Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 by and between 
 WMG ACQUISITION CORP. 
 and 
 Michael D. Fleisher 
 THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of this 14th day of November, 2008 by and between WMG Acquisition Corp., a Delaware corporation (the “Company”), and Michael D. Fleisher (the
“Executive”). 
 RECITALS: 
 WHEREAS, the Company is a direct wholly owned subsidiary of WMG Holdings Corp., a Delaware corporation (“Midco”), and an indirect wholly owned subsidiary of Warner Music Group Corp., a Delaware
corporation (“Parent”); and 
 WHEREAS, the Company wishes to engage the Executive to serve as Vice-Chairman –
Strategy & Operations of Parent and to provide services to the Company, Parent, Midco and their affiliates on the terms and conditions contained herein and the Executive wishes to accept such engagement on the terms and conditions contained
herein. 
 AGREEMENT: 
 NOW, THEREFORE, for good and valuable consideration, including the mutual covenants herein, the parties hereby agree as follows: 
 1. Employment Period. This Agreement and the Executive’s employment with the Company hereunder (hereinafter referred to as the “Employment Period”) shall be effective on September 16, 2008 (the
“Effective Date”) and, unless earlier terminated pursuant to Section 4 hereof, shall expire on December 31, 2013. 
 2. Position, Duties and Representations. 
 (a) During the Employment Period, the Executive shall be employed as the
Vice-Chairman – Strategy & Operations of Parent and shall report solely to the Chief Executive Officer of Parent (the “CEO”). Subject to the ultimate authority of the CEO, (i) the Executive shall have direct
management responsibility for, and authority over, global corporate strategy, information technology, and investor relations of the Company, Parent, Midco and the direct and indirect subsidiaries and controlled affiliates of each of them (the
“Company Group”), the Strategic Initiatives & Operations and Business Development groups currently overseen by the Executive as of the date hereof, and any special projects and/or transformational initiatives assigned to the
Executive by the CEO, and (ii) the Executive shall continue the Executive’s current role in the M&A activities of the Company Group. The Executive’s services to the Company shall be performed primarily at the offices of the
Company located in New York City, subject to travel requirements necessary to discharge the responsibilities and duties assigned to the Executive hereunder. 

 (b) Excluding periods of vacation, sick leave and disability to which the Executive is entitled during
the Employment Period, the Executive agrees, to the extent necessary to discharge the responsibilities and duties assigned to the Executive hereunder, to use the Executive’s best efforts to perform faithfully and efficiently such
responsibilities. During the Employment Period, the Executive may (i) serve on corporate boards or committees with the consent of the CEO, which consent shall not be unreasonably withheld, (ii) serve on civic, educational, philanthropic or
charitable boards or committees, (iii) passively own not more than three percent (3%) of the outstanding capital stock or any corporation whose stock is publicly traded and (iv) manage personal investments. 
 (c) The Executive represents and warrants to the Company that, other than prohibitions generally imposed by law, there is no “Contract” (as
defined in Section 6(d)) or other restriction or agreement in effect that would prohibit or otherwise limit the Executive’s ability to enter into or negotiate this Agreement, become an employee or officer of the Company or to discharge the
responsibilities and duties assigned to the Executive hereunder. 
 3. Compensation. 
 (a) Base Salary. During the Employment Period, the Company shall pay to the Executive a base salary at an annual rate equal to $825,000
(“Base Salary”), payable in regular installments in accordance with the Company’s usual payroll practices. 
 (b)
Annual Bonus. The Executive shall be eligible to receive the following annual cash bonuses (together, the “Annual Bonus”): 
 (i) In respect of Company’s 2009 fiscal year and each subsequent fiscal year of the Company ending during the Employment Period, the Executive shall be eligible to receive a discretionary annual bonus (the “Corporate Bonus”)
with a target of $800,000. The amount of each Corporate Bonus shall be determined by the Board of Directors of Parent (the “Board”) or the Compensation Committee thereof in consultation with the CEO and shall be based on individual and
Company Group performance. The Corporate Bonus may be higher or lower than the target using criteria consistent with that applicable to the annual bonuses of other senior executives of the Company other than the CEO and the Chairman and CEO of
Recorded Music – North America of Company. For the avoidance of doubt, if the Employment Period ends due to the expiration of the Agreement on December 31, 2013, the Executive shall nevertheless be eligible to receive a Corporate Bonus in
respect of the 2013 fiscal year, and the amount of such Corporate Bonus shall be determined using criteria consistent with those generally used in respect of prior fiscal years. Notwithstanding the above, the Executive’s Annual Bonus in respect
of the 2008 fiscal year of Company shall continue to be determined pursuant to the terms of Paragraph 3(b) of the Prior Agreement (as defined below). 

 (ii) In respect of Company’s 2009 fiscal year and each subsequent fiscal year of Company ending
during the Employment Period, the Executive shall be eligible to receive a discretionary annual bonus (the “Projects Bonus”) with a target of $300,000. The amount of each Projects Bonus shall be determined by the Board or the Compensation
Committee thereof in consultation with the CEO and shall be based on the Executive’s performance with respect to any special projects and/or transformational initiatives that have been assigned to the Executive by the CEO, after consultation
with the Executive (the “Projects Bonus”). The Projects Bonus may be higher or lower than the target. For the avoidance of doubt, if the Employment Period ends due to the expiration of the Agreement on December 31, 2013, the Executive
shall nevertheless be eligible to receive a Projects Bonus in respect of the 2013 fiscal year, and the amount of such Projects Bonus shall be determined using criteria consistent with those generally used in respect of prior fiscal years.

 (c) Equity. As soon as practicable following the execution in full of this Agreement and in accordance with the equity granting
policies of the Company, the Executive shall be granted (i) shares of Warner Music Group Corp.’s Common Stock (the “Restricted Stock Award”) pursuant to the Restricted Stock Award Agreement annexed hereto as Exhibit A and
(ii) Warner Music Group Corp. stock options pursuant to the Stock Option Award Agreement annexed hereto as Exhibit B. 
 (d) Benefit
Plans. During the Employment Period, the Executive shall be eligible to participate in the employee benefit plans and arrangements of the Company and its affiliates on terms and conditions no less favorable in the aggregate than those generally
provided to other senior executive officers of the Company. 
 (e) Business Expenses. During the Employment Period, the Executive
shall be entitled to receive prompt reimbursement for all reasonable out-of-pocket expenses incurred by the Executive in the performance of his duties hereunder, subject to the submission of such written documentation as the Company may reasonably
require in accordance with its standard expense reimbursement practices and policies. Without limiting the generality of the foregoing, the Company will reimburse the Executive for first class travel and first class hotel accommodations in
connection with travel undertaken in the performance of his duties hereunder, subject to any Company policy reducing the class of travel for executives generally, including such policy in effect as of the date hereof. 
 (f) Vacation. During the Employment Period, the Executive shall be entitled to no less paid vacation for each year commencing with the Effective
Date as is made available generally to senior executives of the Company; provided that such paid vacation shall be no less than four weeks per year; and provided further that unused vacation pay in any year may not be carried forward. 

 4. Termination. The Employment Period and the Executive’s employment with the Company shall
terminate under the following circumstances: 
 (a) Death or Disability. The Executive’s employment and the Employment Period
shall terminate automatically upon the Executive’s death. The Company may terminate the Executive’s employment and the Employment Period after having established the Executive’s Disability, by giving to the Executive a “Notice of
Termination” (as defined in Section 4(d)). For purposes of this Agreement, “Disability” means personal injury, illness or other cause which has rendered the Executive “disabled” within the meaning of
Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”), and unable to substantially perform his material duties and responsibilities hereunder for a period of 120 consecutive days, or 120 out of 180
consecutive days, as determined jointly by a physician selected by the Company reasonably acceptable to the Executive (or, if he is incapacitated, his legal representative) and a physician selected by the Executive (or, if he is incapacitated, his
legal representative) and reasonably acceptable to the Company. If such physicians cannot agree as to whether the Executive has suffered a Disability, they shall jointly select a third physician who shall make such determination. Notwithstanding the
foregoing, in the event that as a result of absence because of mental or physical incapacity, the Executive incurs a “separation from service” within the meaning of such term under Code Section 409A (using for this purpose a 29-month
period of absence, as described in Treasury Regulation Section 1.409A-1(h)(i)), the Executive shall on such date automatically be terminated from employment hereunder because of Disability. 
 (b) With or Without Cause. The Company may terminate the Executive’s employment and the Employment Period with or without “Cause”
(as defined below) by giving to the Executive a Notice of Termination. For purposes of this Agreement, “Cause” means (i) the willful and continued failure of the Executive to perform substantially his material duties with the Company
(other than any such failure resulting from the Executive’s incapacity due to physical or mental illness) after a written demand for performance is delivered to the Executive by the Board which identifies the manner in which the Board believes
that the Executive has not performed the Executive’s duties and the Executive, after a period established by the Board and communicated in writing to the Executive (which period may be no less than 20 days), has failed to cure such failure to
the reasonable satisfaction of the Board, (ii) the willful engaging by the Executive in gross misconduct which is demonstrably and materially injurious to the Company or its affiliates, (iii) the Executive’s conviction of, or pleading
guilty to, a felony or misdemeanor involving moral turpitude or dishonesty or (iv) a determination by the Board that any of the Executive’s representations made in Section 2(c) of this Agreement were untrue when made (provided that
the Company informs the Executive within ninety (90) days of the majority of the members of the Board having actual knowledge of such breach). A termination of the Executive by the Company for Cause shall not be effective unless and until the
Company has delivered to the Executive, along with the Notice of Termination, a copy of a resolution duly adopted by a majority of the Board (excluding the Executive, if he is a member of the Board) stating that the Board has determined to terminate
the Executive for Cause; provided, however, that no such 

 
resolution shall be permitted to be adopted without the Company having afforded the Executive the opportunity to make a presentation to the Board and to
answer any questions its members may ask him. 
 (c) With or Without Good Reason. The Executive may terminate his employment and the
Employment Period with “Good Reason” (as defined below) or, on and after the first anniversary of the Effective Date, without Good Reason, in each case by giving to the Company a Notice of Termination. For purposes of this Agreement,
“Good Reason” means, without the Executive’s express written consent: 
 (i) (x) a change in the duties or
responsibilities (including reporting responsibilities) of the Executive that is inconsistent in any material and adverse respect with the Executive’s position(s), duties, responsibilities or status with the Company and its affiliates as set
out in this Agreement, or (y) an adverse change in the Executive’s title or offices; 
 (ii) any failure by the
Company to comply with any of the provisions of Section 3 of this Agreement, including but not limited to any reduction in the target attainable Annual Bonus; 
 (iii) the Company requiring the Executive to be based at any office or location other than at an office commensurate with the
Executive’s position at the headquarters of the Company in the Borough of Manhattan, New York; 
 (iv) any purported
termination by the Company of the Executive’s employment otherwise than as permitted by this Agreement, it being understood that any such purported termination shall not be effective for any purpose of this Agreement; or 
 (v) a failure by the Company to cause any successor to expressly assume this Agreement pursuant to Section 8(c) hereof. 

Without limiting the generality of any of the foregoing, Good Reason shall include, without the Executive’s express written consent, (i) any
change in reporting line such that the Executive no longer reports to the CEO, or (ii) the appointment of any person other than the Executive or Lyor Cohen as Parent’s President, Chief Operating Officer or the equivalent. 
 A termination by the Executive with Good Reason shall be effective only if the Executive delivers to the Company a Notice of Termination for Good Reason within 60 days
after learning of the circumstances constituting Good Reason; provided, however, that if such Notice of Termination describes, as Good Reason, only one or more of the circumstances described in clause (i), (ii), (iii) and
(iv) of this Section 4(c) and, within 30 days following the delivery of such Notice of Termination, the Company has cured such circumstances to the reasonable satisfaction of the Executive, then such Notice of Termination shall be
ineffective and no Good Reason shall be deemed to exist. 

 (d) Notice of Termination. Any termination by the Company with or without Cause or on account of
Disability, or by the Executive with or without Good Reason, shall be communicated by a Notice of Termination to the other party given in accordance with Section 9(e). For purposes of this Agreement, a “Notice of Termination “ means a
written notice which (i) indicates the specific termination provision of this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated and (iii) if the termination date is other than the date of receipt of such notice, specifies the proposed termination date; provided, however, that the information in clause
(ii) shall not be required in the event of any termination by the Company without Cause or by the Executive without Good Reason. 
 5.
Obligations of the Company Upon Termination. 
 (a) Death or Disability. If the Executive’s employment is terminated by
reason of the Executive’s death or on account of Disability, the Company shall: 
 (i) pay to the Executive or the
Executive’s estate, as applicable, a lump sum cash payment within ten (10) days after such termination equal to, to the extent not previously paid: (A ) the Executive’s Base Salary through the end of the month in which such
termination occurred, (B) any earned and accrued but unpaid Annual Bonus for any Fiscal Year ending prior to such termination, (C) any accrued vacation pay, (D) any unpaid reimbursable business expenses due to the Executive in
accordance with Section 3(e) (the amounts described in the preceding clauses (A) – (D), the “Accrued Amounts”), (E) the Executive’s Base Salary for an additional twelve month period and (F) a pro-rated
target Annual Bonus for the Fiscal Year of termination determined by multiplying (x) such target Annual Bonus by (y) a fraction, the numerator of which is the number of days in the Fiscal Year that the Executive was employed by the Company
and the denominator of which is 365; and 
 (ii) provide those death or disability benefits to which the Executive is
entitled at the date of the Executive’s death or Disability under any benefit plans, policies or arrangements of the Company. 
 (b)
Cause or Without Good Reason. If the Executive’s employment shall be terminated (i) by the Company with Cause, or (ii) by the Executive without Good Reason, the Company shall pay to the Executive a lump sum cash payment within
ten (10) days after such termination equal to, to the extent not previously paid, the Accrued Amounts. 

 (c) Without Cause or With Good Reason. If the Executive’s employment shall be terminated by
the Company without Cause or by the Executive with Good Reason, the Executive shall be entitled to receive the following payments and benefits: 
 (i) to the extent not previously paid, the Accrued Amounts; 
 (ii) an amount equal to
$1,925,000, payable in substantially equal monthly installments on the first day of each of the first 12 calendar months following termination (subject to the Executive’s continued compliance with the covenants contained in Section 6
during such payment period); 
 (iii) a pro-rated Corporate Bonus with respect to the Fiscal Year of termination determined
by: (A) multiplying (w) $800,000 by (x) a fraction, the numerator of which is the number of days in such Fiscal Year that the Executive was employed by the Company and the denominator of which is 365, and (B) multiplying the
product of (w) and (x) above by a fraction, the numerator of which is the size of the total WMG corporate bonus pool awarded with respect to such fiscal year and the denominator of which is the target WMG corporate bonus pool for such
fiscal year. Such pro-rated Corporate Bonus shall be payable at the time annual bonuses are generally payable to the Company’s senior executives in respect of such Fiscal Year; 
 (iv) a pro-rated Projects Bonus with respect to the fiscal year of termination determined by: (A) multiplying (w) $300,000 by
(x) a fraction, the numerator of which is the number of days in such Fiscal Year that the Executive was employed by the Company and the denominator of which is 365, and (B) applying such adjustment as the Board or the Compensation
Committee thereof determines in good faith is appropriate in light of Executive’s performance in such fiscal year with respect to any special projects and/or transformational initiatives which have been assigned to the Executive by the CEO.

 (v) The Executive and the Executive’s spouse and dependents, as applicable, shall continue to participate in the
Company’s group health and life insurance plans (or be provided comparable medical and life insurance coverage), at Company expense, until the earlier of the first anniversary of such termination or the date the Executive becomes eligible for
coverage under the group health or life insurance plan, as applicable, of another employer. 
 (d) In General. The Executive shall
have no rights upon his termination of employment with the Company, other than those set forth in each of Section 5(a), (b) or (c), as applicable, to any compensation or any other benefits from the Company under this Agreement, provided
that amounts which the Executive is otherwise entitled to receive under any plan, program or arrangement of the Company or any of its affiliates available to employees generally (other than any severance plan or program), shall be payable in
accordance with such plan, program or arrangement. 

 6. Restrictive Covenants. Without in any way limiting or waiving any right or remedy accorded to
the Company or any limitation placed upon the Executive by law, the Executive hereby agrees as follows: 
 (a) Non-Solicitation. The
Executive agrees that during the Employment Period and for six months after the expiration or termination thereof (the “Non-Solicitation Period”), the Executive shall not, directly or indirectly: 
 (i) hire or make an offer of employment to, or supervise, any employee at the level of Vice President or above (each, a
“Restricted Executive”) of the Company or other direct or indirect subsidiary or controlled affiliate of the Company (the Company and all such other subsidiaries or controlled affiliates being referred to hereinafter as the
“Restricted Operations”) on the Executive’s own behalf, or on behalf or any person, firm or entity (other than a Restricted Operation); 
 (ii) attempt to persuade any Restricted Executive to (1) terminate his employment with a Restricted Operation, (2) refrain from
extending his employment with a Restricted Operation, (3) refrain from entering into a new employment arrangement with a Restricted Operation or (4) enter into any employment arrangement with any competitor of a Restricted Operation;

 (iii) hire, or make an offer of employment to, or enter into, or solicit or offer to enter into, any
“Contract” (as hereinafter defined) with, any “Artist” (as hereinafter defined) on the Executive’s own behalf or on behalf of any person, firm or entity, if the activities which are the subject of such hiring,
employment or Contract are in any way competitive with a Restricted Operation; or 
 (iv) attempt to persuade any Artist to
(1) terminate his or her relationship or Contract with a Restricted Operation, (2) refrain from extending his or her relationship or Contract with a Restricted Operation, (3) refrain from entering into a new Contract with a Restricted
Operation or (4) enter into any relationship or Contract with any competitor of a Restricted Operation. 
 (b) Confidentiality.
The Executive shall not at any time disclose or reveal to any person, firm or entity, or make use of (otherwise than for the benefit of the Company or its affiliates), any trade secrets or information of a secret or confidential nature, including
without limitation, matters of a business nature, such as information about costs, profits, markets, leases, details of recording agreements, distribution agreements, customer Contracts, manufacturing processes, financial information, technical and
production know-how, developments, inventions, processes or 

 
administrative procedures, concerning the business or affairs of a Restricted Operation, which the Executive may have acquired in the course of or incident
to the Executive’s employment with the Company, and the Executive confirms that all such information (“Confidential Information”) is the exclusive property of the Company and/or such Restricted Operation. This paragraph shall
not apply to disclosures by the Executive (i) in the proper performance of his obligations under this Agreement during the Employment Period or to officers, employees, lawyers and accountants of a Restricted Operation, (ii) to the
Executive’s legal counsel in connection with seeking legal advice related hereto, (iii) to the Executive’s accountants in connection with seeking financial or tax advice related hereto, or (iv) as required by law, a court of
competent jurisdiction or regulatory agency or other governmental authority. Nothing herein shall prevent the Executive, subsequent to the termination or expiration of his employment hereunder, from using or availing himself of general technical
skills, knowledge and experience, including that pertaining to or derived from the non-confidential aspects of a Restricted Operation. The term “Confidential Information” shall not include information generally available and known to the
public other than as a result of a breach of this Section 6(b) by the Executive. The Executive agrees to hold as Company property all Confidential Information and all books, papers and other data, and all copies thereof and therefrom, in any
way relating to the businesses of a Restricted Operation, whether made or received by the Executive, and, on termination of employment, or upon demand by the Company, to deliver the same to the Company. 
 (c) Intellectual Property. Any copyrights, “Musical Compositions” (as hereinafter defined), trademarks, patents, patent
applications, inventions, developments and processes which the Executive during the Employment Period may develop which may reasonably be expected to be usable by a Restricted Operation in the ordinary course of its business shall belong to Company
and/or the relevant Restricted Operation. Furthermore, the Executive agrees to execute any copyright assignment or other instruments as any Restricted Operation may deem reasonably necessary (at such Restricted Operation’s expense) to evidence,
establish, maintain, protect, enforce, and/or defend any and all of such Restricted Operation’s interests under this Section 6(c). All such interests shall vest in the relevant Restricted Operation whether or not such instrument is
requested, executed or delivered. If the Executive shall not so execute and deliver any such instrument after reasonable notice and opportunity to do so, the Company shall have the right to do so in the Executive’s name and the Company is
hereby irrevocably appointed the Executive’s attorney-in-fact for such purposes, which power is coupled with an interest. 
 (d)
Definitions. For the purposes of Section 6 of this Agreement, the following definitions shall apply: 
 (i)
“Artists” means (A) any singer or musician, or other person furnishing the services or works of an artist to a Restricted Operation pursuant to a Contract with a Restricted Operation pursuant to which such singer, musician or
other person is required to provide exclusive services for the making or delivering of master “Recordings” (as hereinafter defined) to such Restricted Operation or (B) any writer, 

 
producer or other talent who has entered into a Contract with a Restricted Operation or who has otherwise provided services to a Restricted Operation
excepting, in the case of both clauses (A) and (B) above, any such person who is required to provide services to any person or party other than a Restricted Operation on an exclusive basis pursuant to a Contract that was not entered into
in connection with any violation by the Executive of this Agreement. 
 (ii) “Contract” means any contract,
other agreement, commitment, binding arrangement, binding understanding or binding relationship (whether written or oral and whether express or implied). 
 (iii) “Musical Compositions” means a musical composition or medley consisting of words and/or music, or any dramatic material and bridging passages whether in form of instrumental and/or vocal music,
prose or otherwise, irrespective of length. 
 (iv) “Recordings” means any recording of sound, whether or
not coupled with a visual image, by any method or format and on any substance or material, whether now or hereafter known, which is used or useful in the recording, production and/or manufacture of Records or for any other exploitation of sound,
excluding television and movies (other than music videos or the promotion thereof), consumer electronics and electronic games. 
 (v) “Records” means gramophone discs, magnetic tapes, compact discs, other storage media and any other device or appliance used for emitting sounds (whether or not accompanied by visual images) incorporating the Recordings.

 (e) Severability; Blue-Pencilling. Each section, subsection or part thereof under this Section 6 constitutes an entirely
separate and independent restriction. If any of such covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction (i) the remaining terms and
provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or
unenforceable term or provision. 
 (f) Necessity; Enforcement. The parties hereto have considered carefully the necessity for
protection of each Restricted Operation against the Executive’s disclosures of Confidential Information and other actions referred to in this Section 6, and the nature and scope of such protection. The parties agree and acknowledge that
the duration and scope applicable to the covenants set forth in this Section 6 are fair, reasonable and necessary, and that the Executive has received adequate consideration for such obligations. Accordingly, the Executive agrees that, in
addition to any other relief to which the Company may be entitled, the Company shall be entitled to 

 
seek injunctive relief (without the requirement of posting any bond or other security) from a court of competent jurisdiction for the purpose of restraining
the Executive from any actual or threatened breach of the covenants contained in this Section 6. 
 7. Indemnity. To the fullest
extent permitted by applicable law, the Company shall indemnify, defend and hold the Executive harmless from and against any and all claims, demands, actions, causes of action, liabilities, losses, judgments, fines, costs and expenses (including,
without limitation, the reimbursement of reasonable attorneys’ fees, settlement expenses, punitive damages and the advancement of legal fees and expenses, as such fees and expenses are incurred by the Executive) arising from or relating to
(a) claims relating to the Company or any or direct or indirect parents or subsidiaries or (b) the Executive’s service with or status as an officer, director, employee, agent or representative of the Company or any of its direct or
indirect parents or subsidiaries or in any other capacity in which the Executive serves or have served at the request of the Board or the CEO for the benefit of any such entity. Without limiting the foregoing, in connection with any such claim,
demand, action, cause of action, liability, loss, judgment or fine, the Executive shall have the right (i) to be represented by separate counsel reasonably acceptable to the Company, at the Company’s sole cost and expense, and (ii) to
have the Company pay the cost and expense of any bond that the Executive may be required to post in order to appeal an adverse decision. The Company’s obligations under this Section 7 shall be in addition to, and not in derogation of, any
other rights the Executive may have against the Company to indemnification or advancement of expenses, whether by statute, contract or otherwise (including, without limitation, the Executive’s entitlement to indemnification and the payment or
reimbursement of expenses (including attorneys’ fees and expenses) to the extent provided in and/or permitted by the Certificate of Incorporation and By-Laws of the Company. The Company shall maintain directors and officers liability insurance
in commercially reasonably amounts (as reasonably determined by the Board), and the Executive shall be covered under such insurance to the same extent as any other senior executive of the Company. The Executive hereby undertakes to repay any
advances paid to him pursuant to this Section 7 if a final judgment adverse to the Executive establishes that he is not entitled to be indemnified under this Agreement or otherwise. The Company hereby acknowledges that the undertaking set forth
in the previous sentence satisfies all requirements for any similar undertakings in the by-laws or other corporate documents of the Company. The Company shall not take any action that would impair the Executive’s right to indemnification, other
than in connection with a claim by the Company that the Executive is not entitled to indemnification in accordance with the standards set forth in this Section 7. 
 8. Section 409A. This Agreement is intended to comply with Section 409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the Code. References under this
Agreement to the Executive’s termination of employment shall be deemed to refer to the date upon which the Executive has experienced a “separation from service” within the meaning of Section 409A of the Code. Notwithstanding
anything herein to the contrary, (i) if at the time of the Executive’s separation from service with the Company the Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or
other 

 
pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of
employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such
payments or benefits ultimately paid or provided to the Executive) until the date that is six months following the Executive’s separation from service (or the earliest date as is permitted under Section 409A of the Code), at which point
all payments deferred pursuant to this Section 10 shall be paid to the Executive in a lump sum and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits
shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. Any payments deferred pursuant to the preceding sentence shall be paid together with interest thereon
at a rate equal to the lower of (i) the average U.S. federal funds rate in effect during the deferral period minus 50 basis points and (ii) the Company’s actual cash return on its U.S. short term cash investments during the deferral
period minus 20 basis points. To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind
benefits shall be paid to the Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of
the Code. The Company shall consult with the Executive in good faith regarding the implementation of the provisions of this Section 10; provided that neither the Company nor any of its employees or representatives shall have any liability to
the Executive with respect to thereto. Without limiting the generality of the foregoing, if the Executive notifies the Company (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any
award of compensation, including equity compensation, or benefits) would cause the Executive to incur any additional tax under Code Section 409A and the Company concurs with such belief after good faith review or the Company independently makes
such determination, then the Company shall, after consulting with the Executive, use commercially reasonable efforts to reform such provision to comply with Code Section 409A through good faith modifications to the minimum extent reasonably
appropriate to conform with Code Section 409A; provided, however, that the Company shall not be required to make modifications that would be materially disadvantageous to the Company, as determined by the Company in good faith. To the extent
that any provision is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and
the Company of the applicable provision without violating the provisions of Code Section 409A. 

 9. Successors. 
 (a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure
to the benefit of and be binding upon the Company and its successors and, other than as set forth in Section 9(c), shall not be assignable by the Company without the prior written consent of the Executive (which shall not be unreasonable
withheld). 
 (c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or
otherwise. 
 10. Miscellaneous. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and performed entirely therein. The parties hereto agree that exclusive jurisdiction of any dispute
regarding this Agreement shall be the state or federal courts located in New York, New York. 
 (b) In the event of any termination of the
Executive’s employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts due the Executive
under this Agreement on account of future earnings by the Executive. Any amounts due to the Executive under this Agreement upon termination of employment are considered to be reasonable by the Company and are not in the nature of a penalty.

 (c) The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 
 (d) This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors
and legal representatives. 
 (e) All notices required or permitted by this Agreement to be given to any party shall be in writing and shall
be delivered personally, or sent by certified mail, return receipt requested, or by Federal Express or similar overnight service, prepaid recorded delivery, addressed as follows: 
 If 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 the Company with written notice of any change in the Executive’s address for so long as this Agreement remains in effect.

 If to the Company: 
 WMG Acquisition Corp. 
 75 Rockefeller Plaza 
 New York, New York 10019 
 Attention: Chief Executive Officer 
 With a copy to: General Counsel 
 and shall be deemed to have been duly given when so delivered personally or, if mailed or sent by overnight courier, upon delivery; provided, that, a
refusal by a party to accept delivery shall be deemed to constitute receipt. 
 (f) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (g) The Company may withhold
from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (h) This Agreement is the joint product of the Company and the Executive and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the Company and the Executive and shall not
be construed for or against either party hereto. 
 (i) Subject to any other documents which may be entered into by the Executive and the
Company on or after the Effective Date (including without limitation the Restricted Stock Award Agreement), this Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and,
upon this Agreement becoming effective, supersedes all prior communications, representations and negotiations in respect thereto, whether or not in writing, including, without limitation, the Employment Agreement between Executive and Warner Music
Group Inc. dated December 21, 2004 (the “Prior Agreement”). 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	 /s/ Michael Fleisher

	Michael D. Fleisher
	
	WMG ACQUISITION CORP.
		
	 By:
	 	 /s/ Paul Robinson

	 Title:
	 	 EVP & General Counsel

 Exhibit A 
 Execution Copy 
 WARNER MUSIC GROUP CORP. 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS EXECUTIVE RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is
entered into as of this 15th day of November 2008, by and between Warner Music Group Corp., a Delaware corporation (“Parent”), and
Michael Fleisher (the “Executive”). 
 RECITALS: 
 WHEREAS, WMG Acquisition Corp., a Delaware corporation (the “Company”), an indirect subsidiary of Parent, or one of Parent’s other
direct or indirect subsidiaries, employs the Executive; and 
 WHEREAS, the Parent has adopted the Amended and Restated Warner Music Group
Corp. 2005 Omnibus Award Plan (the “Plan”), pursuant to which awards of restricted shares of the Parent’s Common Stock may be granted to persons, including persons regularly employed by the Parent or its Affiliates; and

 WHEREAS, the Board of Directors of Parent (the “Board”) has determined that it is in the best interests of Parent and its
stockholders to grant as of the date hereof (the “Effective Date”) the restricted stock award provided for herein (the “Restricted Stock Award”) to the Executive in connection with the Executive’s services to
the Company and the Parent’s Affiliates, such grant to be subject to the terms set forth herein. 
 NOW THEREFORE, in consideration of
the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Incorporation by Reference, Etc. The provisions
of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this
Agreement shall have the definitions set forth in the Plan. As used herein with respect to any person, the term “Affiliate” shall mean any entity that directly or indirectly is controlled by, controls or is under common control with
such person. The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Executive and his legal
representative in respect of any questions arising under the Plan or this Agreement. 
 2. Grant of Restricted Stock Award. Parent
hereby grants on the Effective Date to the Executive a Restricted Stock Award consisting of 450,000 shares of Common Stock (hereinafter called the “Restricted Shares”), on the terms and conditions set forth in this Agreement and as
otherwise provided in the Plan. The Restricted Shares shall vest in accordance with Section 3(a) hereof; provided, however, that 150,000 of the Restricted Shares (such shares, the “Bonus Restricted Shares”) shall
be subject to the special additional vesting terms set forth in Section 3(a)(vi) hereof. 
  

 A-1 

	3.	Terms and Conditions. 

  

	(a)	Vesting. 

 (i) Except as otherwise provided in this
Agreement, the Restricted Shares shall vest and become non-forfeitable, upon the achievement of both the “Service Condition” and the “Performance Condition” (each as defined below) with respect to all or any portion of the
Restricted Shares. 
 (A) Service Condition. The “Service Condition” shall be deemed satisfied with
respect to each of the Tranches described in Section 3(a)(i)(B) in equal annual installments with respect to 20% of the Restricted Shares covered by each such Tranche on the day immediately prior to each of the first, second, third, fourth and
fifth anniversaries of the Effective Date (i.e., the Service Condition shall be deemed satisfied in 20% equal annual installments on November 14 of 2009, 2010, 2011, 2012 and 2013, respectively, and each such date is referred to herein as a
“Service Vesting Date”), provided that the Executive remains employed with the Company on each such date (subject to Section 3(a)(iii) below). 
 (B) Performance Condition. The “Performance Condition” shall be deemed satisfied with respect to each of the
“Tranches” of Restricted Shares described below (subject to Section 3(a)(vi) below) upon the achievement at any time prior to the fifth anniversary of the Effective Date of the corresponding performance hurdle described below, in each
case, provided that the Executive is employed with the Company at the time such Performance Condition is met (subject to Section 3(a)(iii)(D) below). 
 For the purposes of this Section 3(a)(i)(B), the Restricted Shares shall be divided into four “Tranches” as follows: 
 (1) “First Tranche” shall mean 106,500 of the Restricted Shares (of which 35,500 shall constitute Bonus Restricted
Shares), for which the Performance Condition will be satisfied upon achievement of the First Performance Hurdle; 
 (2)
“Second Tranche” shall mean 106,500 of the Restricted Shares (of which 35,500 shall constitute Bonus Restricted Shares), for which the Performance Condition will be satisfied upon achievement of the Second Performance Hurdle;

 (3) “Third Tranche” shall mean 106,500 of the Restricted Shares (of which 35,500 shall constitute Bonus
Restricted Shares), for which the Performance Condition will be satisfied upon achievement of the Third Performance Hurdle; and 
 (4) “Fourth Tranche” shall mean 130,500 of the Restricted Shares (of which 43,500 shall constitute Bonus Restricted Shares), for which the Performance Condition will be satisfied upon achievement of the Fourth Performance
Hurdle. 
  

 A-2 

 For purposes of illustrating the vesting terms described in this Section 3(a)(i), on
each Service Vesting Date, an amount of Restricted Shares equal to the product of 20% multiplied by the number of Restricted Shares covered by each Tranche (if any) with respect to which the relevant Performance Condition has been satisfied shall
become vested and non-forfeitable. Additionally, upon the achievement of any Performance Condition with respect to a Tranche following the date on which one or more of the 20% incremental portions of the Service Condition has been satisfied, an
additional amount of Restricted Shares equal to the product of the number of Restricted Shares covered by such Tranche multiplied by the percentage of the Service Condition which has been previously attained shall become vested and non-forfeitable.
For the avoidance of doubt, the Performance Condition related to the Bonus Restricted Shares shall not be deemed satisfied unless (in addition to meeting the applicable Performance Conditions described above) the conditions set forth under
Section 3(a)(vi) are met. 
 (ii) For the purposes of this Section 3(a), and also as and if used elsewhere in this Agreement, the
following terms shall have the following meanings: 
 (A) “First Performance Hurdle” shall mean the Common
Stock achieving an average closing stock price of at least $10.00 per share over 60 consecutive trading days on the New York Stock Exchange or such other primary stock exchange with which the Common Stock is listed and traded (or quoted in the
Nasdaq) (an “Exchange”). 
 (B) “Second Performance Hurdle” shall mean the Common Stock
achieving an average closing stock price of at least $13.00 per share over 60 consecutive trading days on an Exchange. 
 (C)
“Third Performance Hurdle” shall mean the Common Stock achieving an average closing stock price of at least $17.00 per share over 60 consecutive trading days on an Exchange. 
 (D) “Fourth Performance Hurdle” shall mean the Common Stock achieving an average closing stock price of at least $20.00
per share over 60 consecutive trading days on an Exchange. 
 (iii) Effect of Certain Terminations of Employment. Upon the
Executive’s cessation of employment with the Company or any Affiliate of the Parent for any reason, any then remaining Unvested Restricted Shares shall be forfeited without consideration as more fully set out below, except as set out in
clauses (D) and (E) below: 
 (A) Termination for Cause. Upon the Executive’s cessation of employment
with the Company or any Affiliate of the Parent due to a termination for Cause at any time, all Unvested Restricted Shares shall be forfeited by the Executive without the receipt of consideration. 
  

 A-3 

 (B) Termination without Cause or for Good Reason. Except as provided in
Section 3(a)(iii)(E) below, upon the Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a termination without Cause or for Good Reason, all Unvested Restricted Shares shall be forfeited by the
Executive without the receipt of consideration. 
 (C) Voluntary Termination without Good Reason. Upon the
Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a voluntary termination without Good Reason, all Unvested Restricted Shares shall be forfeited by the Executive without the receipt of consideration.

 (D) Termination Due to Death or Disability. In the event of the Executive’s cessation of employment with the
Company or any Affiliate of the Parent by reason of the Executive’s death or Disability, the Service Condition shall be deemed to have been satisfied to the same extent as if the Executive had remained employed by the Company for 12 months
following such termination date. Additionally, following the Executive’s termination due to death or Disability, any Unvested Restricted Shares shall continue to vest in accordance with Section 3(a) to the extent that any additional
Performance Conditions are satisfied during the 12 month period following the date of such cessation of employment. Any Unvested Restricted Shares that remain outstanding 12 months following the date of the Executive’s termination due to death
or Disability shall be forfeited by the Executive without the receipt of consideration. 
 (E) Termination without Cause or
for Good Reason in Connection with a Change in Control. Upon the Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a termination without Cause or for Good Reason, in each case, provided that such
termination occurs on or after, or in anticipation of, a Change in Control, the Service Condition applicable to each share of Restricted Stock shall be deemed to have been fully attained. 
 (iv) Notwithstanding anything herein to the contrary, (A) upon a Change in Control following which the Common Stock ceases to be traded on an
Exchange, any Unvested Restricted Shares for which a Performance Condition has not been met will be forfeited; provided, however, that Unvested Restricted Shares for which a Performance Condition has been met, on or prior to such
Change in Control, will continue to vest upon satisfaction of the corresponding Service Condition; and (B) if the Fair Market Value as of the date of any Change in Control (or, if greater, the per share consideration paid in connection with
such Change in Control) exceeds the per share dollar threshold amount of any of the Performance Conditions described above (without regard to the number of consecutive trading days for which the average closing price was achieved) then such
Performance Condition shall be deemed to have been achieved as of the date of such Change in Control, to the extent not previously achieved. 
  

 A-4 

 (v) In the event that the Common Stock ceases to be traded on an Exchange following a transaction or
other event that does not constitute a Change in Control, then, notwithstanding any provision of the Plan, the Restricted Shares shall remain outstanding and shall continue to be governed by the terms of this Agreement; provided,
however, that Parent shall, after good faith consultation with the Executive, equitably adjust the terms applicable to the Restricted Shares (including, without limitation, the Performance Conditions) in order to maintain, to the extent
reasonably possible, the intent of the parties in establishing the Performance Conditions set out in this Agreement. 
 (vi)
Vesting of Bonus Restricted Shares. The Performance Condition shall not be deemed satisfied with respect any of the Bonus Restricted Shares as to which a performance hurdle is otherwise attained if the Committee affirmatively determines, in
its sole and absolute discretion within 45 days following the date on which such performance hurdle is otherwise attained, that, notwithstanding the achievement of such performance hurdle, such Bonus Restricted Shares (or any portion thereof) shall
not be permitted to vest. In making such determination, the Committee may take into consideration such factors as it deems appropriate, including, without limitation, whether any additional performance goals established by the Committee from time to
time with respect to the vesting of such Bonus Restricted Shares have been met. Such performance goals may include goals based on the Executive’s performance with respect to any special projects and/or transformational initiatives that have
been assigned to the Executive by the Company’s Chief Executive Officer. If the Committee affirmatively determines that the performance condition as to any of the Bonus Restricted Shares shall be deemed to not have been attained as described
above in this Section 3(a)(vi), such Bonus Restricted Shares shall remain outstanding until the earlier of (i) the date they would otherwise be forfeited in accordance with this Agreement or (ii) the fifth anniversary of the Effective
Date, and then be forfeited; provided that at any time prior to the forfeiture of such Bonus Restricted Shares the Committee may determine that such Bonus Restricted Shares shall become Vested Restricted Shares. The Company shall promptly inform the
Executive of any determination by the Committee with respect to the vesting of any portion of the Bonus Restricted Shares in accordance with this Section 3(a)(vi), which determination shall be made at least once annually for so long as the
Bonus Restricted Shares remain outstanding. 
 (vii) Treatment of Bonus Restricted Shares upon and Following a Change in Control. The
following provisions shall be applicable with respect to the Bonus Restricted Shares upon and following a Change in Control: 
 (A) Change in Control Occurring on or Prior to the Second Anniversary of the Effective Date. Prior to the occurrence of any Change in Control occurring on or prior to the second anniversary of the Effective Date, the Committee (as
comprised immediately prior to such Change in Control) shall affirmatively determine whether Section 3(a)(vi) shall continue to apply upon and following such Change in Control to any then unvested Bonus Restricted Shares. To the extent that the
Committee, in its sole discretion, determines that Section 3(a)(vi) shall cease to apply to any portion (or all) of the then unvested Bonus Restricted 

  

 A-5 

 
Shares upon and following such Change in Control, such Bonus Restricted Shares shall be eligible to vest solely based upon satisfaction of the applicable
Service Condition and Performance Condition. To the extent that the Committee, in its sole discretion, affirmatively determines that Section 3(a)(vi) shall continue to apply to any portion (or all) of the then unvested Bonus Restricted Shares
upon and following such Change in Control, the potential vesting of such Bonus Restricted Shares shall remain subject in all respects to the provisions set forth under Section 3(a)(vi). In the event that the Committee (as comprised immediately
prior to such Change in Control) fails to take any affirmative action with respect to the then outstanding Bonus Restricted Shares prior to the occurrence of such Change in Control, then Section 3(a)(vi) shall automatically cease to apply to
such Bonus Restricted Shares upon and following such Change in Control. 
 (B) Change in Control Occurring After the Second
Anniversary of the Effective Date. Section 3(a)(vi) shall automatically cease to apply to the Bonus Restricted Shares upon and following the occurrence of any Change in Control occurring after the second anniversary of the Effective Date
(other than with respect to any Tranches of Bonus Restricted Shares which the Committee affirmatively determined not to vest pursuant to its authority under Section 3(a)(vi) prior to the occurrence of such Change in Control). 
 (b) The term “Vested Restricted Shares,” as used herein, shall mean each Restricted Share on and following the time that both the
Service Condition and the Performance Condition set forth in Section 3(a) hereof (including, without limitation, the conditions set forth under Section 3(a)(vi) if applicable) have been satisfied as to such share and the Executive has paid
any applicable taxes payable with respect to such share as set forth in Section 3(c) hereof. Restricted Shares which have not become Vested Restricted Shares are hereinafter referred to as “Unvested Restricted Shares.”

 (c) Taxes. The Executive shall pay to Parent or the Company (as designated by 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, if any, 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 or, upon approval of Parent in its absolute and sole discretion, by having Parent withhold from the number of Restricted Shares otherwise issuable pursuant to the settlement of the Restricted Stock Award a
number of Restricted Shares with a Fair Market Value equal to such withholding liability. The Executive may, but shall not be required to, make an 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 fair market value of the Restricted Shares on the Date of Grant. If Executive makes such an election, Executive shall
provide a copy of such election to the Company and Parent as required by Section 83(b) of the Code. 
 (d) 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 Effective Date, but shall remain in the physical custody of Parent
or its 

  

 A-6 

 
designee at all times prior to, in the case of any particular Restricted Shares, becoming 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. 
 (e) Effect of Failure to Achieve Performance Conditions. Upon the fifth anniversary of the Effective Date, any then remaining Unvested Restricted Shares (including, without limitation, any Bonus Restricted Shares that the Committee
has not yet made an affirmative decision to vest) shall be forfeited by the Executive without the receipt of consideration. 
 (f) Rights
as a Stockholder; Dividends. The Executive shall be the record owner of the Restricted Shares unless and until such shares are forfeited pursuant to Sections 3(a)(iii) or 3(e) hereof or 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 any cash or in-kind dividends paid with respect to Unvested Restricted Shares shall
be withheld by Parent and shall be paid to the Executive, without interest, upon the earliest to occur of (i) the fifth anniversary of the Effective Date, or (ii) the first anniversary of the Executive’s separation from service within
the meaning of Code Section 409A for any reason, in each case, only with respect to such Restricted Shares (if any) that have become Vested Restricted Shares on or prior to such date. As soon as practicable following the vesting of any
Restricted Shares, certificates for such Vested Restricted Shares shall be delivered to the Executive or the Executive’s beneficiary along with the stock power relating thereto. 
 (g) 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: 
 TRANSFER OF THIS CERTIFICATE AND THE SHARES
REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE AMENDED AND RESTATED WARNER MUSIC GROUP CORP. 2005 OMNIBUS AWARD PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF November 15, 2008, BETWEEN WARNER MUSIC GROUP CORP. AND
MICHAEL FLEISHER. A COPY OF SUCH PLAN AND AGREEMENT IS ON FILE AT THE OFFICES OF WARNER MUSIC GROUP CORP. 
 (h) Transferability. No
Restricted Share may, at any time prior to becoming a Vested Restricted Share, 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 Parent; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
  

 A-7 

	 	4.	Miscellaneous. 

 (a) 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: 
 Warner Music Group Corp. 
 75 Rockefeller
Plaza 
 New York, New York 10019 
 Attention: General Counsel 
 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. 
 (b) Bound by Plan and Stockholders Agreement. By signing this Agreement,
the Executive acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. Additionally, the Executive acknowledges that the Restricted Shares
shall be subject to the terms of the Amended and Restated Stockholders Agreement, dated as of May 10, 2005, by and among Parent, WMG Holdings Corp., the Company, Executive and certain other stockholders of Parent. 
 (c) 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. 
 (d) 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. 
 (e) 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. 
  

 A-8 

 (f) 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 any Affiliate of Parent or shall interfere with or restrict in any way the right of the Company or any Affiliate of Parent, which are
hereby expressly reserved, to remove, terminate or discharge the Executive at any time for any reason whatsoever. 
 (g) 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. 
 (h) 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. 
 (i)
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. 
 (j) 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. 
 (k) Headings. 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. 
 (l) 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. 
  

 A-9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 
  

	
	 Warner Music Group Corp.

	  

	 By:

	 Title:

	
	 Michael Fleisher

	
	  

  

 A-10 

 STOCK POWER 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                     , 450,000
shares of Common Stock of Warner Music Group Corp., a Delaware corporation, issued pursuant to an Executive Restricted Stock Award Agreement between Warner Music Group Corp. and the undersigned, dated
            , 2008 and standing in the name of the undersigned on the books of said corporation, represented by Certificate No.
            , and does hereby irrevocably constitute and appoint Warner Music Group Corp. as the undersigned’s true and lawful attorney, for it and in its name and stead, to
sell, assign and transfer the said stock on the books of said corporation with full power of substitution in the premises. 
  

							
	 Dated:
	 	  
	  	        Name:	  	  

  

 A-11 

 Exhibit B 
 Execution Copy 
 WARNER MUSIC GROUP CORP. 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this “Agreement”), is entered into as of this 15
th day of November 2008 (the “Date of Grant”), by and between Warner Music Group Corp., a Delaware corporation
(“Parent”), and Michael Fleisher (the “Executive”). 
 WHEREAS, WMG Acquisition Corp., a Delaware
corporation (the “Company”), an indirect subsidiary of Parent, or one of Parent’s other direct or indirect subsidiaries, employs the Executive; and 
 WHEREAS, the Parent has adopted the Amended and Restated Warner Music Group Corp. 2005 Omnibus Award Plan (the “Plan”), pursuant to which awards of options to purchase shares of the Parent’s
Common Stock may be granted to persons, including persons regularly employed by the Parent or its Affiliates; and 
 WHEREAS, the Board of
Directors of Parent (the “Board”) has determined that it is in the best interests of Parent and its stockholders to grant to the Executive as of the Date of Grant an option to purchase shares of Common Stock of Parent
(“Common Stock”), as provided for herein (the “Stock Option Award”); 
 NOW, THEREFORE, for and in
consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Grant. Parent hereby grants on
the Date of Grant to the Executive an option (the “Option”) to purchase 450,000 shares of Common Stock (such shares of Common Stock, the “Option Shares”), on the terms and conditions set forth in the Plan and this
Agreement. This Option is not intended to be treated as an incentive stock option under Section 422 of the Code. The number and type of Option Shares purchasable hereunder shall be subject to adjustment as and in the manner provided in
Section 11 below. The Option shall vest and become exercisable in accordance with Section 5 hereof; provided, however, that the Option in respect of 150,000 of the Option Shares (such shares, the “Bonus Option
Shares”) shall be subject to the special additional vesting terms set forth in Section 5(f) hereof. 
 2. Incorporation by
Reference, Etc. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not
otherwise defined in this Agreement shall have the definitions set forth in the Plan. As used herein with respect to any person, the term “Affiliate” shall mean any entity that directly or indirectly is controlled by, controls or is
under common control with such person. The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Executive
and his legal representative in respect of any questions arising under the Plan or this Agreement. 
  

 B-1 

 3. Option Price. The price at which the Executive shall be entitled to purchase the Option Shares
upon the exercise of all or any portion of this Option shall be $             per share, representing the Fair Market Value of the Common Stock as of the Date of Grant. Such exercise
price shall be subject to adjustment as and in the manner provided in Section 11 below. 
 4. Expiration Date. Subject to
Section 6 hereof, the Option shall expire at the end of the period commencing on the Date of Grant and ending at 11:59 p.m. Eastern Time (“ET”) on the day preceding the tenth anniversary of the Date of Grant (the
“Option Period”). 
 5. Exercisability of the Option. 
 (a) General. Except as may otherwise be provided herein, the Option shall become vested and exercisable in five equal installments
on the day prior to each of the first, second, third, fourth and fifth anniversaries of the Date of Grant (i.e., the vesting dates shall be November 14 of 2009, 2010, 2011, 2012 and 2013, respectively) (the “Vesting Dates”)
provided that (i) the Executive remains employed with the Company on each such date and (ii) with respect to the Bonus Option Shares (which shall be eligible to vest in equal installments on each of the Vesting Dates), the vesting terms
set forth in Section 5(f) hereof are met. 
 (b) Effect of Certain Terminations of Employment. Upon the
Executive’s cessation of employment with the Company or any Affiliate of the Parent for any reason, any then remaining portion of the Unvested Option shall be immediately terminated without the receipt of consideration by the Executive, as more
fully set out below, except as set out in clauses (iv) and (v) below: 
 (i) Termination for Cause. Upon
the Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a termination for Cause at any time, the entire Option (regardless of whether then vested) shall be immediately terminated without the receipt of
consideration by the Executive. 
 (ii) Termination without Cause or for Good Reason. Except as provided in
Section 5(b)(v) below, upon the Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a termination without Cause or for Good Reason, any then remaining portion of the Unvested Option shall be
immediately terminated without the receipt of consideration by the Executive. 
 (iii) Voluntary Termination without Good
Reason. Upon the Executive’s cessation of employment with the Company or any Affiliate of the Parent due to a voluntary termination without Good Reason, any then remaining portion of the Unvested Option shall be immediately terminated
without the receipt of consideration by the Executive. 
 (iv) Termination Due to Death or Disability. In the event of
the Executive’s cessation of employment with the Company or any Affiliate of the Parent by reason of the Executive’s death or Disability, the additional portion, if any, of the Option that would have become vested and exercisable if the

  

 B-2 

 
Executive had remained employed by the Company for 12 months following such termination date will become immediately vested and exercisable as of such
termination date. Any remaining portion of the Unvested Option (after giving effect to the preceding sentence) shall be immediately terminated without the receipt of consideration by the Executive. 
 (v) Termination without Cause or for Good Reason in Connection with a Change in Control. Upon the Executive’s cessation of
employment with the Company or any Affiliate of the Parent due to a termination without Cause or for Good Reason, in each case, provided that such termination occurs on or after, or in anticipation of, a Change in Control, the remaining portion of
the Option other than with respect to the Bonus Option Shares (which Bonus Option Shares shall remain subject to Section 5(f) unless otherwise determined pursuant to Section 5(g)) shall become fully vested and exercisable. 
 (c) The term “Vested Option,” as used herein, shall mean the portion of the Option on and following the time that the
vesting condition set forth in Section 5(a), 5(b) or 5(f) hereof has been satisfied as to such portion. The portion of the Option which has not become the Vested Option is hereinafter referred to as the “Unvested Option.”

 (d) The Option may be exercised only as to the Vested Option, and only by written notice using the applicable form provided
by Parent delivered in person or by mail in accordance with Section 12(a) hereof and accompanied by payment therefor. The purchase price of the Option Shares shall be paid by the Executive to Parent (A) by certified check or wire transfer
(using such wire transfer instructions as are provided by Parent or the Company), (B) by transferring to Parent shares of Common Stock, if and in the manner approved by Parent, (C) by a broker-assisted “cashless exercise”
procedure if and in the manner approved by the Committee, or (D) by any other method approved in writing by the Committee. If requested by Parent, the Executive shall promptly deliver his copy of this Agreement evidencing the Option to the
Secretary of Parent who shall endorse thereon a notation of such exercise and promptly return such Agreement to the Executive. Upon payment of the applicable purchase price and the issuance of the Option Shares in accordance with the terms and
conditions of this Agreement, the Option Shares shall be validly issued, fully paid and nonassessable. 
 (e) In the event
that the Common Stock ceases to be traded on an Exchange following a transaction or other event that does not constitute a Change in Control, then, notwithstanding any provision of the Plan, the Option shall be treated in the same manner as Parent
and the Company treat stock options then held by the employees of the Company generally. For the avoidance of doubt, the vesting of the portion of the Option covering the Bonus Option Shares shall remain subject to Section 5(f) following a
transaction described in this Section 5(e), unless otherwise determined pursuant to Section 5(g). 
 (f) Vesting
of Portion of the Option Covering Bonus Option Shares. The portion of the Option covering Bonus Option Shares which is scheduled to vest on any particular date shall not vest or become exercisable if, notwithstanding the achievement 

  

 B-3 

 
of the vesting conditions set forth above, the Committee affirmatively determines, in its sole and absolute discretion within 45 days following such
scheduled vesting date, that such portion of the Option (or any portion thereof) shall not be permitted to vest and become exercisable on such scheduled vesting date. In making such determination, the Committee may take into consideration such
factors as it deems appropriate, including, without limitation, whether any additional performance goals established by the Committee from time to time with respect to the vesting of such Bonus Option Shares have been met. Such performance goals may
include goals based on the Executive’s performance with respect to any special projects and/or transformational initiatives that have been assigned to the Executive by the Company’s Chief Executive Officer. If the Committee affirmatively
determines that any portion of the Option covering Bonus Option Shares shall not vest on its scheduled vesting date as described above in this Section 5(f), such portion shall remain outstanding until the earlier of (i) the date it would
otherwise terminate in accordance with this Agreement or (ii) the fifth anniversary of the Date of Grant, and then terminate; provided that at any time prior to the termination of such portion of the Option the Committee may determine that such
portion shall vest and become exercisable. The Company shall promptly inform the Executive of any determination by the Committee with respect to the vesting of any portion of the Option covering the Bonus Option Shares in accordance with this
Section 5(f), which determination shall be made at least once annually for so long as the Bonus Option Shares remain outstanding. 
 (g) Treatment of Portion of the Option Covering Bonus Option Shares upon and Following a Change in Control. The following provisions shall be applicable with respect to the portion of the Option covering the
Bonus Option Shares upon and following a Change in Control: 
 (A) Change in Control Occurring on or Prior to the Second
Anniversary of the Effective Date. Prior to the occurrence of any Change in Control occurring on or prior to the second anniversary of the Effective Date, the Committee (as comprised immediately prior to such Change in Control) shall
affirmatively determine whether Section 5(f) shall continue to apply upon and following such Change in Control to any then unvested portion of the Option covering Bonus Option Shares. To the extent that the Committee, in its sole discretion,
determines that Section 5(f) shall cease to apply to any portion (or all) of the then unvested portion of the Option covering Bonus Option Shares upon and following such Change in Control, such portion of the Option shall be eligible to vest
solely based upon satisfaction of the applicable time vesting conditions under Sections 5(a) and 5(b). To the extent that the Committee, in its sole discretion, affirmatively determines that Section 5(f) shall continue to apply to any portion
(or all) of the then unvested portion of the Option covering Bonus Option Shares upon and following such Change in Control, the potential vesting of such portion of the Option shall remain subject in all respects to the provisions set forth under
Section 5(f). In the event that the Committee (as comprised immediately prior to such Change in Control) fails to take any affirmative action with respect to the then unvested portion of the Option covering Bonus Option Shares prior to the
occurrence of such Change in Control, then Section 5(f) shall automatically cease to apply to such portion of the Option upon and following such Change in Control. 
  

 B-4 

 (B) Change in Control Occurring After the Second Anniversary of the Effective
Date. Section 5(f) shall automatically cease to apply to the portion of the Option covering Bonus Option Shares upon and following the occurrence of any Change in Control occurring after the second anniversary of the Effective Date (other
than with respect to any tranches of the Option covering Bonus Option Shares which the Committee affirmatively determined not to vest pursuant to its authority under Section 5(f) prior to the occurrence of such Change in Control). 

6. Exercise Period for Vested Option Following Termination of Employment on Option. 
 (a) For purposes of this Agreement, the Executive’s employment may be terminated (i) by the Company for Cause or by the employee
in violation of any applicable employment agreement (a “6(a)(i) Termination”), (ii) by the Executive other than as a Retirement or for Good Reason and without any violation of any applicable employment agreement (a
“6(a)(ii) Termination”), (iii) by the Company without Cause (including on account of Disability), or on account of the Executive’s death or by the Executive for Good Reason (a “6(a)(iii) Termination”) or
(iv) by the Executive on account of Retirement (a “6(a)(iv) Termination”). For purposes of the preceding sentence, “Retirement” shall mean the Executive’s voluntary termination of employment with the Company on
or after the age of 62, after no less than 10 years of employment with the Company. 
 (b) The Vested Option shall remain
exercisable by the Executive until the earlier of the last day of the Option Period or, as applicable, (i) thirty (30) days following the date of a 6(a)(i) Termination or a 6(a)(ii) Termination, (ii) one hundred and twenty
(120) days following the date of a 6(a)(iii) Termination and (iii) the last day of the Option Period, in the case of a 6(a)(iv) Termination. 
 7. Compliance with Legal Requirements. The granting and exercising of the Option, and any other obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules
and regulations and to such approvals by any regulatory or governmental agency as may be required. Parent, in its sole discretion, may postpone the issuance or delivery of Option Shares as Parent may consider appropriate and may require the
Executive to make such representations and furnish such information as it may consider appropriate in connection with the issuance or delivery of Option Shares in compliance with applicable laws, rules and regulations. 
 8. Transferability. Except as described in Section 12(k) of the Plan, the Option shall not be transferable by the Executive other than by
will or the laws of descent and distribution, and any such purported transfer shall be void and unenforceable against Parent; provided that the designation of a beneficiary shall not constitute a transfer or encumbrance. 
  

 B-5 

 9. Rights as Stockholder. The Executive shall not be deemed for any purpose to be the owner of any
shares of Common Stock subject to this Option unless, until and to the extent that (A) this Option shall have been exercised pursuant to its terms, (B) Parent shall have issued and delivered to the Executive the Option Shares, and
(C) the Executive’s name shall have been entered as a stockholder of record with respect to such Option Shares on the books of Parent. 
 10. Tax Withholding. Prior to the delivery of a certificate or certificates representing the Option Shares, the Executive must pay in the form of a certified check to Parent or the Company (as designated by Parent) any such
additional amount as Parent (or the Company) determines that it is required to withhold under applicable federal, state or local tax laws in respect of the exercise or the transfer of Option Shares; provided that the Committee may, in its sole
discretion, allow such withholding obligation to be satisfied by withholding Option Shares otherwise deliverable upon exercise of the Option or by any other method. 
 11. Adjustments for Stock Splits, Stock Dividends, etc.; Change in Control. Awards shall be subject to adjustment, substitution, or cancellation as determined by the Committee in its sole discretion, as is
fully set forth in Section 13 of the Plan. 
 12. Miscellaneous. 
 (a) 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: 
 Warner Music Group Corp.

 75 Rockefeller Plaza 
 New
York, New York 10019 
 Attention: General Counsel 
 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. 
 (b) Bound by Plan and Stockholders Agreement. By signing this Agreement, the Executive acknowledges that he has received a copy of
the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. Additionally, the Executive acknowledges that any shares of Common Stock acquired upon exercise of the Option shall be subject
to the terms of the Amended and Restated Stockholders Agreement, dated as of May 10, 2005, by and among Parent, WMG Holdings Corp., the Company, Executive and certain other stockholders of Parent (the “Stockholders Agreement”).

  

 B-6 

 (c) 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 this Agreement shall be severable and enforceable to the extent permitted by law. 
 (d) 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. 
 (e) Beneficiary. The Executive may file with
Parent a written designation of a beneficiary on such form as may be prescribed by Parent 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. 
 (f) Successors. The terms of this
Agreement shall be binding upon and inure to the benefit of Parent and its successors and assigns, and of the Executive and the beneficiaries, executors, administrators, heirs and successors of the Executive. 
 (g) 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. 
 (h) 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. 
 (i) 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. 
  

 B-7 

 (j) Interpretations. 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, Parent and each of their direct and indirect subsidiaries. 
 (k) 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. 
  

 B-8 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

  

	
	WARNER MUSIC GROUP CORP.
	
	  

	By:
	Title:
	
	EXECUTIVE
	
	  

	Name:

  

 B-9 

 NOTICE OF OPTION EXERCISE 
 To exercise your option to purchase shares of Warner Music Group Corp. (“Parent”) common stock (“Shares”), please fill out this form and return it to the Corporate Secretary of
Parent, together with a certified check in the amount of the exercise price due, which is the product of the number of Shares with respect to which you are exercising the Option and the per share exercise price per share in your Stock Option
Agreement. At its option, Parent may provide for the exercise price to be paid in a different manner. You are not required to exercise your option with respect to all Shares thereunder. You also must include a certified check in the amount of any
required payroll taxes and income tax withholding due in connection with your exercise, unless Parent specifically provides for such obligation to be satisfied in a different manner (such as the “cashless exercise” method set forth below).

 I hereby exercise my right to purchase
                     Shares under the option granted to me pursuant to the Stock Option Agreement between myself and Parent, dated as of
                    . My option is vested and exercisable as to the Shares being purchased hereunder. 
 Please note below the form of payment elected: 
 Cashless Exercise: 
  ̈    I elect to pay both the exercise
price and required payroll taxes and income tax withholding through a “cashless exercise”. Under this method, Merrill Lynch will sell some or all of the Shares immediately, with part of the proceeds being used to pay the exercise price,
taxes and brokerage fees. The remaining proceeds (net of the exercise price, any withholding and brokerage commissions or other fees) will be paid to the option holder. 
 Exercise with Cash Payment: 
  ̈    I
have enclosed either one or more certified checks covering both the exercise price of $             and the required payroll taxes and income tax withholding of
$            . (Please contact Trent Tappe to determine the amount of any required payroll taxes and income tax withholding.) 
 If electing the cashless exercise form of payment above, this represents a sale of Shares. You will need to obtain any necessary pre-clearance required by
Parent’s Insider Trading Policy prior to completing any such exercise. Additionally, any sale of Shares must comply with and will be subject to the terms of the Stockholders Agreement. 
 I hereby represent that, to the best of my knowledge and belief, I am legally entitled to exercise this option. 
  

			
	 Signature:
	 	  

	 Printed Name:
	 	  

	 Social Security Number:
	 	  

	 Date:
	 	  

  

 B-10Employment Agreement

 Exhibit 10.23 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of
October 6, 2008 (the “Effective Date”) between Abraxis BioScience, LLC, a Delaware limited liability company (the “Company”), and Edward Geehr, M.D. (“Executive”). 
 RECITAL 
 The Company desires to
employ Executive, and Executive desires to be so employed by the Company, on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the mutual promises set forth in this Agreement, the
Company and Executive hereby agree as follows: 
 1. Definitions. Unless otherwise defined herein, the capitalized terms defined in
Exhibit A shall have the meanings therein specified for all purposes of this Agreement. 
 2. Employment. 
 (a) Subject to the terms and conditions contained herein, the Company hereby agrees to employ Executive, and Executive accepts such
employment, on the Effective Date until the Termination Date. 
 (b) During Executive’s employment under this Agreement,
Executive shall render services to the Company and its parent Abraxis BioScience, Inc. (“Parent”) in the position of Executive Vice President of Operations of the Company and Parent, subject to such other title or titles as may be assigned
to Executive by the Board. Executive shall perform such duties and responsibilities as are normally related to such positions, subject to such modified or additional duties (that are not materially inconsistent with duties and responsibilities as
are normally related to such positions) as may be assigned by the Board or the Chief Executive Officer. Executive will report to the Chief Executive Officer. 
 (c) In performing his services hereunder, Executive shall abide by the rules, regulations, and practices of the Company (and, if
applicable, Parent) as adopted or modified from time to time in the sole discretion of the Company (or, if applicable, Parent). 
 (d) Executive will devote his entire business time, energy, attention and skill to the services of the Company (and, if applicable, Parent) and to the promotion of its interests. So long as Executive is employed by the Company, Executive
shall not, without the written consent of the Company: 
 (i) engage in any other activity for compensation, profit or other
pecuniary advantage, whether received during or after the term of this Agreement; 
 (ii) render or perform services of a
business, professional, or commercial nature other than to or for the Company (or, if applicable, Parent), either alone or as an employee, consultant, director, officer, or partner of another business entity (including serving on boards of
directors), whether or not for compensation; or 
  

 1 

 (iii) plan or otherwise take any preliminary steps, either alone or in concert with
others, to establish or engage in any business or activity that would compete with the current or proposed business of the Company (and, if applicable, Parent); 
 provided, that it shall not be a violation of this Agreement for Executive to (A) serve on civic or charitable boards, (B) manage personal investments, (C) serve on corporate boards,
(D) engage in such other activities as the Chief Executive Officer may approve, so long as such activities do not interfere materially with the performance of Executive’s duties and responsibilities to the Company (and, if applicable,
Parent) or (E) continue to serve as a consultant and board member of iLinkMD Corporation (d/b/a LifeScript.com, Inc.), so long as such activities do not interfere materially with the performance of Executive’s duties and responsibilities
to the Company (and, if applicable, Parent). 
 (e) Prior to or concurrently with the execution of this Agreement, Executive
has executed an Executive Proprietary Information, Trade Secret and Confidentiality Agreement (the “Confidentiality Agreement”). 
 3. Location of Employment. Executive’s principal place of employment shall initially be at the Company’s offices in Los Angeles, California; provided, that at the reasonable direction of the Chief Executive Officer,
Executive may from time to time be required to travel to various domestic and foreign locations for purposes consistent with his duties hereunder. 
 4. Compensation. 
 (a) In exchange for full performance of Executive’s obligations and duties under this
Agreement, the Company shall pay Executive a salary at the rate of Four Hundred Twenty-Five Thousand ($425,000.00) per year (“Base Salary”). The Base Salary shall be paid in accordance with the Company’s regularly established payroll
practice. The Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Board or
Parent’s Compensation Committee. Any such adjusted salary shall become the “Base Salary.” 
 (b) The Base
Salary hereof is a gross amount, and the Company shall be required to withhold from such amount deductions with respect to Federal, state and local taxes, FICA, unemployment compensation taxes and similar taxes, assessments or withholding
requirements. 
 (c) During Executive’s employment under this Agreement, Executive shall also be reimbursed by the
Company for reasonable business expenses actually incurred or paid by Executive, consistent with the policies established by the Company, in rendering to the Company the services provided for in this Agreement. 
 (d) Executive shall be entitled to vacation and sick leave on terms equivalent to those of other executive officers of the Company.
Executive shall accrue four (4) weeks of vacation in his first year of employment with the Company in accordance with the Company’s standard vacation policy. 
  

 2 

 (e) Executive shall be entitled to participate in all benefit plans (including but not
limited to any medical, dental, life insurance, retirement and disability plans) and to all perquisites which shall be available from time to time to the executive officers of the Company generally; provided, that Executive shall have no right to
participate in any stock option, stock purchase or other plan relating to shares of capital stock of the Company or its affiliates (except as provided in subsection (f) below). Executive acknowledges and agrees that the Company may, in its
discretion, terminate at any time or modify from time to time any such benefit plans. 
 (f) Subject to Board approval and
determination as to the number of stock options, Parent will provide Executive with an option to purchase shares of Parent’s common stock, which option (a) shall have an exercise price equal to the closing trading price of Parent’s
common stock at the grant date, (b) shall vest in equal installments over a four year period, (c) shall be evidenced by Parent’s standard form of stock option agreement for its officers and shall otherwise be subject to the terms and
conditions of Parent’s stock incentive plan. The stock options granted by the Board shall be no less than those options typically granted to newly-hired executive officers of Parent. In addition, commencing in 2010 (for stock option awards
determined by the Board with respect to the 2009 fiscal year), Executive shall be eligible to receive annual grants of stock options or other equity awards (at the same time such grants are made to the other executive officers of the Company), in
such amounts and subject to such terms as may be determined in the sole discretion of the Board or Parent’s Compensation Committee. 
 (g) Executive shall be eligible to receive an annual bonus in such amount, and subject to such performance targets and other factors, as may be determined in the sole discretion of the Board or Parent’s
Compensation Committee. The target bonus amounts and performance targets for Executive shall be established at the same time such amounts and targets are established for the other executive officers of the Company, and any bonuses earned shall be
paid at the same time as bonuses for other executive officers. Executive acknowledges that his target bonus for the 2008 and 2009 fiscal years will be fifty percent (50%) of his Base Salary and will be prorated for the partial 2008 fiscal year
(“Target Bonus”). 
 (h) Within thirty (30) days after the Effective Date, the Company shall pay to Executive a
one-time sign on bonus of Fifty Thousand Dollars ($50,000.00) in cash (“Sign On Bonus”). If Executive voluntarily terminates his employment with the Company pursuant to Section 6(e)(i), (other than for Good Reason as set forth in
Section 6(e)(ii)) on or before the expiration of the one (1) year anniversary of the Effective Date, Executive shall repay the Company the Sign On Bonus in cash within thirty (30) days of his Termination Date. 
 (i) The Company will pay or reimburse Executive for temporary corporate housing in the Los Angeles area for up to twelve (12) months,
all on terms and conditions mutually agreed upon between the Company and Executive. In addition, to assist Executive and his family with relocating to the Los Angeles area, the Company and Executive will agree upon a mutually acceptable relocation
package. 
  

 3 

 (j) Other than as expressly set forth in this Section 4, Executive shall not receive
any other compensation or benefits from the Company or Parent. 
 5. Term. Executive’s employment hereunder shall commence on the
Effective Date and shall continue in effect until terminated pursuant to Section 6 below. 
 6. Termination. Executive’s
employment hereunder may be terminated as follows: 
 (a) The employment of Executive under this Agreement shall terminate on
the date of Executive’s death. 
 (b) The employment of Executive under this Agreement may be terminated by the Company
immediately upon giving Executive notice if Executive becomes Disabled. 
 (c) The employment of Executive under this
Agreement may be terminated by the Company immediately upon giving Executive notice upon the occurrence of Cause. 
 (d) In
addition to the circumstances described in subsection (c) above, the Company may terminate Executive’s employment at any time (immediately upon giving notice to Executive) for any reason or no reason, with or without Cause or prior notice;
provided, that a cessation of the Company’s employment of Executive in connection with a Sale Transaction shall not be deemed for purposes of this Agreement to be a termination of Executive by the Company if the Successor assumes and agree to
perform the Company’s obligations hereunder. 
 (e) Executive may voluntarily terminate his employment under this
Agreement by giving the Chief Executive Officer written notice of his resignation signed by Executive or, if no notice is given, on the date on which Executive voluntarily terminates his employment relationship with the Company. Such voluntary
termination shall be deemed for purposes hereof to have occurred for Good Reason only if (i) Executive provides written notice to the Company prior to resignation and within twenty (20) days after Executive becomes aware of the
circumstances giving rise to Good Reason, (ii) the Company fails to correct the circumstances giving rise to Good Reason prior to resignation and within thirty (30) days following receipt of such notice and (iii) Executive resigns
within fifteen (15) days following such thirty (30) day period. 
 7. Consequences of Termination. 
 (a) If the employment of Executive under this Agreement is terminated pursuant to 6(a) (death), 6(b) (disability), 6(c) (termination with
Cause) or 6(e)(i) (voluntary termination, other than for Good Reason), then (i) the Company shall pay Executive (or, as applicable, his heirs, estate or representative) the Accrued Compensation, (ii) the Company shall provide to Executive
(or his dependents, as applicable) such benefits, if any, as may be required to be provided by the Company under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and any disability policy of the Company applicable to Executive,
(iii) Executive (or, as applicable, his heirs, estate or representative) shall be entitled to vested benefits, stock options and other equity awards as applicable and (iv) Executive shall not be entitled to any other compensation or
benefits from the Company under this Agreement or otherwise. The Accrued Compensation shall be paid promptly after termination of employment; provided, that the benefits and amounts accrued under the plans and programs shall be paid or provided in
accordance with such plans or programs. 
  

 4 

 (b) If the employment of Executive under this Agreement is terminated pursuant to
Section 6(d) (termination without Cause) or Section 6(e)(ii) (voluntary termination for Good Reason), then Executive shall not be entitled to any compensation or benefits from the Company under this Agreement or otherwise, except for the
following: 
 (i) The Company shall pay to Executive all Accrued Compensation and Executive shall be eligible for COBRA
benefits described in Section 7(a); 
 (ii) Following the Termination Date, the Company shall (so long as the termination
of Executive’s employment qualifies as a “separation from service” under Section 409A) pay Executive, in substantially equal monthly installments over the duration of the Severance Period, an aggregate amount (the “Severance
Amount”) equal to the sum of (A) 150% of the Base Amount plus (B) the Severance Bonus Amount. Notwithstanding the preceding sentence and any other provision of this Agreement to the contrary, if Executive is a “specified
employee” within the meaning of Section 409A at the time of Executive’s termination, then to the extent the portion of the Severance Amount and the benefits provided under this Agreement, together with any other severance payments or
benefits that may be considered deferred compensation under Section 409A, which exceed the Section 409A Limit or which do not qualify as separation pay under Treasury Regulation Section 1.409A-1(b)(9)(iii) that would otherwise be
payable within the first six (6) months following the Termination Date, shall not be paid during such six- month period. Instead, such portion of the Severance Amount and any such benefits shall accrue during the six (6) month period and
be paid in a lump sum on the date six (6) months and one (1) day following the Termination Date. 
 (iii) The
vesting of the stock options and other equity awards granted to Executive shall accelerate so that such options and other equity awards shall have vested to the same extent as would if Executive were terminated on the last day of the Severance
Period; 
 provided, that Executive shall not be entitled to receive any post-termination benefits described in clause (ii), and
(iii) of this subsection (b) unless, within twenty-one (21) days following the Termination Date, he executes and delivers to the Company a Release of Claims in the form attached as Exhibit B hereto. 
 (c) Executive agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents,
records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive incident to Executive’s employment belongs to the Company (or, as applicable, Parent) and shall be promptly returned to the Company
upon termination of Executive’s employment. 
 (d) Upon termination of Executive’s employment, Executive shall be
deemed to have resigned from all offices and directorships then held with the Company, Parent, and each of their subsidiaries. Following any termination of employment, Executive shall reasonably 

  

 5 

 
cooperate with the Company (i) in the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees and
(ii) in the defense of any action brought by any third party against the Company or Parent that relates to Executive’s employment by the Company; provided, that in each case the Company shall reimburse the executive for any reasonable and
documented out-of-pocket fees and expenses incurred by Executive in connection with such cooperation. 
 8. Additional Post-Termination
Obligations. 
 (a) Executive acknowledges that (i) because of his position with the Company, he will have access to
the information about the operations, business strategies and customers, and other valuable proprietary information and trade secrets, of the Company, Parent and their affiliates, (ii) the use or disclosure of such information and trade secrets
in violation of this Agreement would be extremely difficult to detect or prove and (iii) any activities restricted by this Section 8 would necessarily involve the use or disclosure of the Company’s and/or Parent’s trade secrets
and/or proprietary information. Accordingly, Executive agrees that from the date hereof until after the twelve month anniversary of the Termination Date, Executive will not, directly or indirectly: 
 (i) engage in any business activity that is or may reasonably be found to be in competition with the business of the Company or Parent (or
any of their subsidiaries or affiliates), as such business may exist at any time from the Effective Date through the Termination Date; provided, that nothing in this Agreement shall be deemed to prohibit Executive from owning not more than one
percent (1%) of any class of publicly traded securities of a competitor; 
 (ii) solicit, raid, entice or induce any
employee of the Company or Parent (or any of their subsidiaries or affiliates) to be employed by any other company (except to the extent that such employee has first responded to a general advertisement or general employment search by
Executive’s place of employment at the time); 
 (iii) solicit business for any competitor from, or transact such
business for any competitor with, any person, firm or corporation which was, at any time during Executive’s employment hereunder, a customer of the Company or Parent (or any of their subsidiaries or affiliates); or 
 (iv) assist any person or entity in taking such action. 
 (b) Executive agrees that he will not disparage, or otherwise communicate to anyone, information which may be harmful to the business or
the business reputation of the Company or Parent (or any of their subsidiaries or affiliates) or their respective employees, officers, directors, customers, suppliers, successors, and assigns, including without limitation, negative comments about
any such company, its management methods, policies and/or practices. Notwithstanding the foregoing, Executive may respond accurately and fully to any question, inquiry or request made in connection with any governmental inquiry, investigation,
review, audit or proceeding, or as otherwise required by law. 
  

 6 

 (c) If Executive fails to perform his obligations under this Section 8, then the
Company may, in addition to any rights and remedies then available to the Company (under Section 11 hereof or otherwise), cease providing the payments and benefits described in Section 7(b) so long as such failure, if reasonably capable of
being cured, is not cured by Executive within thirty (30) days following a written notice from the Company of such failure to perform. 
 9. Representations. 
 (a) Executive represents that he has full authority to enter into this Agreement and is
not under any contractual restraint which would prohibit Executive from satisfactorily performing his duties to the Company (and, if applicable, Parent) under this Agreement. 
 (b) Executive hereby agrees to indemnify and hold harmless the Company, Parent and their respective officers, directors and stockholders
from and against any losses, liabilities, damages or costs (including reasonable attorney’s fees) arising out of a material breach of any of the representations, warranties and covenants of Executive set forth in this Agreement. 
 (c) Executive acknowledges that he is free to seek advice from independent counsel with respect to this Agreement. Executive has either
obtained such advice or, after carefully reviewing this Agreement, has decided to forego such advice. Executive is not relying on any representation or advice from the Company or Parent or any of their respective officers, directors, attorneys or
other representatives regarding this Agreement, its content or effect. 
 10. Arbitration. Subject to Section 11 below, the
parties acknowledge and agree to the provisions of the Arbitration Agreement attached hereto as Exhibit C and incorporated by this reference. 
 11. Equitable Relief. Notwithstanding Section 10 above, Executive acknowledges that the Company and Parent are relying for its protection upon the existence and validity of the provisions of this Agreement, that the services to
be rendered by Executive are of a special, unique and extraordinary character, and that irreparable injury will result to the Company and/or Parent from any violation or continuing violation of the provisions of Section 8 for which damages may
not be an adequate remedy. Accordingly, Executive hereby agrees that in addition to the remedies available to the Company and/or Parent by law or under this Agreement, the Company and/or Parent shall be entitled to obtain such equitable relief as
may be permitted by law in a court of competent jurisdiction including, without limitation, injunctive relief from any violation or continuing violation by Executive of any term or provision of Section 8. If the Company and/or Parent seeks to
enforce its rights under this Section 11, the prevailing party or parties shall be entitled to recover reasonable fees, costs and expenses incurred in connection therewith including, without limitation, the fees, costs and expenses of
attorneys, accountants and experts, whether or not litigation is instituted, and including such fees, costs and expenses of appeals. 
 12.
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal substantive laws (and not the laws of conflicts) of the State of California. 
  

 7 

 13. Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the whole
agreement of the parties hereto in reference to any employment of Executive by the Company and in reference to any of the matters or things herein provided for or hereinabove discussed or mentioned in reference to such employment; all prior
agreements, promises, representations and understandings relative thereto being herein merged. 
 14. Assignability. 
 (a) This Agreement is personal in nature and Executive shall not, without the written consent of the Company, assign or transfer this
Agreement or any rights or obligations hereunder. 
 (b) Nothing expressed or implied in this Agreement is intended or shall
be construed to confer upon or give to any person, other than the parties to this Agreement, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition of this Agreement; provided, that Section 11
hereof shall run to the benefit of, and be enforceable by, Parent. 
 15. Amendments; Waivers. 
 (a) This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants of this Agreement may be
waived only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision of this Agreement shall
in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision 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. 
 (b) This Agreement is intended to comply with Section 409A (as amplified by any Internal Revenue Service or U.S. Treasury Department guidance), and shall be construed and interpreted in accordance with such
intent. Executive and the Company acknowledge that Executive and the Company intend that the compensation arrangements set forth in this Agreement are in compliance with Section 409A, and Executive and the Company agree to cooperate with one
another, to the extent reasonably requested by the other party, to restructure any compensation set forth in this Agreement in a manner, if possible and without any increase in cost to the Company, such that no earlier and/or additional taxes to
Executive or the Company will arise under Section 409A. Any provision of this Agreement that would cause the payment of any benefit to fail to satisfy Section 409A shall have no force and effect until amended to comply with
Section 409A (which amendment may be retroactive to the extent permitted by the Code or any regulations or rulings thereunder). With regard to any provision hereby that provides that a payment shall be made promptly after a date, such payment
shall be made within thirty (30) days thereafter. 
  

 8 

 16. Notice. All notices, requests or consents required or permitted under this Agreement shall be
made in writing and shall be given to the other parties by personal delivery, registered or certified mail (with return receipt), overnight air courier (with receipt signature) or facsimile transmission (with “answerback” confirmation of
transmission), sent to such party’s addresses or telecopy numbers as are set forth below such party’s signatures to this Agreement, or such other addresses or telecopy numbers of which the parties have given notice pursuant to this
Section 16. Each such notice, request or consent shall be deemed effective upon the date of actual receipt, receipt signature or confirmation of transmission, as applicable (or if given by registered or certified mail, upon the earlier of
(i) actual receipt or (ii) three days after deposit thereof in the United States mail). 
 17. Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 18. Survival. The representations and agreements of the parties set forth in Sections 7 (Consequences of Termination), 8 (Additional Post-Termination Obligations), 9 (Representations), 10 (Arbitration) and 11 (Equitable Relief) shall
survive the expiration or termination of this Agreement (irrespective of the reason for such expiration or termination). 
  

 9 

 IN WITNESS WHEREOF, the parties to this Employment Agreement have executed this Employment Agreement as
of the date first above written. 
  

			
	Abraxis BioScience, LLC
	
	/s/ Patrick Soon-Shiong, M.D.
	By: Patrick Soon-Shiong, M.D.
	Its: Chief Executive Officer
		
	Address for Notices:	 	11755 Wilshire Blvd., Suite 2000
		 	Los Angeles, California 90025

 By signing below, the undersigned acknowledges and agrees that, except as expressly set forth in a
written agreement signed by an authorized representative of the Company, the undersigned (i) has not been promised any equity interests in the Company or any of its subsidiaries, affiliates or predecessors and (ii) does not and will not
have any right to any equity interests in the Company or any of its subsidiaries, affiliates or predecessors. 
  

	
	/s/ Edward Geehr, M.D.
	Edward Geehr, M.D.
	
	Address for Notices:

 EXHIBIT A 
 DEFINITIONS 
 “Accrued Compensation” shall mean (i) all base salary and vacation pay accrued through
the Termination Date and (ii) reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company during the period ending on the Termination Date. 
 “Base Amount” shall mean the amount of Executive’s annual base salary at the highest base salary in effect during the one year period ending on the Termination Date. 
 “Board” shall mean the Board of Directors of Parent. 
 “Cause” shall mean any of the following (i) Executive commits a material breach of this Agreement, the Confidentiality Agreement, or any policy of the Company, which breach is not cured to the satisfaction of the Company
within twenty (20) days after written notice to Executive from the Company; (ii) Executive fails (other than a failure resulting from a Disability) to substantially perform his duties hereunder, or to implement or follow a lawful policy or
directive of the Company, and such failure continues for a period of twenty (20) days after written notice to Executive from Company; (iii) Executive is indicted for a crime involving dishonesty, breach of trust, physical harm to any
person or serious moral turpitude, (iv) Executive engages in dishonesty, gross negligence or willful misconduct in the performance of his duties, as reasonably determined by the Company, (v) Executive engages in conduct which is materially
injurious to the Company (monetarily or otherwise) or which constitutes a material violation of federal or state law relating to the Company or its business. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Disability” means (i) Executive becomes eligible for
the Company’s long term disability benefits or (ii) in opinion of the Company, Executive has been unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for
more than ninety consecutive days or more than one hundred and twenty days in any twelve-month period. 
 “Good Reason” means, without
Executive’s express written consent, the occurrence of any of the following circumstances: (i) there is a change in Executive’s status or responsibilities which represents a material and adverse change from Executive’s overall
status or responsibilities, taken as a whole; or (ii) Executive is required to be based at any place outside a fifty (50) mile radius from Los Angeles, California without his written consent, except for travel that is reasonably necessary
in connection with the Company’s business; (iii) a reduction in Executive’s Base Salary or benefits (unless such reduction applies similarly to all other officers of the Company); or (iv) any failure by a Successor to assume and
agree to perform the Company’s obligations hereunder. 
 “Sale Transaction” shall mean (i) a transaction (including a stock sale, merger,
consolidation, reorganization or recapitalization) pursuant to which the holders of the voting capital stock of the Company immediately prior to such transaction (or their affiliates) cease to beneficially own more than fifty percent (50%) of
voting capital stock of the Company or its successor (or, if there 

  

 A-1 

 
is a parent of the Company following such transaction, of the ultimate parent) immediately following such transaction, (ii) a transaction (including a
merger, consolidation, reorganization or recapitalization) pursuant to which the holders of the voting capital stock of Parent immediately prior to such transaction (or their affiliates) cease to beneficially own more than fifty percent
(50%) of voting capital stock of Parent or its successor (or, if there is a parent of Parent following such transaction, of the ultimate parent) immediately following such transaction or (iii) the Company sells all or substantially all of
its assets to a third party. 
 “Section 409A” shall mean Section 409A of the Code, together with and the related final regulations thereunder
and other guidance relating thereto. 
 “Section 409A Limit” shall mean payments that qualify under Treasury Regulations 1.409A-1(b)(9)(v)(C) and
(D) as not providing for a “deferral of compensation” under Section 409A. 
 “Successor” shall mean the successor or transferee
in a Sale Transaction. 
 “Severance Bonus Amount” shall mean (i) if the Termination Date occurs prior to the payment to Executive of the
annual incentive payment under the Company’s cash bonus incentive plan with respect to 2008, an amount equal to his Target Bonus for 2008, pro rated over the number of days of employment in the calendar year in which the Termination Date
occurs, or (ii) if the Termination Date occurs after the payment to Executive of the annual incentive payment under the Company’s cash bonus incentive plan with respect to 2008 (but prior to the payment with respect to 2009), an amount
equal to such payment, pro rated over the number of days of employment in the calendar year in which the Termination Date occurs or (iii) if the Termination Date occurs after the payment to Executive of the annual incentive payment under the
Company’s cash bonus incentive plan with respect to 2009, an amount equal to the average of the last two annual incentive payments paid or payable to Executive prior to the Termination Date, pro rated over the number of days of employment in
the calendar year in which the Termination Date occurs. 
 “Severance Period” shall mean the period commencing on the Termination Date and ending
on the twelve month anniversary of such Termination Date. 
 “Termination Date” means the date on which Executive’s employment is terminated
pursuant to Section 6 hereof. 
  

 A-2 

 EXHIBIT B 
 RELEASE 
 In consideration for the payments described in Section 7 of the Agreement, Executive
hereby releases and discharges Abraxis BioScience, LLC, Abraxis BioScience, Inc., and any subsidiaries or affiliates thereof (collectively the “Company”), and their respective directors, officers, employees, benefit plans and
administrators, successors and assigns (collectively with the Company, the “Released Parties”) from any and all claims, obligations, and liabilities, whether known or unknown, at law or in equity, arising out of Executive’s employment
with the Company and the termination thereof. This Release is to be broadly construed so as to resolve all pending or potential disputes including, but without limiting the generality of the foregoing, any and all claims under the Age Discrimination
in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the Equal Pay Act, the Family and
Medical Leave Act, the discrimination and wage payment laws of the State of California, and any other statute, regulation, or ordinance, and any and all claims based upon alleged wrongful or retaliatory discharge, negligence, intentional infliction
of emotional distress, defamation, invasion of privacy, other torts, harassment, employment discrimination or breach of contract (express or implied). Notwithstanding the foregoing, Executive does not waive any rights Executive may have to enforce
the terms of the Employment Agreement, if any, to amounts or benefits to be paid or provided after termination under the Employment Agreement or any Company-sponsored employee benefit plan, to insurance protection and/or indemnification for actions
taken by Executive while an employee, officer and/or director of the Company or to make any claims for workers’ compensation. 
 Executive represents and agrees that he has not and will not file or initiate any legal proceedings, complaints or charges of any kind with any court or governmental or administrative agency against any one or more of the Released Parties
relating to his employment or positions with Parent or the Company, and that he will not participate in or accept any monies from any such action either in his individual capacity or as part of a representative or class action. Executive further
agrees that he will not solicit, encourage, assist or cooperate in any proceedings, complaints or charges against the Company or any other Released Party brought by any other person or entity unless specifically subpoenaed to appear or otherwise
required by court order or in an official governmental investigation or otherwise required by law. The Company and the other Released Parties shall be entitled to plead this Release as a complete defense to any claim or entitlement relating to
Executive’s employment or positions with Parent or the Company which hereafter may be asserted by Executive or other persons or agencies acting on her behalf in any suit or claim against the Company or any other Released Party. In the event
that Executive sues the Company or any other Released Party in violation of this Agreement, Executive agrees and acknowledges that she will pay such Released Party its litigation costs and expenses, including reasonable attorneys’ fees,
associated with its defense. Executive understands that nothing in this Agreement precludes him from filing a charge with or participating in an investigation by the Equal Employment Opportunity Commission; provided, however, Executive hereby waives
any right to receive any monetary award resulting from such a charge or investigation. 
  

 B-1 

 Executive acknowledges and agrees that: (a) Executive has read and understands this Release in its
entirety; (b) Executive has been advised in writing to consult with an attorney concerning this Release before signing it. This subparagraph constitutes such written advice; (c) Executive has twenty-one (21) calendar days after
receipt of this Release to consider its terms before signing it; (d) nothing contained in this Release waives any claim that may arise after the date of its execution; and (e) Executive executes this Release knowingly and voluntarily,
without duress or reservation of any kind, and after having given the matter full and careful consideration. 
 Executive has the right to revoke this Release in full within seven (7) calendar days of executing it. Any revocation must be personally delivered to the General Counsel of the Company or his designee, or mailed
to Abraxis BioScience, LLC, 11755 Wilshire Blvd., 20th Floor, Los Angeles, California 90025 and postmarked within seven (7) calendar days of
the date of execution of this Release. None of the terms and provisions of this Release shall become effective or be enforceable until such revocation period has expired. 
  

 B-2 

 EXHIBIT C 
 ARBITRATION 
 1. Any controversy or claim arising out of, relating to or in connection with this
Agreement, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association (“AAA”) in accordance with its then existing Commercial Arbitration rules and judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. 
 2. It is the express agreement of the parties that the provisions of
this Section, including the rules of the AAA , as modified by the terms of this Exhibit C, shall govern the arbitration of any disputes arising pursuant to this Agreement. In the event of any conflict between the law of the State of California, the
law of the arbitral location, and the U.S. Arbitration Act (Title 9, U.S. Code), with respect to any arbitration conducted pursuant to this Agreement, to the extent permissible, it is the express intent of the parties that the law of
California, as modified herein, shall prevail. Either party (the “Initiating Party”) may commence an arbitration by submitting a Demand for Arbitration under the AAA Rules and by notice to the other Party (the “Respondent”) in
accordance with Section 16. Such notice shall set forth in reasonable detail the basic operative facts upon which the Initiating Party seeks relief and specific reference to the clauses of this Agreement, the amount claimed, if any, and any
non-monetary relief sought against the Respondent. After the initial list of issues to be resolved has been submitted, the arbitrators shall permit either party to propose additional issues for resolution in the pending proceedings. 
 3. The place of arbitration shall be Los Angeles, or any other place selected by mutual agreement. 
 4. The parties shall attempt, by agreement, to nominate a sole arbitrator for confirmation by the AAA. If the parties fail so to nominate a sole
arbitrator within thirty (30) days from the date when the Initiating Party’s Demand for Arbitration has been communicated to the other party, a board of three arbitrators shall be appointed by the parties jointly or, if the parties cannot
agree as to three arbitrators within thirty (30) days after the commencement of the arbitration proceeding, then one arbitrator shall be appointed by each of Executive and the Company within sixty (60) days after the commencement of the
arbitration proceeding and the third arbitrator shall be appointed by mutual agreement of such two arbitrators. If such two (2) arbitrators shall fail to agree within seventy-five (75) days after commencement of the arbitration proceeding
upon the appointment of the third arbitrator, the third arbitrator shall be appointed by the AAA in accordance with its then existing rules. Notwithstanding the foregoing, if any party shall fail to appoint an arbitrator within the specified time
period, such arbitrator and the third arbitrator shall be appointed by the AAA in accordance with its then existing rules. For purposes of Section 10, the “commencement of the arbitration proceeding” shall be deemed to be the date
upon which the Demand for Arbitration has been received by the AAA. Any award shall be rendered by a majority of the members of the board of arbitration. 
  

 C-1 

 5. An award rendered in connection with an arbitration pursuant to Section 10 shall be final and
binding upon the parties, and any judgment upon such an award may be entered and enforced in any court of competent jurisdiction. 
 6. The
parties agree that the award of the arbitral tribunal will be the sole and exclusive remedy between them regarding any and all claims between them with respect to the subject matter of the arbitrated dispute. The parties hereby waive all
jurisdictional defenses in connection with any arbitration hereunder or the enforcement of any order or award rendered pursuant thereto (assuming that the terms and conditions of this arbitration clause have been complied with). 
 7. With respect to any award issued by the arbitrators pursuant to this Agreement, the parties expressly agree (i) that such order shall be
conclusive proof of the validity of the determination(s) of the arbitrators underlying such order; and (ii) any federal court sitting in Los Angeles, California, or any other court having jurisdiction, may enter judgment upon and enforce such
order, whether pursuant to the U.S. Arbitration Act, or otherwise. 
 8. The arbitrators shall issue a written explanation of the reasons for
the award and a full statement of the facts as found and the rules of law applied in reaching their decision to both parties. The arbitrators shall apportion to each party all costs (other than attorneys’ fees) incurred in conducting the
arbitration in accordance with what the arbitrators deem just and equitable under the circumstances. The prevailing party shall be entitled to recover its attorneys’ fees from the other party. Any provisional remedy which would be available to
a court of law shall be available from the arbitrators pending arbitration of the dispute. Either party may make an application to the arbitrators seeking injunctive or other interim relief, and the arbitrators may take whatever interim measures
they deem necessary in respect of the subject matter of the dispute, including measures to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. The arbitrator shall have the authority
to award any remedy or relief that a court of the State of California could order or grant, including, without limitation, specific performance of any obligation created under this Agreement, the issuance of an injunction, or the imposition of
sanctions for abuse or frustration of the arbitration process, but specifically excluding punitive damages (the parties specifically agree that punitive damages shall not be available in the event of any dispute). 
 9. The parties may file an application in any proper court for a provisional remedy in connection with an arbitrable controversy, but only upon the
ground that the award to which the application may be entitled may be rendered ineffectual without provisional relief. 
 10. Except as
expressly provided in the following sentence, neither party may disclose to any person or entity (i) any testimony or evidence presented or submitted in the arbitration proceedings, (ii) the nature or terms of any award or judgment
rendered in such arbitration, or any portion thereof or (iii) the opinion of the arbitrator or arbitration panel, or any portion thereof (collectively, the “Arbitration Information”) . To the extent either party brings an action
pursuant to Section 7(ii) above to enforce or appeal any such judgment or award, then the filing party shall (x) file under seal all documents filed or submitted in such action (including all Arbitration Information) and (y) fully
cooperate with the non-filing party in ensuring that all documents filed or submitted in such action (including all Arbitration Information) shall be kept confidential. 
  

 C-2 

 11. THE PARTIES ALSO UNDERSTAND AND AGREE THAT THIS AGREEMENT CONSTITUTES A WAIVER OF THEIR RIGHT TO A
TRIAL BY JURY OF ANY CLAIMS OR CONTROVERSIES COVERED BY THIS AGREEMENT. THE PARTIES AGREE THAT NONE OF THOSE CLAIMS OR CONTROVERSIES SHALL BE RESOLVED BY A JURY TRIAL. 
 12. THE PARTIES FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH THEIR LEGAL COUNSEL AND HAVE AVAILED THEMSELVES OF THAT OPPORTUNITY TO THE EXTENT THEY WISH TO DO SO.

  

	
	Abraxis BioScience, LLC
	
	/s/ Patrick Soon-Shiong, M.D.
	By: Patrick Soon-Shiong, M.D.
	Its Chairman and Chief Executive Officer
	
	/s/ Edward Geehr, M.D.
	Edward Geehr, M.D.

  

 C-3

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