Document:

EX-10.14

 Exhibit 10.14 

Execution Version 
 FIRST
AMENDMENT 
 FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of October 9, 2019 among WMG
Acquisition Corp. (the “Borrower”) and Credit Suisse AG, as Administrative Agent (the “Administrative Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the
respective meanings provided such terms in the Credit Agreement referred to below (as amended by this First Amendment). 
 W I
T N E S S E T H : 
 WHEREAS, the Borrower, the Lenders from time to time party
thereto and the Administrative Agent are parties to a Credit Agreement, dated as of January 31, 2018 (as amended, restated, amended and restated, waived or otherwise modified prior to the date hereof, the “Existing Credit
Agreement” and, as amended hereby, the “Credit Agreement”); 
 WHEREAS, the Borrower has identified an ambiguity,
mistake, omission, defect or inconsistency affecting the definition of “Excluded Contribution” in Section 1.01 and the second proviso of Section 7.02(b)(iv), in each case of the Existing Credit Agreement; 

WHEREAS, pursuant to Section 10.08(c) of the Existing Credit Agreement, the Administrative Agent and the Borrower have agreed to amend
the Existing Credit Agreement to cure such ambiguity, mistake, omission, defect or inconsistency as set forth herein; 
 NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Administrative Agent and the Borrower hereby agree as follows: 

SECTION 1 - Credit Agreement Amendments. Subject to the satisfaction of the conditions set forth in Section Two
hereof: 
 (1)    The definition of “Excluded Contribution” in Section 1.01 of the Credit Agreement is
hereby amended by replacing the words “made and not utilized prior to the Issue Date under, and as defined in, the Senior Unsecured Notes Indenture” with the words “made and not utilized under the Senior Unsecured Notes Indenture
prior to the Closing Date” in the last line of such definition; and 
 (2)    The second proviso of
Section 7.02(b)(iv) of the Credit Agreement is hereby amended to delete the stricken text and to add the underlined text as set forth in the provision below: 

and provided, further, that such amount in any calendar year may be increased by an amount not to exceed (A) the cash
proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Borrower and, to the extent contributed to the Borrower, Equity Interests of any of its direct or indirect parent companies or employee investment vehicles, in each
case to any future, present or former employee, director or consultant of the Borrower, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Restatement 

  
 1005740518v2 

 
Date plus (B) the amount of any cash bonuses otherwise payable to any future, present or former employee, director or consultant of the Borrower or any of its Subsidiaries or any of
its direct or indirect parent companies that are foregone in return for the receipt of Equity Interests or the Borrower or any direct or indirect parent company of the Borrower or any employee investment vehicle pursuant to deferred compensation
plan of such corporation plus (C) the cash proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries after the Restatement Date plus (D) the amount available as of the Restatement Date for
making Restricted Payments pursuant to Section 8.2(b)(iv) of the Senior Term Loan Agreement (provided that the Borrower may elect to apply all or any portion of the aggregate increase contemplated by clauses (A), (B), (C) and (D) above in
any calendar year) less (E) the amount of any Restricted Payments previously made pursuant to clauses (A), (B), (C) and (D) of this clause (iv); 

SECTION 2 -    Conditions to Effectiveness of the First Amendment. This First Amendment shall become
effective on the date (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied: 

(1)    The Administrative Agent shall have received counterparts of this First Amendment executed by the Borrower and the
Administrative Agent. 
 (2)    The Borrower shall have reimbursed the Administrative Agent for (i) all of
its reasonable out-of-pocket costs and expenses incurred in connection with this First Amendment, any other documents prepared in connection herewith and the
transactions contemplated hereby, and (ii) the reasonable documented fees, charges and disbursements of counsel to the Administrative Agent. 

The Administrative Agent shall give prompt notice in writing to the Borrower of the occurrence of the First Amendment Effective Date. 

SECTION 3 -    Representations and Warranties; No Default. In order to induce the Administrative Agent to
consent to this First Amendment, the Borrower represents and warrants to each of the Lenders and the Administrative Agent that on and as of the date hereof after giving effect to this First Amendment: 

(1)    No Default or Event of Default has occurred and is continuing. 

(2)    The representations and warranties of the Loan Parties set forth in Article V of the Credit Agreement are true and
correct in all material respects on and as of the date hereof with the same effect as though made on and as of such date, except that (i) to the extent that such representations and warranties specifically refer to an earlier date, they
are true and correct in all material respects as of such earlier date, (ii) the representations and warranties contained in Section 5.05(a) of the Credit Agreement shall be deemed to refer to the most recent statements furnished
pursuant to Section 6.01(a) of the Credit Agreement and (iii) any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects as so
qualified. 

  
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 (3)    The execution, delivery and performance of this First Amendment
(i) are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action and (ii) do not and will not (A) contravene the terms of the Borrower’s Organization
Documents; (B) conflict with or result in any breach or contravention of, or require any payment to be made under, (x) any Contractual Obligation to which the Borrower is a party or affecting the Borrower or the properties of
the Borrower or any of its Restricted Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject; or (C) violate any Law;
except in the case of clauses (ii)(B) and (ii)(C) to the extent that such conflict, breach, contravention or payment would not reasonably be expected to have a Material Adverse Effect. 

(4)    This First Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid and
binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable domestic or foreign bankruptcy, insolvency, reorganization, receivership, moratorium or
other Laws affecting creditors’ rights generally and by general principles of equity. 
 SECTION 4
-    Reference to and Effect on the Credit Agreement and the Notes; Acknowledgements. 

(1)    On and after the effectiveness of this First Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or
words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this First Amendment. The Credit Agreement and each of the other Loan Documents, as specifically amended by this First
Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this First Amendment shall not, except as expressly provided herein, operate as an
amendment or waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute an amendment or waiver of any provision of any of the Loan Documents. For the avoidance of doubt, this First Amendment shall
constitute a Loan Document for all purposes of the Loan Documents. 
 (2)    Without limiting the foregoing, each of the
Loan Parties party to the Guaranty and the Security Agreement hereby (i) acknowledges and agrees that all of its obligations under the Guaranty and the Security Agreement are reaffirmed and remain in full force and effect on a continuous
basis, (ii) reaffirms each Lien granted by each Loan Party to the Collateral Agent for the benefit of the Secured Parties and reaffirms the guaranties made pursuant to the Guaranty, (iii) acknowledges and agrees that the
grants of security interests by and the guaranties of the Loan Parties contained in the Guaranty and the Security Agreement are, and shall remain, in full force and effect after giving effect to this First Amendment, and (iv) agrees that
all Obligations are Guaranteed Obligations (as defined in the Guaranty). 
 (3)    Without limiting the foregoing,
Holdings, as party to the Security Agreement hereby (i) acknowledges and agrees that all of its obligations under the Security Agreement are reaffirmed and remain in full force and effect on a continuous basis, (ii) reaffirms
each Lien granted it to the 

  
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Collateral Agent for the benefit of the Secured Parties, and (iii) acknowledges and agrees that the grants of security interests by it contained in the Security Agreement are, and
shall remain, in full force and effect after giving effect to this First Amendment. 
 SECTION 5
-    Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for (i) all of its reasonable out-of-pocket
costs and expenses incurred in connection with this First Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, and (ii) the reasonable documented fees, charges and disbursements of
Davis Polk & Wardwell LLP, as counsel to the Administrative Agent. 
 SECTION 6 -    Execution in
Counterparts. This First Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which, when taken together, shall constitute a single
contract. Delivery of an executed counterpart of this First Amendment by facsimile transmission or electronic photocopy (i.e., “pdf”) shall be effective as delivery of a manually executed counterpart of this First Amendment. 

SECTION 7 -    Governing Law. THIS FIRST AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS FIRST AMENDMENT (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
and delivered as of the day and year first above written. 
 WMG ACQUISITION CORP. 

 

			
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	 Executive Vice President, General Counsel
 &
Secretary

  
 WMG - SIGNATURE PAGE TO
FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT 

 Acknowledged and agreed: 

WMG HOLDINGS CORP. 

			
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel & Secretary

 Guarantors: 
 ROADRUNNER
RECORDS, INC. 
 ELEKTRA MUSIC GROUP INC. 
 THE ALL BLACKS
U.S.A., INC. 
 A. P. SCHMIDT CO. 
 ATLANTIC RECORDING
CORPORATION 
 ATLANTIC/MR VENTURES INC. 
 BIG BEAT RECORDS INC.

 CAFE AMERICANA INC. 
 CHAPPELL MUSIC COMPANY, INC. 

COTA MUSIC, INC. 
 COTILLION MUSIC, INC. 

CRK MUSIC INC. 
 E/A MUSIC, INC. 

ELEKSYLUM MUSIC, INC. 
 ELEKTRA/CHAMELEON VENTURES INC. 

ELEKTRA ENTERTAINMENT GROUP INC. 
 ELEKTRA GROUP VENTURES INC.

 FHK, INC. 
 FIDDLEBACK MUSIC PUBLISHING COMPANY, INC. 

FOSTER FREES MUSIC, INC. 
 GENE AUTRY’S WESTERN MUSIC
PUBLISHING CO. 
 GOLDEN WEST MELODIES, INC. 
 INSOUND
ACQUISITION INC. 
 INTERSONG U.S.A., INC. 
 JADAR MUSIC CORP.

 LEM AMERICA, INC. 
 LONDON-SIRE RECORDS INC. 

MAVERICK PARTNER INC. 
 MCGUFFIN MUSIC INC. 

MELODY RANCH MUSIC CO., INC. 

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

 MIXED BAG MUSIC, INC. 

NONESUCH RECORDS INC. 

NON-STOP MUSIC HOLDINGS, INC. 

OCTA MUSIC, INC. 
 PEPAMAR MUSIC CORP. 

REP SALES, INC. 
 REVELATION MUSIC PUBLISHING CORPORATION 

RHINO ENTERTAINMENT COMPANY 
 RICK’S MUSIC INC. 

RIGHTSONG MUSIC INC. 
 RIDGEWAY MUSIC CO., INC. 

RYKO CORPORATION 
 RYKODISC, INC. 

RYKOMUSIC, INC. 
 SEA CHIME MUSIC, INC. 

SR/MDM VENTURE INC. 
 SUPER HYPE PUBLISHING, INC. 

TOMMY VALANDO PUBLISHING GROUP, INC. 
 UNICHAPPELL MUSIC INC. 

W.C.M. MUSIC CORP. 
 WALDEN MUSIC INC. 

WARNER ALLIANCE MUSIC INC. 
 WARNER BRETHREN INC. 

WARNER MUSIC PUBLISHING INTERNATIONAL INC. 
 WARNER BROS. RECORDS
INC. 
 WARNER CUSTOM MUSIC CORP. 
 WARNER DOMAIN MUSIC INC.

 WARNER MUSIC DISCOVERY INC. 
 WARNER MUSIC LATINA INC. 

WARNER MUSIC SP INC. 
 WARNER SOJOURNER MUSIC INC. 

WARNER SPECIAL PRODUCTS INC. 
 WARNER STRATEGIC MARKETING INC.

 WARNER CHAPPELL MUSIC (SERVICES), INC. 
 WARNER CHAPPELL
MUSIC, INC. 
 WARNER CHAPPELL PRODUCTION MUSIC, INC. 

WARNER-ELEKTRA-ATLANTIC CORPORATION 
 WARNERSONGS, INC. 

WARNER-TAMERLANE PUBLISHING CORP. 
 WARPRISE MUSIC INC. 

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

 WC GOLD MUSIC CORP. 

W CHAPPELL MUSIC CORP. 
 WCM/HOUSE OF GOLD MUSIC, INC. 

WARNER RECORDS/QRI VENTURE, INC. 
 WARNER RECORDS/RUFFNATION
VENTURES, INC. 
 WARNER RECORDS/SIRE VENTURES LLC 
 WEA EUROPE
INC. 
 WEA INC. 
 WEA INTERNATIONAL INC. 

WIDE MUSIC, INC. 
 WRONG MAN DEVELOPMENT LIMITED LIABILITY COMPANY

 WMG PRODUCTIONS LLC 
 ARTS MUSIC INC. 

ASYLUM RECORDS LLC 
 ASYLUM WORLDWIDE LLC 

AUDIO PROPERTIES/BURBANK, INC. 
 ATLANTIC MOBILE LLC 

ATLANTIC PRODUCTIONS LLC 
 ATLANTIC SCREAM LLC 

ATLANTIC/143 L.L.C. 
 BB INVESTMENTS LLC 

BULLDOG ISLAND EVENTS LLC 
 BUTE SOUND LLC 

CORDLESS RECORDINGS LLC 
 EAST WEST RECORDS LLC 

FOZ MAN MUSIC LLC 
 FUELED BY RAMEN LLC 

LAVA RECORDS LLC 
 MM INVESTMENT LLC 

RHINO NAME & LIKENESS HOLDINGS, LLC 
 RHINO/FSE HOLDINGS,
LLC 
 T-BOY MUSIC, L.L.C. 

T-GIRL MUSIC, L.L.C. 
 THE
BIZ LLC 
 UPPED.COM LLC 
 WARNER MUSIC DISTRIBUTION LLC 

J. RUBY PRODUCTIONS, INC. 

SIX-FIFTEEN MUSIC PRODUCTIONS, INC. 

SUMMY-BIRCHARD, INC. 
 ARTIST ARENA LLC 

ATLANTIC PIX LLC 
 FERRET MUSIC HOLDINGS LLC 

FERRET MUSIC LLC 

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

 FERRET MUSIC MANAGEMENT LLC 

FERRET MUSIC TOURING LLC 
 P & C PUBLISHING LLC 

WARNER MUSIC NASHVILLE LLC 
 WMG COE, LLC 

			
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary of each of the above named entities listed under the heading Guarantors and signing this agreement in such capacity on behalf of each such entity

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

			
	WARNER MUSIC INC.
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel & Secretary
	
	615 MUSIC LIBRARY, LLC
		
	By:	 	Six-Fifteen Music Productions, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	ARTIST ARENA INTERNATIONAL, LLC
		
	By:	 	Artist Arena LLC, its Sole Member
		
	By:	 	Warner Music Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel & Secretary
	
	ALTERNATIVE DISTRIBUTION ALLIANCE
		
	By:	 	Warner Music Distribution LLC, its Managing Partner
		
	By:	 	Rep Sales, Inc., its Sole Member and Manager
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

			
	MAVERICK RECORDING COMPANY
		
	By:	 	SR/MDM Venture Inc., its Managing Partner
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	NON-STOP CATACLYSMIC MUSIC, LLC
	NON-STOP INTERNATIONAL PUBLISHING, LLC
	NON-STOP OUTRAGEOUS PUBLISHING, LLC
		
	By:	 	Non-Stop Music Publishing, LLC, their Sole Member
		
	By:	 	Non-Stop Music Holdings, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary
	
	NON-STOP MUSIC LIBRARY, L.C.
	NON-STOP MUSIC PUBLISHING, LLC
	NON-STOP PRODUCTIONS, LLC
		
	By:	 	Non-Stop Music Holdings, Inc., their Sole Member
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Vice President & Secretary

  
 [Signature Page to First
Amendment to Revolving Credit Agreement] 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent
		
	By:	 	 /s/ Judith E. Smith

	Name:	 	Judith E. Smith
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Nicolas Thierry

	Name:	 	Nicolas Thierry
	Title:	 	Authorized Signatory

  
 [Signature Page to First
Amendment to Revolving Credit Agreement]EX-10.15

 Exhibit 10.15 

WARNER MUSIC GROUP 
 1633 Broadway

 New York, NY 10019 

September 30, 2014 
 Eric Levin 

c/o Warner Music Inc. 
 1633 Broadway 

New York, NY 10019 
 Dear Eric: 

This letter, when signed by you and countersigned by us (“Company”), shall, subject to your successful completion of the employment
application process (including but not limited to completion of a criminal background investigation and reference checks) in accordance with Company’s policy to the reasonable satisfaction of Company, constitute our agreement (the
“Agreement”) with respect to your employment with Company. 
  

	 	1.	 Position: Executive Vice President and Chief Financial Officer 

 

	 	2.	 Term: The term of this Agreement (the “Term”) shall commence on October 13, 2014 and end on
October 12, 2018. 

  

	 	3.	 Compensation: 

(a)    Salary: During the Term, Company shall pay you a salary at the rate of $550,000 per annum. 

(b)    Annual Discretionary Bonus: With respect to each fiscal year of the Term commencing with the fiscal year
that begins October 1, 2014 and ends September 30, 2015 (i.e., the 2015 fiscal year), Company shall consider granting to you an annual bonus (or a pro rata portion of such annual bonus for a portion of such fiscal year). Your target
bonus for each fiscal year of the Term (including the full 2015 fiscal year) shall be $330,000 (or a pro rata portion of such amount for a portion of such year), and the amount of each annual bonus awarded to you shall be determined by Company based
on factors including the strength of your performance and the performance of Company; provided, that, the amount of each annual bonus awarded to you may be higher or lower than the target amount, and shall remain in the sole discretion of Company.

 (c)    Review of Compensation: On or about October 13, 2015, Company shall in good faith review your
salary and target bonus and consider you for participation in Company’s Long-Term Incentive Plan; provided, however, that any increase of your salary or target bonus shall remain in Company’s sole discretion and Company shall have no
obligation to increase your salary or target bonus at such time. 
 (d)    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. 

  
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	 	4.	 Exclusivity: 

(a)    Your employment with Company shall be full-time and exclusive. Except as provided in Paragraph 4(b), during the Term
you will not render any services for others, or for your own account, in the field of entertainment or otherwise. 

(b)    Notwithstanding the foregoing, shall not be precluded during the Term from serving as a non-employee director of Forgame Group provided you hereby covenant and agree (i) such activity shall not interfere with the performance of your duties hereunder or conflict with your position with Company ;
(ii) you shall recuse yourself from any discussion between, among or involving Forgame Group and its affiliates, on one hand, and Company and its affiliates on the other and (iii) you shall maintain the confidentiality of Company confidential
information (including strategic discussions) in accordance with Paragraph 12 hereof. 
  

	 	5.	 Reporting: You shall at all times work under the supervision and direction of the senior executive
officers of Company and shall perform such duties as you shall reasonably be directed to perform by such senior officers. 

  

	 	6.	 Place of Employment: The greater New York metropolitan area. You shall render services at the
offices designated by Company at such location. You also 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 for reasonable expenses actually incurred, or
reimburse you for reasonable expenses 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: While you are employed hereunder, you shall be entitled to all fringe benefits generally
accorded to employees of Company at your level from time to time, including, but not limited to, 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. You shall also be entitled to three (3) 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.

  

	 	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 three (3) consecutive months or more or for shorter periods aggregating three (3) months or more in any twelve-month period, Company shall have the right (before the
termination of such incapacity), at its option, to terminate this Agreement with no consequence, except if such termination would be prohibited by law. Upon termination of this Agreement pursuant to the foregoing, you shall continue to remain
employed by Company as an at-will employee. In the event your at-will employment with Company terminates, Company shall pay 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.

  

	 	10.	 Termination by Company: Company may at any time during the Term, by written notice, terminate your
employment for malfeasance, misfeasance or nonfeasance in connection with the performance of your duties, the cause to be specified in the notice of termination. Without limiting the generality of the foregoing, the following acts shall constitute
grounds for termination of employment hereunder: (i) any willful or intentional act or omission having the effect of 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 moral turpitude or a felony; (iii) breach of covenants contained in this Agreement; and (iv) repeated or continuous failure, neglect or refusal to perform your
duties hereunder. 

  
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	 	11.	 Consequences of Breach by Company or
Non-renewal:

 (a)    In the event of a “Special
Termination” (as defined below) of your employment, your sole remedy shall be that, upon your execution of a Release (as defined below), Company shall pay to you the “Special Termination Payments” (as defined below), and in the
event of a “Qualifying Non-renewal” (as defined below), your sole remedy shall be that, upon your execution of a Release, Company shall pay to you the
“Non-renewal Payments” (as defined below) provided, Company will cease making Termination Payments (as defined below) if you do not deliver the signed Release within the time period set forth in
the Release. In addition, in the event of a Special Termination or Qualifying Non-renewal, Company shall pay to you the “Basic Termination Payments” (as defined below). Special Termination
Payments and Non-renewal Payments are sometimes herein referred to collectively as the “Termination Payments.” All payments made to you hereunder shall be subject to applicable withholding, social
security taxes and other ordinary and customary payroll deductions, including without limitation medical and other insurance premiums. 

(b)    The “Basic Termination Payments” shall mean any accrued but unpaid salary, accrued vacation pay in
accordance with Company policy, any unreimbursed expenses pursuant to Paragraph 7, plus any accrued but unpaid benefits in accordance with Paragraph 8, in each case to the date on which your employment terminates pursuant to an event described in
paragraph (d) or (f), below, as applicable (the “Termination Date”). Basic Termination Payments shall be paid to you in accordance with Company policy or in accordance with the terms of the applicable plan. 

(c)    A “Release” shall mean a release agreement in Company’s standard form, which shall include,
without limitation, a release by you of Company from any and all claims which you may have relating to your employment with Company and the termination of such employment. 

(d)    A “Special Termination” shall have occurred in the event that Company terminates your employment
hereunder other than pursuant to Paragraph 9 or 10 hereof. 
 (e)    “Special Termination Payments” shall mean
the greater of (i) the “Severance Amount” (as defined below) and (ii) the sum of $550,000. 
 (f)
    A “Qualifying Non-renewal” shall have occurred in the event that, at the end of the Term: (i) Company declines to offer you continued employment with Company or one of
its affiliates; or (ii) Company offers you continued employment with Company or one of its affiliates at a salary lower than your salary as in effect on the last day of the Term, and you elect to decline such offer and terminate your employment
with Company. 
 (g)    The “Non-renewal Payments” shall mean the
amount of severance pay (the “Severance Amount”) that would have been payable to you under Company policy as in effect on the Termination Date had you not been subject to an employment agreement with Company, which amount shall under no
circumstance exceed $500,000. 
 (h)     Any Termination Payments payable to you under Paragraph 11(e) or (g) above
shall be made by Company in accordance with its regular payroll practices by payment of your salary at the same rate as was in effect as of the Termination Date for the applicable period as is necessary to cause the full amount due under such clause
to be paid (the “Payment Period”); provided that if the total Termination Payments payable to you exceed an amount equal to fifty-two weeks of your salary, then the Termination Payments payable to
you shall be made in equal periodic payments to you (at such times as Company makes payroll payments to its employees generally) during the fifty-two week period immediately following the date on which your
employment terminates. In addition, such Termination Payments shall commence on the next possible pay cycle following the Termination Date; provided that Company shall cease making such payments if the Release is not executed in full within the
time period set forth in the Release. 
 (i)     In the event you elect not to execute and deliver a Release in
connection with a Special Termination or a Qualifying Non-renewal, Company shall only be obligated to pay to you the Basic Termination Payments. Following the delivery of an executed Release pursuant to
this Paragraph 11, you shall have no duty to seek substitute employment, 

  
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and Company shall have no right of offset against any amounts paid to you under this Paragraph 11 with respect to any compensation or fees thereafter received by you from any employment
thereafter obtained or consultancy arrangement thereafter entered into by you.
 (j)    In the event of a Special
Termination or a Qualifying Non-renewal, during the period commencing immediately following the Termination Date and through the last day of the calendar month in which your termination occurs (such period,
the “Benefits Period”), Company shall continue to provide you and your eligible family members with medical health insurance coverage, including dental and vision insurance coverage under the group insurance plan maintained by Company
(“Benefits Coverage”) in accordance with the terms of the applicable plans, to the extent that you had elected for such coverage prior to the Termination Date. Following the Benefits Period, you may have the right, in accordance with
and subject to the Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”), at your expense, to elect to continue your and/or your dependents’ Benefits Coverage for such additional period of time as is required under
COBRA. Further information regarding COBRA coverage, including enrollment forms and premium quotations, will be sent to you separately. 
  

	 	12.	 Confidential Matters: You shall keep secret all confidential matters of Company and its affiliates
(for purposes of this Paragraph 12 and Paragraph 13 only, “Company”), and shall not disclose them to anyone outside of Company, including, for the avoidance of doubt to Forgame Group or any of its affiliates, either during or after your
employment with Company, except with Company’s prior written consent. You shall deliver promptly to Company upon termination of your employment, or at any time as 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.	 Non-Solicitation: While you are employed by Company and for
a period of one year thereafter, you shall not, without the prior written consent of Company, directly or indirectly, as an employee, agent, consultant, partner, joint venturer, owner, officer, director, member of any other firm, partnership,
corporation or other entity, or in any other capacity: (a) solicit, negotiate with, induce or encourage any recording artist (including a duo or a group), publisher or songwriter who at the time is, or who within the one-year period prior to such time was, either directly or through a furnishing entity, under contract to Company or a label distributed by Company, to end its relationship with Company or label, to violate any
provision of his or her contract or to enter into an exclusive recording or music publishing agreement with any other party; or (b) solicit, negotiate with, induce or encourage any individual who at the time is, or who within the six-month period prior to such time was, an employee of Company in the United States, to leave his or her employment or to commence employment with any other party. 

 

	 	14.	 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 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. 

  

	 	15.	 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:
		
	Eric Levin	  	 Warner Music Inc.
 1633 Broadway

New York, NY 10019
 Attn: General Counsel

  
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 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. 
  

	 	16.	 Miscellaneous: 

(a)     You represent and warrant as follows: (i) you are free to enter into this Agreement and to perform each of the
terms and covenants hereunder; (ii) you are not restricted or prohibited, contractually or otherwise, from entering into and performing this Agreement and that your execution of and performance under this Agreement is not a violation or breach
of any other agreement and (iii) you have not disclosed to Company or any officer or other affiliate of Company any proprietary information or trade secrets of any former employer or of your current employer (if applicable). You represent and
warrant that your current employer has agreed to release you from any contractual commitments (other than with respect to use of confidential information) effective no later than October 13, 2014. Upon request of Company,
you will provide or have provided as of the date hereof, Company with a copy of any release document signed by your current employer. You further covenant that you shall not enter into any other agreements (including an extension or
amendment of any agreement) that would restrict or prohibit you from entering into or performing under this Agreement. 

(b)    You acknowledge that while you are employed hereunder you will comply with Company’s conflict of interest
policy and other corporate policies including, but not limited to, the requirements of Company’s compliance and ethics program, as in effect from time to time, of which you are made aware.

(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, 12, 13 and 14 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 specifically agree that Company shall be entitled
to injunctive relief to enforce and protect its rights under this Agreement. The provisions of this Paragraph 16(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. 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. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by email shall be effective as delivery of a manually executed counterpart of this Agreement. 

If, notwithstanding the provisions of the foregoing paragraph, any provision of this Agreement or the application hereof is held to be wholly
invalid, such invalidity shall not affect any other provisions or application of this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are hereby declared to be
severable. 
 (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. By operation of law or otherwise, 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. 

(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 

  
 5 

 
deemed to imply a continuing obligation upon the expiration or termination of this Agreement. Upon the expiration of the Term, the continuation of your employment (if applicable) shall be
deemed “at-will.” Accordingly, upon the expiration of the Term, your employment with Company shall not be subject to a defined term, but rather, you may terminate your employment with Company at
any time and for any reason and Company may terminate your employment at any time and for any reason, and accordingly, in the event of such termination by either party after the expiration of this Agreement, only the provisions of Paragraphs 12, 13
and 14 of this Agreement shall survive and all other provisions of the Agreement, including the provisions relating to Special Termination Payments, shall be void and of no effect. 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 New York as applicable to
agreements executed in and to be wholly performed within such State. In the unlikely event that differences arise between the parties relating to or arising from this Agreement that are not resolved by mutual agreement Company and you agree not
to demand a trial by jury in any action, proceeding or counterclaim in order to facilitate a judicial resolution and save time and expense of both parties. 
  

	 	17.	 Section 409A: This Agreement is intended to comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code (and any related regulations or other pronouncements). Amounts payable under this Agreement shall be
deemed not to be a “deferral of compensation” subject to Section 409A of the Code to the extent provided in the exceptions set forth in Treas. Reg. Section 1.409A-1(b)(4) (“short-term
deferrals”) and Treas. Reg. Section 1.409A-1(b)(9) (“separation pay plans”) and other applicable provisions of Treas. Reg. Section 1.409A-1
through A-6. References under this Agreement to a termination of your employment shall be deemed to refer to the date upon which you have experienced a “separation from service” within the
meaning of Section 409A of the Code. Notwithstanding anything herein to the contrary, if (i) at the time of your separation from service with Company you are a “specified employee” as defined in Section 409A of the
Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any
accelerated or additional tax under Section 409A of the Code, then Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to
you) until the date that is six months following your separation from service (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Paragraph 17 shall be paid to you in a
lump sum and (ii) any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if
deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by Company, that does not cause such
an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Agreement constitute “deferred compensation” under Section 409A of the Code, any
such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this
Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. For the avoidance of doubt, any continued health benefit plan coverage that you are entitled to receive following your termination
of employment is expected to be exempt from Section 409A of the Code and, as such, shall not be subject to delay pursuant to this paragraph. 

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

			
	 Very truly yours,

 

 
			
		 	 WARNER MUSIC INC.

		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	 Paul M. Robinson

  

	
	 Accepted and Agreed:
  

	 /s/ Eric Levin

	Eric Levin

  
 7

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