Document:

Employment Agreement - James A. Druckrey

 Exhibit 10.40 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Agreement”) is made and effective as of May 8, 2012 by and between Fender Musical Instruments Corporation, a Delaware corporation (“Fender” or the “Company”), and James A. Druckrey, an individual, on
the other hand (“Executive”). 
 WHEREAS, the Executive is willing to serve the Company, and the Company is willing to
employ the Executive, on the terms and conditions set forth below. 
 NOW, THEREFORE, it is hereby agreed as follows:

 1. Initial Term/Employment Period. Fender hereby employs Executive, and Executive hereby agrees to employment as
Executive Vice President and Chief Operating Officer of Fender, for an initial term beginning on June 4, 2012 (the “Effective Date”) and ending on June 3, 2014 (the “Initial Term”), unless the employment is earlier
terminated as provided herein. Fender and Executive agree to discuss, in good faith, the possibility of an extension of the Initial Term on or by December 7, 2013. During the Initial Term or, if shorter, that portion of the Initial Term during
which Executive remains continuously employed by Fender (the “Employment Period”), Executive shall perform such services, consistent with his title, as may from time to time be assigned to, or expected from, him by Fender’s Chief
Executive Officer and/or Board of Directors. In the event Executive does not commence employment with the Company on the Effective Date, this Agreement will terminate without any liability of any kind hereunder. 

2. Compensation, Expenses and Other Benefits. 
 (a) Fender agrees to pay Executive for all of his services hereunder during the Employment Period, a salary of $450,000 per annum (“Base Compensation”), subject to proration for any partial year
of the Employment Period and payable in installments in accordance with the payroll practices of Fender, as in effect from time to time, which salary shall be subject to annual review, and shall be subject to potential increase in the sole
discretion of the Board of Directors of Fender. 
 (b) During the Employment Period, Executive shall be eligible to participate
in Fender’s Annual Incentive Plan (or any successor plan), as in effect from time to time (the “Annual Incentive Plan”). Executive’s target annual incentive opportunity under the Annual Incentive Plan will be no less than 75% of
Base Compensation earned for each fiscal year or any portion thereof during the Employment Period. Executive’s annual bonus, if any, shall otherwise be subject to the terms of the Annual Incentive Plan. 

 (c) Fender shall pay Executive fifty percent (50%) of the pro-rated 2012 Annual
Incentive Plan bonus amount (the “2012 Pro-Rata Bonus”), as set forth in section 2(b), on or by July 4, 2012, provided that Executive hereby agrees to repay Fender such 2012 Pro-Rata Bonus in the event that Executive terminates his
employment with Fender other than for Good Reason or Fender terminates Executive’s employment for Cause, in each case, on or before March 15, 2013. Executive will not be required to repay any portion of such 2012 Pro-Rata Bonus in the
event Executive’s employment is terminated as a result of a reduction in force implemented by Fender. 
 (d) Fender shall
grant Executive five hundred (500) shares of restricted stock at the first meeting of the Compensation Committee following the beginning of the Employment Period, which restricted shares shall vest over the four (4) year period following
the date of grant in accordance with the terms of the applicable award agreement. Provided Executive is still employed by Fender, Fender shall further grant Executive five hundred (500) performance shares (or units) at the first meeting of the
Compensation Committee that occurs after the sixtieth (60th) day of the Employment Period, which performance shares will vest in accordance to the performance-based and time-based vesting criteria set forth in the applicable award agreement.
Furthermore, in the event Executive is still employed by Fender as of June 4, 2014 as Executive Vice President and Chief Operating Officer, or other mutually agreed upon title, Fender shall grant Executive an additional long-term incentive
award with a grant date fair value of approximately $2,000,000, which may be granted in the form of stock options, restricted shares (or units), performance shares (or units), any other form of equity-based award permitted under Fender’s
long-term incentive plan as then in effect, or any combination thereof. Specific performance-based and time-based vesting provisions for such award shall be determined by the Compensation Committee in its discretion after consultation with Executive
and the Chief Executive Officer. 
 3. Extent of Services. During the Employment Period, Executive agrees to devote his
business loyalties and his business time and attention to the affairs of Fender and to perform duties as may be assigned to, or expected from, him by Fender’s Chief Executive Officer and/or Board of Directors from time to time, except during
vacation periods and reasonable periods of illness or other incapacity consistent with the practices of Fender. Further, nothing in this Agreement shall prevent Executive from investing his assets in such form or manner as will not require his
services in the operation of the affairs of the companies in which such investments are made, and in accordance with Section 11 herein. 
 4. Benefit Plans. 
 (a) During the Employment Period, Executive shall have
the same rights as other Fender senior managers (other than the Chief Executive Officer) to participate in any retirement, pension, insurance, medical, hospital or other plans (“Benefit Plans”), as in effect from time to time, it being
understood that eligibility and 

  
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other requirements for such participation shall be controlled by the respective plan(s) and plan documents, and that Fender retains the sole right to implement, change or terminate any such
Benefit Plans in its discretion. 
 (b) Nothing in this Agreement shall be deemed to affect Executive’s rights with respect
to Fender stock options or other equity-based awards. All rights with respect to such stock options and other equity-based awards shall be governed exclusively by the applicable stock option and equity-based award plan(s) and award agreement(s),
which shall not be deemed to be modified or amended in any way by this Agreement. 
 5. Termination. 

(a) By Fender with or without Cause. Fender may terminate the Employment Period with or without Cause at any time, subject to the
notice provisions hereof. For purposes of this Agreement, the term “Cause” shall mean: (1) Executive’s misappropriation (or attempted misappropriation) of any of the Company’s funds or property, or (2) Executive’s
conviction of, or the entering of a guilty plea or plea of no contest with respect to, a felony, or a misdemeanor that involves moral turpitude or any other fraudulent act, (3) Executive’s continued or repeated failure to substantially
perform his duties (after notice and a reasonable opportunity to cure) (4) Executive’s commission of an act of dishonesty, insubordination or gross misconduct toward the Company, (5) Executive’s commission of any act materially
detrimental to the interest of the Company, including its goodwill, (6) Executive’s continued material breach of any of the terms of this Agreement (after notice and a reasonable opportunity to cure), or (7) Executive’s breach of
Section 11 or 12 of this Agreement. 
 (b) By Executive for any Reason. Executive may terminate this Agreement for
Good Reason or for any reason at any time, subject to the notice provisions hereof. For purposes of this Agreement, the term “Good Reason” shall mean: (1) a material diminution in Executive’s Base Compensation or target bonus
opportunity under the Annual Incentive Plan (or any successor plan), (2) a material diminution in Executive’s authority, duties, or responsibilities, (3) a material diminution in the budget over which Executive retains authority,
(4) a material change in the geographic location of Executive’s position, or (5) any other action by Fender that constitutes a material breach of this Agreement. No termination of Executive’s employment shall be for Good Reason
unless Executive gives the Company written notice within 90 days of Executive obtaining knowledge of circumstances giving rise to Good Reason (describing in reasonable detail the circumstances and the Good Reason event that has occurred) and the
Company does not remedy these circumstances within 30 days of receipt of such notice. In addition, an event will not give rise to Good Reason if it is made with Executive’s express written consent. 

  
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 (c) Fender may terminate the Employment Period other than for Cause and Executive may
terminate employment for Good Reason, in each case, upon ninety (90) days written notice to the other party, provided that in such an event, Executive will be entitled to receive all payments set forth in Sections 6(a) and (b) below. The
Company may determine in its sole discretion and at any time to pay Executive the portion of his Base Compensation applicable to all or a portion of such notice period in lieu of such notice. Notwithstanding anything herein to the contrary, in the
event that Fender and Executive do not reach an agreement to extend the Initial Term as contemplated in Section 1 above, the parties acknowledge and agree that in the event of any termination of Executive’s employment at any time after the
end of the Employment Period, Executive shall not be entitled to receive any payments or benefits under Sections 6(a) and (b) below and shall only be entitled to receive payments and benefits under Fender’s compensation and benefits plans,
in each case, in accordance with the applicable terms and conditions of such plans as in effect as of the date of such termination of employment. 
 (d) Fender may terminate the Employment Period for Cause immediately following any cure period provided for in (a) above, upon written notice to Executive and Executive may terminate employment for
any reason other than Good Reason upon thirty (30) days’ prior written notice to the Company, provided that in each case, Executive shall only receive the accrued compensation and benefits set forth in Section 6(a). If applicable, the
Company may determine in its sole discretion and at any time to pay Executive the portion of his Base Compensation applicable to all or a portion of such notice period in lieu of such notice. 

6. Payments Upon Termination. 
 (a) Accrued Compensation and Other Benefits. Upon any termination of the Employment Period, the Company will pay Executive (i) Executive’s Base Compensation as pro-rated through
the termination date, to the extent not already paid, (ii) reimbursement (in accordance with the Company’s expense reimbursement policy) for reasonable and necessary business expenses incurred by Executive on behalf of the Company before
the termination date, (iii) Executive’s accrued and unused vacation pay (in accordance with the Company’s vacation policy) to the extent not already paid, and (iv) any bonuses and incentive compensation to which Executive is
entitled under the terms of applicable bonus or incentive plans or awards maintained by the Company. In addition, the Company will pay or provide Executive, to the extent not already paid or provided, any amounts or benefits required to be paid or
provided or which Executive is eligible to receive under any plan, program, policy or practice or other contract or agreement of the Company through the termination date. 

(b) Severance Pay. Upon termination of the Employment Period (i) by Fender other than for Cause or (ii) by Executive for
Good Reason, Executive shall be entitled to receive a lump sum amount in cash equal to one times his Base Compensation. 

  
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Upon termination of the Employment Period (i) by Fender (or any successor) other than for Cause or (ii) by Executive for Good Reason, in each case following a Change in Control, as
defined blow, Executive shall not be paid the severance amount described in the preceding sentence, but rather shall be entitled to receive a lump sum amount in cash equal to (A) his Base Compensation for the remainder of the Initial Term, if
any, plus (B) an additional amount, if any, necessary so that the total amount payable to Executive under this sentence is equal to at least two (2) years’ Base Compensation. In addition, Fender shall pay or reimburse Executive for
any and all COBRA payments or other benefit continuation expenses incurred by Executive during the remainder of the Initial Term (provided that such reimbursements shall not exceed Fender’s costs for such benefits prior to termination).

 (c) For purposes of this Agreement, the term “Change in Control” shall mean: 

(i) During any period of not more than two years, the Incumbent Directors no longer represent a majority of the Board.
“Incumbent Directors” are (A) the members of the Board as of June 1, 2012 and (B) any individual who becomes a director thereafter whose appointment or nomination was approved by at least a majority of the Incumbent
Directors then on the Board (either by specific vote or by approval, without prior written notice to the Board objecting to the nomination, of a proxy statement in which the member was named as nominee). However, the Incumbent Directors will
not include anyone who becomes a member of the Board thereafter as a result of an actual or threatened election contest or proxy or consent solicitation on behalf of anyone other than the Board, including as a result of any appointment, nomination
or other agreement intended to avoid or settle a contest or solicitation. 
 (ii) There is a beneficial owner of
securities entitled to 30% or more of the total voting power of the Company’s then-outstanding securities in respect of the election of the Board (“Voting Securities”), other than by (A) the Company, any subsidiary
of it or any employee benefit plan or related trust sponsored or maintained by the Company or any subsidiary of it; (B) any underwriter temporarily holding securities pursuant to an offering of them; or (C) anyone who becomes a beneficial
owner of that percentage of Voting Securities as a result of an Excluded Transaction (as defined in Section (iii) below without regard to Section (iii)(B)). 

(iii) Consummation of a merger, consolidation, statutory share exchange or similar transaction (including an exchange
offer combined with a merger or consolidation) involving the Company (a “Reorganization”) or a sale, lease or other disposition (including by way of a series of transactions or by way of merger, consolidation, stock sale or similar
transaction involving one or more subsidiaries) of all or substantially all of the Company’s consolidated assets (a 

  
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“Sale”) other than an Excluded Transaction. An “Excluded Transaction” is a Reorganization or Sale pursuant to which immediately following such
Reorganization or Sale: 
 (A) 50% or more of the total voting power of the Surviving Company’s
then-outstanding securities in respect of the election of directors (or similar officials in the case of a non-corporation) is represented by Voting Securities outstanding immediately before the Reorganization or Sale or by securities into which
such Voting Securities were converted in the Reorganization or Sale; 
 (B) there is no beneficial owner of
securities entitled to 30% or more of the total voting power of the then-outstanding securities of the Surviving Company in respect of the election of directors (or similar officials in the case of a non-corporation); and 

(C) a majority of the board of directors of the Surviving Company (or similar officials in the case of a non-corporation)
were Incumbent Directors at the time the Board approved the execution of the initial agreement providing for the Reorganization or Sale. The “Surviving Company” means (a) in a Reorganization, the entity resulting from the
Reorganization or (b) in a Sale, the entity that has acquired all or substantially all of the assets of the Company, except that, if there is a beneficial owner of securities entitled to 95% of the total voting power (in respect of the
election of directors or similar officials in the case of a non-corporation) of the then-outstanding securities of the entity that would otherwise be the Surviving Company, then that beneficial owner will be the Surviving Company. 

(iv) The Company’s stockholders approve a plan of complete liquidation or dissolution of the Company. 

For purposes of this definition of “Change in Control”, (i) any sale of only Weston Presidio L.P.’s interests in the Company that is
approved by the Board shall not constitute a “Change in Control, and (ii) the term “beneficial owner” has the meaning assigned in Rule 13d-3 under the 1934 Act, as that rule is in effect as of the date hereof. After any
Excluded Transaction, the Surviving Company will be treated as the Company for all purposes of the definition of Change in Control. 
 (d) Form and Time of Payment. The cash amounts provided for in Sections 6(a) and (b) above shall be paid in a single lump sum payment on the regularly scheduled payroll day immediately
following the 30th day after Executive’s termination
date (but in no event later than March 15th of the
year following the year in which such termination occurred). Notwithstanding the preceding sentence, (A) if Executive is a 

  
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“specified employee” at the time he terminates employment with Fender and any payment or benefit under Section 6 is determined to constitute non-qualified deferred compensation,
such payment shall be made or such benefit shall be provided on the date that is six months after termination of employment with the Company, all as determined in accordance with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and the regulations thereunder, applying all default provisions under such regulations. 
 (e) If
Executive is subject to the excise tax imposed under Section 4999 of the Code, the provisions of Appendix A hereto shall apply. 
 7. Death During Employment. In addition to any other benefits Executive may be entitled to under the Benefit Plans and Section 6(a) above, if Executive dies during the Employment Period,
Fender shall pay to the estate of Executive a lump sum payment within thirty (30) days following death an amount equal to the Base Compensation, at the rate then in effect, that would have been otherwise payable to Executive up to the end of
the month in which his death occurred and for three (3) additional months thereafter. In addition, Fender shall pay to the estate of Executive a lump sum pro rata bonus payment pursuant to the terms and conditions of Fender’s Annual
Incentive Plan (or any successor plan). 
 8. Disability. In the event Executive shall become Disabled during the
Employment Period, as determined by a health care professional suitable to Fender (and established by a second opinion at Fender’s option), in addition to any other benefits Executive may be entitled to under the Benefit Plans and
Section 6(a) above, Fender shall (i) pay to Executive a lump sum pro rata bonus payment pursuant to the terms and conditions of Fender’s Annual Incentive Plan (or any successor plan) and (ii) continue to pay to Executive his Base
Compensation, at the rate then in effect, for up to thirteen (13) weeks following the date Executive became Disabled. For the purpose of this Agreement, Executive shall be “Disabled” if he is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason of any medically
determinable physical or mental impairment that 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 3 months under an
accident and health plan covering employees of the Company. 
 9. Vacations. Executive shall be entitled to four
(4) weeks of annual vacation during the Employment Period, during which time his compensation shall be paid in full. 
 10.
Expenses. Provided Executive provides proper documentation as may be required by Fender from time to time, and demonstrates an appropriate business 

  
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purpose, during the Employment Period, Fender will reimburse Executive for expenses incident to the rendering of services hereunder. Furthermore, Fender shall reimburse Executive for reasonable
expenses associated with moving household goods to Arizona and temporary living expense for a minimum of ninety (90) days from June 4, 2012, in each case, in accordance with Fender’s relocation policy as currently in effect.
Reimbursement of expenses shall be made within thirty (30) days of the date a request for reimbursement is submitted in accordance with Fender’s policy or in accordance with the terms of Fender’s relocation policy, as applicable.
Executive acknowledges and agrees that his receipt of the relocation benefits described above is conditioned on his agreement to reimburse Fender for a pro-rata portion of such benefit in the event Executive’s employment is terminated by
Executive other than for Good Reason or is terminated by Fender for Cause, in each case, prior to first anniversary of the commencement of the Employment Period. Executive will not be required to repay any portion of such relocation benefits in the
event Executive’s employment is terminated as a result of a reduction in force implemented by Fender or due to Executive’s death or Disability. 
 11. Exclusivity/Non-Competition. Executive acknowledges that (a) his employment by Fender (which for purposes of Sections 11, 12 and 13 shall mean Fender, its subsidiaries and affiliates) is
of a special, personally unique, artistic, unusual, extraordinary and intellectual character, and (b) the nature of Executive’s services, position and expertise is such that he is capable of competing with Fender from nearly any location
in the world. Executive further acknowledges that his employment hereunder will, throughout the Employment Period, bring him into close contact with many confidential affairs of Fender, including without limitation information about costs, profits,
customers, markets, sales, products, key personnel, pricing policies, operational methods, trade secrets and other business affairs and methods and other information not readily available to the public, and plans for further development
(“Confidential Information”). In recognition of the considerations described in the foregoing provisions of this Section 11 and in the preamble to this Agreement, Executive covenants and agrees that, during the Employment Period and
thereafter for any period after termination of the Employment Period during or for which Executive receives payments, compensation and/or severance pay from Fender, , he will not, in the United States of America, or in any state or other country in
which Fender is engaged in any Competitive Business (as defined in the last sentence of this Section 11), directly or indirectly: (i) enter into the employ of or render any services to any person, firm or corporation engaged in any
Competitive Business; (ii) engage in any Competitive Business for his own account; (iii) become interested in any Competitive Business as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee,
trustee, consultant, advisor or in any other relationship or capacity; (iv) induce, for Executive or any other person or entity, any present or future employee of Fender to leave the employ of Fender and/or seek or accept employment with
Executive or with any other person or firm engaged in a Competitive Business; provided, however, that nothing contained in this Section 11 shall be deemed to prohibit Executive from acquiring, solely as an investment through market purchases,
securities of such a corporation engaged in any Competitive Business which 

  
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are registered under Sections 12(b) or 12(g) of the Securities Exchange Act of 1934 and which are publicly traded so long as such securities do not in the aggregate exceed one percent
(1%) of any class of securities of such corporation. The term “Competitive Business,” as used in this Agreement, shall mean the design, manufacture or distribution of musical instruments of any category dealt in by Fender at any time
during Executive’s employment by Fender under this Agreement or otherwise. 
 12. Protection of Confidential
Information. In recognition of the considerations described in Section 11 hereof, Executive covenants and agrees that he will deliver promptly a termination of this Agreement, or at any other time Fender may also request, all Confidential
Information in the form of memoranda, notes, records, reports and any other documents or media (and all copies thereof) relating to Fender’s business which he may then possess or have under his control. In addition, for as long as such
information remains sensitive and confidential in nature, and is not made public (through no fault of Executive), Executive agrees that he will hold in strictest confidence all matters of Fender that are not otherwise in the public domain and will
not disclose them to anyone outside of Fender or use them for himself or otherwise, either during or after the Employment Period. If, and only if, a court or tribunal of final jurisdiction finds this restriction overbroad as to time, then this
restriction shall have a duration of five (5) years from the termination of the Employment Period. 
 13. Remedies.
If Executive commits a breach of any of the provisions of Sections 11 or 12 of this Agreement, in addition to Fender’s rights to terminate its obligations hereunder, Fender shall have the right to an injunction or order of specific enforcement,
without necessity of posting a bond or providing independent evidence of irreparable injury, by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to Fender
and that money damages will not provide an adequate remedy to Fender. Fender and Executive recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability of agreements similar to those contained
in Section 11 hereof. It is the intention of Fender and Executive that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies of each jurisdiction in which such enforcement is
sought. 
 14. Dispute Resolution. 
 (a) Any and all disputes arising under, pertaining to or touching upon this Agreement, or the statutory rights or obligations of either party hereto, shall, if not settled by negotiation, be subject to
non-binding mediation before an independent mediator selected by the parties pursuant to Section 14(b). Notwithstanding the foregoing, both Executive and Company may seek preliminary injunctive or other judicial relief if such action is
necessary to avoid irreparable damage during the pendency of the proceedings described in this Section 14. Any demand for mediation shall be made in writing and served upon the other party to the dispute, by certified mail, return receipt

  
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requested, at the address specified in this Agreement. The demand shall set forth with reasonable specificity the basis of the dispute and the relief sought. The mediation hearing will occur at a
time and place convenient to the parties in Maricopa County, Arizona, within thirty (30) days of the date of selection or appointment of the mediator. Mediation or the waiver of mediation by both parties shall be a condition precedent to
Arbitration. 
 (b) In the event that the dispute is not settled through mediation, the parties shall then proceed to binding
arbitration before an independent arbitrator selected pursuant to Section 14. The mediator shall not serve as the arbitrator. EXCEPT AS PROVIDED IN SECTION 13, ALL DISPUTES INVOLVING ALLEGED UNLAWFUL EMPLOYMENT DISCRIMINATION, TERMINATION BY
ALLEGED BREACH OF CONTRACT OR POLICY, OR ALLEGED EMPLOYMENT TORT COMMITTED BY COMPANY OR A REPRESENTATIVE OF COMPANY, INCLUDING CLAIMS OF VIOLATIONS OF FEDERAL OR STATE DISCRIMINATION STATUTES OR PUBLIC POLICY, SHALL BE RESOLVED PURSUANT TO THIS
SECTION 14 AND THERE SHALL BE NO RECOURSE TO COURT, WITH OR WITHOUT A JURY TRIAL. 
 The arbitration hearing shall occur at a time and place
convenient to the parties in Maricopa County, Arizona, within sixty (60) days of selection or appointment of the arbitrator unless such time period is extended by the arbitrator for good cause shown. If Company has adopted, with the consent of
Executive, a policy that is applicable to arbitrations with executives, the arbitration shall be conducted in accordance with said policy, to the extent that the policy is consistent with this Agreement and the Federal Arbitration Act, 9 U.S.C.
§§ 1-16. If no such policy has been adopted, the arbitration shall be governed by the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”) in effect on the date of the first
notice of demand for arbitration. Notwithstanding any provisions in such rules to the contrary, the arbitrator shall issue findings of fact and conclusions of law, and an award, within fifteen (15) days of the date of the hearing unless the
parties otherwise agree. 
 (c) Issues of procedure, arbitrability, or confirmation of award shall be governed by the Federal
Arbitration Act, 9 U.S.C. §§ 1-16, except that court review of the arbitrator’s award shall be that of an appellate court reviewing a decision of a trial judge sitting without a jury. 

(d) The costs and expenses of any arbitration shall be borne by Company and Executive jointly; provided, however, that any filing fee(s)
required to be paid by Executive shall be limited to the filing fees required to initiate an action in the Superior Court of Arizona, County of Maricopa, and the Company will pay the balance. 

15. Severability and Non-Exclusivity. The rights and remedies set forth in Sections 11, 12 and 13 shall be in addition to and not
in lieu of any other rights 

  
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and remedies available to Fender under the law or in equity. If the courts (or arbitration tribunals) of any one or more jurisdictions shall hold all or any part of the provisions of Sections 11,
12 and 13 unenforceable for any reason, it is the intention of the parties that such determination shall not bar or in any way affect Fender’s right to relief with respect to the remaining portions of this Agreement, all of which shall be
deemed severable and individually enforceable, or in any other jurisdiction. 
 16. 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 facsimile, with receipt confirmed, or mailed first class, postage
prepaid, by registered or certified mail, as follows (or to such other or additional address as either party shall designate by notice in writing to the other in accordance herewith): 

 

			
	If to Fender:	  	 Fender Musical Instruments Corporation
 17600 N. Perimeter Circle, Suite 100
 Scottsdale, AZ 85255

Attention: Chief Legal Officer

		
	If to Executive:	  	Addressed to him at his address on the personnel records of Fender.

 17. General. 
 (a) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Arizona applicable to agreements made and to be performed entirely in Arizona. 

(b) This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes
and cancels all prior agreements, arrangements and understandings, written or oral, between the parties, all of which are hereby nullified, and shall be deemed fully performed. 

(c) This Agreement may not be assigned by Executive. Fender may only assign this Agreement to a subsidiary of Fender, provided Fender
remains liable therefore. Fender shall assign this Agreement to a bona fide successor to Fender, in the event such a transaction occurs, and Executive hereby consents to any such assignment(s). This Agreement shall inure to and be binding upon
Fender, and its successors and assigns. 
 (d) This Agreement may be amended, modified, superseded, cancelled, renewed or
extended and the terms or covenants hereof may be waived, only by a written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to

  
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require performance of any provisions hereof shall in no manner affect the right at a later time to enforce the same. No waiver by either party hereto 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. 
 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.

  

					
	FENDER MUSICAL INSTRUMENTS	  	EXECUTIVE
	CORPORATION	  	
			
	By:	 	/s/ Mark D. Van Vleet	  	/s/ James A. Druckrey
		 	  
	  	  

	Its:	 	 Chief Legal Officer & Senior Vice President of Business Development
 Mark D. Van Vleet
	  	James A. Druckrey
		 	  
	  	

  
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 APPENDIX A 

Treatment of Parachute Payments 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or
distribution) by the Company (or any of its affiliated entities) or another person or entity to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise) (the “Payments”) would be subject to the excise
tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the
“Excise Tax”), then (i) or (ii) below, as applicable, shall apply: 
 (i) If a reduction of
the Payments to the Safe Harbor Cap (as defined below) would result in a greater after-tax benefit to Executive, then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) to the Safe Harbor Cap. The reduction
of the amounts payable hereunder, if applicable, shall occur in the following order unless Executive elects a different order as of the date hereof: reduction of cash payments, followed by reduction of employee benefits. If the reductions described
in the preceding sentence would not result in a reduction of the Payments to the Safe Harbor Cap, further reduction of the Payments shall be made in the manner which has the least economic cost to Executive. 

(ii) If a reduction of the Payments to the Safe Harbor Cap would not result in a greater after-tax benefit to Executive,
then the amounts payable to Executive under this Agreement shall not be reduced and Executive shall be liable for payment of the Excise Tax. 

For purposes of this Agreement, “Safe Harbor Cap” shall mean the maximum amount of Payments that could be paid to Executive without giving rise
to the Excise Tax (the “Safe Harbor Cap”). 
 (b) Subject to the provisions of paragraph (a) above, all
determinations required to be made under this Appendix A, including whether and when an Excise Tax is due and the assumptions to be utilized in arriving at such determinations, shall be made by a public accounting firm that is retained by the
Company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice from the Company or Executive that there has been a
Payment, or such earlier time as is requested by the Company (collectively, the “Determination”). Notwithstanding the foregoing, in the event (i) the Company’s Board of Directors shall determine that the Accounting Firm is
precluded from performing such services under applicable auditor independence rules or (ii) the 

  
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Audit Committee of the Company’s Board of Directors determines that it does not want the Accounting Firm to perform such services because of auditor independence concerns or (iii) the
Accounting Firm is serving as accountant or auditor for the person(s) effecting a change in control, the Board shall appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm
shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company, and the Company shall enter into any agreement reasonably requested by the Accounting Firm in connection
with the performance of the services hereunder. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written opinion to such effect, and to the effect that failure to report the Excise Tax,
if any, on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. The Determination by the Accounting Firm shall be binding upon the Company and Executive. 

(c) If it is established pursuant to a final determination of a court or the Internal Revenue Service (the “IRS”) proceeding,
which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, Executive by the Company, which are in excess of the limitations provided in this Appendix A (hereinafter referred to as an
“Excess Payment”), such Excess Payment shall be deemed for all purposes to be a loan to Executive made on the date Executive received the Excess Payment and Executive shall repay the Excess Payment to the Company on demand, together with
interest on the Excess Payment at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess Payment until the date of such repayment. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the determination, it is possible that Payments which will not have been made by the Company should have been made (an “Underpayment”), consistent with the calculations required
to be made under this Appendix A. In the event that it is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal income tax return) or
the IRS or (ii) pursuant to a determination by a court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to Executive within ten (10) days of such determination together with interest on such
amount at the applicable federal rate from the date such amount would have been paid to Executive until the date of payment. Executive shall cooperate, to the extent his or her expenses are reimbursed by the Company, with any reasonable requests by
the Company in connection with any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. Executive shall cooperate, to the extent his or her expenses are reimbursed by the Company, with any
reasonable requests by the Company in connection with any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. 

  
 14EX-10.6

 Exhibit 10.6 
 Execution Copy 
 FIFTH AMENDMENT TO AMENDED AND 

RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT 
 This FIFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT, dated as of March 20, 2012 (this “Amendment”), is by and among (a) EMMIS
COMMUNICATIONS CORPORATION (the “Parent”), an Indiana corporation, (b) EMMIS OPERATING COMPANY (the “Borrower”), an Indiana corporation and (c) certain Lenders and is acknowledged by BANK OF
AMERICA, N.A., as administrative agent (the “Administrative Agent”) for itself and the other Lenders party to that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated November 2, 2006, as amended by
(i) that certain First Amendment and Consent to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 3, 2009, by and among the Borrower, the Parent, the lending institutions party thereto (the
“Lenders”), the Administrative Agent, Deutsche Bank Trust Company Americas, as syndication agent, General Electric Capital Corporation, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York
Branch and SunTrust Bank, as co-documentation agents; (ii) that certain Second Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of August 19, 2009, among the Borrower, the Parent, the Lenders and the
Administrative Agent; (iii) that certain Third Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 29, 2011, among the Borrower, the Parent and the Required Lenders and, subject to the
qualifications set forth therein, acknowledged by the Administrative Agent; and (iv) that certain Fourth Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of November 10, 2011, among the Borrower, the
Parent and the Required Lenders and, subject to the qualifications set forth therein, acknowledged by the Administrative Agent (as so amended, the “Credit Agreement”). Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Credit Agreement. 
 WHEREAS, the Borrower and the Parent desire to modify certain
terms and conditions of the Credit Agreement as specifically set forth in this Amendment; and 
 NOW THEREFORE, in
consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, the Parent and the Lenders hereby agree as follows: 

§1. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: 

(a) The following new definitions are hereby added to §1.1 of the Credit Agreement in appropriate alphabetical order: 

“2012 Retention Plan and Trust Agreement” shall mean the Emmis Communications Corporation 2012 Retention
Plan and Trust Agreement between the Parent and the trustee party thereto, in the form of Exhibit A to the Fifth Amendment or in such other form as may be reasonably acceptable to the Required Lenders. 

 “Canyon” shall mean, collectively, Canyon Special
Opportunities Master Fund (Cayman), Ltd., CanPartners Investments IV, LLC, and Canyon Distressed Opportunity Master Fund, L.P. 
 “Fifth Amendment” shall mean the Fifth Amendment to Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 20, 2012, by and among the Parent, the Borrower,
certain Lenders and acknowledged by the Administrative Agent. 
 (b) The definition of “HoldCo Corporate Overhead
Expenses” contained in Section 1.1 of the Credit Agreement is hereby amended by replacing clause (x) thereof in its entirety as follows: 
 “(x) out-of-pocket costs and expenses incurred to unrelated third parties (a) in connection with the Note Purchase Agreement in an aggregate amount not to exceed $250,000 in connection with the
execution of the Note Purchase Agreement, (b) on or before the date of the Fifth Amendment, in connection with the Fifth Amendment and certain proposed amendments in connection with certain proposed transactions and the continuing
administration and compliance with the Note Purchase Agreement in connection therewith, not to exceed $55,000 and (c) an aggregate amount not to exceed $75,000 thereafter for any other such costs and expenses incurred after execution of the
Note Purchase Agreement.” 
 (c) Clause (i) of §10.14(b) of the Credit Agreement is hereby amended and restated
in its entirety as follows: 
 “(i) issue Common Stock or Parent Preferred Stock to employees of the Borrower or any
Subsidiary in connection with any bona fide employee stock option, stock purchase, bonus or similar plan of the Parent; provided that Parent Preferred Stock may only be issued pursuant to the 2012 Retention Plan and Trust Agreement; provided,
further, that any Parent Preferred Stock issued pursuant to the 2012 Retention Plan and Trust Agreement may only be transferred, sold or otherwise disposed of to the Borrower, the Parent or employees pursuant to the terms of the Plan, and”

 §2. Conditions to Effectiveness & Conditions Subsequent. 

(a) This Amendment shall become effective as of the date set forth above upon the receipt by the Administrative Agent on behalf of the
Required Lenders of the following conditions precedent (the “Fifth Amendment Effective Date”): 
 (1) there
shall exist no Default or Event of Default immediately prior to and immediately after giving effect to this Amendment; 
 (2)
the Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed and delivered by the Borrower, the Parent, each Guarantor and the Required Lenders; 

  
 -2-

 (3) the Administrative Agent shall have received a copy of the duly executed 2012 Retention
Plan and Trust Agreement; 
 (4) the representations and warranties set forth in Section 4 of this Amendment shall be true
and correct as of the date of this Amendment; and 
 (5) the Borrower shall have paid to Canyon Capital Advisors LLC all fees
and expenses of Canyon and the Administrative Agent arising in connection with this Amendment (including any fees and disbursements of legal counsel); provided that no fee shall be payable to the Administrative Agent or any Lender in consideration
for the execution of this Amendment. 
 §3. Affirmation of Borrower and Parent. The Borrower and the Parent
each hereby affirms its Obligations under the Credit Agreement (as amended hereby) and under each of the other Loan Documents to which each is a party and each hereby affirms its absolute and unconditional promise to pay to the Lenders the Loans and
all other amounts due under the Credit Agreement (as amended hereby) and the other Loan Documents. 
 §4.
Representations and Warranties. The Parent and the Borrower each hereby represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a) Representations and Warranties. Each of the representations and warranties contained in §8 of the Credit Agreement were true and correct in all material respects (except to the extent such
representations and warranties are already qualified by materiality, in which case, such representations and warranties were true and correct in all respects) when made, and, after giving effect to this Amendment, are true and correct in all
material respects on and as of the date hereof (except to the extent such representations and warranties are already qualified by materiality, in which case, such representations and warranties are true and correct in all respects), except to the
extent of changes resulting from transactions contemplated or permitted by the Credit Agreement and the other Loan Documents and to the extent that such representations and warranties relate specifically to a prior date. To the extent not otherwise
applicable to the Parent, each of the representations and warranties contained in §8 of the Credit Agreement shall be deemed to be equally applicable to the Parent for all purposes hereunder, and shall be deemed to be made by the Parent with
respect to itself in connection with this Section 4. 
 (b) Enforceability. The execution and delivery by the
Borrower and the Parent of this Amendment, and the performance by the Borrower and the Parent of this Amendment and the Credit Agreement, as amended hereby, are within the corporate authority of each of the Borrower and the Parent and have been duly
authorized by all necessary corporate proceedings. This Amendment and the Credit Agreement, as amended hereby, constitute valid and legally binding obligations of each of the Borrower and the Parent, enforceable against it in accordance with their
terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights in general. 
 (c) No Default or Event of Default. No Default or Event of Default has occurred and is continuing, and after giving effect to this Amendment, no Default or Event of Default will result from the
execution, delivery and performance by the Parent and the Borrower of this Amendment or from the consummation of the transactions contemplated herein. 

  
 -3-

 (d) Disclosure. None of the information provided to the Administrative Agent and the
Lenders on or prior to the date of this Amendment relating to this Amendment contained any untrue statement of material fact or omitted to state any material fact (known to the Parent, the Borrower or any of its Subsidiaries in the case of any
document or information not furnished by it or any of its Subsidiaries) necessary in order to make the statements herein or therein not misleading. On the date hereof, neither the Borrower nor the Parent possess any material information with respect
to the operations, business, assets, properties, liabilities (actual or contingent) or financial condition of the Parent, the Borrower and their respective Subsidiaries taken as a whole as to which the Lenders do not have access. 

§5. No Other Amendments, etc. Except as expressly provided in this Amendment, (a) all of the terms and conditions
of the Credit Agreement and the other Loan Documents remain unchanged, and (b) all of the terms and conditions of the Credit Agreement, as amended hereby, and of the other Loan Documents are hereby ratified and confirmed and remain in full
force and effect. Nothing herein shall be construed to be an amendment, consent or a waiver of any requirements of the Parent, the Borrower or of any other Person under the Credit Agreement or any of the other Loan Documents except as expressly set
forth herein. Nothing in this Amendment shall be construed to imply any willingness on the part of any Lender to grant any similar or future amendment, consent or waiver of any of the terms and conditions of the Credit Agreement or the other Loan
Documents. For the avoidance of doubt, this Amendment shall constitute a “Loan Document” under the Credit Agreement and each other Loan Document. 
 §6. Release. In order to induce the Lenders to enter into this Amendment, the Borrower and the Parent each acknowledges and agrees that: (i) the Borrower and the Parent do not have
any claim or cause of action against the Administrative Agent or any Lender (or any of their respective directors, officers, employees or agents); (ii) the Borrower and the Parent do not have any offset right, counterclaim, right of recoupment
or any defense of any kind against the Borrower’s or the Parent’s obligations, indebtedness or liabilities to the Administrative Agent or any Lender; and (iii) each of the Administrative Agent and the Lenders has heretofore properly
performed and satisfied in a timely manner all of its obligations to the Borrower and the Parent. The Borrower and the Parent each wishes to eliminate any possibility that any past conditions, acts, omissions, events, circumstances or matters would
impair or otherwise adversely affect any of the Administrative Agent’s and the Lenders’ rights, interests, contracts, collateral security or remedies. Therefore, the Borrower and the Parent each unconditionally releases, waives and forever
discharges (A) any and all liabilities, obligations, duties, promises or indebtedness of any kind of the Administrative Agent or any Lender to the Borrower, except the obligations to be performed by the Administrative Agent or any Lender on or
after the date hereof as expressly stated in this Amendment, the Credit Agreement and the other Loan Documents, and (B) all claims, offsets, causes of action, right of recoupment, suits or defenses of any kind whatsoever (if any), whether
arising at law or in equity, whether known or unknown, which the Borrower or the Parent might otherwise have against the Administrative Agent, any Lender or any of their respective directors, officers, employees or agents, in either case (A) or
(B), on account of any past or presently existing condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause of action, defense, circumstance or matter of any kind. 

  
 -4-

 §7. Execution in Counterparts. This Amendment may be executed in any
number of counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to
produce or account for more than one such counterpart signed by the party against whom enforcement is sought. 
 §8.
Interpretation. This Amendment has been the result of limited negotiation involving the Administrative Agent and its counsel. This Amendment, the Credit Agreement and the other Loan Documents are not intended to be construed against the
Administrative Agent or any of the Lenders whether or to the extent of the Administrative Agent’s or any Lender’s involvement in the preparation of such documents. 
 §9. Loan Document. This Amendment is a Loan Document under the terms of the Credit Agreement, and any breach of any provision of this Amendment shall be a Default or Event of Default
under the Credit Agreement (as applicable). 
 §10. Miscellaneous. This Amendment shall for all purposes be
construed in accordance with and governed by the laws of the State of New York (excluding the laws applicable to conflicts or choice of law) (other than Section 5-1401 and Section 5-1402 of the General Obligations Laws of the State of New
York). The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof. The Borrower agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all reasonable costs and
expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment, including reasonable legal fees in accordance with Section 18.2 of the Credit Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 -5-

 IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as a sealed
instrument as of the date first set forth above. 
  

					
	The Borrower:
	
	EMMIS OPERATING COMPANY
		
	By:	 	/s/ J. Scott Enright
		 	Name:	 	J. Scott Enright
		 	Title:	 	Executive Vice President,
		 		 	General Counsel and Secretary
	
	The Parent:
	
	EMMIS COMMUNICATIONS CORPORATION
		
	By:	 	/s/ J. Scott Enright
		 	Name:	 	J. Scott Enright
		 	Title:	 	Executive Vice President,
		 		 	General Counsel and Secretary

 [Signature Page to Fifth Amendment] 

 
			
	Lenders:
	
	CANYON SPECIAL OPPORTUNITIES MASTER FUND (CAYMAN), LTD.
		
	By:	 	Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	/s/ Jonathan M. Kaplan
		 	Name: Jonathan M. Kaplan
		 	Title: Authorized Signatory
	
	CANPARTNERS INVESTMENTS IV, LLC
		
	By:	 	Canyon Capital Advisors LLC, its Manager
		
	By:	 	/s/ Jonathan M. Kaplan
		 	Name: Jonathan M. Kaplan
		 	Title: Authorized Signatory

 [Signature Page to Fifth Amendment] 

 
			
	CANYON DISTRESSED OPPORTUNITY MASTER FUND, L.P.
		
	By:	 	Canyon Capital Advisors LLC, its Investment Advisor
		
	By:	 	/s/ Jonathan M. Kaplan
		 	Name: Jonathan M. Kaplan
		 	Title: Authorized Signatory

 [Signature Page to Fifth Amendment] 

 Receipt of the preceding Amendment is hereby acknowledged by the Administrative Agent in its role as
administrative agent but the provisions of this Amendment are not consented to by the Administrative Agent, or by Bank of America, N.A., in its capacity as a Lender. 
 The Administrative Agent’s acknowledgement of receipt of this Amendment should not be construed as an agreement by the Administrative Agent or Bank of America, N.A., or confirmation by the
Administrative Agent or Bank of America, N.A., that such Amendment was completed in accordance with the terms of the Credit Agreement and the other Loan Documents. 
 The Administrative Agent and Bank of America, N.A., as Administrative Agent and Lender, respectively, each reserves all of its rights in connection with the Amendment. 

 

			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	/s/ Edna Aguilar Mitchell
	Name:	 	Edna Aguilar Mitchell
	Title:	 	Director

 [Signature Page to Fifth Amendment] 

 RATIFICATION OF GUARANTORS 

Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing Amendment and the Borrower’s and the
Parent’s execution thereof; (b) joins the foregoing Amendment for the sole purpose of consenting to and being bound by the provisions of Sections 3, 5 and 6 thereof; (c) ratifies and confirms all of their respective obligations
and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect to, and continue to guarantee and secure, as applicable, the
Obligations of the Borrower under the Credit Agreement; (d) acknowledges and confirms that the liens and security interests granted by such Guarantor pursuant to the Loan Documents are and continue to be valid and perfected first priority liens
and security interests (subject only to Permitted Liens) that secure all of the Obligations on and after the date hereof; (e) acknowledges and agrees that such Guarantor does not have any claim or cause of action against the Administrative
Agent or any Lender (or any of its respective directors, officers, employees or agents); and (f) acknowledges, affirms and agrees that such Guarantor does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment
of any kind or nature against any of their respective obligations, indebtedness or liabilities to the Administrative Agent or any Lender. 
 [Remainder of Page Intentionally Left Blank] 
 [Signature Page to
Ratification of Guarantors] 

 
					
	The Guarantors:
	
	EMMIS COMMUNICATIONS CORPORATION
	EMMIS INDIANA BROADCASTING, L.P., by Emmis Operating Company, its General Partner
	EMMIS INTERNATIONAL BROADCASTING CORPORATION
	EMMIS LICENSE CORPORATION OF NEW YORK
	EMMIS MEADOWLANDS CORPORATION
	EMMIS PUBLISHING CORPORATION
	EMMIS PUBLISHING, L.P., by Emmis Operating Company, its General Partner
	EMMIS RADIO, LLC, by Emmis Operating Company, its Manager
	EMMIS RADIO LICENSE CORPORATION OF NEW YORK
	EMMIS RADIO LICENSE, LLC, by Emmis Operating Company, its Manager
	EMMIS TELEVISION LICENSE, LLC, by Emmis Operating Company, its Manager
	EMMIS TELEVISION BROADCASTING, L.P., by Emmis Operating Company, its General Partner
	LOS ANGELES MAGAZINE HOLDING COMPANY, INC.
	MEDIATEX COMMUNICATIONS CORPORATION
	ORANGE COAST KOMMUNICATIONS, INC.
		
	By:	 	/s/ J. Scott Enright
		 	Name:	 	J. Scott Enright
		 	Title:	 	Executive Vice President,
		 		 	General Counsel and Secretary

 [Signature Page to Fifth Amendment] 

 Exhibit A 
 2012 Retention Plan and Trust Agreement

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