Document:

Exhibit 10.23

 

 

 

	
  

  	
  Warner Music
  International Services Ltd

  83 Baker Street

  London W1M 2LA

  Telefax: 020 7535 9001

  Telephone: 020 7535 9000

  

 

Paul-Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

28 November 2002

 

Dear Paul-Rene,

 

I am writing to set out the revised terms and conditions of your
employment with Warner Music International Services Limited (the “Company”)
that have been agreed between us in respect of your appointment as President of
Warner Music International with effect from 1st  October 2002. The terms of this letter
will apply with effect from 1st  December
2002.

 

1.                                       Commencement and Term

 

1.1                                 Your period of
continuous employment with the Company will be deemed to have commenced on 1
December 2000 (the “Commencement Date”).

 

1.2                                 Subject to the other
terms regarding termination set out in this letter, your employment will
continue for a fixed period from 1 December 2002 until 31 December 2005 (the “Term”).

 

1.3                                 The Company will, not
later than 30 June 2005, notify you in writing as to whether or not it intends
to renew the Term (the “Notification”). If the Company has not given you the
Notification by close of business on 30 June 2005, you may (in the 3 month
period after 30 June 2005) elect to have the Term extended until 31 December
2006 and in those circumstances the references in this letter to the “Term”
shall be deemed to include this extended period.

 

2.                                       Job Title and Base

 

2.1                                 You will serve the
Company as President of Warner Music International; that is, you will be the
head of the international arm of the Warner Music Group recorded music
business. You will be responsible to the Chairman of Warner Music Group Inc.

 

2.2                                 You will initially be
based in the UK. During the Term, you may however be required to relocate to the
US on reasonable notice, which shall not be less than 9 months. Reasonable
relocation expenses will of course be paid by the Company.

 

1

 

2.3                                 You will be expected
to travel worldwide in the performance of your duties.

 

3.                                       Hours

 

Normal working hours are between 9am and 6pm each day of the week from
Monday to Friday (inclusive), with an additional hour for lunch. You will
however be expected to work such additional hours (without additional pay) as
the needs of the business dictate.

 

4.                                       Duties

 

During your employment you will:

 

4.1                                 carry out such duties
for any Group company as may be reasonably directed by the Chairman of Warner
Music Group from time to time consistent with your responsibility and shall be
responsible for the supervision and management of all Warner Music
International operating companies, divisions and departments;

 

4.2                                 comply with all
reasonable requests, instructions and regulations relating to the Company or to
any Group company made by the Chairman of Warner Music Group from time to time;

 

4.3                                 devote the whole of
your time, attention and ability to your duties;

 

4.4                                 well and faithfully
serve the Company to the best of your ability and use your best endeavours to
promote the interests of the Company; and

 

4.5                                 not without the
written consent of the Company directly or indirectly be engaged, concerned or
interested in any other business whatsoever, provided that you shall not be
prohibited from holding by way of investment any securities listed or dealt on
the Stock Exchange and comprising not more than 1% of the securities of the
class in question.

 

5.                                       Salary

 

5.1                                 Your basic annual
salary for the calendar year 2003 shall be $1 million US increasing to $1.25
million US for the calendar year 2004 and to $1.5 million US for the calendar
year 2005 (“Salary”). The Salary will be payable in twelve equal
instalments monthly in arrears on or about the last day of each month, less
statutory and voluntary deductions, by direct bank transfer. Your salary will
be inclusive of any fees to which you may be entitled as a member of the Board
or representative of the Company or any Group company.

 

6.                                       Bonus

 

6.1                                 You will, at the
discretion of the Company be entitled to an annual bonus, provided always that
during the Term, the minimum bonus payable to you for each calendar year of the
Term shall be $1 million US. Bonus will be calculated based on your own and the
Company’s performance, in accordance with the formula notified to you in each
year.

 

2

 

6.2                                 The first bonus
payable under this agreement will be in respect of the 2003 calendar year and
bonus will be payable in each year at the end of February, following the year
in which the bonus accrued. For the avoidance of doubt, it is agreed that in
the event your employment is not renewed by the Company on or before the expiry
of the Term, you will still be entitled to the annual bonus in the last year of
your employment (that is, 1st  January 2005 to 31st  December 2005), and the minimum will still be
$1 million US.

 

6.3                                 If you so elect, the
Company will pay part of your bonus in each year (up to a maximum of $250,000
US) into such investment plan as is established by you and notified to the
Company.

 

6.4                                 Save as set out in
this letter, on the termination of your employment, any bonus payment due and
owing will be paid but no further bonus payments will be made.

 

6.5                                 It is agreed that the
gross amount of the combined Salary and bonus payable to you for the years
2003, 2004 and 2005 (exclusive of monies payable pursuant to 16.2) shall not
total less than $10.25 million US. If the total sums paid are less than $10.25
million, the Company will, within 14 days after the end of February 2006, make
a payment to you equivalent to the difference, less statutory deductions (e.g.
if you have been paid a total of $10,100,000 US, you will be paid the sum of
$150,000 less statutory deductions).

 

7.                                       Car Allowance

 

7.1                                 You will be paid a car
allowance of £32,000 per annum. This will be paid monthly, less statutory
deductions, together with your Salary.

 

8.                                       Housing Allowance

 

8.1                                 The Company shall pay
to you a housing allowance of £36,500 per annum, which shall be paid monthly,
less statutory deductions. The allowance shall be increased annually by the
lesser of  5% or the amount of the latest published inflation figure
as set out in the Retail Prices Index. Any increase will take effect from
January 1st in each year.

 

9.                                       Share Options

 

In addition, the Company will use its best efforts to procure that as
soon as reasonably practicable after 1 December 2002, AOL Time Warner Inc will
grant to you options to purchase fifty thousand (50,000) shares of the common
stock of AOL Time Warner Inc, such options shall be subject to the terms of the
stock option agreement which shall be executed and delivered by you pursuant to
the applicable stock option plan.

 

10.                                 Pension

 

10.1                           Subject always to the rules
of the plan from time to time in force and to Inland Revenue limits, you will
be entitled to be a member of the Time Warner UK Pension Plan. Details of the
plan can be obtained from Human Resources.

 

3

 

11.                                 Insurance Benefits

 

11.1                           Subject to the rules of each
plan from time to time in force and to your health not being such as to prevent
the Company from obtaining cover on reasonable terms, you shall be entitled to:

 

11.1.1                  life assurance cover based on four
times your annual salary; and

 

11.1.2                  private medical insurance for the
benefit of you, your spouse and your unmarried dependant children under the age
of 18 on such scale as is set by the Company from time to time.

 

12.                                 Expenses

 

12.1                           With the prior approval of
the Company and within such limits as the Company may from time to time lay
down, all expenses wholly, exclusively and necessarily incurred by you in
carrying out your duties will, on production of appropriate receipts and/or
vouchers, be reimbursed to you, subject always to you complaying with the
Company’s proceudres in relation to expenses from time to time in force.

 

12.2                           The Company agrees to pay
for your personal tax advice which will be provided by Ernst & Young during
the Term:

 

13.                                 Holidays

 

13.1                           In addition to public and
bank holidays (but inclusive of statutory entitlement under the Working Time
Regulations (the “WTR”)) you are entitled to take 25 days holiday in each
holiday year. All holiday dates must have the prior agreement of the Chairman
of Warner Music Group.

 

13.2                           You will not be entitled to
carry forward any holiday untaken at the end of a holiday year.

 

13.3                           The holiday year runs from 1
January to 31 December and is also the leave year for parental leave purposes.
You will be deemed to take statutory entitlement under the WTR then your
additional contractual entitlement.

 

13.4                           If in any holiday year you
are not employed for the complete holiday year (for example, in your year of
leaving the Company’s employment) your holiday entitlement will be calculated
pro rata based on the completed months of service for the period of the holiday
year during which you have been employed. On the termination of your
employment, you will be paid in lieu of holidays accrued but untaken as at the
date of termination. Alternatively, you will be required to repay to the
Company pay for any holiday taken in excess of your entitlement.

 

14.                                 Sickness Absence

 

14.1                           If you are ill or unable to
come to work for any reason, you should contact Human Resources or such person
as the Company may nominate, as early as possible on the first day with an
estimate of how long you will be away.

 

4

 

14.2                           Subject
to the rules on Statutory Sick Pay (“SSP”), if you are absent by reason of
sickness, injury of incapacity, you will continue to be paid your Salary for
the first four months of absence in any year. Any further payments will be at
the discretion of the Company.

 

14.3                           Any
Company sick pay paid to you will be inclusive of any SSP payable.

 

14.4                           When
you are absent from work for more than 7 days, you must provide a medical
certificate. When you are absent from work for less than 7 days the Company
will require you to produce a self certificate as evidence of your sickness,
injury or incapacity.

 

14.5                           The
Company may at its expense at any time (whether or not you are then
incapacitated) require you to submit to such medical examinations and test by
doctors nominated by the Company and you hereby authorise such doctor(s) to
disclose or discuss with the Company and its medical advisors the results of
such examinations and tests.

 

14.6                           In
the event of your sustaining an injury caused by a third party from whom you
would be entitled to recover damages in respect of the loss of salary, the
Company reserves the right to claim a refund of any Company sick pay made to
you under this clause during absence due to such injury.

 

15.                                 Confidential Information

 

15.1                           You
shall not, either during your employment or after its termination, use to the
detriment or prejudice of the Company or any Group company or any of their
clients or, except in the proper course of your duties, divulge to any person
firm or company or otherwise make use of any trade secrets or confidential
information which may have come to your knowledge during the course of your
employment with the Company or with any Group company including details of any
advertising, marketing or promotional campaign which the Company or any Group
company is to conduct; any information relating to expansion plans, business
strategy, marketing plans and sales forecasts of the Company or any Group
company; details of the employees and officers of the Company or any Group
company; confidential reports or research commissioned by or provided to the
Company or to any Group company; and any information which you are told is
confidential or is given in confidence to the Company or any Group company. The
foregoing list is not exhaustive.

 

15.2                           This
restriction shall continue fo- apply after the termination of your
employment without limitation in time, but shall cease to apply to any
information or knowledge which subsequently comes into the public domain, other
than by way of unauthorised disclosure by you.

 

16.                                 Notice

 

16.1                           Subject
to the other terms regarding termination set out in this letter, the Company
may terminate your employment at any time without notice and upon so doing, it
will make a lump sum payment to you of:

 

5

 

16.1.1                  the gross Salary due for the balance
of the Term;

 

16.1.2                  the gross bonus payments due to you
for the balance of the term (calculated using the average bonus payment during
the previous years of employment save that for the purposes of calculating the
bonus, the minimum annual bonus for these purposes shall be $1.5 million US);

 

16.1.3                  a payment in lieu of the benefits you
would have received (including life assurance, private medical insurance and
car allowance) had you remained employed throughout the Term.Alternatively, the
Company shall be entitled to continue to provide these benefits during the
remainder of the Term; and

 

16.1.4                  the payment set out in clause 16.2
below.

 

16.2                           If your employment is not
renewed by the Company on or before the expiry of the Term, save where clause
16.1 applies, the Company will pay to you a lump sum payment of:

 

16.2.1                  50% of your annual gross Salary
(calculated at the Salary rate applying at the Termination Date); and

 

16.2.2                  50% of the previous year’s gross
bonus payment.

 

16.3                           If payable, the sums set out
in clauses 16.1 and 16.2 will be paid less statutory deductions, within 28 days
of the Termination Date, and will be accepted by you in full and final
settlement of any contractual claims arising out of the termination of your
employment that you may have against the Company or any Group company.

 

17.                                 Change of Control

 

17.1                           If following a Change of
Control, changes are made to your role and/or your duties which are detrimental
and materially diminish your role and/or your duties, or changes are otherwise
made to your role which force you to resign in circumstances that constitute
constructive dismissal, then notwithstanding clause 1.3, you may within one
year of the Change of Control, elect to give the Company six months written
notice to terminate your employment. In those circumstances, the Company will
pay to you:

 

17.1.1                  a sum calculated in accordance with
16.1, save that for the purposes of calculating the bonus, the minimum annual
bonus for these purposes shall be $1.5 million US; and

 

17.1.2                  a sum calculated in accordance with
16.2.

 

17.2                           If payable, the sum set out
in 17.1 will be paid less statutory deductions, within 28 days of the
Termination Date, and will be accepted by you in full and final settlement of
any contractual claims arising out of the termination of your employment that
you may have against the Company or any Group company.

 

6

 

18.                                 Disciplinary and Grievance

 

18.1                           You will comply with such
rules or procedures regarding disciplinary matters as may be published by the
Company from time to time. Any such rules or procedures will be of a policy
nature only and will not form part of your contract of employment, save as may
be required by law.

 

18.2                           If you have any grievance
relating to your employment you should in the first instance refer the matter
to the Chairman of Warner Music Group.

 

19.                                 Termination

 

19.1                           The Company will be entitled
to terminate your employment at any time, without notice, if you:

 

19.1.1                  have at any time become or are unable
properly to perform your duties under this letter by reason of ill health or
accident for a period or periods aggregating at least 26, weeks in any period
of 52 weeks;

 

19.1.2                  are guilty of any dishonesty, gross
misconduct or wilful neglect of duty or commit any serious breach of a material
term of this letter, other than a breach which (being capable of being
remedied) is remedied by you within 14 days upon your being called upon to do
so in writing by the Board;

 

19.1.3                  conduct yourself in a manner.
materially adverse to the interests of the Company or any Group company;

 

19.1.4                  have a bankruptcy order made against
you or enter into a voluntary

arrangement within the meaning of section 253 Insolvency Act 1986;

 

19.1.5                  are convicted of any criminal
offence, other than a minor motoring offence which does not render you unable
to discharge your duties;

 

19.1.6                  notwithstanding the provision of
permanent health insurance, become of unsound mind or a patient for the purpose
of any statute relating to mental health;

 

19.1.7                  become prohibited by law from being a
company director; or

 

19.1.8                  resign (at your own choice) as a
director of the Company, not being at the request of the Company or the Board.

 

19.2                           Upon the termination of your
employment for whatsoever reason you will:

 

19.2.1                  deliver to the Company all notes,
memoranda and other correspondence, documents, papers, credit cards, motor
cars, car keys and other property belonging to the Company or any other Group
company or any customer of the Company or any customer of any Group company,
which may have been prepared by you or have come into your possession during
the course of or as a result of your employment with the Company, and you will
not retain any copies of them and will not permit them to be used by any party;

 

7

 

19.2.2                  without prejudice to any of your
rights to compensation, damages or otherwise, forthwith upon the request of the
Company resign from office as a director of the Company and from all offices
held by you in any other company in the Group.

 

20.                                 Intellectual Property

 

20.1                           You agree that all rights to
all material created in the course of your employment with the Company
(including ownership of physical material) shall vest in the Company. In
consideration of the Company entering into this letter, you hereby assign the Intellectual
Property Rights with full title guarantee to the Company absolutely for as long
as such rights subsist (including all renewals, reversions, extensions and
revivals of such rights). For the purposes of this Clause “Intellectual
Property Rights” shall mean all rights and in the nature of Copyright, or
database rights, patent rights, design rights (registered and/or unregistered),
rights to trade marks (registered and/or unregistered) and all analogous rights
whether now existing or created in the future to which you may now or at any
time after the date of this letter be entitled in respect of material created
in the course of  your engagement under
this letter.

 

20.2                           You agree that you will, at
the discretion of the Company, do all such things and sign and execute all such
documents and deeds as may be required to perfect, protect or enforce any of
the rights assigned to the Company under this Clause.

 

20.3                           You herewith irrevocably and
unconditionally waive all moral rights to which you may now or at any time in
the future will he entitled under the Copyright Designs and Patents Act 1988
(and under any similar laws enforced from time to time throughout the world) in
respect of the material created by you in the course of your employment.

 

21.                                 Restrictions

 

21.1                           You acknowledge that during
your employment, it is likely that you will obtain knowledge of trade secrets,
know-how, techniques, methods, lists, computer programs and software and other
confidential information relating to the Company, Group companies and their
employees and clients. In order to safeguard the goodwill of the Company and
all Group companies in connection with their clients and employees, you hereby
agree to the restrictions set out in this clause.

 

21.2                           You agree that:

 

(a)                                  during your
employment and (save in the event that your employment terminates pursuant to
clause 17 above and you are required to work out your notice) for a period of 6
months following the termination of your employment you will not engage as a
director, principal, partner, consultant or accept employment in a business or
concern of whatever kind which competes with the Company (or with any Group
company with which you were materially involved in the 12 months before the
Termination Date) in the UK, Europe or US;

 

(b)                                 during your employment
and for a period 12 months after the Termination Date you will not either on
your own behalf or on behalf of any other firm,

 

8

 

person or company, directly or indirectly solicit or Interfere with or
endeavour to entice away from the Company any person, firm or company who is or
was during the 12 months preceding the Termination Date a Supplier;

 

(c)                                  during your
employment and for a period 12 months after the Termination Date either on your
own behalf or for any other person, firm or company, solicit interfere with or
endeavour to entice away from the Company or any Group company any Senior
Employee; and

 

(d)                                 during your employment
and for a period of 12 months after the Termination Date, you will not either
on your own behalf or on behalf of any other firm, person or company, directly
or indirectly solicit or interfere or endeavour to entice away from the Company
or any Group company any Client.

 

21.3                           Each of the sub-paragraphs
above constitutes an entirely separate, severable and independent restriction
on you.

 

21.4                           The restrictions contained
in this clause are considered reasonable by the parties but in the event that
any such restrictions shall be found to be void but would have been valid if
some part thereof was deleted, such restrictions shall apply with such
modifications that may be necessary to make the restriction necessary and
effective. You agree that the said restrictions are reasonable and necessary
for the protection of the business of the Company and that they do not work
harshly upon you.

 

22.                                 Data Protection

 

You consent to the Company or any Group company holding and processing
both electronically and manually, the data it collects which relates to you for
the purposes of the administration and management of its business. It may also
be necessary for the Company to forward such personal information to other
offices it may have or to any Group company outside the European Economic Area
where such a company has offices or storage for the processing for
administrative purposes and you consent to the Company doing so as may be
necessary from time to time.

 

23.                                 Miscellaneous

 

23.1                           There are no collective
agreements in force directly affecting your employment.

 

23.2                           You hereby irrevocably and
by way of security appoint the Company and each Group company now or in the
future existing to be your attorney in your name and on your behalf and as your
act and deed to sign, execute and do all acts, things and documents which you
are obliged to execute and do under the provisions of this letter and you
hereby agree forthwith on the request of the Company to ratify and confirm all
such acts, things and documents signed, executed or done in the pursuance of
this power.

 

23.3                           This letter replaces all
previous written or verbal, express or implied agreements between you and the
Company or any Group company relating to your employment or the services
provided by you shall be deemed to have been cancelled.

 

9

 

23.4                           The construction, validity
and performance of this agreement shall be governed by and construed in
accordance with the law of England. Each party irrevocably submits to the
non-exclusive jurisdiction of the courts of England over any claim or matter
arising under or in connection with this agreement or the legal relationships
established by this agreement.

 

24.                                 Definitions

 

24.1                           The “Board” shall mean the Board of Directors
of the Company.

 

24.2                           “Change of Control” shall mean either:

 

24.2.1                  any sale (by share purchase) of the
Company, the Warner Music Group and/or AOL Time Warner or any holding company
of the Company (or any holding company of such holding company); or

 

24.2.2                  the sale of any part of the business
of the Company which you were employed in or assigned to or the business of any
holding company (or the business of any holding company of such holding
company); or

 

24.2.3                  the merger or acquisition of another
music company that results in a substantial change to the size of the Company
and leads to changes to the current management structure.

 

For the purpose of this clause holding company shall have the meaning
set out in Section 736 of the Companies Act 1985.

 

24.3                           “Client” shall mean any person, firm, company or other entity
which at any time during the 12 months before your employment terminated was a
client or prospective client of the Company or any Group company and with whom
you had significant dealings during that period including but not limited to
any artist, performer, singer, composer or songwriter contracted to the Company
or any Group company;

 

24.3.1                  for whose exclusive recording,
composing or songwriting services the Company or any Group company has made an
offer in writing;

 

24.3.2                  for whom the Company or any Group
company distributes any records, videos or other related products in the UK,
Europe or the US;

 

24.3.3                  to whom to Company or any Group
company has made an offer in writing for the rights to distribute any records,
videos or other related products, in the UK, Europe or US.

 

24.4                           “Group company” shall mean any company which for the time
being is a holding company (as defined by Section 736 of the Companies Act
1985) of the Company or any subsidiary (as defined by Section 736 of the
Companies Act 1985) of the Company or of any holding company of the Company.

 

10

 

24.5                           “Senior Employee” shall mean any employee of the Company or
any Group company working in a senior capacity and with whom you had material dealings
during the 12 month period prior to the termination of your employment.

 

24.6                           “Supplier” shall mean any person, firm or company or other
entity whom or which at any time during the 12 months before your employment
terminates was a supplier or prospective supplier of the Company or any Group
company and with whom you had significant dealings.

 

24.7                           “Termination Date” shall mean the date your employment ends.

 

Please sign the enclosed copy of this letter to confirm that you have
received and that you accept the terms and conditions of employment set out in
this letter and agree to be bound by them.

 

Yours sincerely,

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  
	
  A director duly authorised for and on
  behalf of

  
	
  Warner Music International Services Limited

  

 

In witness of which this letter has been executed as a Deed by the
parties or their duly authorised representatives on the date above written.

 

[I acknowledge receipt of this letter of appointment and confirm my
acceptance of its terms.

 

	
  Signed and delivered as a Deed

  	
  )

  
	
  by Paul-René Albertini

  	
  )

  
	
  in the presence of:

  	
  )

  

 

	
  Witness signature:

  	
  /s/ Kate Styles

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness name:

  	
  KATE STYLES

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness address:

  	
  173 ST ANN’S HILL

  	
   

  
	
   

  	
  London SW18 2RX

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness occupation: ]

  	
  PERSONAL ASSISTANT

  	
   

  

 

11

 

	
  

  	
  Warner Music International Services Ltd.

  83 Baker Street

  London W1M 2LA

  Telefax: 020 7535 9001

  Telephone: 020 7535 9000

  

 

Paul-René Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

28 November 2002

 

Dear Paul-René,

 

I refer to the letter of appointment confirming your appointment as
President of Warner Music International with effect from 1st October
2002 which we have signed today.

 

I confirm that with effect from 1st December WMIS will pay
to you in each year 15.4% of your current salary under your previous contract
with WEA Europe Inc. ($650,000 US) less the UK pensionable earnings cap, which
is currently £97,200 (that is $650,000 – £97,200 x 15.4%) which equals
$85,131.20 US. This will be paid monthly less statutory deductions, together
with your salary.

 

Please indicate your acceptance of these arrangements by signing and
returning to us the enclosed copy of this letter.

 

Yours sincerely,

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
   

  
	
  For and on behalf of

  
	
  Warner Music International Services Limited

  

 

	
  Agreed

  	
  /s/ [ILLEGIBLE]

  	
   

  

 

Dated            28/11/02

 

1

 

Warner Music International,

A Division of Warner Communications Inc.

75 Rockefeller Plaza

New York

NY 10019

 

Paul Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

27 November 2002

 

Dear Paul Rene

 

I refer to the letter of appointment dated 1st December 2000
with us, Warner Music International, a division of Warner Communications Inc. I
confirm that as agreed, this is to terminate with effect from close of business
on 30 November 2002.

 

The letter of appointment dealing with your appointment as President
will detail your bonus entitlement in your new role. In the meantime, I confirm
that the bonus payable by Warner Music International for the financial year 1st
December 2001 to 30 November 2002 will be no less than $583,333 US.

 

Your sincerely,

 

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
  For and on behalf of

  
	
  Warner Music International

  
	
  a division of Warner Communications Inc.

  

 

1

 

WEA Europe Inc.

75 Rockefeller Plaza

New York

NY 10019

 

Paul Rene Albertini

28 Tennyson House

7 Culford Gardens

London

SW3 2SX

 

27 November 2002

 

Dear Paul Rene

 

I refer to the letter of appointment dated 1st December 2000
with us, WEA Europe Inc. I confirm that as agreed, this is to terminate with
effect from close of business on 30 November 2002.

 

The letter of appointment dealing with your appointment as President
will detail your bonus entitlement in your new role. In the meantime, I confirm
that the bonus payable by WEA for the financial year 1st December
2001 to 30 November 2002 will be no less than $1,166,667 US.

 

Your sincerely,

 

 

	
  /s/ [ILLEGIBLE]

  	
   

  
	
  For and on behalf of

  
	
  WEA Europe Inc

  

 

1Exhibit 10.24

 

 

7/25/02

 

WARNER
MUSIC GROUP INC.

75
Rockefeller Plaza

NewYork,
New York 10019

 

July 31, 2002

 

Les Bider

1017 North Roxbury Drive

Beverly Hills, CA 90210

 

Dear Les:

 

Please refer to the
employment agreement between Warner Music Group Inc. (“Company”) and you dated
March 22, 1999 effective as of January 1, 1999, as amended by the letter
agreement (the “First Amendment”) dated May 31, 2001, effective January 1,
2001, and the letter agreement (the “Second Amendment”) dated February 14,
2002, effective January l, 2002 (as so amended, the “Agreement”).

 

This letter, when countersigned,
shall constitute our agreement to amend the
Agreement as set forth herein. Unless otherwise indicated, capitalized terms
shall have the meanings set forth in the Agreement.

 

1.                                       Paragraph 2 of the Agreement is
hereby amended to extend the Term through December 31, 2005.

 

2.                                       Paragraph 3(a) of the Agreement is hereby
amended to provide that with respect to the period from January 1, 2002 through
the remainder of the Term, your salary shall be $1,000,000 per annum.

 

3.                                       (a) Company
shall use its best efforts
to cause AOL Time Warner Inc. (“AOLTW”) to grant
to you options to purchase 25,000 shares of the Common Stock of AOLTW (“Options”),
which Options shall be exercisable in accordance with the terms of the stock
option agreement to be executed and delivered by you pursuant to the applicable
stock option plan. Company shall use all reasonable efforts to cause such grant
of Options (the “Third Amendment Options”) to occur prior to March 31, 2003.
Such Third Amendment Options shall be in addition to all Options which are to
be granted to you in 2002 and 2003 pursuant to the First Amendment and the
Second Amendment

 

(b)
The Agreement is hereby amended to provide that in the event of the termination
of your employment by Company other than pursuant to Paragraph 9 or 10 (an “Early
Termination”), except if you shall otherwise qualify for retirement under

 

 

the terms of the applicable
stock option agreement (in which event the terms of such agreement shall
govern), (i) (A) the Third Amendment Options and (B) all stock options granted
to you by AOLTW after June 1, 2002 (which options are collectively referred to
as your “Term Options”) which, but for such Early Termination, would have
vested on or before the final day of the Term (or the final day of the term as
same may have been extended under any agreement that amends, replaces or
supersedes this Agreement), shall vest and become immediately exercisable upon
the effective date of such Early Termination, (ii) all of your vested Term
Options shall remain exercisable while you are on the payroll of Company and
for a period of three years after the date you leave the payroll of Company
(but not beyond the term of such options), and (iii) Company shall not be
permitted to determine that your employment was terminated for “unsatisfactory
performance” within the meaning of any stock option agreement between you and
AOLTW.

 

Except as expressly amended herein, the terms and provisions of the
Agreement shall remain in full force and effect.

 

If the foregoing correctly
sets forth our understanding, please sign below and return this amendment to
the Agreement to Company.

 

 

	
   

  	
  WARNER MUSIC GROUP INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David H. Johnson

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Les Bider

  	
   

  	
   

  
	
  Les Bider

  	
   

  
					

 

2

 

2/12/02

 

WARNER
MUSIC GROUP INC.

75 Rockefeller Plaza

New York, New York 10019

 

February 14, 2002

Effective January 1, 2002

 

Les Bider

1017 North Roxbury Dr.

Beverly Hills, CA 90210

 

Dear Les:

 

Please refer to the employment agreement between Warner Music Group
Inc. (“Company”) and you dated March 22, 1999, effective as of January 1, 1999,
as amended by letter agreement (the “First Amendment”) dated May 31, 2001,
effective January 1, 2001 (the “Agreement”).

 

This letter, when
countersigned, shall constitute our agreement to amend the Agreement as set
forth herein. Unless otherwise indicated, capitalized terms shall have the
meanings set forth in the Agreement.

 

1.                                       Paragraph 3(a) of the Agreement is hereby
amended to provide that with respect to the period from January 1, 2002 until
December 31, 2003, your salary shall be $1,000,000 per annum.

 

2.                                       Paragraph 3(b) of the Agreement is hereby
amended to provide that with respect to each calendar year of the Term.
commencing on and after January 1, 2002, Company may grant to you an annual
bonus (or a pro rata portion of such annual bonus for a portion of such year)
(the “Annual Bonus”), the amount of which shall be determined by Company at its
sole discretion. Your “target bonus” with respect to each such year of the Term
shall be $1,000,000; provided that the amount of any Annual Bonus awarded to
you with respect to any year may be higher or lower than such amount, and shall
be determined by Company at its sole discretion. The parties acknowledge that
Company currently intends to establish a “Warner Music Group Annual Bonus Plan”
(as modified from time to time, the “Bonus Plan”). In the event that any such
Bonus Plan is established, Company shall determine your Annual Bonus in
accordance with such Bonus Plan.

 

3.                                       (a) Paragraph 2(a) of the First Amendment
provides that a certain number of Options shall be granted to you in each of
2002 and 2003 (the “Original Options,” with the Original Options
granted to you in 2002 being referred to as the “2002 Original Options”,
and the Original Options granted to you in 2003 being referred to as the “2003
Original Options”), and such provision shall remain in full force and effect.
The Agreement is hereby amended to provide that: (i) on or before February 28,
2002, Company shall cause

 

 

AOL Time Warner Inc. to
grant to you such number of Options (the “2002 New Options”) as is sufficient
to cause the sum of the number of 2002 Original Options granted to you plus the
number of 2002 New Options granted to you to be not less than 250,000, and (ii)
on or before March 31, 2003, Company shall cause AOL Time Warner Inc. to grant
to you such number of Options (the “2003 New Options”) as is sufficient to
cause the sum of the number of 2003 Original Options granted to you plus the
number of 2003 New Options granted to you to be not less than 250,000. (The “2002
New Options” together with the “2003 New Options” being referred to
as the “New Options”). New Options granted to you shall be exercisable in
accordance with the terms of the stock option agreements to be executed and
delivered by you pursuant to the applicable stock option plans.

 

(b)                                 The
Agreement is hereby amended to provide that the provisions of Paragraphs 2(b)
and 2(c) of the First Amendment shall apply only to (i) the Options granted to
you in 2001 pursuant to Paragraph 2(a) of the First Amendment (the “2001
Options), and (ii) the Original Options.

 

(c)                                  The
Agreement is hereby amended to provide that in the event that your employment
with Company terminates at the expiration of the Term, regardless of whether
such termination is due to Company’s unwillingness to offer continued
employment, your unwillingness to accept continued employment, or any failure
of you and Company to agree upon the terms of future employment, then (i) such
number (if any) of the New Options shall automatically vest as is necessary to
cause not less than 75% of the 2002 New Options and not less than 50% of the
2003 New Options to be vested as of the final day of the Term, and (ii) any
vested New Options shall, to the extent that such New Options have not been
exercised as of the final day of the Term, remain exercisable until the date
that is three years after the final day of the Term (but in no event later than
the date on which such Options were scheduled to expire at the time they were
granted (i.e., generally the date that is ten: years after the date of grant)).

 

(d)                                 The
Agreement is hereby amended to provide that in the event of the termination of
your employment by Company other than pursuant to Paragraph 9 or 10, (i) with
respect to any New Options which have been granted to you prior to the date of
such termination, (A) such number (if any) of the New Options shall
automatically vest as is necessary to cause not less than 75% of any 2002 New
Options which have been granted and not less than 50% of any 2003 New Options
which have been granted to be vested as of the date of such termination, and (B)
any vested New Options shall, to the extent that such New Options have not been
exercised as of the date of such termination, remain exercisable until the date
that is three years after the date of such termination (but in no event later
than the date on which such Options were scheduled to expire at the time they
were granted (i.e., generally the date that is ten years after the date of
grant)), and (ii) no further New Options shall be granted to you.

 

2

 

Except as expressly amended
herein, the terms and provisions of the Agreement shall remain in full force
and effect.

 

If the foregoing correctly
sets forth our understanding, please sign below and return this amendment to
the Agreement to Company.

 

	
   

  	
  WARNER MUSIC GROUP INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David H. Johnson

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Les Bider

  	
   

  	
   

  
	
  Les Bider

  	
   

  
					

 

3

 

5/17/01

 

WARNER MUSIC GROUP INC.

75 Rockefeller Plaza

New York, New York 10019

 

May 31, 2001

Effective January 1, 2001

 

Les Bider

3830 Hayvenhurst Drive

Encino, CA 91436

 

Dear Les:

 

Please refer to the
employment agreement between Warner Music Group Inc. (“Company”) and you dated
March 22, 1999, effective as of January 1, 1999 (the “Pre-Amendment Agreement,”
and as amended by this Amendment, the “Agreement”).

 

This letter, when
countersigned, shall constitute our agreement to amend the Agreement as set
forth herein. Unless otherwise indicated, capitalized terms shall have the
meanings set forth in the Agreement.

 

1.  Paragraph 11
of the Agreement is hereby amended in its entirety to read as follows:

 

“11. Third Party
Employment Discussions; Deferred Compensation:

 

(a)  You
shall not, without the prior written consent of Company, discuss, negotiate
with respect to, or enter into any agreement relating to, the rendering of your
services following the expiration of the Term to any third party (a “Third
Party Employment Discussion”), unless such Third Party Employment Discussion
occurs during the final nine months of the Term.

 

(b)  During
the period from January 1, 1999 through December 31, 2000, in addition to the
salary and bonus which were payable to you by Company during such period in
accordance with Paragraph 3(a) above, Company paid to the trustee (the “Trustee”)
of a WMG grantor trust (the “Rabbi Trust”) for credit to a special account
maintained on the books of the Rabbi Trust for you (the “Trust Account”),
monthly, an amount equal to 50% of one-twelfth of your annual salary. As of
January 1, 2001, amounts shall cease to be credited to your Trust Account;
provided that, the Trust Account shall continue to be maintained by the Trustee
in accordance with the terms of this Agreement and Annex A attached hereto and
the trust agreement (the “Trust Agreement”) establishing the Rabbi Trust (which
Trust Agreement shall in all respects be in furtherance of, and not
inconsistent with, the terms of this Agreement, including Annex A attached
hereto), until the full amount which you are entitled to

 

 

receive therefrom has been
paid. WMG shall maintain the Rabbi Trust as a grantor trust within the meaning
of subpart E, part 1, subchapter J, chapter 1, subtitle A of the Internal
Revenue Code of 1986, as amended, and shall pay all fees and expenses of the Trustee
and shall enforce the provisions of the Trust Agreement for your benefit. In
the event that any amounts become payable to your Rabbi Trust after January 1,
2001 pursuant to this Agreement, you may elect by written notice delivered to
WMG at least 15 days prior to the commencement of any calendar year during the
Term to have (a) all of such payments credited instead to the Deferred
Compensation Plan established by Time Warner Inc. on November 18, 1998, as the
same may be amended from time to time (as so amended, the “Deferred Plan”) or
(b) 50% of such payments to be made to be made to the Rabbi Trust credited to
the Deferred Plan and the remaining 50% paid to the Rabbi Trust. For purposes
of clarification, the Trust Account shall be maintained as separate trust
account and shall not be combined with the trust account (the “Prior Trust
Account”) maintained by WMG for your benefit pursuant to the employment
agreement (including, Annex A attached thereto) between you and WMG (as
successor to Warner Communications Inc. and Warner/Chappell Music Inc.) dated
June 8, 1990, as amended by letter agreements dated June 7, 1991, August 2,
1994 and March 26, 1998 (as amended, the “Prior Agreement”). Accordingly, you
shall be entitled to receive distributions from the Prior Trust Account in
accordance with the terms of Annex A of the Prior Agreement.”

 

For
purposes of clarification, all amounts credited to your Trust Account and
Deferred Plan prior to January 1, 2001 (the “Prior Amounts”) shall be
maintained in the Trust Account and Deferred Plan and paid to you in accordance
with the terms and conditions of the Agreement, Annex A to the Agreement, and
the Trust Agreement. The maintenance and payment to you of the Prior Amounts in
accordance with the terms and conditions of the Agreement, Annex A to the
Agreement, and the Trust Agreement shall not be affected by this amendment.

 

2.               (a) The Agreement is hereby amended to
provide that in each of 2001, 2002, and 2003, Company shall cause AOL Time
Warner Inc. to grant to you options to purchase shares of the Common Stock of
AOL Time Warner Inc. (the “Options”) which Options shall be exercisable in
accordance with the terms of the stock option agreement to be executed and
delivered by you pursuant to the applicable stock option plan. The number of
Options to be granted to you in each such year shall be calculated to equal the
“Replacement Amount” (as defined below) multiplied by three (3). The “Replacement
Amount” means (i) the amount that would have been credited to your Trust
Account during such year pursuant to Paragraph 11(d) of the Agreement, but for
the elimination of such credit pursuant to Paragraph 1 above, divided by  (ii) the value of one Option (as
determined by AOL Time Warner Inc. using the Black-Scholes method of valuation).

 

(b) In the event that your
employment with Company terminates at the expiration of the Term, including,
without limitation, whether such termination is due to Company’s

 

 

unwillingness to offer
continued employment, your unwillingness to accept continued employment, or any
failure of you and Company to agree upon the terms of future employment, then
the Options which have been granted to you pursuant to Paragraph 2(a) above (i)
shall, to the extent that.any such Options have not vested as of the
date of such termination, immediately vest, and (ii) shall, to the extent that
such Options have not been exercised as of the date of such termination, remain
exercisable until the earlier of (A) the date that is three years after the
date of such termination and (B) the date on which such Options expire pursuant
to the applicable stock option plans and agreements.

 

(c)
Notwithstanding the foregoing, the Agreement is hereby amended to provide that
in the event of the termination of your employment by Company other than
pursuant to Paragraph 9 or 10, (i) any Options which have been granted to you
pursuant to Paragraph 2(a) above
prior to the date of such termination shall immediately vest, and (ii) Company
shall, within 30 days of the date of such termination, elect to.
either (a) pay to you any amounts that would have been credited to the Trust
Account and/or Deferred Plan pursuant to Paragraph 11(d) of the Pre-Amendment
Agreement during the remainder of the Term, but for the elimination of such
credit by operation of Paragraph 1 of this Amendment, to the extent that, and
at such times as, such amounts would have been payable to you pursuant to
Paragraph 11(d) of the Pre-Amendment Agreement, or (b) grant to you any Options
which were to be granted, pursuant to Paragraph 2(a) above during the remainder
of the Term, which Options shall vest immediately and remain exercisable for
three years after the date of such termination. In the event that, following
any such termination of your employment, Company fails to notify you in writing
of its election pursuant to this paragraph within such 30 day period, Company
shall be deemed to have elected to pay to you any amounts that would have been
credited to the Trust Account and/or Deferred Plan pursuant to Paragraph 11(d)
of the Pre-Amendment Agreement during the remainder of the Term, but for the
elimination of such credit pursuant to Paragraph 1 above, to the extent that,
and at such times as, such amounts would have been payable to you pursuant to
Paragraph 11(d) of the Pre-Amendment Agreement.

 

(d) References
to Paragraph 11(d) of the Pre-Amendment Agreement shall be deemed to exclude
any reference to Advisory Services, which the parties acknowledge are no longer
required in any circumstance.

 

Except
as expressly amended herein, the terms and provisions of the Agreement shall
remain in full force and effect.

 

 

If the
foregoing correctly sets forth our understanding, please sign below and return
this amendment to the Agreement to Company.

 

	
   

  	
  WARNER MUSIC GROUP INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Johnson

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Les Bider

  	
   

  	
   

  
	
  Les Bider

  	
   

  
					

 

 

3.10.99

 

WARNER
MUSIC GROUP INC.

4000 Warner Blvd.

Burbank, California 91522-1606

 

March 22, 1999

As of January 1, 1999

 

Leslie Bider

3830 Hayvenhurst Drive

Encino, CA 91436

 

Dear Les:

 

This letter, when signed by
you and countersigned by us (“WMG”), shall constitute our agreement
(the “Agreement”) with respect to your employment with Warner/Chappell Music
Inc. (“Company”).

 

1.                                       Position: Chairman and. Chief Executive Officer of Company.

 

2.                                       Term: The term of this Agreement (the “Term”) shall commence on
January 1, 1999 and end on December 31, 2003.

 

3                                          Compensation:

 

(a) Salary: During
the Term, Company shall pay you a salary at the following rates for the specified
periods:

 

	
  Period of the Term

  	
   

  	
  Annual Rate of Salary

  	
   

  
	
  1/1/99 —12/31/01

  	
   

  	
  $

  	
  800,000

  	
   

  
	
  1/1/02 — 12/31/03

  	
   

  	
  $

  	
  850,000

  	
   

  

 

(b)
Discretionary Bonus: With respect to each calendar year of the Term,
Company may grant to you, an annual bonus (or a pro rata portion of such annual
bonus for a portion of such calendar year), the amount of which shall be
determined by WMG at its sole discretion.

 

(c)
Payment  of  Compensation: Compensation accruing to you
during the Term shall be payable in accordance with the regular payroll
practices of Company for employees at your level. You shall not be entitled to
additional compensation for performing any services for Company’s subsidiaries
or affiliates.

 

1

 

4.                                       Exclusivity: Your employment with Company shall be
full-time and exclusive. During the Term you will not render any services for
others, or for your own account, in the field of entertainment or otherwise;
provided, however, that you shall not be precluded from personally, and for
your own account, investing or trading in real estate, stocks, bonds,
securities, commodities, or other forms of investment for your own benefit,
except that your rights hereafter to invest in any business or enterprise
principally devoted to any activity which, at the time of such investment, is
competitive to any business or enterprise of Company, Time Warner Inc. (“Time
Warner”), or the subsidiaries or affiliates thereof, shall be limited to the
purchase of not more than two percent (2%) of the issued and outstanding stock
or other securities of a corporation listed on a national securities exchange
or traded in the over-the-counter market.

 

5.                                       Reporting: You shall at all times work under the supervision and direction of
the Co-Chairmen and Co-CEOs of WMG, except that if WMG appoints a President or
Chief Operating Officer, or other senior executive officer of similar title,
then, the Co-Chairmen and Co-CEOs may designate that you shall report to such
officer.

 

6.             Place of Employment: The
greater Los Angeles Metropolitan area. 
You shall render services at the offices established for Company at such
location.  You agree to travel on
temporary trips to such other place or places as may be required from time to
time to perform your duties hereunder.

 

7.                                       Travel and Entertainment Expenses: Company shall pay or reimburse you for
reasonable expenses actually incurred or paid by you during the Term in the
performance of your services hereunder in accordance with Company’s policy for
employees at your level upon presentation of expense statements or vouchers or
such other supporting information as Company may customarily require.

 

8.                                       Benefits: Stock Options: While you are employed hereunder, you shall
be entitled to all fringe benefits generally accorded to executives of Company
at your level from time to time, including, but not limited to, pension,
medical health and accident, group insurance and similar benefits, provided
that you are eligible under the general provisions of any applicable plan or program
and Company continues to maintain such plan or program during the Term. In
addition, you shall be entitled to an automobile allowance in accordance with
Company policy for executives at your level. You shall also be entitled to four
(4) weeks vacation (with pay) during each calendar year of the Term, which
vacation shall be taken at reasonable times to be approved by Company and shall
be governed by Company’s policies with respect to vacations for executives of
Company at your level. WMG shall use its best efforts to cause Time Warner Inc.
to grant to you options to purchase 100,000 shares of the Common Stock of Time
Warner Inc. (the “Options”), which Options shall be

 

2

 

exercisable
in accordance with the terms of the stock option agreement to be executed and
delivered by you pursuant to the applicable stock option plan.

 

9.                                       Disability/Death: If you shall become physically or mentally
incapacitated from performing your duties hereunder, and such incapacity shall
continue for a period of six (6) consecutive months or more or for shorter
periods aggregating six months or more in any twelve-month period, Company
shall have the right, provided that you have not resumed your usual duties
prior to such date, to terminate your employment hereunder upon paying to you
any accrued but unpaid salary to the date of such termination. In the event of
your death, this Agreement shall automatically terminate except that Company
shall pay to your estate any accrued but unpaid salary through the last day of
the month of your death. The termination of your employment pursuant to this
Paragraph 9 shall not affect any vested rights which you may have at the time
of such termination pursuant to any insurance or other benefit plan or
arrangement of Company or WMG.

 

10.                                 Termination by Company: Company may at any time during the Term, by
written notice, terminate your employment for “Cause” (as defined below), such
Cause to be specified in the notice of termination. The following acts shall
constitute “Cause” hereunder: (i) any willful or intentional act or omission
having the effect, which effect is reasonably foreseeable, of materially
injuring the reputation, business or business or employment relationships of
Company or its affiliates; (ii) conviction of, or plea of nolo contendere
to, a misdemeanor involving theft, fraud, forgery or the sale or possession of
illicit substances or a felony; (iii) breach of material covenants contained in
this Agreement; and (iv) repeated or continuous failure, neglect or refusal to
perform your material duties hereunder. Notice of termination given to you by
Company shall specify the reason(s) for such termination, and in the case where
a cause for termination described in clause (iii) or (iv) above shall be
susceptible of cure, and such notice of termination is the first notice of
termination given to you for such reason, if you fail to cure such cause for
termination within ten (10) business days after the date of such notice,
termination shall be effective upon the expiration of such ten-day period, and
if you cure such cause within such ten-day period, such notice of termination shall
be ineffective. In all other cases, notice of termination shall be effective on
the date thereof.

 

11.                                 Advisory Services:

 

(a) In the event that prior
to June 30, 2003: (a) WMG offers to continue your employment following the
expiration of the Term on terms not less favorable to you than those in effect
under this Agreement with respect to the calendar year 2003, and (b) you elect
not to accept such offer, then, during the two-year period (the “Advisory
Period”) following the expiration of the Term, you shall render advisory

 

3

 

services (the “Advisory
Services”) to Company on an exclusive basis as set forth in this Paragraph 11.

 

(b)
During the Advisory Period, you shall provide Advisory Services with respect to
the business, affairs and management of Company as may be requested by Company,
provided, however, that you shall not be required to devote more than one (1)
day (up to 8 hours) each month to Advisory Services, which services shall be
performed at a time mutually convenient to you and Company. You may, subject to
the restrictions set forth in Paragraph 11(c) hereof, engage in other full-time
employment during the Advisory Period and your Advisory Services hereunder
shall be required only at times and places consistent with such other
employment or your private activities.

 

(c)
In the event you are required to furnish Advisory Services hereunder, such
services shall be rendered on an exclusive basis in the recorded music .and
music publishing business and in furtherance thereof, during the Advisory
Period, you shall not enter into the employ of, or render any services to, any
person, firm or corporation engaged in the recorded music and music publishing
businesses in the United States of America or elsewhere in the world, nor shall
you have any interest directly or indirectly involving recorded music or music
publishing businesses to the same extent as such interests are prohibited in
Paragraph 4 of this Agreement.

 

(d)
In consideration of your agreement to furnish Advisory Services as set forth
herein, in addition to the salary and bonus which is payable to you by Company
during the Term in accordance with Paragraph 3(a) above, unless you shall make
the election described in the last sentence of this Paragraph 11(d), during the
Term, Company shall pay to the trustee (the “Trustee”) of a WMG grantor trust
(the “Rabbi Trust”) for credit to a special account maintained on the books of
the Rabbi Trust for you (the “Trust Account”), monthly, an amount equal to 50%
of one-twelfth of your annual salary. The Trust Account shall be maintained by
the Trustee in accordance with the terms of this Agreement and Annex A attached
hereto and the trust agreement (the “Trust Agreement”) establishing the Rabbi
Trust (which Trust Agreement shall in all respects be in furtherance of, and
not inconsistent with, the terms of this Agreement, including Annex A attached
hereto), until the full amount which you are entitled to receive therefrom has
been paid. WMG shall maintain the Rabbi Trust as a grantor trust within the
meaning of subpart E, part 1, subchapter J, chapter 1, subtitle A of the Internal
Revenue Code of 1986, as amended, and shall pay all fees and expenses of the
Trustee and shall enforce the provisions of the Trust Agreement for your
benefit. You may elect by written notice delivered to the WMG at least 15 days
prior to the commencement of any calendar year during the Term to have (a) all
of the payments to be made to the Rabbi Trust pursuant to the first sentence of
Paragraph 11(a) hereof, credited instead to the Deferred Compensation Plan
established by Time Warner Inc. on November

 

4

 

18, 1998, as the same may be
amended from time to time (as so amended, the “Deferred Plan”) or (b) 50% of
the payments to be made to be made to the Rabbi Trust pursuant to the first
sentence of Paragraph 11(a), credited to the Deferred Plan and the remaining
50% paid to the Rabbi Trust. For purposes of clarification, the Trust Account
shall be maintained as separate trust account and shall not be combined with
the trust account (the “Prior Trust Account”) maintained by WMG for your
benefit pursuant to the employment agreement (including, Annex A attached
thereto) between you and WMG (as successor to Warner Communications Inc. and
Warner/Chappell Music Inc.) dated June 8, 1990, as amended by letter agreements
dated June 7, 1991, August 2, 1994 and March 26, 1998 (as amended, the “Prior
Agreement”). Accordingly, you shall be entitled to receive distributions from
the Prior Trust Account in accordance with the terms of Annex A of the Prior
Agreement, subject to Paragraph 11(e) below.

 

(e) Notwithstanding anything
to the contrary contained herein, in Annex A hereto or in Annex A of the Prior
Agreement, in the event that you fail to provide Advisory Services on an
exclusive basis as provided in Paragraph 11(c) hereof, hi addition to any other
remedies that WMG and/or Company may have, WMG shall have the right to suspend,
during the remainder of the Advisory Period, making payments to you from the
Trust Account and the Prior Trust Account, notwithstanding that any amounts of
deferred compensation had been credited and/or paid to you as. herein provided
prior to such suspension. In the event that distributions from the Trust
Account and/or the Prior Trust Account are suspended during all or any part of the Advisory Period pursuant
to the preceding sentence, the value of the Trust Account and/or the Prior
Trust Account shall nevertheless be reduced to the extent of each such
suspended payment(s) in all respects as if such payment(s) had been made to you
when due as provided herein and in Annex A hereto and Annex A of the Prior
Agreement and the balance of the Trust Account and/or the Prior Trust Account,
as so reduced, shall be paid to you in accordance with Annex A hereto and Annex
A of the Prior Agreement commencing upon the conclusion of the Advisory Period.

 

12.                                 Confidential Matters: You shall keep secret all confidential
matters of Company and its affiliates (for purposes of this Paragraph 12 only, “Company”),
and shall not disclose them to anyone outside of Company, either during or
after your employment with Company, except with Company’s written consent. You shall
deliver promptly to Company upon termination of your employment, or at any time
Company may request, all confidential memoranda, notes, records, reports and
other documents (and all copies thereof) relating to the business of Company
which you may then possess or have under your control.

 

13.                                 Results and Proceeds of Employment: You acknowledge that Company shall own all
rights of every kind and character throughout the world in perpetuity in and to
any material and/or ideas written, suggested or in any way created by you
hereunder

 

5

 

and
all other results and proceeds of your services hereunder, including, but not
limited to, all copyrightable material created by you within the scope of your
employment. You agree to execute and deliver to Company such assignments or
other instruments as Company may require from time to time to evidence Company’s
ownership of the results and proceeds of your services.

 

14.                                 Notices: All notices, requests, consents and other communications required or
permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if delivered personally or sent by prepaid courier, or mailed
first-class, postage prepaid, by registered or certified mail, return receipt
requested, as follows:

 

	
  TO YOU:

  	
  TO COMPANY:

  
	
   

  	
   

  
	
  Leslie Bider

  	
  Warner Music Group Inc.

  
	
  3830 Hayvenhurst Drive

  	
  4000 Warner Boulevard

  
	
  Encino, CA 91436

  	
  Burbank, CA 91522

  
	
   

  	
  Attn: General Counsel

  

 

Either you or Company may
change the address to which notices are to be sent by giving written notice of
such change of address to the other in the manner herein provided for giving
notice.

 

15.                                 Miscellaneous:

 

(a)                                  You represent and warrant to Company that you
are free to enter into this Agreement and, as of the commencement of the Term
hereof, are not subject to any conflicting obligation or any disability which
will prevent you from or interfere with your executing and performing your
obligations hereunder.

 

(b)                                 You acknowledge that while you are employed
hereunder you will comply with Company’s conflict of interest policy and other
corporate policies, as in effect from time to time, of which you are made
aware. All payments made to you hereunder shall be subject to applicable
withholding and social security taxes and other ordinary and customary payroll
deductions.

 

(c)                                  You acknowledge that services to be rendered
by you under this Agreement are of a special, unique and intellectual character
which gives them peculiar value, and that a breach or threatened breach of any
provision of this Agreement (particularly, but not limited to, the provisions
of Paragraphs 4 and 12 hereof). will cause Company immediate irreparable injury
and damage which cannot be reasonably or adequately compensated in damages in
an action at law. Accordingly, without limiting any right or remedy which
Company may have in such event, you

 

6

 

specifically
agree that Company shall be entitled to injunctive relief to enforce and
protect its rights under this Agreement. The provisions of this Paragraph 15(c)
shall not be construed as a waiver by Company of any rights which Company may
have to damages or any other remedy.

 

(d)                                 This
Agreement sets forth the entire agreement and understanding of the parties
hereto, and supersedes and terminates any and all prior agreements,
arrangements and understandings, including, without limitation, the Prior
Agreement, except with respect to the provisions of Annex A of the Prior
Agreement and paragraph 5 of the letter agreement dated June 7, 1991, as
amended by the letter agreement dated March 26, 1998. No representation,
promise or inducement has been made by either party that is not embodied in
this Agreement, and neither party shall be bound by or liable for any alleged
representation, promise or inducement not herein set forth.

 

(e)                                  The provisions of this Agreement shall inure
to the benefit of the parties hereto, their heirs, legal representatives,
successors and permitted assigns. This Agreement, and your rights and
obligations hereunder, may not be assigned by you. Company may assign its
rights, together with its obligations, hereunder in connection with any sale, transfer or other
disposition of all or a substantial portion of the stock or assets of Company,
Warner Music Group or Time Warner Inc:

 

(f)                                    Nothing
contained in this Agreement shall be construed to impose any obligation on
Company to renew this Agreement. This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms or covenants hereof
may be waived, only by a written instrument executed by both of the parties
hereto, or in the case of a waiver, by the party waiving compliance. Neither
the continuation of employment nor any other conduct shall be deemed to imply a
continuing obligation upon the expiration of this Agreement. The failure of
either party at any time or times to require performance of any provision
hereof shall in no manner affect the right at a later time to enforce the same.
No waiver by either party of the breach of any term or covenant contained in
this Agreement, whether by conduct or otherwise, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any
such breach, or a waiver of the breach of any other term or covenant contained
in this Agreement.

 

(g)                                 This
Agreement shall be governed by and construed according to the laws of the State
of California as applicable to agreements executed in and to be wholly
performed within such State.

 

7

 

If the
foregoing correctly sets forth our understanding, please sign below and return
this agreement to Company.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  WARNER/CHAPPELL MUSIC, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  [ILLEGIBLE]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Leslie
  Bider

  	
   

  	
   

  
	
  Leslie Bider

  	
   

  
					

 

8

 

Annex A

to the

Employment Agreement

between

 

WARNER MUSIC GROUP INC.

(the “Company”)

and

Leslie Bider

(the “Executive”)

 

Deferred Compensation Account

 

A.1                             Investments. Funds credited to
the Trust Account shall be actually invested and reinvested in an account in securities selected from time
to time by an investment advisor designated from time to time by the Company
(the “Investment Advisor”), substantially all of which securities shall be “eligible
securities”. The designation from time to time by the Company of an Investment
Advisor shall be subject to the Executive’s prior approval, which approval shall not be
unreasonably withheld. “Eligible securities” are common and preferred stocks,
warrants to purchase common or preferred stocks, put and call options, and
corporate or governmental bonds, notes and debentures, either listed on a
national securities exchange or for which price quotations are published in
newspapers of general circulation, including The Wall  Street Journal,
and certificates of deposit. Eligible securities shall not include the common
or preferred stock, any warrants, options or rights to purchase common or
preferred stock or the notes or debentures of the Company or Time Warner Inc.
or any corporation or other entity of which the Company or Time Warner Inc.
owns directly or indirectly 5% or more of any class of outstanding equity
securities. The Investment Advisor shall have the right, from time to time, to
designate eligible securities which shall be actually purchased and sold for
the Trust Account on the date
of reference. Such purchases may be made on margin; provided that the Company may, from time to time, by
written notice to the Executive, the Trustee and the Investment Advisor, limit
or prohibit margin purchases in any manner it deems prudent and, upon three business days written
notice to the Executive, the Trustee and the Investment Advisor, cause all
eligible securities theretofore purchased on margin to be sold. The Investment
Advisor shall send notification to the Executive and the Trustee in writing of
each transaction within five business days thereafter and shall render to the
Executive and the Trustee written quarterly reports as to the current status of
the Executive’s Trust Account. In the case of any purchase, the Trust Account
shall be charged with a dollar amount equal to the quantity and kind of
securities purchased multiplied by the fair market value of such securities on
the date of reference and shall be credited with the quantity and kind of
securities so purchased. In the case of any sale, the Trust Account shall be charged
with the quantity and kind of securities sold, and shall be credited with a dollar amount equal to the quantity
and kind of securities sold multiplied by the fair

 

9

 

market value of such securities
on the date of reference. Such charges and credits to the Trust Account shall
take place immediately upon the consummation of the transactions to which they
relate. As used herein “fair market value” means either (i) if the security is
actually purchased or sold by the Rabbi Trust on the date of reference, the
actual purchase or sale price per security to the Rabbi Trust or (ii) if the
security is not purchased or sold on the date .of reference, in the case of a
listed security, the closing price per security on the date of reference, or if
there were no sales on such date, then the closing price per security on the
nearest preceding day on which there were such sales, and, in the case of an
unlisted security, the mean between the bid and asked prices per security on
the date of reference, or if no such prices are available for such date, then
the mean between the bid and asked prices per security on the nearest preceding
day for which such prices are available. If no bid or asked price information
is available with respect to a particular security, the price quoted to the
Trustee as the value of such security on the date of reference (or the nearest
preceding date for which such information is available) shall be used for
purposes of administering the Trust Account, including determining the fair
market value of such security. The Trust Account shall be charged currently
with all interest paid by the Trust Account with respect to any credit extended
to the Trust Account.  Such interest
shall be charged to the Trust Account, for margin purchases actually made, at
the rates and times actually paid by the Trust Account. The Company may, in the
Company’s sole discretion, from time to time serve as the lender with respect
to any margin transactions by notice to the then Investment Advisor and the
Trustee and in such case interest shall be charged at the rate and times then
charged by an investment banking firm designated by the Company with which the
Company or Time Warner Inc. does significant business. Brokerage fees shall be
charged to the Trust Account at the rates and times actually paid.

 

A.2                             Dividends and Interest. The Trust
Account shall be credited with dollar amounts equal to cash dividends paid from
time to time upon the stocks held therein. Dividends shall be credited as of
the payment date. The Trust Account shall similarly be credited with interest
payable on interest bearing securities held therein. Interest shall be credited
as of the payment date, except that in the case of purchases of
interest-bearing securities the Trust Account shall be charged with the dollar
amount of interest accrued to the date of purchase, and in the case of sales of
such interest-bearing securities the Trust Account shall be credited with the
dollar amount of interest accrued to the date of sale. All dollar amounts of
dividends or interest credited to the Trust Account pursuant to this Section
A.2 shall be charged with all taxes thereon deemed payable by the Company (as
and when determined pursuant to Section A.5). The Investment Advisor shall have
the same right with respect to the investment and reinvestment of the net
dividends and net interest as the Investment Advisor has with respect to the
balance of the Trust Account.

 

A.3                             Adjustments. The Trust Account shall be equitably adjusted to reflect
stock dividends, stock splits, recapitalizations, mergers, consolidations,
reorganizations and. other changes affecting the securities held therein.

 

10

 

A.4                             Obligations of the Company. Without in any way limiting the obligations
of the Company otherwise set forth in the Agreement or this Annex A, the
Company shall have the obligation to establish, maintain and enforce the Rabbi
Trust and to make payment to the Trustee for credit to the Trust Account in
accordance with the provisions of the Agreement, to use due care in selecting
the Trustee or any successor trustee and to in all respects work cooperatively
with the Trustee to fulfill the obligations of the Company and the Trustee to
the Executive. The Trust Account shall be charged with all taxes (including
stock transfer taxes), interest, brokerage fees and investment advisory fees,
if any, deemed payable by the Company and attributable to the purchase or
disposition of securities designated by the Investment Advisor (in all cases
net after any tax benefits that the Company would be deemed to derive from the
payment thereof, as and when determined pursuant to Section A.5) and only in
the event of a default by the Company of its obligation to pay such fees and
expenses, the fees and expenses of the Trustee in accordance with the terms of
the Trust Agreement, but no other costs of the Company. Subject to the terms of
the trust Agreement, the securities purchased for the Trust Account as designated
by the Investment Advisor shall
remain the sole property of the Company, subject to the claims of its general
creditors, as provided in the Trust Agreement. Neither the Executive nor his
legal representative or any
beneficiary designated by the Executive shall have any right, other than the
right of an unsecured general creditor, against the Company or the Rabbi Trust
in respect of any portion of the Trust Account.

 

A.5                             Taxes.
The Trust Account shall be charged with all federal, state and local taxes
deemed payable by the Company with respect to income recognized upon the
dividends and interest received by the Trust Account pursuant to Section A.2
and gains recognized upon. sales of any of the securities which are
sold pursuant to Section A.6 or A.7. The Trust Account shall be credited with
the amount of the tax benefit received by the Company as a result of any
payment of interest actually made pursuant to Section A.1 or A.2 and as a
result of any payment of brokerage fees and investment advisory fees made pursuant
to Section A.l. If any of the sales of the securities which are sold pursuant
to Section A.l, A.6 or A.7 results in a loss to the Trust Account, such net
loss shall be deemed to offset the income and gains referred to in the second preceding sentence (and
thus reduce the charge for taxes referred to therein) to the extent then
permitted under the Internal Revenue Code of 1986, as amended from time to
time, and under applicable state and local income and franchise tax laws
(collectively referred to as “Applicable Tax Law”); provided, however, that for
the purposes of this Section A.5 the Trust Account shall, except as provided in
the third following sentence, be deemed to be a separate corporate taxpayer and
the losses referred to above shall be deemed to offset only the income and
gains referred to in the second preceding sentence. Such losses shall be
carried back and carried forward within the Trust Account to the extent
permitted by Applicable Tax Law in order to minimize the taxes deemed payable on
such income and gains within the Trust Account. For the purposes of this
Section A.5, all charges and credits to the Trust Account for taxes shall be
deemed to be made as of the end of the Company’s taxable year during which the
transactions, from which the liabilities for such taxes are deemed to have
arisen, are deemed to have occurred. Notwithstanding the foregoing, if and to
the extent that in any year there is a net loss in the Trust Account that
cannot be offset against income and gains in any prior year, then an amount equal

 

11

 

to the tax benefit to the
Company of such net loss (after such net loss is reduced by the amount of any
net capital loss of the Trust Account for such year) shall be credited to the
Trust Account on the last day of such year. If and to the extent that any such
net loss of the Trust Account shall be utilized to determine a credit to the
Trust Account pursuant to the preceding sentence, it shall not thereafter be
carried forward under this Section A.5. For purposes of determining taxes
payable by the Company under any provision of this Annex A it shall be assumed
that the Company is a taxpayer and pays all taxes at the maximum marginal rate
of federal income taxes and state and local income and franchise taxes (net of
assumed federal income tax benefits) applicable to business corporations and
that all of such dividends, interest, gains and losses are allocable to its
corporate headquarters.

 

A.6                             One-Time Transfer to
Deferred Plan. So long as the Executive is an employee of the
Company, the Executive shall have the right to elect at any time, but only once
during the Executive’s lifetime, by written notice to the Company to transfer
to the Deferred Plan all or a portion of the Net Transferable Balance
(determined as provided in the next sentence) of the Trust Account. If the
Executive shall make such an election, the Net Transferable Balance shall be
determined as of the end of the calendar quarter following the date of such
election (unless such election is made during the ten calendar days following
the end of a calendar quarter, in which case such determination shall be made
as of the end of such preceding calendar quarter) by adjusting all of the
securities held in the Trust Account to their fair market value (net of the tax
adjustment that would be made thereon if sold, as estimated by the Company or
the Trustee) and by deducting from such value the amount of all outstanding
indebtedness and any other amounts payable by the Trust Account. Transfers to
the Deferred Plan shall be made in cash as promptly as reasonably practicable
after the net of such calendar quarter and the Investment Advisor (or the
Company or the Trustee if the Investment Advisor shall fail to act in a timely manner)
shall cause securities held in the Trust Account to be sold to provide cash
equal to the portion of the Net Transferable Balance of the Trust Account
selected to be transferred by the Executive. If the Executive elects to
transfer more than 75% of the Net Transferable Balance of the Trust Account to
the Deferred Plan, the Company or the Trustee shall be permitted to take such
action as they may deem reasonably appropriate, including but not limited to,
retaining a portion of such Net Transferable Balance in the Trust Account, to
ensure that the Trust Account will have sufficient assets to pay the Company
the amount of taxes payable on such sales of securities at the end of the year
in which such sales are made.

 

A.7                             Payments. Subject to the provisions of Section 11 of
the Agreement, payments of deferred compensation from the Trust Account shall
be made as provided in this Section A.7. Except as otherwise specifically
provided in this Section A.7, unless the Executive makes the election referred
to the next succeeding sentence, deferred compensation shall be paid bi-weekly
for a period of ten years (the “Pay-Out Period”) commencing on the first
Company payroll date in the month of January 2004. The Executive may elect a
shorter pay-Out Period by delivering written notice to the Company or the
Trustee at least one-year prior to the commencement of the Pay-Out Period,
which notice shall specify the shorter Pay-Out Period. On each payment date,
the Trust Account shall be charged with the dollar amount of such

 

12

 

payment. On each payment date, the amount of
cash held in the Trust Account shall be not less than the payment then due and
the Company or the Trustee may select the securities to be sold to provide such
cash if the Investment Advisor shall fail to do so on a timely basis. The
amount of any taxes payable with respect to any such sales shall be computed,
as provided in Section A.5 above, and deducted from the Trust Account, as of
the end of the taxable year of the Company during which such sales are deemed
to have occurred. Solely for the purpose of determining the amount of payments
during the Pay-Out Period, the Trust Account shall be valued on the fifth
trading day prior to the end of the month preceding the first payment of each
year of the Pay-Out Period, or more frequently at the Company’s or the Trustee’s
election (the “Valuation Date”), by adjusting all of the securities held in the
Trust Account to their fair market value (net of the tax adjustment that would
be made thereon if sold, as estimated by the Company or the Trustee) and by
deducting from the Trust Account the amount of all outstanding indebtedness.
The extent, if any, by which the Trust Account, valued as provided in the
immediately preceding sentence, plus any amounts that have been transferred to
the Deferred Plan pursuant to Section A.6 hereof and not theretofore
distributed or deemed distributed therefrom, exceeds the aggregate amount of
credits to the Trust Account pursuant to the Agreement as of each Valuation
Date and not theretofore distributed or deemed distributed pursuant to this
Section A.7 is herein called “Account Retained Income.” The amount of each
payment for the year, or such shorter period as may be determined by the Company
or the Trustee, of the Pay-Out Period immediately succeeding such Valuation
Date, including the payment then due, shall be determined by dividing the
aggregate value of the Trust Account, as valued and adjusted pursuant to the
second preceding sentence, by the number of payments remaining to be paid in
the Pay-Out Period, including the payment then due; provided that each payment
made shall be deemed made first out of Account Retained Income (to the extent
remaining after all prior distributions thereof since the last Valuation Date).
The balance of the Trust Account, after all the securities held therein have
been sold and all indebtedness liquidated, shall be paid to the Executive in
the final payment, which shall be decreased by deducting therefrom the amount
of all taxes attributable to the sale of any securities held in the Trust
Account since the end of the preceding taxable year of the Company, which taxes
shall be computed as of the date of such payment.

 

If the Agreement or the Term
of employment is terminated by the Company in breach of the Agreement, the
Trust Account shall be valued as of the date the Executive ceases to be an
employee of Company and leaves the payroll of Company and the balance of the
Trust Account, after all the securities held therein have been sold and all
indebtedness liquidated, shall be paid to the Executive as soon as practicable
and in any event within 30 days following the date Executive leaves the payroll
of the Company in a final lump sum payment, which shall be decreased by
deducting therefrom the amount of all taxes attributable to the sale of any
securities held in the Trust Account since the end of the preceding taxable
year of Company, which taxes shall be computed as of the date of such payment.
Payments made pursuant to this paragraph shall be deemed to be made first out
of Account Retained Income.

 

Notwithstanding the
foregoing provisions of this Section A.7, if the Rabbi Trust shall terminate in
accordance with the provisions of the Trust Agreement, the Trust Account

 

13

 

shall be valued as of the date of such
termination and the balance of the Trust Account shall be paid to the Executive
within 15 days of such termination in accordance with the provisions of the third
preceding paragraph.

 

If a transfer to the
Deferred Plan has been made pursuant to Section A.6 hereof, payments made to
the Executive from the Deferred Plan (a) shall be deemed made first from the
amounts transferred to the Deferred Plan pursuant to Section A.6 and (b) shall
be deemed made first out of Account Retained Income.

 

Within
90 days after the end of each taxable year of the Company in which payments are
made, directly or indirectly,
to the Executive from the Trust Account or from the Deferred Plan with respect
to amounts transferred to the Deferred Plan from the Trust Account pursuant to
Section A.6 and at the time of the final payment from the Trust Account, the
Company or the Trustee shall compute and the Company shall pay to the Trustee for
credit to the Trust Account, the amount of the tax benefit assumed to be
received by the Company from the payment to the Executive of all amounts of
Account Retained Income included in any such payment. No additional credits shall be made to the Trust Account
pursuant to the preceding sentence in respect of the amounts credited to the
Trust Account pursuant to the preceding sentence. Notwithstanding any provision
of this Section A.7, the Executive shall not be entitled to receive pursuant to
this Annex A (including any amounts that have been transferred the Deferred
Plan pursuant to Section A.6. hereof) an aggregate amount that shall exceed the
sum of (i) all credits made to the Trust Account pursuant to the Agreement,
(ii) the net cumulative amount (positive or negative) of all income, gains,
losses, interest and expenses charged or credited to the Trust Account pursuant
to this Annex A (excluding credits made pursuant to the second preceding
sentence), after all credits and charges to the Trust Account with respect to
the tax benefits or burdens thereof, and (iii) an amount equal to the tax
benefit to the Company from the payment of the amount (if positive) determined
under clause (ii) above; and the final payment(s) otherwise due may be adjusted
or eliminated accordingly. In determining the tax benefit to the Company under
clause (iii) above, the Company shall be deemed to have made the payments under
clause (ii) above with respect to the same taxable years and in the same
proportions as payments of Account Retained. Income were actually
made from the Trust Account. Except as otherwise provided in this paragraph,
the computation of all taxes and tax benefits referred to in this Section A.7
shall be determined in accordance with Section A.5 above.

 

End of Annex A

 

14

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