50 
 WARNER MUSIC GROUP CORP. 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this “Agreement”), is entered into as of this
                     day of
                     200  , by and between Warner Music Group Corp., a Delaware corporation (“Parent”), and
                     (the “Executive”). 
 WHEREAS, [Warner Music Inc., a Delaware corporation][INSERT APPROPRIATE NAME OF EMPLOYING SUBSIDIARY] (the “Company”), an indirect majority owned subsidiary of Parent, or one of Parent’s
other direct or indirect subsidiaries, employs the Executive; and 
 WHEREAS, the Parent has adopted the Warner Music Group Corp. 2005
Omnibus Award Plan (the “Plan”), pursuant to which awards of options to purchase shares of the Parent’s Common Stock may be granted to persons, including persons regularly employed by the Parent or its affiliates; and

 WHEREAS, the Board of Directors of Parent (the “Board”) has determined that it is in the best interests of Parent
and its stockholders to grant to the Executive as of the date hereof (the “Effective Date”) an option to purchase shares of Common Stock of Parent (“Common Stock”), as provided for herein (the “Stock Option
Award”); 
 NOW, THEREFORE, for and in consideration of the mutual covenants hereinafter set forth [as supplemented by the
terms set out in the Schedule A entitled “UK Resident Executive”][INSERT FOR UK RESIDENTS], the parties hereto agree as follows: 
 1. Grant. Parent hereby grants on the Effective Date to the Executive an option (the “Option”) to purchase
                     shares of Common Stock (such shares of Common Stock, the “Option Shares”), on the terms and conditions
set forth in the Plan and this Agreement. This Option is not intended to be treated as an incentive stock option under Section 422 of the Code. The number and type of Option Shares purchasable hereunder shall be subject to adjustment as and in
the manner provided in Section 11 below. 
 2. Incorporation by Reference, Etc. The provisions of the Plan are hereby
incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the
definitions set forth in the Plan. The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Executive and
his legal representative in respect of any questions arising under the Plan or this Agreement. 

 3. Option Price. The price at which the Executive shall be entitled to purchase the Option Shares
upon the exercise of all or any portion of this Option shall be $         per share. Such exercise price shall be subject to adjustment as and in the manner provided in Section 11 below.

 4. Expiration Date. Subject to Section 6 hereof, the Option shall expire at the end of the period commencing on the Effective
Date and ending at 11:59 p.m. Eastern Time (“ET”) on the day preceding the tenth anniversary of the Effective Date (the “Option Period”). 
 5. Exercisability of the Option. 
 (a) General. Except as may otherwise be provided herein, the Option shall become vested and exercisable in four equal installments on the day prior to each of the [first, second, third and fourth] anniversaries
of the Effective Date provided that the Executive remains employed with the Company on each such date, such that one hundred percent (100%) of the Option shall be vested and exercisable on the day prior to the [fourth] anniversary of the
Effective Date; provided that the unvested portion of the Option shall become vested and exercisable upon a termination of the Executive’s employment with the Company (A) due to his death, or (B) by the Company due to his Disability
or without Cause, or (C) by the Executive for Good Reason, if applicable, in each case on or after a Change in Control or, in the case of a termination by the Company without Cause or a termination by the Executive for Good Reason, if
applicable, in each case in anticipation of a Change in Control. 
 (b) The term “Vested Option,” as used
herein, shall mean the portion of the Option on and following the time that the vesting condition set forth in Section 5(a) hereof has been satisfied as to such portion. The portion of the Option which has not become the Vested Option is
hereinafter referred to as the “Unvested Option.” 
 (c) The Option may be exercised only as to the Vested
Option, and only by written notice using the applicable form provided by Parent delivered in person or by mail in accordance with Section 12(a) hereof and accompanied by payment therefor. The purchase price of the Option Shares shall be paid by
the Executive to Parent (A) by certified check or wire transfer (using such wire transfer instructions as are provided by Parent or the Company), (B) by transferring to Parent shares of Common Stock, if and in the manner approved by
Parent, (C) by a broker-assisted “cashless exercise” procedure if and in the manner approved by the Committee, or (D) by any other method approved in writing by the Committee. If requested by Parent, the Executive shall promptly
deliver his copy of this Agreement evidencing the Option to the Secretary of Parent who shall endorse thereon a notation of such exercise and promptly return such Agreement to the Executive. Upon payment of the applicable purchase price and the
issuance of the Option Shares in accordance with the terms and conditions of this Agreement, the Option Shares shall be validly issued, fully paid and nonassessable. 

 6. Effect of Termination of Employment on Option. 
 (a) For purposes of this Agreement, the Executive’s employment may be terminated (i) by the Company for Cause or by the employee
in violation of any applicable employment agreement (a “6(a)(i) Termination”), (ii) by the Executive other than as a Retirement and without any violation of any applicable employment agreement (a “6(a)(ii)
Termination”), (iii) by the Company without Cause (including on account of Disability), or on account of the Executive’s death or by the Executive for Good Reason (a “6(a)(iii) Termination”) or (iv) by the
Executive on account of Retirement (a “6(a)(iv) Termination”). For purposes of the preceding sentence, “Retirement” shall mean the Executive’s voluntary termination of employment with the Company on or after
the age of 62, after no less than 10 years of employment with the Company. 
 (b) The Unvested Option, if any, shall
immediately terminate upon the termination of the Executive’s employment with the Company and its affiliates for any reason. 
 (c) The Vested Option shall remain exercisable by the Executive until, as applicable, (i) the date of a 6(a)(i) Termination, (ii) thirty (30) days following the date of a 6(a)(ii) Termination, (iii) one hundred and
twenty (120) days following the date of a 6(a)(iii) Termination and (iv) the last day of the Option Period, in the case of a 6(a)(iv) Termination. 
 7. Compliance with Legal Requirements. The granting and exercising of the Option, and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules
and regulations and to such approvals by any regulatory or governmental agency as may be required. Parent, in its sole discretion, may postpone the issuance or delivery of Option Shares as Parent may consider appropriate and may require the
Executive to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Option Shares in compliance with applicable laws, rules and regulations. 
 8. Transferability. Except as described in Section 12(k) of the Plan, the Option shall not be transferable by the Executive other than by
will or the laws of descent and distribution, and any such purported transfer shall be void and unenforceable against Parent; provided that the designation of a beneficiary shall not constitute a transfer or encumbrance. 
 9. Rights as Stockholder. The Executive shall not be deemed for any purpose to be the owner of any shares of Common Stock subject to this Option
unless, until and to the extent that (A) this Option shall have been exercised pursuant to its terms, (B) Parent shall have issued and delivered to the Executive the Option Shares, and (C) the Executive’s name shall have been
entered as a stockholder of record with respect to such Option Shares on the books of Parent. 
 10. Tax Withholding. Prior to the
delivery of a certificate or certificates representing the Option Shares, the Executive must pay in the form of a certified check to Parent 

 
or the Company (as designated by Parent) any such additional amount as Parent (or the Company) determines that it is required to withhold under applicable
federal, state or local tax laws in respect of the exercise or the transfer of Option Shares; provided that the Committee may, in its sole discretion, allow such withholding obligation to be satisfied by withholding Option Shares otherwise
deliverable upon exercise of the Option or by any other method. 
 11. Adjustments for Stock Splits, Stock Dividends, etc.; Change in
Control. Awards shall be subject to adjustment, substitution, or cancellation as determined by the Committee in its sole discretion, as is fully set forth in Section 13 of the Plan. 
 12. Miscellaneous. 
 (a) Notices. Any notice, consent, request or other communication made or given in accordance with this Agreement 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, to those persons listed below at their following
respective addresses or at such other address or person’s attention as each may specify by notice to the others: 
 To
Parent: 
 Warner Music Group Corp. 
 75 Rockefeller Plaza 
 New York, New York 10019 
 Attention: General Counsel 
 To the Executive: 
 The most
recent address for the Executive in the records of Parent or the Company. The Executive hereby agrees to promptly provide Parent and the Company with written notice of any change in the Executive’s address for so long as this Agreement remains
in effect. 
 (b) Bound by Plan. By signing this Agreement, the Executive acknowledges that he has received a copy of
the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (c) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other 

 
provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
 (d) No Rights to Employment. Nothing contained in this Agreement shall be construed as giving the Executive any right to be
retained, in any position, as an employee, consultant or director of the Company or its affiliates or shall interfere with or restrict in any way the right of the Company or its affiliates, which are hereby expressly reserved, to remove, terminate
or discharge the Executive at any time for any reason whatsoever. 
 (e) Beneficiary. The Executive may file with
Parent a written designation of a beneficiary on such form as may be prescribed by Parent and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Executive, the executor or administrator of the
Executive’s estate shall be deemed to be the Executive’s beneficiary. 
 (f) Successors. The terms of this
Agreement shall be binding upon and inure to the benefit of Parent and its successors and assigns, and of the Executive and the beneficiaries, executors, administrators, heirs and successors of the Executive. 
 (g) Entire Agreement. This Agreement contains the entire agreement and understanding of the parties hereto with respect to the
subject matter contained herein and supersedes all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and
signed by the parties hereto. 
 (h) GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT IN A COURT SITUATED IN, AND THE PARTIES HEREBY CONSENT TO
THE JURISDICTION OF, COURTS SITUATED IN NEW YORK COUNTY, NEW YORK. EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 
 (i) JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR
IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 (j) Interpretations. The headings of the
Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or 

 
construction, and shall not constitute a part, of this Agreement. The term “Company” as used herein with reference to the employment of the
Executive or the termination thereof shall refer to the Company, Parent and each of their direct and indirect subsidiaries. 
 (k) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The parties hereto confirm
that any facsimile copy of another party’s executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an executed original thereof. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 
  

			
	WARNER MUSIC GROUP CORP.
	
	  
	By:	 	
	 Title:
	 	
	
	EXECUTIVE
	
	  
	 Name:
	 	

 NOTICE OF OPTION EXERCISE 
 To exercise your option to purchase shares of Warner Music Group Corp. (“Parent”) common stock (“Shares”), please fill out this form and return it to the Corporate Secretary of
Parent, together with a certified check in the amount of the exercise price due, which is the product of the number of Shares with respect to which you are exercising the Option and the per share exercise price per share in your Stock Option
Agreement. At its option, Parent may provide for the exercise price to be paid in a different manner. You are not required to exercise your option with respect to all Shares thereunder. You also must include a certified check
in the amount of any required payroll taxes and income tax withholding due in connection with your exercise, unless Parent specifically provides for such obligation to be satisfied in a different manner (such as the “cashless exercise”
method set forth below). 
 I hereby exercise my right to
purchase                      Shares under the option granted to me pursuant to the Stock Option Agreement between myself and Parent,
dated as of                     . My option is vested and exercisable as to the Shares being purchased hereunder.
 Please note below the form of payment elected: 
  

	 	Cashless	Exercise: 

  

	 ̈	            I elect to pay both the exercise price and required payroll taxes and income tax withholding through a
“cashless exercise”. Under this method, Merrill Lynch will sell some or all of the Shares immediately, with part of the proceeds being used to pay the exercise price, taxes and brokerage fees. The remaining proceeds (net of the exercise
price, any withholding and brokerage commissions or other fees) will be paid to the option holder. 

  

	 	Exercise	with Cash Payment: 

  

	 ̈	            I have enclosed either one or more certified checks covering both the exercise price of
$                 and the required payroll taxes and income tax withholding of
$                . (Please contact [Parent] to determine the amount of any required payroll taxes and income tax withholding.) 

 If electing the cashless exercise form of payment above, this represents a sale of Shares. You will need to obtain any necessary pre-clearance required by
Parent’s Insider Trading Policy prior to completing any such exercise. 
 I hereby represent that, to the best of
my knowledge and belief, I am legally entitled to exercise this option. 
  

			
	Signature:  	 	  
		
	Printed Name:  	 	  
		
	Social Security Number:  	 	  
		
	Date:  	 	  

 Schedule A 
 UK Resident Executive 
  

	1.	Tax Indemnity 

 Without prejudice to Section 10 of the
Agreement (“Tax Withholding”), the Executive unconditionally and irrevocably agrees as a condition of his right to exercise the Option: 
  

	1.1	to place Parent, the Company or any other affiliate of Parent in funds and to indemnify Parent, the Company or any other affiliate of Parent in respect of all liability to income
tax which Parent, the Company or any other affiliate of Parent is liable to account for on behalf of the Executive directly to any taxation authority (including, but without limitation, through the UK PAYE system) and any and all liability to social
security which Parent, the Company or any other affiliate of Parent is liable to account for on behalf of the Executive to any taxation authority (including, but without limitation, primary class 1 (employee’s) national insurance contributions
in the UK) which arises (or may arise) as a consequence of or in connection with the exercise of the Option, provided that (where and to the extent permissible by law) the Board or an authorised committee thereof may, in its sole discretion, allow
the obligation set out in this paragraph to be satisfied by withholding Option Shares otherwise deliverable upon exercise of the Option or by any other method; AND 

  

	1.2	to sign, promptly, all documents required by Parent, the Company or any other affiliate of Parent to effect the terms of this provision. 

  

	2.	Relevance of contract of employment 

  

	2.1	The provisions set out in this Schedule are without prejudice to the terms set out in Section 12 (d) of the Agreement (“No Rights to Employment”).

  

	2.2	The grant of the Option will not form part of the Executive’s entitlement to remuneration or benefits pursuant to his employment contract with the Company or any other contract
of employment. The existence of a contract of employment between any person and the Company or any affiliate of the Parent does not give such person any right or entitlement to have an option granted to him in respect of any number of shares of
Common Stock or any expectation that such an option will or might be granted to him whether subject to any conditions or at all. 

  

	2.3	The rights and obligations of the Executive under the terms of his contract of employment with the Company or any affiliate of the Parent shall not be affected by the grant of the
Option. 

  

	2.4	The rights granted to the Executive upon the grant of the Option shall not afford the Executive any rights or additional rights to compensation or damages in consequence of the loss
or termination of his office or employment with the Company or any affiliate of the Parent for any reason whatsoever. 

	2.5	The Executive shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by reason of being or becoming unable to exercise the Option or
the Option not vesting in consequence of the loss or termination of his office or employment with the Company or any affiliate of Parent for any reason (including, without limitation, any breach of contract by his employer) or in any other
circumstances whatsoever. 

  

	2.6	Benefits received under this Agreement are not pensionable in any circumstances. 

  

	3.	Third party rights 

  

	3.1	Subject to paragraphs 3.2 and 3.3 below, the Company (and any other affliate of the Parent of which the Executive is an officer or employee or has a liability to pay income tax or
social security in the UK by virtue of the Executive being an officer or employee of any affiliate of the Parent) (the “Third Party”) may rely upon and enforce the terms of paragraphs 1 and 2 of this schedule against the Executive.

  

	3.2	The third party rights referred to in paragraph 3.1 may only be enforced by the relevant third subject to and in accordance with the provisions of the Contracts (Rights of Third
Parties) Act 1999 (the “1999 Act”) and all other relevant terms of this Agreement. 

  

	3.3	Notwithstanding any other provision of this Agreement and unless the Company or the Parent (on behalf of any other Third Party which is not the Company) agree otherwise in writing,
the Parent and the Executive may not rescind or vary any of the provisions of this schedule so as to extinguish or alter the Third Party’s rights under this paragraph 3 without his prior written consent and accordingly section 2(l)(a) to
(c) of the 1999 Act shall not apply with respect to the Third Party’s rights under paragraph 3.1. 

  

	3.4	Except as provided in this paragraph, a person who is not a party to this Agreement has no right under the 1999 Act to rely upon or enforce any term of this schedule but this does
not affect any right or remedy of a third party which exists or is available apart from that Act. 

  

	4.	Governing law and jurisdiction 

  

	4.1	Without prejudice to the terms of Section 12(h) of the Agreement, the terms of this schedule shall be governed by and construed in accordance with the law of England and Wales
(and the terms of the Agreement insofar as they relate to the enforcement of any right or obligation set out in this Schedule). 

	4.2	To the extent that any party seeks to enforce any right or obligation set out in this Schedule: 

  

	4.2.1	each party irrevocably submits to the exclusive jurisdiction of the courts of England and Wales over any claim, dispute or matter arising under or in connection the terms of this
schedule; 

  

	4.2.2	each party irrevocably waives any objection which it may have now or later to proceedings being brought in the courts of England and Wales and any claim that proceedings have been
brought in an inconvenient forum; and 

  

	4.2.3	each party further irrevocably agrees that a judgment in any proceedings brought in the courts of England and Wales shall be conclusive and binding upon each party and may be
enforced in the courts of any other.Form of Stock Appreciation Rights Agreement

 Exhibit 10.51 
 WARNER MUSIC GROUP CORP. 
 STOCK APPRECIATION RIGHTS AGREEMENT 
 (NON-U.S. EMPLOYEE) 
 THIS STOCK
APPRECIATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of this                      day of
                    , 200    , by and between Warner Music Group Corp., a Delaware corporation
(“Parent”), and                      (the “Executive”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warner Music Group Corp. 2005 Omnibus Award Plan (the “Plan”). 
 WHEREAS, [Warner Music Inc., a Delaware corporation] [INSERT APPROPRIATE NAME OF EMPLOYING SUBSIDIARY] (the “Company”), an indirect majority owned subsidiary of Parent, or one of Parent’s other direct or
indirect subsidiaries, employs the Executive; and 
 WHEREAS, the Board of Directors of Parent (the “Board”) has determined
that it is in the best interests of Parent and its stockholders to grant under the Plan to the Executive as of the date hereof (the “Effective Date”) Stock Appreciation Rights in respect of shares of Common Stock of Parent
(“Common Stock”), as provided for herein (the “SAR Award”). 
 NOW, THEREFORE, for and in consideration of
the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Incorporation by Reference, Etc. Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan. 
 2. Grant. Parent hereby
grants to the Executive Stock Appreciation Rights in respect of              shares of Common Stock (each such right in respect of a share of Common Stock, an
“SAR”), on the terms and conditions set forth in the Plan and this Agreement. The Strike Price of each SAR is $            . 
 3. Payment Upon Exercise. The amount payable upon the exercise of all or any portion of the SARs in accordance with Section 5 shall be equal
to the excess, if any, of the Fair Market Value of one share of Common Stock on the date of the exercise of the SARs (but not greater than [two (2) times] the Strike Price) over the Strike Price, multiplied by the number of SARs being
exercised. 
 4. Expiration Date. Subject to Section 6 hereof, any unexercised SARs shall expire at the end of the period
commencing on the Effective Date and ending at 11:59 p.m. Eastern Time (“ET”) on the day preceding the tenth anniversary of the Effective Date (the “SAR Period”). 
 5. Exercisability of the SARs. 
 (a) General. Except as may otherwise be provided herein, the SARs shall become vested and exercisable in four equal installments on the day prior to each of the [first, second, third and fourth] anniversaries
of the Effective Date provided that the Executive remains employed with the Company on each such 

 
date, such that one hundred percent (100%) of the SARs shall be vested and exercisable on the day prior to the [fourth] anniversary of the Effective
Date; provided that the unvested portion of the SARs shall become vested and exercisable upon a termination of the Executive’s employment with the Company (A) due to his death or (B) by the Company due to his Disability or without
Cause, or (C) by the Executive for Good Reason, if applicable, in each case on or after a Change in Control or, in the case of a termination by the Company without Cause, in anticipation of a Change in Control (a termination described in the
foregoing proviso being referred to hereinafter as a “CIC Termination”). 
 (b) The term “Vested
SARs,” as used herein, shall mean the portion of the SARs on and following the time that the vesting condition set forth in Section 5(a) hereof has been satisfied as to such portion. The portion of the SARs which has not become the
Vested SARs is hereinafter referred to as the “Unvested SARs.” 
 (c) The SARs may be exercised only as to
the Vested SARs, and only by written notice, substantially in the form attached hereto as Exhibit A (or a successor form provided by Parent) delivered in person or by mail in accordance with Section 12(a) hereof. Payment in respect of
exercised SARs may be made only in cash. Vested SARs shall be exercised automatically if and when the Fair Market Value of the Common Stock equals two times the Strike Price. [Unvested SARs which become Vested SARs at a time when the Fair Market
Value of the Common Stock equals or exceeds the Strike Price shall be exercised automatically upon becoming Vested SARs. If the Executive becomes subject to Section 409A of the Code, then (i) all Vested SARs shall be automatically
exercised immediately prior to such time and (ii) all Unvested SARs shall be automatically exercised immediately upon becoming Vested SARs; provided that this sentence shall apply only to the extent necessary to avoid accelerated taxation or
tax penalties to the Executive under Section 409A of the Code.] If requested by Parent, the Executive shall promptly deliver his copy of this Agreement evidencing the SARs to the Secretary of Parent who shall endorse thereon a notation of such
exercise and promptly return such Agreement to the Executive. 
 6. Effect of Termination of Employment on SARs. 
 (a) For purposes of this Agreement, the Executive’s employment may be terminated (i) by the Company for Cause or by the employee
in violation of any applicable employment agreement (a “6(a)(i) Termination”), (ii) by the Executive other than as a Retirement and without any violation of any applicable employment agreement (a “6(a)(ii)
Termination”), (iii) by the Company without Cause (including on account of Disability), or on account of the Executive’s death (a “6(a)(iii) Termination”) or (iv) by the Executive on account of Retirement (a
“6(a)(iv) Termination”). For purposes of the preceding sentence, “Retirement” shall mean the Executive’s voluntary termination of employment with the Company on or after the age of 62, after no less than 10
years of employment with the Company. 
  

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 (b) The Unvested SARs, if any, shall immediately terminate upon the termination of the
Executive’s employment with the Company and its affiliates for any reason. 
 (c) The Vested SARs shall remain
exercisable by the Executive until, as applicable, (i) the date of a 6(a)(i) Termination, (ii) thirty (30) days following the date of a 6(a)(ii) Termination, (iii) one hundred and twenty (120) days following the date of a
6(a)(iii) Termination and (iv) the last day of the SAR Period, in the case of a 6(a)(iv) Termination. 
 7. Compliance with Legal
Requirements. The granting and exercising of the SARs, and any other obligations of the Company under this Agreement, shall be subject to all applicable laws of any governmental authority with jurisdiction over this Agreement, and to all rules
and regulations and to such approvals by any regulatory or governmental agency as may be required. Parent, in its sole discretion, may postpone the payment hereunder as Parent may consider appropriate and may require the Executive to make such
representations and furnish such information as it may consider appropriate in connection with the payment in compliance with applicable laws, rules and regulations. 
 8. Transferability. Except as described in Section 12(k) of the Plan, the SARs shall not be transferable by the Executive other than by will or the laws of descent and distribution, and any such purported
transfer shall be void and unenforceable against Parent; provided that the designation of a beneficiary shall not constitute a transfer or encumbrance. 
 9. Rights as Stockholder. The SARs awarded pursuant to this Agreement shall be used solely as a device for the measurement and determination of the dollar amount to be paid to Executive as provided herein. SARs
shall not constitute or be treated as property or as a trust fund of any kind or as stock, stock options or any other form of equity security. Executive shall have only those rights set forth in the Agreement with respect to SARs awarded to him or
her and shall have no rights as a shareholder of the Company by virtue of having been granted SARs. 
 10. Tax Withholding.
Notwithstanding any other provision of this Agreement, the Parent may withhold from amounts payable under this Agreement all taxes that are required to be withheld by applicable law or regulation. 
 11. Adjustments for Stock Splits, Stock Dividends, etc.; Change in Control. The SARs (including but not limited to the number of shares in respect
of which the SARs relate and the Strike Price) shall be subject to adjustment, substitution, or cancellation as determined by the Committee in its sole discretion, as is fully set forth in Section 13 of the Plan. 
 12. Miscellaneous. 
 (a) Notices. Any notice, consent, request or other communication made or given in accordance with this Agreement 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 

  

 3 

 
service with instructions for next-day delivery, to those persons listed below at their following respective addresses or at such other address or
person’s attention as each may specify by notice to the others: 
 To Parent: 
 Warner Music Group Corp. 
 75 Rockefeller Plaza 
 New York, New York 10019 
 Attention: General Counsel 
 To the Executive: 
 The most recent address for the Executive in the records of Parent or the Company. The
Executive hereby agrees to promptly provide Parent and the Company with written notice of any change in the Executive’s address for so long as this Agreement remains in effect. 
 (b) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
 (c) No Rights to Employment. Nothing contained in this Agreement shall be construed as giving the Executive any right to be
retained, in any position, as an employee, consultant or director of the Company or its affiliates or shall interfere with or restrict in any way the right of the Company or its affiliates, which are hereby expressly reserved, to remove, terminate
or discharge the Executive at any time for any reason whatsoever. 
 (d) Beneficiary. The Executive may file with
Parent a written designation of a beneficiary on such form as may be prescribed by Parent and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Executive, the executor or administrator of the
Executive’s estate shall be deemed to be the Executive’s beneficiary. 
 (e) Successors. The terms of this
Agreement shall be binding upon and inure to the benefit of Parent and its successors and assigns, and of the Executive and the beneficiaries, executors, administrators, heirs and successors of the Executive. 
 (f) Entire Agreement. This Agreement contains the entire agreement and understanding of the parties hereto with respect to the
subject matter contained herein and supersedes all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and
signed by the parties hereto. 
  

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 (g) SAR Award Subject to Plan. By entering into this Agreement, the Executive
agrees and acknowledges that the Executive has received and read a copy of the Plan. The SAR Award is subject to the Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In
the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 (h) GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE (UNITED STATES OF AMERICA) APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT IN A COURT SITUATED IN, AND THE PARTIES HEREBY CONSENT TO THE JURISDICTION
OF, COURTS SITUATED IN NEW YORK COUNTY, NEW YORK (UNITED STATES OF AMERICA). EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 
 (i) JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR
IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 (j) Interpretations. The headings of the
Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. The term “Company” as used herein with reference to the
employment of the Executive or the termination thereof shall refer to the Company, Parent and each of their direct and indirect subsidiaries. 
 (k) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The
parties hereto confirm that any facsimile copy of another party’s executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an executed original thereof. 
 (l) No Acquired Right1. The Executive acknowledges and agrees that this SAR Award and any similar awards the Parent may in the future grant to the Executive, even if such awards are made
repeatedly or regularly, and regardless of their amount, (a) are wholly discretionary, are not a term or condition of 
  

	1	This section should only be used in awards for individuals in the European Union. 

  

 5 

 
employment and do not form part of a contract of employment, or any other working arrangement, between the Executive and the Company, (b) do not create
any contractual entitlement to receive future awards or to continued employment; and (c) do not form part of salary or remuneration for purposes of determining pension payments or any other purposes, including without limitation termination
indemnities, severance, resignation, redundancy, bonuses, long-term service awards, pension or retirement benefits, or similar payments, except as otherwise required by the applicable law of any governmental entity to whose jurisdiction the award is
subject. 
 13. Data Protection2. 
 (a) In order to facilitate the administration of the SAR Award, it will
be necessary for the Company or (its payroll administrators) to collect, hold and process certain personal information about the Executive (including, without limitation, the Executive’s name, home address, telephone number, date of birth,
nationality and job title and details of the SAR Award). The Executive consents to the Company (or its payroll administrators) collecting, holding and processing his personal data and transferring this data to third parties (collectively, the
“Data Recipients”) insofar as is reasonably necessary to implement, administer and manage the SAR Award. 
 (b) The Data Recipients will treat the Executive’s personal data as private and confidential and will not disclose such data for purposes other than the management and administration of the SAR Award and will take reasonable measures
to keep the Executive’s personal data private, confidential, accurate and current. 
 (c) Where the transfer is to be a
destination outside the European Economic Area, the Company shall take reasonable steps to ensure that the Participants personal data continues to be adequately protected and securely held. 
 (d) The Executive understands that the Executive may, at any time, view his personal data, require any necessary corrections to it or
withdraw the consents herein in writing by contacting the Company but acknowledges that without the use of such data it may not be practicable for the Company to administer the Executive’s involvement in the Plan in a timely fashion or at all
and this may be detrimental to the Executive and may result in the possible exclusion of the Executive from continued participation with respect to this SAR Award or any future deferred compensation awards. 
  

	2	This section should only be used in awards for individuals in the European Union. 

  

 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth
above. 
  

			
	Warner Music Group Corp.
	
	  
	 By:
	 	
	 Title:
	 	
	
	 Executive

	
	  
	 [NAME]
	 	

  

 7 

 Exhibit A 
 NOTICE OF SAR EXERCISE 
 To exercise your SAR, please fill out this form and return it to the Corporate Secretary of
Parent. You are not required to receive payment with respect to all SARs under your SAR Award. 
 I hereby exercise my right to payment in respect of
             SARs under the SAR Award granted to me pursuant to the Stock Appreciation Rights Agreement between myself and Parent, dated as of
            , 200    . My award is vested and exercisable as to the SARs being exercised hereunder. I hereby represent that, to the best of my knowledge
and belief, I am legally entitled to exercise these SARs. 
  

			
	Signature:  	 	  
		
	Printed Name:  	 	  
		
	Social Security Number:  	 	  
		
	Date:

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