Document:

Employment Agreement, dated as of July 7, 2005

 Exhibit 10.32 
 WARNER MUSIC INC. 
 75 Rockefeller Plaza 
 New York, New York 10019 
 July 7, 2005 
 Caroline Stockdale 
 Dear Caroline: 
 This letter, when signed by you and countersigned by us (“Company”), shall
constitute agreement (the “Agreement”) with respect to your employment with Company. 
  

	 	1.	Position: Executive Vice President, Human Resources 

  

	 	2.	Term: The term of this Agreement shall commence on July 25, 2005 and ended December 31, 2008 (the “Term”). 

  

	 	3.	Compensation: 

 (a) Salary: During the Term,
Company shall pay you a salary at the rate of $375,000 per annum. 
 (b) Annual Discretionary Bonus: With respect to each fiscal year
of the Term shall be eligible for an annual bonus (or a pro rata portion of such annual bonus for a portion of such fiscal year) (the “Annual Bonus”). The amount of each Annual Bonus shall be determined by Company at its sole discretion;
provided that, your target Annual Bonus (the “Target”) for each year of the Term shall $350,000 (or a pro rata portion of such amount for a portion of a year), base the strength of your performance and on the performance of Company. The
amount of each annual bonus awarded to you may be higher or lower than the Target amount, and shall remain in the sole discretion of Company. 
 (c) Commencement Bonus: Promptly following the commencement of your employment hereunder, Company shall pay you a Commencement Bonus of $250,000. 
 (d) Payment of Compensation: Compensation accruing to you during the Term shall be payable in accordance with the regular payroll practices of Company for 

 
employees at your level. You shall not be entitled to additional compensation far performing any services for Company’s subsidiaries or affiliates.

 (e) Stock Options. Company shall grant to you options to purchase 50,000 shares of the Common Stock of Warner Music Group Corp. (the
“Options”) subject to any required approvals, which Options shall be exercisable in accordance with the terms of the stock option agreement to be executed and delivered by you pursuant to the applicable stock option plan. 
  

	 	4.	Exclusivity: Your employment with Company shall be full-time and exclusive. During the Term you will not render any services for others, or for your own account, in the field
of entertainment or otherwise. 

  

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

  

	 	6.	Place of Employment: The greater New York metropolitan area. You shall render services at the offices established for Company at such location. You also agree to travel on
temporary trips to such other place or places as may be required from time to time to perform your duties hereunder. You agree to relocate your primary residence to the New York metropolitan area on or before December 31, 2005.

  

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

  

	 	8.	Benefits: Relocation: 

 (a) While you are employed
hereunder, you shall be entitled to all fringe benefits generally accorded to employees of Company at your level from time to time, including, but not limited to, medical health and accident, group insurance and similar benefits, provided that you
are eligible under the general provisions of any applicable plan or program and Company continues to maintain such plan or program during the Term. 
 (b) Company shall reimburse you for, or pay directly, your reasonable household moving expenses approved by Company which shall have been incurred by you directly as a result of moving from Minnesota to the New York metropolitan area, upon
presentation to Company of documentation evidencing such expenses and, in the case of any expenses which are to be reimbursed, the payment thereof by you. 

	 	9.	Disability/Death: If you shall become physically or mentally incapacitated from performing your duties hereunder, and such incapacity shall continue for a period of three
(3) consecutive months or more or for shorter periods aggregating three months or more in any twelve-month period, Company shall have the right (before the termination of such incapacity), at its option, to terminate your employment hereunder
upon paying to you any accrued but unpaid salary to the date of such termination. In the event of your death, this Agreement shall automatically terminate except that Company shall pay to your estate any accrued but unpaid salary through the last
day of the month of your death. 

  

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

  

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

 (a) In the event of a “Special Termination” (as defined below) of your employment, your sole remedy shall be that, upon your execution of a Release (as defined below) Company shall pay to you the “Special Termination
Payments” (as defined below), and in the event of a “Qualifying Non-renewal” (as defined below), your sole remedy shall be that, upon your execution of a Release, Company shall pay to you the “Non-renewal Payments” (as
defined below). Special Termination Payments and Qualifying Non-renewal Payments are sometimes herein referred to collectively as the “Termination Payments.” 
 (b) The “Basic Termination Payments” shall mean any accrued but unpaid salary, accrued vacation pay in accordance with Company policy, any unreimbursed expenses pursuant to Paragraph 7, plus any accrued but
unpaid benefits in accordance with Paragraph 8, in each case to the date on which your employment terminates pursuant to an event described in subparagraph (d) or (f), below, as applicable (the “Termination Date”). 

 (c) A “Release” shall mean a release agreement in Company’s standard form, which shall
include, without limitation, a release by you of Company from any and all claims which you may have relating to your employment with Company and the termination of such employment. 
 (d) A “Special Termination” shall have occurred in the event that Company terminates your employment hereunder other than pursuant to Paragraphs
9 or 10 hereof. 
 (e) “Special Termination Payments” shall mean (i) the Basic Termination Payments; plus (ii) the greater
of (A) the “Severance Amount” (as defined below) and (B) the sum of $725,000. 
 (f) A “Qualifying Non-renewal”
shall have occurred in the event that, at the end of the Term: (i) Company declines to offer you continued employment with Company or one of its affiliates; or (ii) Company offers you continued employment with Company or one of its affiliated
at a salary lower than your salary as in effect on the last day of the Term, and you elect to decline such offer and terminate your employment with Company. 
 (g) The “Non-renewal Payments” shall mean (i) the amount of severance pay (the “Severance Amount”) that would have been payable to you under Company policy as in effect on the Termination Date
had you not been subject to an employment agreement with Company; plus; (ii) the Basic Termination Payments. 
 (h) Any Termination
Payments payable to you under Paragraph 11(e) or (g) above shall be made by Company in accordance with its regular payroll practices by means of continued payments to you of your salary at the same rate as was in effect as of the
Termination Date for the applicable period (the “Payment Period”) as is necessary to cause the full amount due under such clause to be paid. During the Payment Period, Company shall continue to provide you with coverage under
Company’s medical plans in accordance with the terms of such plans, and you shall be entitled to no other benefits during such period. 
 (i) In the event you elect not to execute and deliver a Release in connection with a Special Termination or a Qualifying Non-renewal, Company shall only be obligated to pay to you the Basic Termination Payments. Following the delivery of an
executed Release pursuant to this Paragraph 11, you shall have no duty to seek substitute employment, and Company shall have no right of offset against any amounts paid to you under this Paragraph 11 with respect to any compensation or fees
thereafter received by you from any employment thereafter obtained or consultancy arrangement thereafter entered into by you. 

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

  

	 	13.	Results and Proceeds of Employment: You acknowledge that Company shall own all rights of every kind and character throughout the world in perpetuity in and to any material
and/or ideas written, suggested or in anyway created by you hereunder and all other results and proceeds of your services hereunder, including, but not limited to, all copyrightable material created by you within the scope of your employment. You
agree to execute and deliver to Company such assignments or other instruments as Company may require from time to time to evidence Company‘s ownership of the results and proceeds of your services. 

  

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

  

			
	TO YOU:	  	TO COMPANY:
		
	 Caroline Stockdale
 The most recent address for the
Executive in the records of Parent or the Company. The Executive hereby agrees to promptly provide Parent and the Company with written notice of any change in the Executive’s address for so long as this Agreement remains in
effect.
	  	 Warner Music Inc.
 75 Rockefeller Plaza
 New York, NY 10019
 Attn: General Counsel

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

	 	15.	Miscellaneous: 

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

 (b) You acknowledge that while you are employed hereunder you win comply with Company’s conflict of
interest policy and other corporate policies, as in effect from time to time, of which you are made aware. All payments made to you hereunder shall be subject to applicable withholding and social security taxes and other ordinary and customary
payroll deductions. 
 (c) You acknowledge that services to be rendered by you under this Agreement are of a special, unique and intellectual
character which gives them peculiar value, and that a breach or threatened breach of any provision of this Agreement (particularly, but not limited to, the provisions of Paragraphs 4 and 12 hereof), will cause Company immediate irreparable injury
and damage which cannot be reasonably or adequately compensated in damages in an action at law. Accordingly, without limiting any right or remedy which Company may have in such event, you specifically agree that Company shall be entitled to
injunctive relief to enforce and protect its rights under this Agreement. The provisions of this Paragraph 15(c) shall not be construed as a waiver by Company of any rights which Company may have to damages or any other remedy. 
 (d) This Agreement sets forth the entire agreement and understanding of the parties hereto, and supersedes and terminates any and all prior agreements,
arrangements and understandings. No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not
herein set forth. 
 If, notwithstanding the provisions of the foregoing paragraph, any provision of this Agreement or the application hereof
is held to be wholly invalid, such invalidity shall not affect any other provisions or application of this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are hereby
declared to be severable. 
 (e) The provisions of this Agreement shall inure to the benefit of the parties hereto, their heirs, legal
representatives, successors and permitted assigns. This Agreement, and your rights and obligations hereunder, may not be assigned by you. Company may assign its rights, together with its obligations, hereunder in connection with any sale, transfer
or other disposition of all or a substantial portion of the stock or assets of Company. 
 (f) Nothing contained in this Agreement shall be
construed to impose any obligation on Company to renew this Agreement. This Agreement may be amended, modified, superseded, canceled. renewed extended, and the terms or covenants hereof may be waived, only by a written instrument executed by both of
the parties hereto, or in the case of a waiver, by the party waiving compliance. 

 Neither the continuation of employment nor any other conduct shall be deemed to imply a continuing
obligation upon the expiration of this Agreement. The failure of either party at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same. No waiver by either party of
the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of
any other term or covenant contained in this Agreement. 
 (g) This Agreement shall be governed by and construed according to the laws of the
State of New York as applicable to agreements executed in and to be wholly performed within such State. 
 If the foregoing correctly sets forth our
understanding, please sign below and return this Agreement to Company. 
  

			
	Very truly yours,
	
	WARNER MUSIC INC.
		
	By:	 	 /s/ David H. Johnson

		 	David H. Johnson

  

	
	 Accepted and Agreed:

	
	/s/ Caroline Stockdale
	 Caroline StockdaleRestricted Stock Award Agreement, dated as of October 1, 2004

 Exhibit 10.37 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD AGREEMENT (this
“Agreement”), is entered into as of this 1st day of October, 2004, by and between WMG Parent Corp., a Delaware corporation (“Parent”), and Alex Zubillaga (the “Executive”). 
 R E C I T A L S: 
 WHEREAS, Warner Music Group Inc., a Delaware corporation (the “Company”), an indirect majority owned subsidiary of Parent, or one
of its direct or indirect subsidiaries, employs the Executive; and 
 WHEREAS, the Board of Directors of Parent (the
“Board”) has determined to sell to the Executive on the date hereof (the “Effective Date”) the restricted stock provided for herein (the “Restricted Stock Award”), such sale to be subject to the
terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows: 
 1. Purchase of Restricted Stock. Subject to the terms and conditions set forth in this Agreement, Parent
hereby sells to the Executive, and the Executive hereby purchases from Parent, effective as of the Effective Date (which is the date hereof), 104.9382716 shares of Class A Common Stock of Parent (the “Restricted Shares”) for an
aggregate purchase price of $123,722.22. The Board acknowledges to the Executive that such purchase price is the fair market value of the Restricted Shares on the Effective Date (the “Initial Value”), determined without regard to
any restrictions applicable thereto other than restrictions which by their terms do not lapse. The Restricted Shares shall vest in accordance with Section 2 and Section 5 hereof. 

 2. Vesting. 
 (a) Service-Based Restricted Stock. Except as otherwise provided in this Agreement, one-third of the Restricted Shares (the
“Service-Based Restricted Stock”), shall vest and become non-forfeitable in four equal installments on the day prior to each of the first, second, third and fourth anniversaries of the Effective Date provided that the Executive
remains employed with the Company on each such date, such that one hundred percent (100%) of the Service-Based Restricted Stock shall be vested and non-forfeitable on the day prior to the fourth anniversary of the Effective Date; provided that any
unvested Service-Based Restricted Stock shall become vested and non-forfeitable upon a termination of the Executive’s employment with the Company (A) due to his death, or (B) by the Company due to his “Disability” (as
defined below) or without Cause (as defined below), in each case on or after a “Change in Control” (as defined in Section 2(b)(iii)(6)) or, in the case of a termination by the Company without Cause in anticipation of a Change in
Control (a termination described in the foregoing proviso being referred to hereinafter as a “CIC Termination”). “Disability” shall mean that Executive has become physically or mentally incapacitated from performing his
duties as an employee, and such incapacity has continued for a period of three (3) consecutive months or more or for shorter periods aggregating three months or more in any twelve-month period. “Cause” shall mean termination of
Executive’s employment for malfeasance, misfeasance or nonfeasance in connection with the performance of his duties. 
 (b) Performance-Based Restricted Stock. Except as otherwise provided in this Agreement, two-thirds of the Restricted Shares (the “Performance-Based Restricted Stock”) shall contingently vest in equal installments on
the day prior to each of the first, second, third and fourth anniversary of the Effective Date provided that the Executive remains employed with the Company on each such date (the “Service Condition”), but shall not be considered to
be fully vested until and unless the condition described in Section 2(b)(i) or 2(b)(ii), as applicable, has been satisfied (each such condition, a “Performance Condition”). 
 (i) With respect to one-half of the Performance-Based Restricted Stock, the Performance Condition shall be the occurrence of a 2X
Restricted Stock Liquidity Event. 
 (ii) With respect to the other one-half of the Performance-Based Restricted Stock, the
Performance Condition shall be the occurrence of a 3X Restricted Stock Liquidity Event. 
 (iii) For purposes of this
Section 2(b), and also as and if used elsewhere in this Agreement, the following terms shall have the following meanings: 
 (1) “2X Investor Equity Value” shall mean (X) two times the Investment minus (Y) the aggregate amount of cash and “Fair Market Value” (as defined below) of readily marketable securities or other
assets (determined at the time of receipt) received by the Investors in respect of the Investor Equity prior to or coincident with the time of determination. 
  

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 (2) “3X Investor Equity Value ” shall mean (X) three times the
Investment minus (Y) the aggregate amount of cash and Fair Market Value of readily marketable securities or other assets (determined at the time of receipt) received by the Investors in respect of the Investor Equity prior to or
coincident with the time of determination. 
 (3) “2X Restricted Stock Liquidity Event” shall mean
(A) the first sale in an underwritten offering of Parent’s Class A Common Stock pursuant to a registration statement on Securities and Exchange Commission (“SEC”) Form S-l or otherwise under the Securities Act of
1933, as amended (the “Securities Act”) (an “IPO”), at a per share price which implies an aggregate value of the Investor Equity at the time of the IPO of at least the 2X Investor Equity Value, (B) following an
IPO, or any transaction other than an IPO which causes Parent’s Class A Common Stock, or all or substantially all of the securities into which such Class A Common Stock is converted or for which it is exchanged, to be listed for
trading on a national securities exchange or quoted on an automated quotation system, the average closing price of Parent’s Class A Common Stock, or such securities into which Class A Common Stock is converted or for which it is
exchanged, on the primary exchange on which, or system over which, it is traded over any 20 consecutive trading days is such that the implied aggregate value of the Investor Equity at the end of such 20 consecutive trading days, based on such
average price, is at least the 2X Investor Equity Value, determined as of the first of such 20 consecutive trading days, or (C) a Bonus Liquidity Event occurs which results in a combination of cash and readily marketable securities being paid
or provided to the Investors having an aggregate value (as determined by the Board in good faith as of the time of receipt) of at least the 2X Investor Equity Value. 
 (4) “3X Restricted Stock Liquidity Event” has the same meaning as a 2X Restricted Stock Liquidity Event, except that the
term “2X Investor Equity Value” each time it appears in Section 2(b)(iii)(3) above shall be replaced with “3X Investor Equity Value.” 
 (5) “Bonus Liquidity Event” shall mean a Change in Control, or other event (e,g., a leveraged recapitalization in
which the proceeds are paid out to the Investors as dividends and/or redemptions), in which consideration is paid to Investors in respect of the Investor Equity in the form of cash, readily marketable securities or a combination of both. 

 

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 (6) “Change in Control” shall mean a “Change of Control,” as
defined in the certificate of incorporation of Parent, as amended from time to time. 
 (7) “Fair Market
Value” shall mean the price at which the asset in question would change hands in an arms’ length sale between a willing buyer and a willing seller, with neither being under any compunction to buy or sell and each with full knowledge of
all relevant facts, as determined by the Board in good faith; provided that, in determining Fair Market Value of the securities of any member of the Parent Group, the Board shall take into account the free cash flow, revenue and EBITDA and such
other methodologies and characteristics as it may determine to be relevant, and shall (A) adjust the Fair Market Value of the securities to take into account the illiquidity of securities which are not publicly traded and (B) make no
adjustment on account of any control premium. Notwithstanding the above, the Fair Market Value of any freely tradable security which is of a class listed for trading on an established securities market or established trading system shall be the
average of the high and low trading prices of such class of securities, as reported on the primary market or trading system on which such securities are listed on the date Fair Market Value is determined. 
 (8) “Investment” shall mean $1.25 billion. 
 (9) “Investor Equity” shall mean all equity securities of all members of the Parent Group, including common and
preferred stock and warrants, options and other instruments convertible or exercisable into, or redeemable for, common or preferred stock, either (A) purchased or otherwise received by the Investors on or prior to the Effective Date or
(B) received by the Investors following the Effective Date, without cost to the Investors, in respect of the equity securities described in the preceding clause (A). 
 (10) “Investors” shall mean all of (i) Thomas H. Lee Equity Fund V, L.P., (ii) Thomas H. Lee Parallel Fund V,
L.P., (iii) Thomas H. Lee Equity (Cayman) Fund V, L.P., (iv) Putnam Investments Holdings, LLC, (v) Putnam Investments Employees’ Securities Company I LLC, (vi) Putnam Investments Employees’ Securities Company II LLC,
(vii) 1997 Thomas H. Lee Nominee Trust, (viii) Thomas H. Lee Investors Limited Partnership, (ix) Bain Capital Partners Integral Investors, LLC, (x) 
  

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Bain Capita VII Coinvestment Fund, LLC, (xi) BCIP TCV, LLC, (xii) Providence Equity Partners IV, L.P., (xiii) Providence Equity Operating Partners
IV, L.P. and (xiv) Lexa Partners LLC, or any affiliate of any of them, in each case which purchases Investor Equity on or prior to the Effective Date. 
 (11) “Parent Group” shall mean Parent, the Company and each direct or indirect subsidiary of any of them. 
 Notwithstanding anything in this Agreement to the contrary, the Service Condition applicable to each share of Performance-Based Restricted Stock shall be
deemed to have been attained upon a CIC Termination. 
 (c) The term “Vested Restricted Shares,” as used
herein, shall mean (i) each share of Service-Based Restricted Stock on and following the time that the vesting condition set forth in Section 2(a) hereof has been actually or deemed satisfied as to such share, (ii) each share of
Performance-Based Restricted Stock on and following the time that both the Service Condition and the Performance Condition have been actually or deemed satisfied as to such share and (iii) each share of Performance-Based Restricted Stock not
described in the immediately preceding clause (ii) on an following the day prior to the seventh anniversary of the Effective Date, so long as the Executive remains employed by the Company on such day. Restricted Shares which have not become
Vested Restricted Shares jure hereinafter referred to as “Unvested Restricted Shares.” 
 3. Taxes. The Executive
shall pay to the Company or Parent promptly upon request, and in any event at the time the Executive recognizes taxable income in respect of the Restricted Stock Award, an amount equal to the taxes the Company or Parent determines it is required to
withhold under applicable tax laws with respect to the Restricted Shares. Such payment shall be made in the form of cash. As a condition to the effectiveness of the Restricted Stock Award, the Executive shall make a timely and valid election
pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) to realize taxable income in respect of the grant of the Restricted Stock Award, in an amount equal to the Initial Value less the purchase price
paid for the Restricted Shares. Notwithstanding the above, because the Company and the Executive acknowledge that the purchase price for the Restricted Shares is equal to the Initial Value, so long as the Executive makes a timely and valid Code
Section 83(b) election in respect of the Restricted Shares the Company and the Executive agree that no tax is due, and no withholding is necessary, upon or on account of the Executive’s purchase of the Restricted Shares. 
 4. Certificates. Certificates evidencing the Restricted Shares shall be issued by Parent and shall be registered in the Executive’s name on
the stock transfer books of Parent promptly after the date hereof, but shall remain in the physical custody of Parent or its designee at all times prior to, in the case of any particular Restricted Shares, the date such Restricted Shares become
Vested Restricted Shares. As a condition to the receipt of this Restricted Stock Award, the Executive shall deliver to Parent a stock power, duly endorsed in blank, relating to the Restricted Shares. 
  

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 5. Effect of Termination of Employment. 
 (a) Upon the termination of the Executive’s employment with the Company for any reason, the Restricted Shares shall be subject to the
Call Option described in Section 5(b) below. For purposes of this Agreement, such a termination may be (i) by the Company for Cause or on account of the Executive’s Disability, by the Executive without Good Reason or on account of the
Executive’s death (a “5(a)(i) Termination”) or (ii) by the Company without Cause (a “5(a)(ii) Termination”). 
 (b) Call Option. 
 (i) Other than as set forth in the second sentence of
Section 5(b)(ix), upon the termination of the Executive’s employment with the Company for any reason (or no reason), Parent shall have the right and option (the “Call Option”), but not the obligation, to purchase, or to
cause any member of the Parent Group designated by Parent (the “Call Assignee”) to purchase, from the Executive, on and after the Initial Call Date any or all of the Restricted Shares. The purchase price (the “Call
Price”) of the Restricted Shares subject to purchase under this provision (the “Called Shares”) shall be as follows: 
 (1) In the event of a 5(a)(i) Termination, (A) as to each Called Share which is an Unvested Restricted Share immediately prior to the Initial Call Date of such share, the lower of the Fair Market Value of such
share on the date of the applicable “Call Notice” (as defined below) or the Initial Value of such share, and (B) as to each Called Share which is a Vested Restricted Share immediately prior to the Initial Call Date of such share, the
Fair Market Value of such share on the date of the applicable Call Notice. 
 (2) In the event of a 5(a)(ii) Termination, as
to each Called Share of Service-Based Restricted Stock and Performance-Based Restricted Stock which is a Vested Restricted Share immediately prior to the Initial Call Date of such share, or which becomes a Vested Restricted Share upon termination of
employment solely because such termination is a CIC Termination, the Fair Market Value of such share on the date of the applicable Call Notice 
 (3) In the event of a 5(a)(ii) Termination, as to each Called Share of Service-Based Restricted Stock and Performance-Based Restricted Stock which is an Unvested Restricted Share immediately prior to the Initial Call
Date of such share (other than such a share which becomes a Vested Restricted Share upon termination of employment solely because such termination is a CIC Termination), the lower of the Fair Market Value of such share on the date of the applicable
Call Notice or the Initial Value of such share. 
  

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 (ii) The “Initial Call Date” shall mean (A) with respect to each
share of Performance-Based Restricted Stock as to which the Service Condition, but not the Performance Condition, has been attained at the time of a 5(a)(ii) Termination, the earlier of (I) the date the Performance Condition is first attained
with respect to such share and (II) the six-month anniversary of the 5(a)(ii) Termination, or (B) in all other cases, the date of termination of the Executive’s employment with the Company. 
 (iii) For purposes of Section 5(b)(i), in the event that the Executive enters into an employment agreement with Parent or one of its
direct or indirect subsidiaries (an “Employment Agreement”), (A) the termination of the Executive’s employment at the end of the term of the Employment Agreement following the failure of the Company to offer the Executive
continued employment at a base salary not less than that in effect at the end of such term shall be deemed to be a 5(a)(ii) Termination and (B) the termination of the Executive’s employment at the end of the term of the Employment
Agreement following the Company’s offering the Executive continued employment at a base salary not less than that in effect at the end of such term shall be deemed to be a 5(a)(i) Termination. 
 (iv) Parent or the Call Assignee, as applicable, may exercise the Call Option by delivering or mailing to the Executive (or to his estate,
if applicable), in accordance with Section 16 of this Agreement, written notice of exercise (a “Call Notice”) at any time following the Initial Call Date. The Call Notice shall specify the date thereof, the number of Called
Shares and the Call Price. 
 (v) Within ten (10) days after his receipt of the Call Notice, the Executive (or his
estate) shall tender to Parent or the Call Assignee, as applicable, at its principal office the certificate or certificates representing the Called Shares, duly endorsed in blank by the Executive (or his estate) or with duly endorsed stock powers
attached thereto, all in form suitable for the transfer of such shares to Parent or the Call Assignee, as applicable. Upon its receipt of such shares, Parent or the Call Assignee, as applicable, shall pay to the Executive the aggregate Call Price
therefore, in cash. 
 (vi) Parent or the Call Assignee, as applicable, will be entitled to receive customary representations
and warranties from the Executive regarding the sale of the Called Shares pursuant to the exercise of the Call Option as may reasonably requested by Parent or the Call Assignee, as applicable, including but not limited to the representation that the
Executive has good and marketable title to the Called Shares to be transferred free and clear of all liens, claims and other encumbrances. 
  

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 (vii) If Parent or the Call Assignee, as applicable, delivers a Call Notice, then from
and after the time of delivery of the Call Notice the Executive shall no longer have any rights as a holder of the Called Shares subject thereto (other than the right to receive payment of the Call Price as described above), and such Called Shares
shall be deemed purchased in accordance with the applicable provisions hereof and Parent or the Call Assignee, as applicable, shall be deemed to be the owner and holder of such Called Shares. 
 (viii) Any Restricted Shares as to which the Call Option is not exercised will remain subject to all terms and conditions of this
Agreement, including the continuation of Parent’s or the Call Assignee’s, as applicable, right to exercise the Call Option. 
 (ix) This Section 5(b) is in addition to, and not in lieu of, any rights and obligations of the Executive and Parent in respect of the Restricted Shares contained in the “Stockholders’ Agreement”
(as defined below). Notwithstanding the above, this Section 5(b) shall be ineffective as to each Vested Restricted Share on and following the later of (I) an IPO or any other event which causes the Class A Common Stock, or other
securities for which all or substantially all of the Class A Common Stock may have been exchanged, to be or become listed for trading on or over an established securities market or established trading system and (II) the date on which such
share becomes a Vested Restricted Share. 
 6. Rights as a Stockholder; Dividends. 
 (a) The Executive shall be the record owner of the Restricted Shares unless and until such shares are sold or otherwise disposed of, and
as record owner shall be entitled to all rights of a common stockholder of Parent, including, without limitation, voting rights, if any, with respect to the Restricted Shares; provided that (i) any cash or in-kind dividends paid
with respect to Restricted Shares which are not Vested Restricted Shares shall be withheld by Parent and shall be paid to the Executive, without interest, only when, and if, such Restricted Shares shall become Vested Restricted Shares (provided,
however, that in the event of a rights offering in which the Restricted Shares are entitled to participate, the Executive shall be entitled to subscribe for and purchase any securities made available in such rights offering with respect to all
Restricted Shares, whether or not such Restricted Shares are Vested Restricted Shares), and (ii) the Restricted Shares shall be subject to the limitations on transfer and encumbrance set forth in this Agreement and the stockholders’
agreement executed and entered into by and between Parent, the Investors and the other parties thereto prior to the Effective Date (such stockholders’ agreement, as it may be amended, superceded or replaced from time to time, the
“Stockholders’ Agreement”). A copy of the Stockholders’ Agreement, as in effect on the date hereof, is annexed hereto as Exhibit A. 

  

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As soon as practicable following the vesting of any Restricted Shares, certificates for such Vested Restricted Shares shall be delivered to the Executive or
to the Executive’s legal representative along with the stock powers relating thereto. 
 (b) At or promptly following an
IPO or any other transaction which makes Parent eligible to use SEC Form S-8, Parent shall register all of the Restricted Shares (whether or not vested) on Form S-8 or an equivalent registration statement (including, at Parent’s option, on the
Form S-1 filed in connection with an IPO), and use reasonable commercial efforts to keep such registration effective so long as the Executive continues to hold any of the Restricted Shares. 
 7. Restrictive Legend. All certificates representing Restricted Shares shall have affixed thereto a legend in substantially the following form, in
addition to any other legends that may be required under federal or state securities laws, unless and to the extent determined inapplicable or unnecessary by Parent: 
 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND AN OPTION TO PURCHASE SET FORTH IN A CERTAIN RESTRICTED STOCK AWARD AGREEMENT BETWEEN WMG PARENT CORP. AND THE REGISTERED
OWNER OF THIS CERTIFICATE (OR HIS PREDECESSOR IN INTEREST) AND A STOCKHOLDERS’ AGREEMENT TO WHICH WMG PARENT CORP. AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS PREDECESSOR IN INTEREST) ARE PARTIES, WHICH AGREEMENTS ARE BINDING UPON ANY
AND ALL OWNERS OF ANY INTEREST IN SAID SHARES. SAID AGREEMENTS ARE AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE PRINCIPAL OFFICE OF WMG PARENT CORP. AND COPIES THEREOF WILL BE FURNISHED WITHOUT CHARGE TO ANY OWNER OF SAID SHARES UPON REQUEST.

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS WMG PARENT CORP. HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS REASONABLY SATISFACTORY TO IT, TO THE EFFECT THAT SUCH REGISTRATIONS ARE
NOT REQUIRED. 
  

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 8. Transferability. 
 (a) The Restricted Shares may not, at any time prior to becoming Vested Restricted Shares, be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by the Executive and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Parent; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance; and provided further that the foregoing restriction shall not apply to a sale of Restricted Shares in compliance with the obligations, if
any, of the holder thereof to sell such shares pursuant to the “drag along” provisions of the Stockholders’ Agreement. 
 (b) Prior to an IPO, neither the Executive nor any transferee of the Executive (including any beneficiary, executor or administrator) shall assign, alienate, pledge, attach, sell or otherwise transfer or encumber the
Restricted Shares upon or subsequent to their vesting, except in accordance with the applicable provisions of this Agreement and the Stockholders’ Agreement; provided, that, subject to the provisions of the Stockholders’
Agreement, Vested Restricted Shares may be transferred (i) by will or the laws of descent, or (ii) with the Board’s approval (which maybe granted or withheld at its sole discretion), by the Executive without consideration to
(A) any person who is a “family member” of the Executive, as such term is used in the instructions to SEC Form S-8 (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Executive
and/or Immediate Family Members; or (C) any other transferee as may be approved by the Board in its sole discretion (collectively, the “Permitted Transferees”); provided, that, the Executive gives the Board
advance written notice describing the terms and conditions of the proposed transfer and the Board notifies the Executive in writing that such a transfer is in compliance with the terms of this Agreement: provided, further, that,
the restrictions upon any Vested Restricted Shares transferred in accordance with this Section 8(b) shall apply to the Permitted Transferee, such transfer shall be subject to the acceptance by the Permitted Transferee of the terms and
conditions hereof and of the Stockholders’ Agreement, and any reference in this Agreement or the Stockholders’ Agreement to the Executive shall be deemed to refer to the Permitted Transferee, except that (a) prior to an IPO, Permitted
Transferees shall not be entitled to transfer any Vested Restricted Shares other than by will or the laws of descent and distribution or, with the Board’s approval (which may be granted or withheld at its sole discretion), to a trust solely for
the benefit of the Permitted Transferee, and (b) the consequences of the termination of the Executive’s employment with the Company under the terms of this Agreement shall continue to be applied with respect to the Permitted Transferee to
the extent specified in this Agreement. 
 9. Securities Laws. The Executive represents, warrants and covenants as follows:

 (a) The Executive is acquiring the Restricted Shares for his own account and not with a view to, or for sale in connection
with, any distribution of the Restricted Shares in violation of the Securities Act or any rule or regulation under the Securities Act or in violation of any applicable state securities law. 
  

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 (b) The Executive has had such opportunity as he has deemed adequate to obtain from
representatives of Parent such information as is necessary to permit him to evaluate the merits and risks of his investment in the Parent. 
 (c) The Executive has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in acquiring of the Restricted Shares and to make an informed investment decision
with respect to such investment. 
 (d) The Executive can afford the complete loss of the value of the Restricted Shares and
is able to bear the economic risk of holding such shares for an indefinite period. 
 (e) The Executive understands that
(i) the Restricted Shares have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act; (ii) the Restricted Shares cannot be sold, transferred or
otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least
one (1) year and even then will not be available unless a public market then exists for such shares, adequate information concerning Parent is then available to the public, and other terms and conditions of Rule 144 are complied with and
(iv) there is now no registration statement on file with the SEC with respect to the Restricted Shares and, except as set forth in Section 6(b) hereof or in the Stockholders’ Agreement, there is no commitment on the part of Parent to
make any such filing. 
 (f) In addition, upon any Restricted Shares becoming Vested Restricted Shares, the Executive will
make or enter into such other written representations, the warranties and agreements as the Board may reasonably determine are legally required in order to comply with applicable securities laws. 
 10. Adjustments for Stock Splits, Stock Dividends, etc. 
 (a) If from time to time during the term of this Agreement there is any stock split-up, stock dividend, stock distribution or other
reclassification of Parent’s Class A Common Stock, any and all new, substituted or additional securities to which the Executive is entitled by reason of his ownership of the Restricted Shares shall be immediately subject to the terms of
this Agreement. 
 (b) If the Parent’s Class A Common Stock is converted into or exchanged for, or stockholders of
Parent receive by reason of any distribution in total or partial liquidation, securities of another corporation, or other property (including cash), pursuant to any merger of Parent or acquisition of its assets, then the rights of Parent under this
Agreement shall inure to the benefit of Parent’s successor and this Agreement shall apply to the securities or other property received upon such conversion, exchange or distribution in the same manner and to the same extent as the Restricted
Shares. 
  

 11 

 11. Confidentiality of the Agreement. The Executive agrees to keep confidential the terms of this
Agreement. This provision does not prohibit the Executive from providing this information on a confidential and privileged basis to the Executive’s attorneys or accountants for purposes of obtaining legal or tax advice or as otherwise required
by law, regulation or stock exchange rule. 
 12. Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable to the extent permitted by law. 
 13. Waiver. Any right of Parent contained in the Agreement may be waived in writing by the Board. No waiver of any right hereunder by any party
shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to
constitute a waiver of any other breach or a waiver of the continuation of the same breach. 
 14. No Rights to Employment. Nothing
contained in this Agreement shall be construed as giving the Executive any right to be retained, in any position, as an employee, consultant or director of the Company or its affiliates or shall interfere with or restrict in any way the right of the
Company or its affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Executive at any time for any reason whatsoever. 
 15. Entire Agreement. This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersedes all prior communications,
representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto. 
 16. Notices. Any notice, consent, request or other communication made or given in accordance with this Agreement shall be in writing and shall be
deemed to have been duly given when actually received or, if mailed, three days after mailing by registered or certified mail, return receipt requested, or one business day after mailing by a nationally recognized express mail delivery service with
instructions for next-day delivery, to those persons listed below at their following respective addresses or at such other address or person’s attention as each may specify by notice to the others: 
 To Parent: 
 WMG Parent Corp. 
 75 Rockefeller Plaza 
 New York, New York 10019 
 Attention: General Counsel 
  

 12 

 with a copy to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, New York 10019 
 Attention: Michael J. Segal, Esq. 
 To the Executive: 
 The most
recent address for the Executive in the records of Parent or the Company. The Executive hereby agrees to promptly provide Parent and the Company with written notice of any change in the Executive’s address for so long as this Agreement remains
in effect. 
 17. Beneficiary. The Executive may file with the Board a written designation of a beneficiary on such form as may be
prescribed by the Board and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Executive, the executor or administrator of the Executive’s estate shall be deemed to be the Executive’s
beneficiary. The Executive’s beneficiary shall succeed to the rights and obligations of the Executive hereunder upon the Executive’s death, except as maybe otherwise described herein. 
 18. Successors. The terms of this Agreement shall be binding upon and inure to the benefit of Parent, its successors and assigns, and of the
Executive and the beneficiaries, executors, administrators, heirs and successors of the Executive. 
 19. Modifications. No change,
modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto. 
 20. Restricted Stock Award Subject to the Stockholders’ Agreement. By entering into this Agreement the Executive agrees and acknowledges that the Executive has received and read the Stockholders’ Agreement. The
Stockholders’ Agreement as it may be amended from time to time is hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and any terms or provisions of the Stockholders’
Agreement, the applicable terms and provisions of the Stockholders’ Agreement will govern and prevail except with respect to Section 5(b) hereof. Notwithstanding the above, Section 4.1 of the Stockholders’ Agreement
(“Tag-Along”) shall not apply to Unvested Restricted Shares. 
 21. GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT IN A COURT SITUATED IN, AND THE
PARTIES HEREBY CONSENT TO THE JURISDICTION OF, COURTS SITUATED IN NEW YORK COUNTY, NEW YORK. EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 
  

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 22. JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE
EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT. 
 23. Interpretation. The
headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. The term “Company” as used herein with reference to
the employment of the Executive or the termination thereof shall refer to the Company and each member of the “Parent Group” (as defined in Section 2(b)(11). 
 24. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. The parties hereto confirm that any facsimile copy of another party’s executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an executed original
thereof. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 
  

			
	WMG PARENT CORP.
	
	 /s/ David H. Johnson

	By:	 	David H. Johnson
	Title:	 	Executive Vice President & General Counsel
	
	 /s/ Alex Zubillaga

	Alex Zubillaga

  

 14

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