Document:

EX-10.27

 Exhibit 10.27 

 
 

 
 WARNER MUSIC GROUP CORP. 

DEFERRED COMPENSATION PLAN 

 WARNER MUSIC GROUP CORP. DEFERRED COMPENSATION PLAN 

Warner Music Group Corp., a Delaware corporation (the “Company”), hereby establishes this Warner Music Group
Corp. Deferred Compensation Plan (the “Plan”), effective November 16, 2010 (the “Effective Date”), for the purpose of attracting and retaining high quality executives and promoting in them increased efficiency
and an interest in the successful operation of the Company. The Plan is intended to, and shall be interpreted to, comply in all respects with Code Section 409A and those provisions of ERISA applicable to an unfunded plan maintained primarily to
provide deferred compensation benefits for a select group of “management or highly compensated employees.” 
 ARTICLE I 

TITLE AND DEFINITIONS 

1.1 “Account” or “Accounts” shall mean the bookkeeping account or accounts established under this Plan
pursuant to Article 4. 
 1.2 “Base Salary” shall mean a Participant’s annual base salary, excluding incentive and
discretionary bonuses, commissions, reimbursements and other non-regular remuneration, received from the Company prior to reduction for any salary deferrals under benefit plans sponsored by the Company,
including but not limited to, plans established pursuant to Code Section 125 or qualified pursuant to Code Section 401(k). 
 1.3
“Beneficiary” or “Beneficiaries” shall mean the person, persons or entity designated as such pursuant to Section 7.1. 

1.4 “Board” shall mean the Board of Directors of Company. 

1.5 “Bonus(es)” shall mean amounts paid to the Participant by the Company annually in the form of discretionary or incentive
compensation to the extent such amounts qualify as “fiscal year compensation” within the meaning of Treas. Reg. § 1.409A-2(a)(6). 

1.6 “Change in Control” shall mean a “Change in Control” as defined under the Company’s 2005 Omnibus Award
Plan, as amended from time to time (or any successor plan thereto). 
 1.7 “Code” shall mean the Internal Revenue Code of
1986, as amended, as interpreted by Treasury regulations and applicable authorities promulgated thereunder. 
 1.8
“Committee” shall mean the person or persons appointed by the Board to administer the Plan in accordance with Article 8. 

1.9 “Compensation” shall mean all amounts eligible for deferral for a particular Plan Year under Section 3.1(a). 

 1.10 “Crediting Rate” shall mean the notional gains and losses credited on
the Participant’s Account balance which are based on the Participant’s choice among the investment alternatives made available by the Committee pursuant to Section 3.3 of the Plan. 

1.11 “Deferral Account” shall mean the Account maintained for each Participant which is credited with Participant deferrals
pursuant to Section 4.1 
 1.12 “Disability” shall mean (consistent with the requirements of Section 409A)
that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. The Committee may require that the Participant submit evidence of such qualification for disability benefits
in order to determine that the Participant is disabled under this Plan. 
 1.13 “Distributable Amount” shall mean the
vested balance in the applicable Account as determined under Article 4. 
 1.14 “Eligible Employee” shall mean a highly
compensated or management level employee of the Company selected by the Committee to be eligible to participate in the Plan. The Committee shall, from time to time, designate minimum Base Salary or Compensation levels for eligibility to participate
in the Plan. 
 1.15 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, including
Department of Labor and Treasury regulations and applicable authorities promulgated thereunder. 
 1.16 “Financial
Hardship” shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in IRC Section 152(a)) of the Participant, loss of
the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, (but shall in all events correspond to the meaning of the term
“unforseeable emergency” under Code Section 409A(a)(2)(B)(ii)). 
 1.17 “Fund” or “Funds”
shall mean one or more of the investment funds selected by the Committee pursuant to Section 3.2 of the Plan. 
 1.18 “Hardship
Distribution” shall mean an accelerated distribution of benefits or a reduction or cessation of current deferrals pursuant to Section 6.5 to a Participant who has suffered a Financial Hardship. 

1.19 “Interest Rate” shall mean, for each Fund, an amount equal to the net gain or loss on the assets of such Fund during
each month, as determined by the Committee. 

  
 2 

 1.20 “Participant” shall mean any Eligible Employee who becomes a
Participant in this Plan in accordance with Article 2. 
 1.21 “Participant Election(s)” shall mean the forms or procedures
by which a Participant makes elections with respect to (1) voluntary deferrals of his/her Compensation, (2) the investment Funds which shall act as the basis for crediting of interest on Account balances, and (3) the form and timing
of distributions from Accounts. Participant Elections may take the form of an electronic communication followed by appropriate confirmation according to specifications established by the Committee. 

1.22 “Payment Date” shall mean the date upon which a lump sum payment shall be made or the date upon which installment
payments shall commence. Unless otherwise specified at the time a deferral election is made, the Payment Date shall be the last day of the sixth (6th) month commencing after the event
triggering the payout occurs. Subsequent installments shall be made in March of each succeeding Plan Year. In the case of death, the Committee shall be provided with documentation reasonably necessary to establish the fact of the Participant’s
death. The Payment Date of a Scheduled Distribution be shall March of the Plan Year in which the distribution is scheduled to commence. Notwithstanding the foregoing, the Payment Date shall not be before the earliest date on which benefits may be
distributed under Code Section 409A without violation of the provisions thereof as reasonably determined by the Committee. 
 1.23
“Plan Year” shall mean each fiscal year of the Company, commencing October 1 and ending September 30, except that the first Plan Year shall begin on the Effective Date and end on September 30, 2011. 

1.24 “Retirement” shall mean Termination of Service after having attained age 62 and completed at least 10 Years of
Service. 
 1.25 “Scheduled Distribution” shall mean a scheduled distribution date elected by the Participant for
distribution of amounts from a specified Deferral Account, including notional earnings thereon, as provided under Section 6.4. 
 1.26
“Termination of Service” shall mean the date of the Participant’s from service with the Company as defined under Code Section 409A for any reason whatsoever, whether voluntary or involuntary, including as a result of the
Participant’s Retirement, death or Disability. 
 1.27 “Years of Service” shall mean the cumulative consecutive years
of continuous full-time employment with the Company (including approved leaves of absence of six months or less or legally protected leaves of absence), beginning on the date the Participant first began service with the Company, and counting each
anniversary thereof. 
 ARTICLE II 

PARTICIPATION 
 An
Eligible Employee shall become a Participant in the Plan by completing and submitting to the Committee the appropriate Participant Elections, including such other documentation and information as the Committee may reasonably request, during the
enrollment period established by the Committee prior to the beginning of the first Plan Year in which the Eligible Employee shall be eligible to participate in the Plan. 

  
 3 

 ARTICLE III 

CONTRIBUTIONS & DEFERRAL ELECTIONS 

3.1 Elections to Defer Compensation. 

(a) Form of Elections. Unless otherwise determined by the Committee in accordance with Section 409A of the Code, a Participant may
only elect to defer Compensation attributable to services provided after the time an election is made. Elections shall take the form of a flat dollar amount or a whole percentage (less applicable payroll withholding requirements for Social Security
and income taxes and employee benefit plans as determined in the sole and absolute discretion of the Committee) of up to 100% of Bonuses (or such lesser percentage as determined by the Committee from time to time). Unless otherwise determined by the
Committee in accordance with Section 409A of the Code (or except as otherwise set forth herein), Participants shall make their deferral elections prior to the beginning of each Plan Year (or within 30 days following the Effective Date, in the
case of the first Plan Year) with respect to Bonuses to be earned in respect of such Plan Year. In the case of newly hired Eligible Employees, a deferral election may be made within 30 days following such Eligible Employee’s date of hire. 

(b) Duration of Compensation Deferral Election. An Eligible Employee’s initial election to defer Compensation shall be made during
the enrollment period established by the Committee prior to the Effective Date and shall apply only to Compensation for services performed after such deferral election is processed. A Participant may increase, decrease, terminate or recommence a
deferral election with respect to Compensation for any subsequent Plan Year by filing a Participant Election during the enrollment period established by the Committee prior to the beginning of such Plan Year, which election shall be effective on the
first day of the next following Plan Year. In the absence of an affirmative election by the Participant to the contrary, the deferral election for the prior Plan Year shall not continue in effect for future Plan Years, and in the absence of a
deferral election, no portion of the Participant’s Bonus shall be deferred for such future Plan Years. After the beginning of the Plan Year, deferral elections with respect to Compensation for services performed during such Plan Year shall be
irrevocable except in the event of Financial Hardship. 
 3.2 Investment Elections. 

(a) Participant Direction. At the time of entering the Plan and/or of making the deferral election under the Plan, the Participant
shall designate, on a Participant Election provided by the Committee, the investment Funds in which the Participant’s Account or Accounts shall be deemed to be invested for purposes of determining the amount of earnings and losses to be
credited to each Account. The Participant may specify that all or any percentage of his or her Account or Accounts shall be deemed to be invested, in whole percentage increments, in one or more of the types of investment Funds selected as
alternative investments under the Plan from time to time by the Committee pursuant to subsection (b) of this Section. A Participant may change the designation made under this Section at least monthly by filing a

  
 4 

 
revised election, on a Participant Election provided by the Committee. During payout, the Participant’s Account shall continue to be credited at the Crediting Rate selected by the
Participant from among the investment alternatives or rates made available by the Committee for such purpose until all amounts have been distributed from the Account. If a Participant fails to make an investment election under this Section for a
particular Account, such Account shall be invested in the default investment Fund selected by the Committee for such purpose. 
 (b)
Investment Alternatives. Prior to the beginning of each Plan Year, the Committee shall select, in its sole and absolute discretion, commercially available investment Funds for the applicable Plan Year and shall communicate each of the
alternative types of investment Funds to the Participant pursuant to subsection (a) of this Section. The Interest Rate of each such commercially available investment fund shall be used to determine the amount of earnings or losses to be
credited to Participant’s Account under Article IV. The Participant’s choice among investments shall be solely for purposes of calculation of the Crediting Rate on Accounts. The Company shall have no obligation to set aside or invest
amounts as directed by the Participant and, if the Company elects to invest amounts as directed by the Participant, the Participant shall have no more right to such investments than any other unsecured general creditor. 

3.3 Distribution Elections. 

(a) Initial Election. At the time of making a deferral election under the Plan, the Participant shall designate the time and form of
distribution of deferrals made pursuant to such election (together with any earnings credited thereon) from among the alternatives specified in Section 6. 

(b) Modification of Election. A new distribution election may be made at the time of subsequent deferral elections with respect to
deferrals in Plan Years beginning after the election is made. However, a distribution election with respect to previously deferred amounts may only be changed under the terms and conditions specified in Code Section 409A, and subject to such
other limitations as the Committee may establish from time to time. Except as expressly provided under the Plan, no acceleration of a distribution is permitted. A subsequent election that delays payment or changes the form of payment shall be
permitted if and only if all of the following requirements are met: 
 (1) the new election does not take effect until at least twelve
(12) months after the date on which the new election is made; 
 (2) in the case of payments made on account of Termination of Service
or a Scheduled Distribution, the new election delays payment for at least five (5) years from the date that payment would otherwise have been made, absent the new election; and 

(3) in the case of payments made according to a Scheduled Distribution, the new election is made not less than twelve (12) months before
the date on which payment would have been made (or, in the case of installment payments, the first installment payment would have been made) absent the new election. 

  
 5 

 For purposes of application of the above change limitations, installment payments shall be treated as a
single payment. Election changes made pursuant to this Section shall be made in accordance with rules established by the Committee, and shall comply with all requirement of Code Section 409A and applicable authorities. 

ARTICLE IV 
 DEFERRAL
ACCOUNTS 
 4.1 Deferral Accounts. The Committee shall establish and maintain Deferral Accounts for each Participant under
the Plan. Each Participant’s Deferral Account shall be further divided into separate subaccounts (“investment fund subaccounts”), each of which corresponds to an investment Fund elected by the Participant pursuant to Section 3.2.
A Participant’s Deferral Account shall be credited as follows: 
 (a) On or before the fifth (5th) business day after amounts are withheld and deferred from a Participant’s Compensation, the Committee shall credit the investment fund subaccounts of the Participant’s Deferral
Account with an amount equal to Compensation deferred by the Participant in accordance with the Participant’s election under Section 3.2; that is, the portion of the Participant’s deferred Compensation that the Participant has elected
to be deemed to be invested in a certain type of investment Fund shall be credited to the investment fund subaccount to be invested in that Fund; 

(b) Each business day, each investment fund subaccount of a Participant’s Deferral Account shall be credited with earnings or losses in
an amount equal to that determined by multiplying the balance credited to such investment fund subaccount as of the prior day, less any distributions valued as of the end of the prior day, by the Interest Rate for the corresponding Fund as
determined by the Company pursuant to Section 3.2(b); and 
 (c) In the event that a Participant elects for a given Plan Year’s
deferral of Compensation a Scheduled Distribution, all amounts attributed to the deferral of Compensation for such Plan Year shall be accounted for in a manner which allows separate accounting for the deferral of Compensation and investment gains
and losses associated with amounts allocated to such each separate Scheduled Distribution. 
 4.2 Trust. The Company shall be
responsible for the payment of all benefits under the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but the
assets thereof shall be subject to the claims of the Company’s creditors. Benefits paid to the Participant from any such trust or trusts shall be considered paid by the Company for purposes of meeting the obligations of the Company under the
Plan. In the event of a Change in Control, the Company shall cause the Trust to be fully funded with amounts necessary to cover all accrued benefits under the Plan through the date of such Change in Control. 

4.3 Statement of Accounts. The Committee shall provide each Participant with electronic statements at least quarterly setting forth the
Participant’s Account balance as of the end of each calendar quarter. 

  
 6 

 ARTICLE V 

VESTING 
 5.1
Vesting of Deferral Accounts. The Participant shall be vested at all times in amounts credited to the Participant’s Deferral Account or Accounts. 

ARTICLE VI 

DISTRIBUTIONS 
 6.1
Retirement Distributions. 
 (a) Timing and Form of Deferral Account Distributions. Except as otherwise provided herein, in
the event of a Participant’s Retirement, the Distributable Amount credited to the Participant’s Deferral Account shall be paid to the Participant in the form of a single lump sum, unless the Participant has made an alternative benefit
election on a timely basis pursuant to Section 3.3 to receive the Retirement benefits in the form of substantially equal annual installments over up to fifteen (15) years. 

(b) Small Benefit Exception. If on commencement of benefits payable from an Account upon a Retirement the Distributable Amount from
such Account is less than or equal to $25,000, the total Distributable Amount from such Account shall be paid in the form of a single lump sum distribution on the scheduled Payment Date. 

6.2 Termination Distributions. In the event of a Participant’s Termination of Service other than by reason of Retirement, the
Distributable Amount credited to the Participant Deferral Account shall be paid in a single lump sum on the Payment Date following Termination of Service. 

6.3 Accelerated Distribution upon Death. In the event that the Participant dies prior to or after commencement of benefits payable from
an Account, the Company shall pay to the Participant’s Beneficiary the remaining Distributable Amount of such Account in a single lump sum on the Payment Date following the Participant’s death. 

6.4 Scheduled Distributions. 

(a) Scheduled Distribution Election. Participants shall be entitled to elect to receive a Scheduled Distribution from the Deferral
Account prior to Termination of Service. In the case of a Participant who has elected to receive a Scheduled Distribution, such Participant shall receive the Distributable Amount, with respect to the specified deferrals, including earnings thereon,
which have been elected by the Participant to be subject to such Scheduled Distribution election in accordance with Section 3.3 of the Plan. A Participant’s Scheduled Distribution commencement date with respect to deferrals of Compensation
for a given Plan Year shall be no earlier than two (2) years from the last day of the Plan Year in which the deferrals are credited to the Participant’s Account. The Participant may elect to receive the Scheduled Distribution in a single
lump sum or substantially equal annual installments over a period of up to five (5) years. A Participant may delay and change the form of a Scheduled Distribution, provided such extension complies with the requirements of Section 3.3. 

  
 7 

 (b) Termination of Service. In the event of a Participant’s Termination of
Service prior to or after commencement of a Scheduled Distribution, the remaining Scheduled Distributions shall be distributed in the form applicable to such Termination of Service under Sections 6.1, 6.2 or 6.3 above. 

6.5 Hardship Distribution. Upon a finding that the Participant (or, after the Participant’s death, a Beneficiary) has suffered a
Financial Hardship, subject to compliance with Code Section 409A the Committee may, at the request of the Participant or Beneficiary, accelerate distribution of benefits or approve reduction or cessation of current deferrals under the Plan in
the amount reasonably necessary to alleviate such Financial Hardship subject to the following conditions: 
 (a) The request to take a
Hardship Distribution shall be made by filing a form provided by and filed with the Committee prior to the end of any calendar month. 
 (b)
The amount distributed pursuant to this Section with respect to a Financial Hardship shall not exceed the amount necessary to satisfy such financial emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such
assets would not itself cause severe financial hardship). 
 (c) The amount determined by the Committee as a Hardship Distribution shall be
paid in a single cash lump sum as soon as practicable after the end of the calendar month in which the Hardship Distribution election is made and approved by the Committee. 

(d) Upon a finding that the Participant has suffered a Financial Hardship, subject to Treasury Regulations promulgated under Code
Section 409A the Administrator may at the request of the Participant, accelerate distribution of benefits or approve reduction or cessation of current deferrals under the Plan in the amount reasonably necessary to alleviate such Financial
Hardship. The amount distributed pursuant to this Section with respect to an emergency shall not exceed the amount necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after
taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not
itself cause severe financial hardship). The Participant shall not be permitted to make a deferral election with respect to his or her Bonus in respect of the Plan Year following the Plan Year during which the Participant received a Hardship
Distribution. 
 ARTICLE VII 

PAYEE DESIGNATIONS AND LIMITATIONS 

7.1 Beneficiaries. 
 (a)
Beneficiary Designation. The Participant shall have the right, at any time, to designate any person or persons as Beneficiary (both primary and contingent) to whom payment under the Plan shall be made in the event of the Participant’s
death. The Beneficiary designation shall be effective when it is submitted to and acknowledged by the Committee during the Participant’s lifetime in the format prescribed by the Committee. 

  
 8 

 (b) Absence of Valid Designation. If a Participant fails to designate a Beneficiary
as provided above, or if every person designated as Beneficiary predeceases the Participant or dies prior to complete distribution of the Participant’s benefits, then the Committee shall direct the distribution of such benefits to the
Participant’s estate. 
 7.2 Payments to Minors. In the event any amount is payable under the Plan to a minor, payment shall not
be made to the minor, but instead be paid (a) to that person’s living parent(s) to act as custodian, (b) if that person’s parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, to act as
custodian, or (c) if no parent of that person is then living, to a custodian selected by the Committee to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides.
If no parent is living and the Committee decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor or, if no guardian of the
estate for the minor is duly appointed and currently acting within sixty (60) days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of the minor. 

7.3 Payments on Behalf of Persons Under Incapacity. In the event that any amount becomes payable under the Plan to a person who, in the
sole judgment of the Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any person found by the Committee, in its sole judgment, to
have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of any and all liability of the Committee and the Company under the Plan. 

7.4 Inability to Locate Payee. In the event that the Committee is unable to locate a Participant or Beneficiary within two years
following the scheduled Payment Date, the amount allocated to the Participant’s Deferral Account shall be forfeited. If, after such forfeiture, the Participant or Beneficiary later claims such benefit, such benefit shall be reinstated without
interest or earnings. 
 ARTICLE VIII 

ADMINISTRATION 
 (a)
Committee. The Plan shall be administered by a Committee appointed by the Board, which shall have the exclusive right and full discretion (i) to appoint agents to act on its behalf, (ii) to select and establish Funds, (iii) to
interpret the Plan, (iv) to decide any and all matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies, or admissions), (v) to make, amend and rescind such rules as it deems necessary for the proper
administration of the Plan and (vi) to make all other determinations and resolve all questions of fact necessary or advisable for the administration of the Plan, including determinations regarding eligibility for benefits payable under the
Plan. All interpretations of the Committee with respect to any matter hereunder shall be final, conclusive and binding on all persons affected thereby. No member of the Committee or agent thereof shall be liable for any determination, decision, or

  
 9 

 
action made in good faith with respect to the Plan. The Company will indemnify and hold harmless the members of the Committee and its agents from and against any and all liabilities, costs, and
expenses incurred by such persons as a result of any act, or omission, in connection with the performance of such persons’ duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and expenses as may result
from the bad faith, willful misconduct, or criminal acts of such persons. 
 8.2 Claims Procedure. Any Participant, former
Participant or Beneficiary may file a written claim with the Committee setting forth the nature of the benefit claimed, the amount thereof, and the basis for claiming entitlement to such benefit. The Committee shall determine the validity of the
claim and communicate a decision to the claimant promptly and, in any event, not later than ninety (90) days after the date of the claim. The claim may be deemed by the claimant to have been denied for purposes of further review described below
in the event a decision is not furnished to the claimant within such ninety (90) day period. If additional information is necessary to make a determination on a claim, the claimant shall be advised of the need for such additional information
within forty-five (45) days after the date of the claim. The claimant shall have up to one hundred eighty (180) days to supplement the claim information, and the claimant shall be advised of the decision on the claim within forty-five
(45) days after the earlier of the date the supplemental information is supplied or the end of the one hundred eighty (180) day period. Every claim for benefits which is denied shall be denied by written notice setting forth in a manner
calculated to be understood by the claimant (i) the specific reason or reasons for the denial, (ii) specific reference to any provisions of the Plan (including any internal rules, guidelines, protocols, criteria, etc.) on which the denial
is based, (iii) description of any additional material or information that is necessary to process the claim, and (iv) an explanation of the procedure for further reviewing the denial of the claim and shall include an explanation of the
claimant’s right to submit the claim for binding arbitration in the event of an adverse determination on review. 
 8.3 Review
Procedures. Within sixty (60) days after the receipt of a denial on a claim, a claimant or his/her authorized representative may file a written request for review of such denial. Such review shall be undertaken by the Committee and shall be
a full and fair review. The claimant shall have the right to review all pertinent documents. The Committee shall issue a decision not later than sixty (60) days after receipt of a request for review from a claimant unless special circumstances,
such as the need to hold a hearing, require a longer period of time, in which case a decision shall be rendered as soon as possible but not later than one hundred twenty (120) days after receipt of the claimant’s request for review. The
decision on review shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by the claimant with specific reference to any provisions of the Plan on which the decision is based and shall
include an explanation of the claimant’s right to submit the claim for binding arbitration in the event of an adverse determination on review. 

ARTICLE IX 

MISCELLANEOUS 
 9.1
Amendment or Termination of Plan. The Company may, at any time, direct the Committee to amend or terminate the Plan, except that no such amendment or termination may reduce a Participant’s Account balances. If the Company terminates the
Plan, no further 

  
 10 

 
amounts shall be deferred hereunder, and amounts previously deferred or contributed to the Plan shall be fully vested and shall be paid in accordance with the provisions of the Plan as scheduled
prior to the Plan termination. Notwithstanding the forgoing, to the extent permitted under Code Section 409A and applicable authorities, the Company may, in its complete and sole discretion, accelerate distributions under the Plan in the event
of a “change in ownership” or “effective control” of the Company or a “change in ownership of a substantial portion of assets” or under such other terms and conditions as may be specifically authorized under Code
Section 409A and applicable authorities. 
 9.2 Unsecured General Creditor. The benefits paid under the Plan shall be paid from
the general funds of the Company, and the Participant and any Beneficiary or their heirs or successors shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any
obligations hereunder. It is the intention of the Company that this Plan be unfunded for purposes of ERISA and the Code. 
 9.3
Restriction Against Assignment. The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or entity. No part of a Participant’s Accounts shall be liable for the
debts, contracts, or engagements of any Participant, Beneficiary, or their successors in interest, nor shall a Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor
shall any such person have any right to alienate, anticipate, sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever. No part of a Participant’s Accounts shall be subject to any right of
offset against or reduction for any amount payable by the Participant or Beneficiary, whether to the Company or any other party, under any arrangement other than under the terms of this Plan. 

9.4 Withholding. The Participant shall make appropriate arrangements with the Company for satisfaction of any federal, state or local
income tax withholding requirements, Social Security and other employee tax or other requirements applicable to the granting, crediting or payment of benefits under the Plan. There shall be deducted from each payment made under the Plan or any other
Compensation payable to the Participant (or Beneficiary) all taxes which are required to be withheld by the Company in respect to such payment or this Plan. The Company shall have the right to reduce any payment (or other Compensation) by the amount
of cash sufficient to provide the amount of said taxes. 
 9.5 Protective Provisions. The Participant shall cooperate with the
Company by furnishing any and all information requested by the Committee, in order to facilitate the payment of benefits hereunder. 
 9.6
Errors in Account Statements, Deferrals or Distributions. In the event an error is made in an Account statement, such error shall be corrected on the next statement following the date such error is discovered. In the event of an error in
deferral amount, consistent with and as permitted by any correction procedures established under IRC Section 409A, the error shall be corrected immediately upon discovery by, in the case of an excess deferral, distribution of the excess amount
to the Participant, or, in the case of an under deferral, reduction of other compensation payable to the Participant. In the event of an error in a distribution, the over or 

  
 11 

 
under payment shall be corrected by payment to or collection from the Participant consistent with any correction procedures established under IRC Section 409A, immediately upon the discovery
of such error. In the event of an overpayment, the Company may, at its discretion, offset other amounts payable to the Participant from the Company (including but not limited to salary, bonuses, expense reimbursements, severance benefits or other
employee compensation benefit arrangements, as allowed by law and subject to compliance with IRC Section 409A) to recoup the amount of such overpayment(s). 

9.7 Employment Not Guaranteed. Nothing contained in the Plan nor any action taken hereunder shall be construed as a contract of
employment or as giving any Participant any right to continue the provision of services in any capacity whatsoever to the Company. 
 9.8
Successors of the Company. The rights and obligations of the Company under the Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 

9.9 Notice. Any notice or filing required or permitted to be given to the Company or the Participant under this Agreement shall be
sufficient if in writing and hand-delivered, or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the Committee, and in the case of the Participant, to the last
known address of the Participant indicated on the employment records of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration
or certification. Notices to the Company may be permitted by electronic communication according to specifications established by the Committee. 

9.10 Headings. Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the
construction of the provisions hereof. 
 9.11 Gender, Singular and Plural. All pronouns and any variations thereof shall be deemed
to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular. 

9.12 Governing Law. The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a
select group of “management or highly compensated employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA. In the event any provision of, or legal issue
relating to, this Plan is not fully preempted by federal law, such issue or provision shall be governed by the laws of the State of New York. 

9.13 Binding Arbitration. Any claim, dispute or other matter in question of any kind relating to this Plan which is not resolved by the
claims procedures under this Plan shall be settled by arbitration in accordance with the applicable employment dispute resolution rules of the American Arbitration Association. Notice of demand for arbitration shall be made in writing to the
opposing party and to the American Arbitration Association within a reasonable time after the claim, dispute or other matter in question has arisen. In no event shall a demand for arbitration be made after the date when the applicable statute of
limitations would bar the 

  
 12 

 
institution of a legal or equitable proceeding based on such claim, dispute or other matter in question. The decision of the arbitrators shall be final and may be enforced in any court of
competent jurisdiction. The arbitrators may award reasonable fees and expenses to the prevailing party in any dispute hereunder and shall award reasonable fees and expenses in the event that the arbitrators find that the losing party acted in bad
faith or with intent to harass, hinder or delay the prevailing party in the exercise of its rights in connection with the matter under dispute. 

IN WITNESS WHEREOF, the Board of Directors of the Company has approved the adoption of this Plan as of the Effective Date and has caused the
Plan to be executed by its duly authorized representative this 16th day of November, 2010. 
  

			
	Warner Music Group Corp.,
		
	By	 	 /s/ Paul M. Robinson

		
	Title	 	 EVP and General Counsel

  
 13EX-10.28

 Exhibit 10.28 

SECOND AMENDED AND RESTATED 

WARNER MUSIC GROUP CORP. 

SENIOR MANAGEMENT FREE CASH FLOW PLAN 

Warner Music Group Corp., a Delaware corporation (the “Company”), established the Amended and
Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan (as amended from time to time, the “Plan”), effective January 1, 2013 (the “Effective Date”), and has amended and restated this Plan as
provided herein effective March 10, 2017, for the purpose of attracting and retaining high quality executives and promoting in them increased efficiency and an interest in the successful operation of the Company. The Plan is intended to,
and shall be interpreted to, comply in all respects with Section 409A of the Code and those provisions of ERISA applicable to an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management
or highly compensated employees.” 
 Article I 

TITLE AND DEFINITIONS 

1.1“Access” means AI Entertainment Holdings LLC and its Affiliates.

1.2“Additional Unit Allocation” means, in connection with any increase in the maximum number of Deferred Equity Units
available for acquisition by a Participant, as determined by the Committee, the excess of the Maximum Unit Allocation for the Participant after such increase over the Maximum Unit Allocation for the Participant immediately prior to such increase.

 1.3 “Affiliate” means, with respect to any Person, any other Person, directly or indirectly, controlling,
controlled by or under common control with, such Person, where “control” means the power to direct the affairs of a Person by reason of ownership of voting securities, by contract or otherwise. 

1.4“Deferred Amount”, for a Participant, shall mean, with respect to each Unit Allocation, the product of (x) the
Unit Allocation and (y) the Base Investment Price applicable to such Unit Allocation.
 1.5“Annual FCF
Bonus(es)” shall mean amounts paid to a Participant by the Company annually in the form of discretionary or incentive compensation pursuant to Section 3.1 to the extent such amounts qualify as “fiscal year compensation”
within the meaning of Treas. Reg. § 1.409A-2(a)(6). 
 1.6“Base Investment
Price” shall mean $107.13 with respect to Unit Allocations made with respect to the 2013 Plan Year and, with respect to Unit Allocations made in a subsequent Plan Year, such Base Investment Price as the Committee shall determine at the time
of grant. 
 1.7“Cause”, with respect a Participant, shall mean the Company or its Affiliate having “cause” to
terminate such Participant’s employment or service, as defined in any existing employment, consulting or any other agreement between the Participant and the Company or any of its Affiliates with such a definition or, in the absence of such an
employment, consulting or other agreement, upon (i) the Participant having ceased to perform his or her material duties to the LLC, the Company or any of its Affiliates (other than as a result of vacation, approved leave or his or her
incapacity due to physical or mental illness or injury), which failure amounts to an extended neglect of such duties, (ii) the Participant engaging in conduct that is demonstrably and materially injurious to the business of the Company
or any of its Affiliates, (iii) the Participant having been 

 
convicted of, or pled guilty or no contest to, any misdemeanor involving as a material element fraud, dishonesty or the sale or possession of illicit substances, or to a felony,
(iv) the failure of the Participant to follow the lawful instructions of the Company’s Board of Directors or his or her direct superiors to the extent such instructions have been communicated to the Participant or
(v) the Participant having breached any material covenant contained in the LLC Agreement or any employment letter or agreement between the Company or any of its Affiliates and the Participant. 

1.8“Change in Control” shall mean the occurrence of: 

(1)any consolidation or merger of the Company with or into any other corporation or other Person or any other corporate
reorganization or transaction (including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, in which the stockholders of the Company immediately prior to such consolidation, merger, reorganization or
transaction, own capital stock or other equity securities either (x) representing directly, or indirectly through one or more entities, less than 50% of the economic interests in or voting power of the Company or other surviving entity
immediately after such consolidation, merger, reorganization or transaction or (y) that does not directly, or indirectly through one or more entities, have the power to elect a majority of the entire Board of Directors of the Company or
other surviving entity immediately after such consolidation, merger, reorganization or transaction; 
 (2)any transaction or
series of related transactions, whether or not the Company is a party thereto, after giving effect to which in excess of 50% of the Company’s voting power is owned by any Person or group (as defined in Section 13(d) of the Securities
Exchange Act of 1934, as amended) (other than the Company, Access or any of their respective Affiliates), excluding any bona fide primary or secondary public offering following the occurrence of an initial public offering of the Company’s
Common Stock; 
 (3)a sale, lease or other disposition of all or substantially all of the assets of the Company and its
subsidiaries to any Person or group (other than the Company, Access or any of their respective Affiliates); or 
 (4)with
respect to a Participant who is employed by a Company Division, a sale, lease or other disposition of all or substantially all of the assets of such Company Division to any Person or group (other than the Company, Access or any of their respective
Affiliates); 
 provided that any Change in Control shall also constitute a change in control event within the meaning of the
events described in Section 409A(a)(2)(A)(v) of the Code and the related regulations. 
 1.9“Code” shall mean the
Internal Revenue Code of 1986, as amended, as interpreted by Treasury regulations and applicable authorities promulgated thereunder.

1.10“Committee” shall mean the person or persons appointed by the Board of Directors of the Company to administer the Plan in
accordance with Article IX. 
 1.11“Company’s Common Stock” shall mean the common stock, par value $0.001 per share,
of the Company.

  
 2 

 1.12“Company Divisions” shall mean the “Music Publishing” and
“Recorded Music” business segments of the Company and its Affiliates as reported in the Company’s Consolidated Audited Financial Statements (and any other business segment as may be reported from time to time in such audited financial
statements).
 1.13“Compensation” shall mean all amounts eligible for deferral for a particular Plan Year under
Section 4.1.
 1.14“Deferral Account” shall mean the Account maintained for each Participant which is granted and
credited with Deferred Equity Units in respect of Participant deferrals pursuant to Section 5.1.
 1.15“Deferred
Amount” shall have the meaning set forth in Section 4.1. 
 1.16“Deferred Equity Unit” shall mean a
contractual right to receive the Settlement Payment, on the terms and conditions set forth in Article VII.
 1.17“Deferred
Percentage” shall have the meaning set forth in Section 4.1. 
 1.18“Disability” shall, with respect to a
Participant, have the meaning set forth in the long-term disability plan of the Company or its Affiliate applicable to such Participant.

1.19“Dividend Equivalents” shall mean the rights granted under Section 5.3 to receive payments in cash based on
dividends made with respect to shares of the Company’s Common Stock. 
 1.20“Effective Date” shall mean
January 1, 2013.
 1.21“Eighth Plan Year” shall mean, with respect to each Unit Allocation (and Deferred Equity Units
and Matching Equity Units acquired in respect of a Unit Allocation), the eighth Plan Year to which a Participant’s initial deferral election in respect of such Unit Allocation applies or, in the case of an Additional Unit Allocation, the eighth
Plan Year to which the Participant’s receipt of such Additional Unit Allocation applies, except, in any such case, as otherwise determined by the Committee in accordance with Section 409A of the Code.

1.22“Eligible Employee” shall mean a highly compensated or management level employee or officer of the Company selected by
the Committee to be eligible to participate in the Plan. Each Eligible Employee shall be an “accredited investor” as such term is defined in Rule 501(a) of the Securities Act of 1933, as amended. 

1.23“employment” shall mean a Participant’s employment with or service to the Company and its Affiliates that actually
employ the Participant or to which the Participant provides services, whether as an employee, consultant, officer or otherwise. 

1.24“Equity Unit” shall mean one Class A Unit of Management Holdings, LLC, having the terms and conditions set forth in
the LLC Agreement.
 1.25“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, including
Department of Labor and Treasury regulations and applicable authorities promulgated thereunder. 

  
 3 

 1.26“Fair Market Value” shall mean, with respect to shares of the
Company’s Common Stock, as of any particular date of determination prior to an Initial Public Offering, the per share value on such date of a share of the Company’s Common Stock that would be paid by a willing buyer to an unaffiliated
willing seller, without any discount for minority interest, lack of liquidity, transfer restrictions or forfeiture risks, as determined by a valuation of the Company’s Common Stock (taking into account the Fully-Diluted Company Equity) that
shall have been performed by a nationally recognized independent valuation firm or as otherwise determined in good faith by the Committee taking into account such factors as the Committee deems appropriate, including, but not limited to, the
earnings and other financial and operating information of the Company in recent periods, the value of the Company’s tangible and intangible assets, the present value of anticipated future cash-flows of the Company, the history and management of
the Company, the general condition of the securities markets and the market value of securities of companies engaged in businesses similar to those of the Company. Following an Initial Public Offering, “Fair Market Value” of a share
of the Company’s Common Stock shall mean, as of any particular date of determination, the mid-point between the high and the low trading prices for such date per share of the Company’s Common Stock
as reported on the principal stock exchange on which the shares of the Company’s Common Stock are then listed. 
 1.27“FCF
Bonus Pool” shall mean the amount of Free Cash Flow allocated pursuant to Section 3.1.
 1.28“Fractional Company
Share” shall mean one-ten-thousandth (1/10,000) of a share of the Company’s Common Stock. 

1.29“Free Cash Flow” shall mean, with respect to a Plan Year, without any double counting, the amount of the Company’s
consolidated cash flow from operating activities determined in accordance with U.S. generally accepted accounting principles less capital expenditures, cash paid or received for investments, working capital changes (meaning the change in current
assets over current liabilities during the Plan Year), interest payments and cash taxes, and plus any management fees paid to Access by the Company in such Plan Year; provided that for any Plan Year, the Committee may (i) increase
or decrease the amount of Free Cash Flow to take into account material purchases or payments made by the Company, (ii) increase the amount of Free Cash Flow to take into account cash paid for all or any portion of any investments,
together with associated expenses, whether or not material, and add back any other items deducted from consolidated cash flow as provided above (such increase, an “Added Investment Amount”) and/or
(iii) require that all or any portion of an Added Investment Amount be deferred by the Participants to acquire Deferred Equity Units under the Plan. 

1.30“Fully-Diluted Company Equity” shall mean, as of any particular date, the sum (without duplication) of all outstanding
(i) shares of the Company’s Common Stock (including Fractional Company Shares), (ii) Deferred Equity Units (assuming all Deferred Equity Units are then settled for Fractional Company Shares pursuant to Article VII) and
(iii) other equity or equity-based interests in the Company.
 1.31“Good Reason”, with respect a Participant,
shall mean the Participant having “good reason” to terminate the Participant’s employment or service, as defined in any existing employment, consulting or any other agreement between such Participant and the Company or any of its
Affiliates with such a definition or, in the absence of such an employment, consulting or other agreement, means (i) a material reduction in such Participant’s annual salary or Annual FCF Bonus percentage allocation,
(ii) a failure by the Company or any of its Affiliates to pay to such Participant any annual salary which has become payable and due to him or her in accordance with the terms of any employment letter or agreement between the Company or
any of its Affiliates and such Participant, or (iii) a failure by the Company or Management Holdings, LLC to pay to such Participant any entitlement which has become payable and due to him or her in accordance with the terms of the Plan;

  
 4 

 provided that, within 30 days following any such reduction or failure, (A) such
Participant shall have delivered written notice to the Company of his or her intention to terminate his or her employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to his or her right to
terminate his or her employment for Good Reason, (B) such Participant shall have provided the Company with 30 days after receipt of such notice to cure such circumstances and (C) failing a cure, such Participant shall have
terminated his or her employment within 30 days after the expiration of the 30-day period set forth in the preceding clause (B). 

1.32“Initial Public Offering” means the first underwritten public offering of the Company’s Common Stock. 

1.33“Initial Unit Allocation” shall mean the maximum number of Deferred Equity Units available for acquisition by a
Participant, as determined by the Committee at the time an Eligible Employee becomes a Participant in accordance with Article II. 

1.34“LLC Agreement” shall mean the Limited Liability Company Agreement of Management Holdings, LLC, dated as of
January 7, 2013, as amended, supplemented or modified in accordance with its terms. 
 1.35“Management Holdings, LLC”
shall mean WMG Management Holdings, LLC, a Delaware limited liability company.
 1.36“Matching Equity Unit” shall mean one
Class B Unit of Management Holdings, LLC, having the terms and conditions set forth in the LLC Agreement.
 1.37“Maximum
Deferred Amount”, for a Participant, means the sum of all Deferred Amounts allocated to such Participant. 
 1.38“Maximum
Unit Allocation”, for a Participant, shall mean the sum of such Participant’s (x) Initial Unit Allocation and (y) each Additional Unit Allocation, if any. 

1.39“Participant” shall mean any Eligible Employee who becomes a Participant in the Plan in accordance with Article II. 

1.40“Participant Election(s)” shall mean the forms or procedures by which a Participant makes elections with respect to
voluntary deferrals of his or her Compensation.
 1.41“Person” shall mean any individual, partnership, corporation,
association, trust, joint venture, unincorporated organization or other entity. 
 1.42“Plan Year” shall mean each fiscal
year of the Company following the Effective Date, commencing October 1 and ending September 30, or such other fiscal year as may be determined by the Company’s Board of Directors.

1.43“Pro Rata Annual FCF Bonus” means, as of any particular date, for a Participant, (x) the Annual FCF Bonus
that the Participant would have earned as an Annual FCF Bonus in respect of a Plan Year if the Participant’s employment with the Company and its Affiliates had continued until the last day of such Plan Year, based on the Company’s
projected Free Cash Flow for such fiscal year as of the end of the month 

  
 5 

 
immediately preceding such date (projected on a reasonable basis using information then available to the Company), multiplied by (y) a fraction, the numerator of which is the number
of days that have elapsed from the first day of such Plan Year (or such later enrollment period as may be applicable) and the denominator of which is 365; provided that any Pro Rata Annual FCF Bonus in respect of a Plan Year shall be
determined without regard to a change in the Company’s fiscal year that is effective for other purposes during such Plan Year.

1.44“Redemption Date” shall have the meaning set forth in Section 7.1. 

1.45“Settlement Payment” shall have the meaning set forth in Section 7.1. 

1.46“Sixth Plan Year” shall mean, with respect to each Unit Allocation (and Deferred Equity Units and Matching Equity Units
acquired in respect of a Unit Allocation), the sixth Plan Year to which a Participant’s initial deferral election in respect of such Unit Allocation applies or, in the case of an Additional Unit Allocation, the sixth Plan Year to which the
Participant’s receipt of such Additional Unit Allocation applies, except, in any such case, as otherwise determined by the Committee in accordance with Section 409A of the Code.

1.47“Seventh Plan Year” shall mean, with respect to each Unit Allocation (and Deferred Equity Units and Matching Equity Units
acquired in respect of a Unit Allocation), the seventh Plan Year to which a Participant’s initial deferral election in respect of such Unit Allocation applies or, in the case of an Additional Unit Allocation, the seventh Plan Year to which the
Participant’s receipt of such Additional Unit Allocation applies, except, in any such case, as otherwise determined by the Committee in accordance with Section 409A of the Code.

1.48“Termination Payment Date” shall have the meaning set forth in Section 7.5(b). 

1.49“Third Plan Year” shall mean, with respect to each Unit Allocation (and Deferred Equity Units and Matching Equity Units
acquired in respect of a Unit Allocation), the third Plan Year to which a Participant’s initial deferral election in respect of such Unit Allocation applies or, in the case of an Additional Unit Allocation, the third Plan Year to which the
Participant’s receipt of such Additional Unit Allocation applies, except, in any such case, as otherwise determined by the Committee in accordance with Section 409A of the Code.

1.50“Unit Allocation” shall mean an Initial Unit Allocation or Additional Unit Allocation, as applicable. 

1.51“Unrecovered Investment Credit” means, for each Participant, as of any particular date, the aggregate amount of Added
Investment Amounts that have not been applied to reduce any of (i) Annual FCF Bonuses under Section 3.2, (ii) payments in respect of Dividend Equivalents, (iii) distributions payable in respect of Matching Equity
Units under Section 6.1 of the LLC Agreement or (iv) with respect to any individual Participant, the redemption price payable in respect of the Participant’s Matching Equity Units under Article XI of the LLC Agreement.

  
 6 

 Article II 

PARTICIPATION 
 An
Eligible Employee shall become a Participant in the Plan by completing and submitting to the Committee the appropriate Participant Elections, including such other documentation and information as the Committee may reasonably request, during the
enrollment period established by the Committee prior to the Effective Date (or such later enrollment period as may be applicable). 

Article III 
 FREE
CASH FLOW BONUS POOL 
 3.1Allocation of Free Cash Flow Bonus Pool. For each Plan Year, the Company shall allocate 8.0%
of the Company’s Free Cash Flow for such fiscal year, if any, to the FCF Bonus Pool. The amount of Free Cash Flow available for the FCF Bonus Pool in respect of a Plan Year will depend on the Company’s financial results and
performance in such Plan Year and shall be determined by the Committee in good faith consistent with the objectives of this Plan, shortly after the end of each fiscal year, after review of the Company’s quality of revenue, profit and cash flow
results for such Plan Year, and may be positive, zero or negative. If any Added Investment Amount is applied to increase Free Cash Flow in a Plan Year, each Participant who is then participating in the Plan shall be credited with a share of the
Unrecovered Investment Credit in respect of the Added Investment Amount, calculated by each Participant’s allocated fixed percentage of the Plan Year’s FCF Bonus Pool. The Committee shall provide each Participant with its calculations
of Free Cash Flow for each Plan Year within 15 days of its determination. In the event that Free Cash Flow in respect of a Plan Year is zero or negative, then no Annual FCF Bonuses shall be paid in respect of such Plan Year. Prior to an
Eligible Employee’s enrollment in the Plan, such Participant will be allocated a fixed percentage of the FCF Bonus Pool. The Committee may increase a Participant’s allocated fixed percentage of the FCF Bonus Pool at any time in its
sole discretion, subject to whatever terms and conditions the Committee determines shall apply to such increase, which may include a non-elective deferral requirement in accordance with Section 4.1. 

3.2Payment of Annual FCF Bonuses. Subject to Article IV and the other terms and conditions of the Plan, (i) Annual FCF
Bonuses shall be paid to Participants no later than March 15th of the calendar year after the end of the Plan Year in respect of which the Company earned the applicable Free Cash Flow and
(ii) except as provided in Section 7.5(a)(1), each Participant’s right to payment of an Annual FCF Bonus shall be contingent upon the continued employment of the Participant through the applicable payment date, and any Annual
FCF Bonuses not yet paid shall automatically be forfeited upon termination of a Participant’s employment for any reason, except as may be determined otherwise by the Committee. In any Plan Year, the Committee may, in its sole discretion, reduce
the amount of Annual FCF Bonus for the Plan Year payable to a Participant in cash by all or any portion of the Participant’s then outstanding Unrecovered Investment Credit. For the avoidance of doubt, no Annual FCF Bonus that is to be
deferred pursuant to Article IV shall be so reduced.
 3.3Form of Payment. Except to the extent that an Annual FCF Bonus is
deferred pursuant to Article IV, Annual FCF Bonuses shall be paid in cash.

  
 7 

 Article IV 

DEFERRAL ELECTIONS 

4.1Elections to Defer Compensation. Unless otherwise determined by the Committee in accordance with Section 409A of the Code,
a Participant may elect to defer only Compensation attributable to services provided in a fiscal year or calendar year that commences after the time an election is made. Unless otherwise determined by the Committee in accordance with
Section 409A of the Code (or except as otherwise set forth in the Plan), (i) Participants who participate in the Plan with respect to the 2013 Plan Year shall make their initial deferral elections by submitting their Participant
Elections prior to December 31, 2012 with respect to Annual FCF Bonuses to be earned under the Plan, (ii) Participants who begin to participate in the Plan with respect to any other Plan Year and for whom the Committee authorizes
deferral of Compensation shall make their initial deferral elections by submitting their Participant Elections prior to October 1 of such Plan Year and (iii) Participants who receive an Additional Unit Allocation shall make a
deferral election, if any, in relation to such Additional Unit Allocation prior to October 1 of the first Plan Year in which such Additional Unit Allocation becomes effective. Participant Elections applicable to a Unit Allocation
(including any additional deferral elections described in clause (iii) of the preceding sentence) will be irrevocable for all Plan Years (until, but not including, the Eighth Plan Year applicable to such Unit Allocation) and all purposes of the
Plan; it being understood that different Unit Allocations (including Additional Unit Allocations) of a Participant may have different Participant Elections. Participants may defer between 50% and 100% (in 1 percentage point increments) of the pre-tax amounts of the Annual FCF Bonuses payable in respect of such Plan Year (such percentage, a “Deferred Percentage” and, such amount, a “Deferred
Amount”) to acquire an equivalent percentage of the Deferred Equity Units available to such Participant under the Plan; provided that with respect to a deferral election made between October 1 and a later date in a Plan Year (if
such deferral elections are permitted by the Committee), the Deferred Percentage for such Plan Year shall not exceed the percentage reflecting the portion of the Plan Year remaining since the date of such deferral election. In the case of
newly-hired Eligible Employees, a deferral election may be made within 30 days following such Eligible Employee’s date of hire (subject to all plan aggregation rules in Section 409A of the Code and the related regulations) with respect to
Compensation earned after the date of such election. Notwithstanding the foregoing, if the Committee requires a non-elective deferral of an Annual FCF Bonus in connection with a Participant’s receipt
of an increased fixed percentage of the FCF Bonus Pool, the terms and conditions applicable to such deferral shall be determined by the Committee, in its sole discretion, at or prior to the allocation of such additional percentage of the FCF Bonus
Pool in accordance with Section 409A of the Code.
 4.2Offering Limitations. Prior to an Eligible Employee’s
enrollment in the Plan, the Committee shall establish an Initial Unit Allocation that may be acquired under the Plan by such Eligible Employee in all Plan Years, in the aggregate. The Committee may, from time to time and on such terms and
conditions (including vesting) that it shall determine, establish an Additional Unit Allocation for any Participant (and grant additional Deferred Equity Units to the Participant) at such time or times as the Committee increases the
Participant’s allocated fixed percentage of the FCF Bonus Pool or grants additional Deferred Equity Units to the Participant that will not be acquired with the deferral of any Annual FCF Bonus or with a Participant’s prior consent in
accordance with Section 409A of the Code. Unless otherwise determined by the Committee, (i) the amount of Annual FCF Bonuses that a Participant may defer under the Plan, in the aggregate, in all Plan Years shall not exceed such
Participant’s Maximum Deferred Amount and (ii) the number of Deferred Equity Units that a Participant shall have the right to purchase under the Plan, in the aggregate, in all Plan Years shall not exceed such Participant’s
Maximum Unit Allocation.

  
 8 

 Article V 

DEFERRED EQUITY UNITS AND OTHER ENTITLEMENTS 

5.1Deferred Equity Units.

(a)The Company shall establish and maintain Deferral Accounts for each Participant. Subject to Section 4.2, for each Plan Year prior
to an Eighth Plan Year, at the time that Annual FCF Bonuses for such Plan Year are paid, a Participant shall be granted and credited with a number of Deferred Equity Units equal to the number obtained by dividing (x) the
Participant’s Deferred Amount for such Plan Year by (y) the Base Investment Price(s) applicable to such Participant, and rounded down to the nearest cent. Where a Participant has received more than one Unit Allocation, Deferred
Amounts shall be allocated first to the Initial Unit Allocation (using the applicable Base Investment Price) and then among the Additional Unit Allocations (using the applicable Base Investment Prices) in the order in which such Additional Unit
Allocations were established until all Deferred Equity Units available under each such Unit Allocation, individually, have been acquired, but, in each case, only to the extent that Annual FCF Bonuses that were deferred pursuant to Section 4.1
in respect of the applicable Plan Year are then available to fund the acquisition of such Deferred Equity Units in compliance with the Plan and Section 409A of the Code. Notwithstanding the foregoing, the provisions of the preceding
sentence shall not apply to a grant of additional Deferred Equity Units that will not be acquired with deferral of any Annual FCF Bonus. For the avoidance of doubt, no Deferred Equity Units shall be granted or credited to any Participant for an
Eighth Plan Year in respect of the Participant’s Unit Allocation.
 (b)Notwithstanding anything to the contrary in the Plan,
(i) the amount, if any, of a Participant’s Annual FCF Bonuses in respect of any Plan Year that (taken together with such Participant’s Annual FCF Bonuses deferred into the Plan in prior Plan Years) exceeds his or her Maximum
Deferred Amount shall be paid to such Participant in cash at the time that Annual FCF Bonuses in respect of such Plan Year are paid and (ii) unless otherwise determined by the Committee, at no time shall a Participant’s Deferral
Account be granted or credited with a number of Deferred Equity Units that exceeds such Participant’s Maximum Unit Allocation.

5.2Matching Equity Units. Matching Equity Units shall be issued at the times and in the amounts provided by the LLC Agreement, and
subject to the terms and conditions, including regarding distributions, vesting, forfeiture and redemption, that are provided in the LLC Agreement. Matching Equity Units shall vest on the schedule provided in the LLC Agreement.

5.3Dividend Equivalents. When cash dividends are paid on shares of the Company’s Common Stock, each Deferred Equity Unit
shall participate in such dividends, on a pro rata basis, as if the Fractional Company Share underlying such Deferred Equity Unit was then issued and outstanding.

5.4Maximum Allocation under the Plan. At no time may the total number of shares of the Company’s Common Stock (including all
Fractional Company Shares) underlying all outstanding:
 (1)Deferred Equity Units (assuming all Deferred Equity Units are
settled for Fractional Company Shares pursuant to Article VII) and Equity Units acquired following settlement of Deferred Equity Units, in the aggregate, exceed 4.0% of the Fully-Diluted Company Equity or 41.0959 shares of the Company’s Common
Stock; 
 (2)Matching Equity Units (assuming all Matching Equity Units are redeemed for Fractional Company Shares pursuant to
the LLC Agreement) and Equity Units acquired following redemption of Matching Equity Units, in the aggregate, exceed 4.0% of the Fully-Diluted Company Equity or 41.0959 shares of the Company’s Common Stock; and 

  
 9 

 (3)Deferred Equity Units (assuming such settlement), Matching Equity Units
(assuming such redemption) and Equity Units, in the aggregate, exceed 8.0% of the Fully-Diluted Company Equity or 82.1918 shares of the Company’s Common Stock.

Following any settlement of Deferred Equity Units from a Participant for cash or the redemption by the LLC of Equity Units or
shares of the Company’s Common Stock issued to the Participant in respect of such Deferred Equity Units, either after termination of a Participant’s employment or after the Eighth Plan Year applicable to such Deferred Equity Units, those
Deferred Equity Units shall again be available, in the Committee’s sole discretion, for allocation under the Plan. Except as provided in the LLC Agreement, following any redemption of Matching Equity Units or Equity Units from a
Participant by the LLC or shares of the Company’s Common Stock by the Company in connection with his or her termination of employment or the Eighth Plan Year applicable to such Matching Equity Units or Equity Units, the Fractional Company
Shares that were covered by such redeemed Matching Equity Units or Equity Units shall again be available, in the Committee’s sole discretion, for allocation under the Plan. Notwithstanding the foregoing, repurchases, whether directly or
indirectly, of any shares of the Company’s Common Stock from Access, taken alone, shall not result in any violation of the percentage limits set forth in this Section 5.4.

5.5Adjustment Events. The number and kind of shares or other equity interests to which the Fractional Company Shares and Deferred
Equity Units may relate and the number and kinds of securities deliverable shall be proportionally adjusted to reflect, as deemed equitable and appropriate by the Committee, any stock dividend, stock split, share combination, recapitalization,
merger, consolidation, reorganization, exchange of shares or any other similar event affecting the Company’s Common Stock, the Matching Equity Units or the Equity Units.

Article VI 
 VESTING

 6.1Vesting of Deferred Equity Units. A Participant shall be vested at all times in the Deferred Equity Units amounts
granted and credited to the Participant’s Deferral Account and in the Dividend Equivalents.
 Article VII 

SETTLEMENT AND REDEMPTION 

7.1Scheduled Settlement of Deferred Equity Units. Except as otherwise provided in this Article VII or in an award agreement with
respect to a grant of an Additional Unit Allocation or additional Deferred Equity Units, the Company shall cancel and settle each Participant’s Deferred Equity Units, without payment by the Participant, in three equal installments in December
of the Sixth Plan Year, the Seventh Plan Year and the Eighth Plan Year applicable to such Deferred Equity Units (each such date, a “Redemption Date”), on a per Deferred Equity Unit basis, for, at the Participant’s election as
communicated to the Company in writing by December 1st of such year, either (x) a cash amount equal to the Fair Market Value of one Fractional Company Share on the Redemption Date
or (y) one Fractional Company Share (a “Settlement Payment”). Prior to each Redemption Date and anniversary of such Redemption Date prior to December 31 of the Eighth Plan Year

  
 10 

 
applicable to such Deferred Equity Units, the Committee shall notify each Participant of its most recent determination of the Fair Market Value of a share of the Company’s Common Stock (and
shall provide each Participant with a copy of any independent valuation of such Fair Market Value). A Participant may specify that a Settlement Payment be made in a ratio of cash and Fractional Company Shares. Notwithstanding the
foregoing, the Redemption Dates for any Deferred Equity Units acquired with an Annual FCF Bonus paid in respect of a Plan Year following the Third Plan Year applicable to a Unit Allocation shall be in December of the earlier of (A) the
second succeeding calendar year after such acquisition or at such other times as the Committee may determine in accordance with the Plan and Section 409A of the Code and (B) the eighth succeeding calendar year after such
acquisition. The Committee may change the Redemption Dates for Deferred Equity Units acquired with respect to Plan Years after a Third Plan Year applicable to a Unit Allocation at any time prior to the commencement of the Plan Year in respect
of which the Annual FCF Bonus used to purchase such Deferred Equity Units is earned, subject to compliance with Section 409A of the Code.

7.2Contribution to Management Holdings, LLC. Immediately upon receipt of any Fractional Company Shares delivered to a Participant
pursuant to this Article VII, the Participant shall contribute those Fractional Company Shares to Management Holdings, LLC in exchange for an equal number of Equity Units.

7.3Annual Redemption Right. On each Redemption Date following the Redemption Date on which a Participant’s Deferred Equity
Unit is settled other than for cash and on each one-year anniversary of such Redemption Date thereafter until the Eighth Plan Year applicable to such Deferred Equity Units, such Participant shall be entitled
to the redemption, upon written notice to the Company no later than December 1st of the year in which such Redemption Date occurs, of all or any portion of such Participant’s Equity
Units for a cash payment equal to the Fair Market Value of one Fractional Company Share on the date of redemption. Notwithstanding the foregoing, a Participant’s right to redeem Equity Units pursuant to this Section 7.3 shall be
limited to the maximum number of Deferred Equity Units that would have been redeemable by the Participant if the Participant were then employed by the Company or any of its Affiliates. Any redemption of Equity Units pursuant to this
Section 7.3 shall be made in accordance with the terms and conditions of the LLC Agreement. 
 7.4Mandatory Redemption. In
the Eighth Plan Year applicable to Deferred Equity Units, the Company shall cancel and settle each such Deferred Equity Unit then outstanding for a cash payment equal to the then current Fair Market Value of one Fractional Company Share.

7.5Consequences of Termination of Employment. Following any termination of employment of a Participant with the Company and its
Affiliates, the Participant shall cease immediately to participate in the Plan, and neither the Plan, the Company or any of its Affiliates shall have any obligations to the Participant in respect of the Plan, an Annual FCF Bonus, the Deferred Equity
Units or Dividend Equivalents, except as set forth in this Section 7.5:
 (a)Annual FCF Bonus.

(1)if the Participant’s employment is terminated by the Company without Cause, by the Participant for Good Reason or by
reason of the Participant’s death or Disability following the last day of the first fiscal quarter of a Plan Year, the Company shall pay the Participant in cash (x) the Deferred Percentage of his or her Pro Rata Annual FCF Bonus for
such Plan Year on the Participant’s Termination Payment Date provided in Section 7.5(b) and (y) the remaining portion of such Pro Rata Annual FCF Bonus on the date that continuing Participants are paid Annual FCF Bonuses in
respect of such Plan Year; or 

  
 11 

 (2)if the Participant’s employment terminates for any other reason
(i.e., by the Company for Cause or by the Participant without Good Reason, other than death or Disability), any unpaid Annual FCF Bonus shall be forfeited.

(b)Deferred Equity Units. No later than December 31st of the calendar
year in which the Participant’s employment terminates, on a date within such calendar year following the Participant’s termination of employment as the Company determines in its sole discretion (each such date, a “Termination
Payment Date”), each of the Participant’s Deferred Equity Units shall be cancelled and settled, for: 
 (1)if
the Participant’s employment terminates for any reason (including by reason of resignation, death or disability) other than for Cause, at the Company’s option, (i) a cash payment equal to the Fair Market Value of one Fractional
Company Share on the date of the Participant’s termination of employment or (ii) subject to Section 7.2, one Fractional Company Share; or 

(2)if the Participant’s employment is terminated for Cause, at the Company’s option, a cash payment or a fractional
share of the Company’s Common Stock equal to the lesser of (x) the Base Investment Price applicable to such Deferred Equity Unit and (y) the Fair Market Value of one Fractional Company Share on the date of the
Participant’s termination of employment.
 (c)Matching Equity Units. Matching Equity Units shall be subject to forfeiture
or redemption on the terms and conditions set forth in the LLC Agreement.
 (d)Equity Units. Equity Units may or shall be
redeemed on the terms and conditions set forth in Section 7.3 and the LLC Agreement.
 (e)Dividend Equivalents. All rights
to receive Dividend Equivalents with respect to a Deferred Equity Unit shall terminate upon the earlier of the Redemption Date for such Deferred Equity Unit or termination of employment.

(f)Determinations. For purposes of the Plan, any determinations with respect to a Participant’s termination of employment
(including the date thereof) shall be made by the Committee (or the Company).
 7.6Rounding for Fractional Shares. Payments in
shares of the Company’s Common Stock pursuant to this Article VII shall be rounded down to the nearest Fractional Company Share, and the Company shall pay the remainder in cash.

7.7Cash Funding for Redemptions of Equity Units. It is anticipated that cash redemptions of Equity Units pursuant to the Plan and
LLC Agreement will be made either by (i) Management Holdings, LLC, using cash contributed to Management Holdings, LLC or (ii) Management Holdings, LLC distributing the Fractional Company Shares underlying such Equity Units to
the holder of such Equity Units and, immediately following such distribution, the Company redeeming such Fractional Company Shares from such employee holder in cash for their then current Fair Market Value; provided that if such a redemption
of Fractional Company Shares by the Company (or the payment of a dividend by a subsidiary of the Company to fund such a redemption) would result in a violation of the terms or provisions of, or a default or an event of default under, any guaranty,
financing or security agreement or document entered into by the Company or any of its subsidiaries from time to time or the Company’s certificate of incorporation or if the Company has no funds legally available to make such redemption in
compliance with Delaware law, then the Company shall not be obligated to redeem such Fractional Company Shares and instead Management Holdings, LLC shall redeem the applicable Equity Units for cash.

  
 12 

 7.8Restrictions Applicable to Equity Units. All Equity Units delivered to a
Participant pursuant to this Article VII shall be governed by the terms and conditions of the LLC Agreement, and, as a condition to any such delivery, the Participant recipient shall execute a counterpart to the LLC Agreement, in a form acceptable
to the Company, by which the Participant shall agree to become a member of the LLC and be bound by the terms and conditions of the LLC Agreement.
  

Article VIII 
 CHANGE
OF CONTROL 
 8.1Effect of a Change in Control. In connection with a Change in Control:

(a)Annual FCF Bonuses. If a Change in Control occurs prior to the date on which Deferred Equity Units are allocated to Deferral
Accounts for a Plan Year, each Participant’s Deferral Account, immediately prior to such Change in Control, shall be granted and credited with a number of Deferred Equity Units equal to the number obtained by multiplying (i) the
Deferred Percentage by (ii) the quotient obtained by dividing (x) such Participant’s Pro Rata Annual FCF Bonus for such Plan Year by (y) the Base Investment Price(s) applicable to such Participant’s
available Deferred Amounts, calculated as provided in Section 5.1(a); 
 (b)Deferred Equity Units. Each outstanding
Deferred Equity Unit shall, in the Committee’s discretion, either be (x) cancelled and settled, without payment by any Participant, for one Fractional Company Share immediately prior to the Change in Control or
(y) within 30 days following a Change in Control, cancelled in exchange for a payment of the price per Fractional Company Share (calculated as a product of one share of the Company’s Common Stock) received in connection with the
transaction(s) resulting in the Change in Control; 
 (c)Matching Equity Units. Each outstanding Matching Equity Unit shall be
treated in accordance with the LLC Agreement; and 
 (d)Equity Units. Each outstanding Equity Unit shall be treated in
accordance with the LLC Agreement. 
 Article IX 

ADMINISTRATION 

9.1Committee. The Plan shall be administered by the Committee, which shall have the exclusive right and full discretion
(i) to appoint agents to act on its behalf, (ii) to interpret the Plan, (iii) to decide any and all matters arising under the Plan (including the right to remedy possible ambiguities, inconsistencies or
admissions), (iv) to make, amend and rescind such rules as it deems necessary for the proper administration of the Plan and (v) to make all other determinations and resolve all questions of fact necessary or advisable for the
administration of the Plan, including determinations regarding eligibility to participate in the Plan. All good faith interpretations of the Committee with respect to any matter under the Plan shall be final, conclusive and binding on all
persons affected thereby. No member of the Committee or agent thereof shall be liable for any determination, decision or action made in good faith with respect to the Plan. The Company will indemnify and hold harmless the members of the
Committee and its agents from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission in connection with the performance of such 

  
 13 

 
persons’ duties, responsibilities and obligations under the Plan, other than such liabilities, costs and expenses as may result from the bad faith, willful misconduct or criminal acts of
such persons.
 9.2409A Compliance. The Plan is intended to be administered in a manner consistent with the requirements, where
applicable, of Section 409A of the Code and the Plan shall be administered, interpreted and construed consistent with that intent and where reasonably possible and practicable, the Plan shall be administered and interpreted in a manner to avoid the
imposition on a Participant of immediate tax recognition and additional taxes pursuant to Section 409A of the Code. A Participant’s right to receive any installment payment under the Plan shall, for purposes of Section 409A of the Code, be
treated as a right to receive a series of separate and distinct payments. In addition, with respect to any payments or deemed payments under the Plan subject to Section 409A of the Code, references to a Participant’s “termination of
employment” (and corollary terms) with the Company and its Affiliates means the Participant’s “separation from service” (as defined in Section 409A of the Code) with the Company and its Affiliates. Notwithstanding anything to the
contrary contained in the Plan, any payment made under the Plan at a time permitted by Section 409A of the Code shall be deemed timely paid for all purposes of the Plan. Notwithstanding anything to the contrary contained in the Plan, the Committee
may amend the Plan to the extent it deems necessary or appropriate to comply with Section 409A of the Code. Notwithstanding anything to the contrary contained in the Plan or any other agreement to which the Company or any of its Affiliates is bound
or is a party, none of the Company, any of its Affiliates, the Committee or any of their respective officers, directors, employees or agents shall have any liability whatsoever to any Participant or any other person in the event Section 409A of the
Code applies to any payments under the Plan in a manner that results in adverse tax consequences for a Participant or his or her heirs.

9.3Delay for “Specified Employees”. In the event that any payment under the Plan is required to be delayed pursuant to
Section 409A of the Code because a Participant is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(1) of the Code and the related regulations, such payment shall be made, or the first installment of
such payment shall be made, within 90 days of the first business day following the six-month anniversary of the Participant’s “separation from service.” 

9.4Freedom of Action. Nothing in the Plan shall be construed as limiting or preventing the Committee, the Company or any of its
Affiliates from taking any action that in good faith it deems appropriate or in its best interest (as determined in its sole and absolute discretion) and no Participant (or person claiming by or through a Participant) shall have any right relating
to the diminishment in the value of any Fractional Company Shares, Deferred Equity Units, Matching Equity Units, Equity Units, Dividend Equivalents or any associated return as a result of any such action. The foregoing shall not constitute a
waiver by a Participant of the terms and provisions of the Plan. Unless the context otherwise requires, any determination under the Plan by the Committee or the Company shall be in their sole and absolute discretion.

Article X 

MISCELLANEOUS 

10.1Amendment or Termination of Plan. The Company may, at any time, direct the Committee to amend or terminate the Plan, except
that no such amendment or termination may adversely affect a Participant’s outstanding Deferred Equity Units, Matching Equity Units or Dividend Equivalents. If the Company terminates the Plan, no further amounts shall be paid or deferred
under the Plan, and outstanding Deferred Equity Units and Dividend Equivalents shall be treated in accordance with the provisions of the Plan as in effect prior to the Plan’s termination.

  
 14 

 10.2Unsecured General Creditor. Any payment due under the Plan shall be paid
from the general funds of the Company, and each Participant and his or her heirs shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations under the
Plan. It is the intention of the Company that the Plan be unfunded for purposes of ERISA and the Code. 
 10.3Requirements of
Law. The issuance of Fractional Company Shares and Equity Units pursuant to the Plan shall be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may
be required. 
 10.4Restriction Against Assignment. Deferred Equity Units, Dividend Equivalents and the other rights and
entitlements under the Plan are not assignable or transferable, in whole or in part, and may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including
without limitation by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution upon a Participant’s death. 

10.5Withholding. Whenever Annual FCF Bonuses, Settlement Payments, Dividend Equivalents or any other payments or deemed payments
under the Plan are to be paid or delivered to a Participant, the Company and its Affiliates shall have the power to withhold, or require the Participant to remit to the Company or any of its Affiliates, an amount sufficient to satisfy the statutory
minimum federal, state and local withholding tax requirements relating to such payments, and the Company may defer the payment and delivery of any such Annual FCF Bonuses, Settlement Payments, Dividend Equivalents or any other payments or deemed
payments under the Plan until the date such tax withholding requirements are satisfied or, if earlier, the last day of the calendar year in which such payments or deemed payment would otherwise have been made to the Participant; provided that
if a Participant has not remitted or the Company has not withheld the amounts necessary to satisfy the withholding tax requirements prior to the last day of such calendar year then the Participant shall forfeit the payments or deemed payments
subject to such withholding tax requirements. The Committee may, in its discretion, permit a Participant to elect, subject to such conditions as the Committee shall impose, to satisfy his or her withholding obligation relating to a Settlement
Payment with Fractional Company Shares.
 10.6Employment Not Guaranteed. Nothing contained in the Plan nor any action taken
hereunder shall be construed as a contract of employment or as giving any Participant any right to continue the provision of services in any capacity whatsoever to the Company or any of its Affiliates. 

10.7Successors of the Company. The rights and obligations of the Company under the Plan shall inure to the benefit of, and shall
be binding upon, the successors and assigns of the Company.
 10.8Notice. Any notice or filing required or permitted to be given
to the Company or a Participant under the Plan shall be sufficient if in writing and hand-delivered or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the
Committee, and in the case of a Participant, to the last known address of the Participant indicated on the employment records of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark on the receipt for registration or certification. Notices to the Company may be permitted by electronic communication according to specifications established by the Committee.

  
 15 

 10.9No Conflict with LLC Agreement. Nothing contained in the Plan is intended to
conflict with the terms and conditions of the LLC Agreement and to the extent any such conflict exists with respect to Matching Equity Units or Equity Units, expressly or by implication, the terms and conditions of the LLC Agreement shall
control.
 10.10Severability of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity
or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provision had not been included. 

10.11Headings, etc. Headings and subheadings in the Plan are inserted for convenience of reference only and are not to be
considered in the construction of the provisions hereof. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine or neuter, as the identity of the person or persons may require. As the context may
require, the singular may be read as the plural and the plural as the singular. 
 10.12Governing Law. The Plan is intended to
be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from
Parts 2, 3 and 4 of Title I of ERISA. In the event any provision of, or legal issue relating to, the Plan is not fully preempted by federal law, such issue or provision shall be governed by the laws of the State of New York. 

As adopted on December 10, 2012, amended and restated on November 22, 2013 and on March 10, 2017.

  
 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]