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EMMIS COMMUNICATIONS CORPORATION

CHANGE IN CONTROL SEVERANCE AGREEMENT

     THIS AGREEMENT is entered into, effective March 1, 2009 (the “Effective Date”), by and between
EMMIS COMMUNICATIONS CORPORATION, an Indiana corporation (the “Company”), and J. Scott Enright
(“Executive”).

W I T N E S S E T H

     WHEREAS, the Company considers the establishment and maintenance of a sound and vital
management to be essential to protecting and enhancing the best interests of the Company and its
stockholders; and

     WHEREAS, the Company recognizes that, as is the case with many publicly held corporations, the
possibility of a change in control may arise and that such possibility may result in the departure
or distraction of management personnel to the detriment of the Company and its stockholders; and

     WHEREAS, the Compensation Committee of the “Board” (as defined in Section 1) has determined
that it is in the best interests of the Company and its stockholders to secure Executive’s
continued services and to ensure Executive’s continued and undivided dedication to his duties in
the event of any threat or occurrence of a “Change in Control” (as defined in Section 1) of the
Company; and

     WHEREAS, the Compensation Committee, at a meeting held on March 24, 2009, has authorized the
Company to enter into this Agreement.

     NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained, the Company and Executive hereby agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have the
respective meanings set forth below:

          (a) “Affiliate” means, with respect to a specified person, a person that, directly or
indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with, the person specified.

          (b) “Base Salary” means Executive’s gross base salary, regardless of whether payable directly
by the Company in cash or through the television quarterly bonus plan, the stock compensation
program, or a similar program.

          (c) “Board” means the Board of Directors of the Company.

          (d) “Bonus Amount” means the greater of (i) the highest annual incentive bonus earned by
Executive from the Company (and/or its Affiliates) during the last three (3) completed fiscal years
of the Company immediately preceding Executive’s Date of Termination (annualized in the event
Executive was not employed by the Company (or its Affiliates) for the whole of any such fiscal
year), or (ii) if the Date of

 

 

Termination occurs before Executive has been employed for a full fiscal year and before the
date on which the Company generally pays bonuses to its executives for the fiscal year in which
Executive’s employment commenced, 25% of Executive’s Base Salary for the fiscal year of the Company
which includes the Executive’s Date of Termination.

          (e) “Cause” means (i) the willful and continued failure of Executive to perform substantially
his duties with the Company (other than any such failure resulting from Executive’s incapacity due
to physical or mental illness or any such failure subsequent to Executive being delivered a notice
of Termination without Cause by the Company or delivering a notice of Termination for Good Reason
to the Company) after a written demand for substantial performance is delivered to Executive by the
Board which specifically identifies the manner in which the Board believes that Executive has not
substantially performed Executive’s duties; provided that Executive has not cured such failure or
commenced such performance within 30 days after such demand is given to Executive, or (ii) the
willful engaging by Executive in illegal conduct or gross misconduct which is demonstrably and
materially injurious to the Company or its Affiliates. For purpose of the preceding sentence, no
act or failure to act by Executive shall be considered “willful” unless done or omitted to be done
by Executive in bad faith and without reasonable belief that Executive’s action or omission was in
the best interests of the Company. Any act, or failure to act, based upon authority given pursuant
to a resolution duly adopted by the Board, based upon the advice of counsel for the Company (or
upon the instructions of the Company’s chief executive officer or another senior officer of the
Company) shall be conclusively presumed to be done, or omitted to be done, by Executive in good
faith and in the best interests of the Company. Cause shall not exist unless and until the Company
has delivered to Executive a copy of a resolution duly adopted by three-quarters (3/4) of the
entire Board (excluding Executive if Executive is a Board member) at a meeting of the Board called
and held for such purpose (after reasonable notice to Executive and an opportunity for Executive,
together with counsel, to be heard before the Board), finding that in the good faith opinion of the
Board an event set forth in clause (i) or (ii) has occurred and specifying the particulars thereof
in detail. The Company must notify Executive of any event constituting Cause within ninety (90)
days following the Company’s knowledge of its existence or such event shall not constitute Cause
under this Agreement.

          (f) “Change in Control” means any of the following: (i) any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (other than an Affiliate or any employee benefit plan (or any related
trust) of the Company or an Affiliate, and other than Jeffrey H. Smulyan or an Affiliate of Mr.
Smulyan) (a “Person”) becomes after the date hereof the beneficial owner of 35% or more of either
the then outstanding Stock or the combined voting power of the then outstanding voting securities
of the Company entitled to vote in the election of directors, except that no Change in Control
shall be deemed to have occurred solely by reason of any such acquisition by a corporation with
respect to which, after such acquisition, more than 60% of both the then outstanding common shares
of such corporation and the combined voting power of the then outstanding voting securities of such
corporation entitled to vote in the election of directors are then beneficially owned, directly or
indirectly, by the persons who were the

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beneficial owners of the Stock and voting securities of the Company immediately before such
acquisition in substantially the same proportion as their ownership, immediately before such
acquisition, of the outstanding Stock and the combined voting power of the then outstanding voting
securities of the Company entitled to vote in the election of directors; (ii) individuals who, as
of the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the Board; provided that any individual who becomes a director
after the Effective Date whose election, or nomination for election by the Company’s shareholders,
was approved by a vote or written consent of at least two-thirds of the directors then comprising
the Incumbent Directors shall be considered as though such individual were an Incumbent Director,
but excluding, for this purpose, any such individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the directors
of the Company (as such terms are used in Rule 14a-11 under the Exchange Act); (iii) the
consummation of (A) a merger, reorganization or consolidation with respect to which the individuals
and entities who were the respective beneficial owners of the Stock and voting securities of the
Company immediately before such merger, reorganization or consolidation do not, after such merger,
reorganization or consolidation, beneficially own, directly or indirectly, more than 60% of,
respectively, the then outstanding common shares and the combined voting power of the then
outstanding voting securities entitled to vote in the election of directors of the corporation
resulting from such merger, reorganization or consolidation, or (B) the sale or other disposition
(or series of sales and/or other dispositions over time resulting in a sale and/or other
disposition) of all or substantially all of the assets of the Company to any Person or Persons as
part of the Company’s plan to sell or otherwise dispose of all or substantially all of such assets
; (iv) the approval by the shareholders of the Company of a liquidation or dissolution of the
Company; or (v) such other event(s) or circumstance(s) as are determined by the Board to constitute
a Change in Control. Notwithstanding the foregoing provisions of this definition, a Change in
Control shall be deemed not to have occurred with respect to Executive, if he is, by written
agreement executed prior to such Change in Control, a participant on his own behalf in a
transaction in which the persons with whom he has the written agreement (and/or their Affiliates)
Acquire the Company (as defined below) and, pursuant to the written agreement, Executive has (or
has the right to acquire) an equity interest in the resulting entity.

     Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person acquires beneficial ownership of more than 35% of the then outstanding Stock as a result
of the acquisition of the Stock by the Company which reduces the number of shares of Stock
outstanding; provided, that if after such acquisition by the Company such person
becomes the beneficial owner of additional Stock that increases the percentage of outstanding Stock
beneficially owned by such person, a Change in Control shall then occur.

     For the purposes of this definition, “Acquire the Company” means the acquisition of beneficial
ownership by purchase, merger, or otherwise, of either more than 50% of the Stock (such percentage
to be computed in accordance with Rule 13d-3(d)(1)(i) of the SEC under the Exchange Act) or
substantially all of the assets of the Company or its successors; “person” means such term as used
in Rule 13d-5 of the SEC

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under the Exchange Act; “beneficial owner” means such term as defined in Rule 13d-3 of the SEC
under the Exchange Act; and “group” means such term as defined in Section 13(d) of the Exchange
Act.

          (g) “Code” means the Internal Revenue Code of 1986, as amended, and regulations and rulings
thereunder. References to a particular section of the Code shall include references to successor
provisions.

          (h) “Date of Termination” means the effective date of the Termination of Executive’s
Employment.

          (i) “Disability” means Termination of Executive’s Employment by the Company (A) on account of
Executive’s disability or incapacity in accordance with Executive’s written employment agreement
with the Company, if such agreement contains provisions relating to Termination of Employment for
disability or incapacity, or (B) except as provided in clause (A), on account of Executive’s
disability or incapacity in accordance with the Company’s policies applicable to salaried employees
without a written employment agreement, as in effect immediately before the Change in Control.

          (j) “Effective Date” means January 1, 2008.

          (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. References to a
particular section of, or rule under, the Exchange Act shall include references to successor
provisions.

          (l) “Good Reason” means, without Executive’s express written consent, the occurrence of any of
the following events after a Change in Control:

          (i) a material diminution in Executive’s authority, duties, or responsibilities;
provided, however, Good Reason shall not be deemed to occur upon a change in duties or
responsibilities (other than reporting responsibilities) that is solely and directly a
result of the Company no longer being a publicly traded entity that does not involve
another event described in this Subsection (l);

          (ii) a material breach by the Company or an Affiliate of the Company of this Agreement
or an employment agreement to which the Executive and the Company or an Affiliate of the
Company are parties;

          (iii) a material reduction by the Company in Executive’s rate of annual Base Salary,
as in effect immediately prior to such Change in Control or as the same may be increased
from time to time thereafter (with a reduction or series of reductions exceeding 5% of Base
Salary being deemed material);

          (iv) any requirement of the Company that Executive (A) be based anywhere more than
thirty-five (35) miles from the office where

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Executive is based at the time of the Change in Control, if such relocation increases
Executive’s commute by more than twenty (20) miles, or (B) travel on Company business to an
extent materially greater than the travel obligations of Executive immediately prior to
such Change in Control;

     (v) the failure of the Company to obtain the assumption and, if applicable, guarantee,
agreement from any successor (and parent corporation) as contemplated in Section 9(b).

Notwithstanding the preceding, an event described above shall not be considered an event of Good
Reason, unless the Executive provides notice to the Company of the existence of such event of Good
Reason within ninety (90) days after its first occurrence and the Company fails to cure such event
within thirty (30) days after receiving Executive’s notice. Executive’s right to Terminate
Employment for Good Reason shall not be affected by Executive’s incapacity due to mental or
physical illness, and Executive’s continued employment shall not constitute consent to, or a waiver
of rights with respect to, any event or condition constituting Good Reason; provided,
however, that Executive must Terminate Employment within ninety (90) days following the end
of the thirty (30) day cure period specified above, or such event shall not constitute a
termination for Good Reason under this Agreement. Notwithstanding any other provision of this
Agreement to the contrary, Termination of Employment by Executive for any reason during the thirty
(30)-day period beginning one (1) year after the date of a Change in Control shall constitute a
Termination of Employment for Good Reason.

          (m) “Qualifying Termination” means a Termination of Executive’s Employment (i) by the Company
other than for Cause or (ii) by Executive for Good Reason. Termination of Executive’s employment
on account of death, Disability, or Retirement shall not be treated as a Qualifying Termination.

          (n) “Retirement” means Executive’s Termination of Employment by reason of retirement (not
including any mandatory early retirement) in accordance with the Company’s retirement policy
generally applicable to its salaried employees, as in effect immediately prior to the Change in
Control, or in accordance with any retirement arrangement established with respect to Executive
with Executive’s written consent; provided, however, that under no circumstances
shall a resignation with Good Reason be deemed a Retirement.

          (o) “SEC” means the Securities and Exchange Commission.

          (p) “Stock” means the Class A Common Stock and the Class B Common Stock of the Company, par
value $.01 per share.

          (q) “Termination of Employment”, “Terminates Employment,”, or any variation thereof means
Executive’s separation from service within the meaning of Code Section 409A(a)(2)(A)(i).

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          (r) “Termination Period” means the period of time beginning with a Change in Control and
ending two (2) years following such Change in Control. Notwithstanding anything in this Agreement
to the contrary, if (i) Executive’s Employment is Terminated prior to a Change in Control for
reasons that would have constituted a Qualifying Termination if they had occurred following a
Change in Control; (ii) Executive reasonably demonstrates that such termination (or Good Reason
event) was at the request of a Person who had indicated an intention or taken steps reasonably
calculated to effect a Change in Control, or was otherwise made in connection with a Change in
Control; and (iii) a Change in Control involving such third party or an Affiliate of such third
party (or a party competing with such third party to effectuate a Change in Control) does occur,
then for purposes of this Agreement, the date immediately prior to the date of such Termination of
Employment or event constituting Good Reason shall be treated as a Change in Control. For purposes
of determining the timing of payments and benefits to Executive under Section 4, the date of the
actual Change in Control shall be treated as Executive’s Date of Termination under Section l(h).

     2. Obligation of Executive. In the event of a tender or exchange offer, proxy
contest, or the execution of any agreement which, if consummated, would constitute a Change in
Control, Executive agrees not to voluntarily leave the employ of the Company, other than as a
result of Disability, Retirement or an event which would constitute Good Reason if a Change in
Control had occurred, until the Change in Control occurs or, if earlier, such tender or exchange
offer, proxy contest, or agreement is terminated or abandoned.

     3. Term of Agreement. This Agreement shall be effective on the date hereof and shall
continue in effect until the Company shall have given three (3) years’ written notice of
cancellation; provided, that, notwithstanding the delivery of any such notice, this
Agreement shall continue in effect for a period of two (2) years after a Change in Control, if such
Change in Control shall have occurred during the term of this Agreement. Moreover, if Executive is
party to a written employment agreement with the Company at the time of a Change in Control, and
such agreement would otherwise expire during the Termination Period, the term of such agreement
shall automatically be extended to the end of the Termination Period or, if earlier, Executive’s
Retirement. Notwithstanding anything in this Section to the contrary, except as provided in the
second sentence of Section 1(r), this Agreement shall terminate if Executive or the Company
Terminates Executive’s Employment prior to a Change in Control.

     4. Payments Upon Termination of Employment.

          (a) Qualifying Termination — Severance. If during the Termination Period, the
Employment of Executive shall Terminate pursuant to a Qualifying Termination, the Company shall
provide to Executive:

          (i) within ten (10) days following the Date of Termination a lump-sum cash amount
equal to the sum of (A) Executive’s Base Salary through the Date of Termination and any
bonus amounts which have become payable, to the extent not theretofore paid or deferred,
(B) an amount

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equal to (I) fifty percent (50%) of Executive’s Base Salary at the rate in effect on
the Change in Control (or, if higher, the rate in effect on Termination of Employment),
multiplied by (II) a fraction, the numerator of which is the number of days in the fiscal
year in which the Date of Termination occurs through the Date of Termination and the
denominator of which is three hundred sixty-five (365), and (C) any accrued vacation pay,
in each case to the extent not theretofore paid; plus

          (ii) within ten (10) days following the Date of Termination, a lump-sum cash amount
equal to (i) three (3) times Executive’s highest annual rate of Base Salary during the
36-month period immediately prior to Executive’s Date of Termination plus (ii) three (3)
times Executive’s Bonus Amount.

          (b) Qualifying Termination — Benefits. If during the Termination Period, the
Employment of Executive shall Terminate pursuant to a Qualifying Termination, the Company shall:

          (i) for a period of three (3) years following Executive’s Date of Termination,
continue to provide Executive (and Executive’s dependents, if applicable) with the same
level of accident and life insurance benefits upon substantially the same terms and
conditions (including contributions required by Executive for such benefits) as existed
immediately prior to Executive’s Date of Termination (or, if more favorable to Executive,
as such benefits and terms and conditions existed immediately prior to the Change in
Control); provided, that, if Executive cannot continue to participate in
the Company plans providing such benefits, the Company shall otherwise provide such
benefits on the same after-tax basis as if continued participation had been permitted;

          (ii) for the period beginning on Executive’s Date of Termination and continuing for up
to 18 months thereafter, reimburse Executive for COBRA premiums paid by Executive for
continuation coverage for Executive (and Executive’s dependents, if applicable) under the
Company’s medical and dental benefits plan, with such reimbursement being taxable to
Executive (any reimbursement required by this paragraph (ii) may be accomplished by the
Company’s direct payment of such premium, with such payment taxable to Executive, or by
Company reimbursing Executive for such premium within thirty (30) days after Executive’ s
payment thereof);

          (iii) for the period beginning 19 months after Executive’s Date of Termination and
ending 36 months after Executive’s Date of Termination, reimburse Executive for the cost of
purchasing coverage substantially similar to that that purchased under the Company’s
medical and dental benefits plan pursuant to paragraph (ii) above (with no additional
pre-existing condition exclusion), with such reimbursement being taxable to Executive (any
reimbursement required by this paragraph (iii) may be accomplished by the Company’s direct
payment of such premium, with such

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payment taxable to Executive, or by Company reimbursing Executive for such premium
within thirty (30) days after Executive’ s payment thereof);

Notwithstanding the foregoing, (A) in the event Executive (or, if applicable, Executive’s
dependent) becomes ineligible for COBRA continuation coverage during the first 18 months
following Executive’s Date of Termination, such person shall not be eligible for further
coverage under paragraph (ii) or (iii), and (B) subject to the limitations in clause (A),
in the event Executive becomes employed by another employer and becomes eligible to receive
welfare benefits from such employer, the welfare benefits described in paragraphs (i)
through (iii) shall be secondary to such benefits during the period of Executive’s
eligibility, but only to the extent that the Company reimburses Executive for any increased
cost and provides any additional benefits necessary to give Executive the benefits provided
hereunder;

          (iv) for two years following the Executive’s Date of Termination (or such shorter
period ending upon the subsequent employment of Executive at a level of service
commensurate with Executive’s positions with the Company on the Date of Termination),
provide outplacement services for Executive from a provider selected by the Company and at
the Company’s expense;

          (v) make such additional payments and provide such additional benefits to Executive as
the Company and Executive may agree in writing, or to which Executive may be entitled under
the compensation and benefit plans, policies, and arrangements of the Company.

          (c) Nonqualifying Termination. If during the Termination Period the Employment of
Executive shall Terminate other than by reason of a Qualifying Termination, the Company shall pay
to Executive within thirty (30) days following the Date of Termination, a lump-sum cash amount
equal to the sum of Executive’s Base Salary through the Date of Termination and any bonus amounts
which have become payable, to the extent not theretofore paid or deferred, and any accrued vacation
pay, to the extent not theretofore paid. The Company may make such additional payments and provide
such additional benefits to Executive as the Company and Executive may agree in writing, and the
Company shall provide Executive with those payments and benefits to which Executive may be entitled
under the compensation and benefit plans, policies, and arrangements of the Company or any
employment agreement with the Company or an Affiliate of the Company.

          (d) Stock Rights. In the event of a Change in Control, all restricted Company stock
and all options, stock appreciation rights, and/or other stock rights held by Executive with
respect to Company stock that are exempt from Section 409A (“Stock Rights”) which are not fully
vested (and exercisable, if applicable) shall become fully vested and exercisable as of a time
established by the Board, which shall be no later than a time preceding the Change in Control which
allows Executive to exercise the Stock Rights and cause the stock acquired thereby to participate
in the Change in

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Control transaction. If the Change in Control transaction is structured so that stock
participating therein at one time is or may be treated differently from stock participating therein
at a different time (e.g., a tender offer followed by a squeeze-out merger), the Board
shall interpret this Subsection (d) to provide for the required vesting acceleration in a manner
designed to allow Executive to exercise the Stock Rights and cause the stock acquired thereby to
participate in the earliest portion of the Change in Control transaction. If the consummation of a
Change in Control transaction is uncertain (e.g., a tender offer in which the tender of a
minimum number of shares is a condition to closing, or a voted merger or proxy contest in which a
minimum number of votes is a condition to closing), the Board shall apply this Subsection (d) by
using its best efforts to determine if and when the Change in Control transaction is likely to
close, and proceeding accordingly. To the extent necessary to implement this Subsection d), each
agreement reflecting a Stock Right, and each plan, if any, pursuant to which a Stock Right is
issued, if any, shall be deemed amended.

          (e) Delay in Payments to Specified Employees. Notwithstanding any other provision of
this Agreement, if Executive is a specified employee within the meaning of Code Section
409A(a)(2)(B)(i), distributions pursuant to this Section shall be delayed to the earliest day on
which such payments are permitted by Code Section 409A(a)(2)(B)(i) and the regulations thereunder.

     5. Certain Additional Payments by the Company.

          (a) If it is determined (as hereafter provided) that any payment or distribution by the
Company to or for the benefit of Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other
agreement, policy, plan, program or arrangement, including without limitation any stock option,
stock appreciation right or similar right, or the lapse or termination of any restriction on or the
vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax
imposed by Section 4999 of the Code (or any successor provision thereto) or to any similar tax
imposed by state or local law, or any interest or penalties with respect to such excise tax (such
tax or taxes, together with any such interest and penalties, are hereafter collectively referred to
as the “Excise Tax”), then (i) if reduction of the amount payable pursuant to paragraph 4(a)(ii) by
no more than ten percent (10%) would result in no Excise Tax being imposed, the amount in paragraph
4(a)(ii) shall be reduced to the minimum extent necessary to result in no Excise Tax being imposed,
and (ii) if clause (i) does not apply, Executive will be entitled to receive an additional payment
or payments (a “Gross-Up Payment”) in an amount such that, after payment by Executive of all taxes
(including any interest or penalties imposed with respect to such taxes), including any Excise Tax,
imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Payments.

          (b) Subject to the provisions of Section 5(f) hereof, all determinations required to be made
under this Section 5, including whether an Excise Tax is payable by Executive and the amount of
such Excise Tax and whether a Gross-Up Payment is required and the amount of such Gross-Up Payment,
will be made by a

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nationally recognized firm of certified public accountants (the “Accounting Firm”) selected by
Executive in his sole discretion. Executive will direct the Accounting Firm to submit its
determination and detailed supporting calculations to both the Company and Executive within 15
calendar days after the date of Executive’s termination of employment, if applicable, and any other
such time or times as may be requested by the Company or Executive. If the Accounting Firm
determines that any Excise Tax is payable by Executive, the Company will pay the required Gross-Up
Payment to Executive within five business days after receipt of such determination and
calculations. If the Accounting Firm determines that no Excise Tax is payable by Executive, it
will, at the same time as it makes such determination, furnish Executive with an opinion that he
has substantial authority not to report any Excise Tax on his federal, state, local income or other
tax return. Subject to the provisions of this Section 5, any determination by the Accounting Firm
as to the amount of the Gross-Up Payment will be binding upon the Company and Executive. As a
result of the uncertainty in the application of Section 4999 of the Code (or any successor
provision thereto) and the possibility of similar uncertainty regarding applicable state or local
tax law at the time of any determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Company should have been made (an
“Underpayment”), consistent with the calculations required to be made hereunder. In the event that
an Underpayment is made and the Company exhausts or fails to pursue its remedies pursuant to
Section 5(f) hereof and Executive thereafter is required to make a payment of any Excise Tax,
Executive will direct the Accounting Firm to determine the amount of the Underpayment that has
occurred and to submit its determination and detailed supporting calculations to both the Company
and Executive as promptly as possible. Any such Underpayment will be promptly paid by the Company
to, or for the benefit of, Executive within five business days after receipt of such determination
and calculations.

          (c) The Company and Executive will each provide the Accounting Firm access to and copies of
any books, records and documents in the possession of the Company or Executive, as the case may be,
reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in
connection with the preparation and issuance of the determination contemplated by Section 5(b)
hereof.

          (d) The federal, state and local income or other tax returns filed by Executive will be
prepared and filed on a consistent basis with the determination of the Accounting Firm with respect
to the Excise Tax payable by Executive. Executive will make proper payment of the amount of any
Excise Tax, and at the request of the Company, provide to the Company true and correct copies (with
any amendments) of his federal income tax return as filed with the Internal Revenue Service and
corresponding state and local tax returns, if relevant, as filed with the applicable taxing
authority, and such other documents reasonably requested by the Company, evidencing such payment.
If prior to the filing of Executive’s federal income tax return, or corresponding state or local
tax return, if relevant, the Accounting Firm determines that the amount of the Gross-Up Payment
should be reduced, Executive will within five business days pay to the Company the amount of such
reduction.

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          (e) The fees and expenses of the Accounting Firm for its services in connection with the
determinations and calculations contemplated by Sections 5(b) and (d) hereof will be borne by the
Company. If such fees and expenses are initially advanced by Executive, the Company will reimburse
Executive the full amount of such fees and expenses within five business days after receipt from
Executive of a statement therefor and reasonable evidence of his payment thereof.

          (f) Executive will notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of a Gross-Up Payment. Such
notification will be given as promptly as practicable but no later than 10 business days after
Executive actually receives notice of such claim and Executive will further apprise the Company of
the nature of such claim and the date on which such claim is requested to be paid (in each case, to
the extent known by Executive). Executive will not pay such claim prior to the earlier of (i) the
expiration of the 30-calendar-day period following the date on which he gives such notice to the
Company and (ii) the date that any payment of amount with respect to such claim is due. If the
Company notifies Executive in writing prior to the expiration of such period that it desires to
contest such claim, Executive will:

     (i) provide the Company with any written records or documents in his possession
relating to such claim reasonably requested by the Company;

     (ii) take such action in connection with contesting such claim as the Company will
reasonably request in writing from time to time, including without limitation accepting
legal representation with respect to such claim by an attorney competent in respect of the
subject matter and reasonably selected by the Company;

     (iii) cooperate with the Company in good faith in order effectively to contest such
claim; and

     (iv) permit the Company to participate in any proceedings relating to such claim;

provided, however, that the Company will bear and pay directly all costs and expenses (including
interest and penalties) incurred in connection with such contest and will indemnify and hold
harmless Executive, on an after-tax basis, for and against any Excise Tax or income tax, including
interest and penalties with respect thereto, imposed as a result of such representation and payment
of costs and expenses. Without limiting the foregoing provisions of this Section 5(f), the Company
will control all proceedings taken in connection with the contest of any claim contemplated by this
Section 5(f) and, at its sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such claim (provided
that Executive may participate therein at his own cost and expense) and may, at its option, either
direct Executive to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner, and Executive agrees to prosecute such contest to a

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determination before any administrative tribunal, in a court of initial jurisdiction and in one or
more appellate courts, as the Company will determine; provided, however, that if the Company
directs Executive to pay the tax claimed and sue for a refund, the Company will advance the amount
of such payment to Executive on an interest-free basis and will indemnify and hold Executive
harmless, on an after-tax basis, from any Excise Tax or income tax, including interest or penalties
with respect thereto, imposed with respect to such advance; and provided further, however, that any
extension of the statute of limitations relating to payment of taxes for the taxable year of
Executive with respect to which the contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company’s control of any such contested claim will be limited
to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive will be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

          (g) If, after the receipt by Executive of an amount advanced by the Company pursuant to
Section 5(f) hereof, Executive receives any refund with respect to such claim, Executive will
(subject to the Company’s complying with the requirements of Section 5(f) hereof) promptly pay to
the Company the amount of such refund (together with any interest paid or credited thereon after
any taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the
Company pursuant to Section 5(f) hereof, a determination is made that Executive will not be
entitled to any refund with respect to such claim and the Company does not notify Executive in
writing of its intent to contest such denial or refund prior to the expiration of 30 calendar days
after such determination, then such advance will be forgiven and will not be required to be repaid
and the amount of such advance will offset, to the extent thereof, the amount of Gross-Up Payment
required to be paid pursuant to this Section 5.

          (h) To the extent that earlier payment is not required by the preceding provisions of this
Section, the Company shall pay amounts required to be paid pursuant to this Section not later than
the end of the calendar year next following the calendar year in which Executive remits the related
taxes.

     6. Withholding Taxes. The Company may withhold from all payments due to Executive (or
his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other
law, the Company is required to withhold therefrom. In the case of the withholding of an Excise
Tax, such withholding shall be consistent with any determination made under Section 5.

     7. Reimbursement of Expenses. If any contest or dispute shall arise under this
Agreement involving termination of Executive’s employment with the Company or involving the failure
or refusal of the Company to perform fully in accordance with the terms hereof, the Company shall
reimburse Executive, on a current basis, for all reasonable legal fees and expenses, if any,
incurred by Executive in connection with such contest or dispute (regardless of the result
thereof); provided, however, Executive shall be required to repay any such amounts
to the Company to the extent that a court or an arbitration panel issues a final order from which
no appeal can be taken, or with respect to which the time period to appeal has expired, setting
forth that

12

 

Executive has not wholly or partially prevailed on at least one material issue in dispute.
The amount of expenses eligible for reimbursement in one year pursuant to this Section shall not
affect the amount of expenses eligible for reimbursement in any following year. Under no
circumstances shall the Company’s reimbursement for expenses incurred in a calendar year be made
later than the end of the next following calendar year; provided, however, this requirement shall
not alter the Company’s obligation to reimburse Executive for eligible expenses on a current basis.

     8. Scope of Agreement. Nothing in this Agreement shall be deemed to entitle Executive
to continued employment with the Company or any Affiliate of the Company, and if Executive’s
employment with the Company shall terminate prior to a Change in Control, Executive shall have no
further rights under this Agreement (except as otherwise provided hereunder); provided,
however, that any Termination of Executive’s Employment during the Termination Period shall
be subject to all of the provisions of this Agreement.

     9. Successors; Binding Agreement.

          (a) This Agreement shall not be terminated by any Change in Control or other merger,
consolidation, statutory share exchange, sale of substantially all the assets or similar form of
corporate transaction involving the Company (a “Business Combination”). In the event of any
Business Combination, the provisions of this Agreement shall be binding upon the surviving
corporation, and such surviving corporation shall be treated as the Company hereunder.

          (b) The Company agrees that in connection with any Business Combination, it will cause any
successor entity to the Company unconditionally to assume (and for any parent corporation in such
Business Combination to guarantee), by written instrument delivered to Executive (or his
beneficiary or estate), all of the obligations of the Company hereunder. Failure of the Company to
obtain such assumption and guarantee prior to the effectiveness of any such Business Combination
that constitutes a Change in Control, shall be a breach of this Agreement and shall constitute Good
Reason hereunder, with the event of Good Reason occurring on the date on which such Business
Combination becomes effective.

          (c) This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or
legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. If Executive shall die while any amounts would be payable to Executive hereunder had
Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to such person or persons appointed in writing by
Executive to receive such amounts or, if no person is so appointed, to Executive’s estate.

     10. Notice. (a) For purposes of this Agreement, all notices and other communications
required or permitted hereunder 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

13

 

a nationally recognized express mail delivery service with instructions for next-day delivery,
addressed as follows:

     If to the Executive, to the Executive’s principal residence as reflected in the records of the
Company.

If to the Company:

Emmis Communications Corporation

40 Monument Circle

Suite 700

Indianapolis, Indiana 46204

Attn.: Legal Department

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

          (b) A written notice of Executive’s Date of Termination by the Company or Executive, as the
case may be, to the other, shall (i) indicate the specific termination provision in this Agreement
relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and
circumstances claimed to provide a basis for Termination of Executive’s Employment under the
provision so indicated and (iii) specify the termination date (which date shall be not less than
fifteen (15) (thirty (30), if termination is by the Company for Disability) nor more than sixty
(60) days after the giving of such notice). The failure by Executive or the Company to set forth
in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause
shall not waive any right of Executive or the Company hereunder or preclude Executive or the
Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights
hereunder.

     11. Full Settlement; Resolution of Disputes. The Company’s obligation to make any
payments and provide any benefits pursuant to this Agreement and otherwise to perform its
obligations hereunder shall be in lieu and in full settlement of all other severance payments to
Executive under any other severance or employment agreement between Executive and the Company, and
any severance plan of the Company; provided, however, that if any such other
agreement or plan would provide Executive with a greater payment or more or longer benefits in
respect of any particular item described hereunder (e.g., severance, welfare benefits), then
Executive shall receive such particular item of payment and/or benefit pursuant to such other
agreement or plan, in lieu of receiving that particular item pursuant to this Agreement; and
provided further, retention bonuses and/or completion bonuses shall not be considered
severance pay for purposes of this Section. The Company’s obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against Executive or others. In no event shall Executive be obligated to seek
other employment or take other action by way of mitigation of the amounts payable and benefits
provided to Executive under any of the provisions of this Agreement

14

 

and, except as provided in Section 4(b), such amounts shall not be reduced whether or not
Executive obtains other employment. The parties agree that any controversy or claim of either
party hereto arising out of or in any way relating to this Agreement, or breach thereof, shall be
settled by final and binding arbitration in Indianapolis, Indiana by three arbitrators in
accordance with the applicable rules of the American Arbitration Association, and that judgment
upon any award rendered may be entered by the prevailing party in any court having jurisdiction
thereof. The Company shall bear all costs and expenses arising in connection with any arbitration
proceeding pursuant to this Section.

     12. Employment by Affiliates of the Company. Employment by the Company for purposes
of this Agreement shall include employment by any Affiliate.

     13. Survival. The respective obligations and benefits afforded to the Company and
Executive as provided in Sections 4 (to the extent that payments or benefits are owed as a result
of a Termination of Employment that occurs during the term of this Agreement), 5 (to the extent
that Payments are made to Executive as a result of a Change in Control that occurs during the term
of this Agreement), 6, 7, 9(c) and 11 shall survive the termination of this Agreement.

     14. GOVERNING LAW; VALIDITY. THE INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF INDIANA WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF, OF SUCH
PRINCIPLES OF ANY OTHER JURISDICTION WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF INDIANA. THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION
OF THIS AGREEMENT SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION OF THIS
AGREEMENT, WHICH OTHER PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT.

     15. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original and all of which together shall constitute one and the same instrument.

     16. Miscellaneous. No provision of this Agreement may be modified or waived unless
such modification or waiver is agreed to in writing and signed by Executive and by a duly
authorized officer of the Company. No waiver by either party hereto at any time of any breach by
the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. Failure by Executive or the Company to
insist upon strict compliance with any provision of this Agreement or to assert any right Executive
or the Company may have hereunder, including, without limitation, the right of Executive to
terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right
or any other provision or right of this Agreement. Except as otherwise

15

 

specifically provided herein, the rights of, and benefits payable to, Executive, his estate or
his beneficiaries pursuant to this Agreement are in addition to any rights of, or benefits payable
to, Executive, his estate or his beneficiaries under any other employee benefit plan or
compensation program of the Company.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized
officer of the Company and Executive has executed this Agreement as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	EMMIS COMMUNICATIONS CORPORATION	 	 
	 
	 	 	 	 	 	 
	 	 	By: /s/ Jeffrey H. Smulyan	 	 
	 	 	 	 	 
	 	 	Jeffrey H. Smulyan

Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ J. Scott Enright	 	 
	 	 	 	 	 
	 	 	J. Scott Enright	 	 

16exv10w30

Exhibit 10.30

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (“Agreement”) is effective as of March 1, 2009 (the “Effective
Date”), by and between EMMIS OPERATING COMPANY, an Indiana company (“Employer”), and J. SCOTT
ENRIGHT, an Indiana resident (“Executive”).

RECITALS

     WHEREAS, Employer and its affiliates are engaged in the ownership and operation of certain
radio, magazine and related operations (together, the “Emmis Group”); and

     WHEREAS, Employer desires to employ Executive and Executive desires to be so employed.

     NOW, THEREFORE, in consideration of the foregoing, the mutual promises and covenants set forth
in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

AGREEMENT

     1. Employment Status and Duties. Upon the terms and subject to the conditions set
forth in this Agreement, Employer hereby employs Executive, and Executive hereby accepts exclusive
employment with Employer. During the Term (as defined below), Executive shall serve as Executive
Vice President, General Counsel and Secretary. Executive shall have such duties, functions,
authority and responsibilities as are commensurate with the position. Executive’s services
hereunder shall be performed on an exclusive, full-time basis in a professional, diligent and
competent manner to the best of Executive’s abilities. Executive shall not undertake any outside
employment or business activities without the prior written consent of Employer. Employer consents
to Executive’s continued involvement with the Milton and Rose D. Friedman Foundation, Inc., so long
as such involvement does not interfere with Executive’s duties and obligations under this
Agreement. Executive shall be permitted to serve on the board of other charitable or civic
organizations so long as such services: (i) are approved in writing in advance by Employer; and
(ii) do not interfere with Executive’s duties and obligations under this Agreement. It is
understood and agreed that the location for the performance of Executive’s duties and services
pursuant to this Agreement shall be the offices designated by Employer in Indianapolis, Indiana.
If Executive is elected as a member of the Board of Directors of Emmis Communications Corporation
(“ECC”), he shall serve in such position without additional remuneration (unless Employer elects to
remunerate “inside directors”) but shall be entitled to the benefit of indemnification pursuant to
the terms of Section 17.10. Executive shall also serve without additional remuneration as
a director and/or officer of one (1) or more of Employer’s subsidiaries or affiliates if appointed
to such position(s) by Employer and shall also be entitled to the benefit of indemnification
pursuant to the terms of Section 17.10.

 

 

     2. Term. The term of this Agreement shall commence on the Effective Date and continue
through and including February 29, 2012, unless earlier terminated in accordance with the
provisions set forth in this Agreement (the “Term”). For purposes of this Agreement, the term
“First Contract Year” shall be defined to mean the twelve (12) month period commencing on the
Effective Date; the term “Second Contract Year” shall be defined to mean the twelve (12) month
period commencing on the first anniversary of the Effective Date; the term “Third Contract Year”
shall be defined to mean the twelve (12) month period commencing on the second anniversary of the
Effective Date (each, a “Contract Year”).

     3. Base Salary; Auto Allowance. Upon the terms and subject to the conditions set
forth in this Agreement, Employer shall pay or cause to be paid to Executive an annualized base
salary (the “Base Salary”), payable pursuant to Employer’s customary payroll practices and subject
to applicable taxes and withholdings as required by law, for each Contract Year, as set forth
below:

	 	 	 	 	 
	First Contract Year:
	 	$	325,000	*
	 
	Second Contract Year:
	 	$	350,000	 
	 
	Third Contract Year:
	 	$	375,000	 

 

			
	*	 	Executive agrees to accept a 5% reduction to the Base Salary for the First Contract
Year; provided any other payments to be made to Executive that are calculated using Base
Salary (e.g., bonus calculations, termination of employment payments, CIC Agreement (as
defined below) payments) shall be calculated without regard to such 5% reduction. For
purposes of clarity only, after applying the 5% reduction, Executive shall be paid a Base
Salary of $308,750 for the First Contract Year.

     Except as otherwise set forth herein, Employer shall have no obligation to pay Executive the
Base Salary for any periods during which Executive fails or refuses to render services pursuant to
this Agreement (except that Executive shall not be considered to have failed or refused to render
services during any periods of Executive’s incapacity or absence from work due to sickness or other
approved leave of absence in accordance with the Company’s policies, subject to Employer’s right to
terminate Executive’s employment pursuant to Section 11) or for any period following the
expiration or termination of this Agreement. In addition, it is understood and agreed that
Employer may, at its sole election, pay up to ten percent (10%) of Executive’s Base Salary in
Shares (as defined below); provided that: (i) the Shares are registered with the U.S. Securities
and Exchange Commission (the “SEC”) on a then-effective Form S-8 or other applicable registration
statement and are issued without restriction on resale (and further provided that the Shares are
listed on a securities exchange or over-the-counter market, which does not include listing on the
“pink sheets,” at the time of issuance), subject to any restrictions on resale under Employer’s
insider trading policy or applicable federal and state law; and (ii) the percentage of Executive’s
Base Salary payable in Shares shall be consistent with, and the exact number of Shares to be
awarded to Executive shall be

2

 

determined in the same manner as, that utilized for the Key Executive Group. The term “Key
Executive Group” refers to the Company’s Chief Operating Officer and Chief Financial Officer,
President — Publishing Division, and President — International (or, if any of those positions are
no longer comparable to Executive’s position, any other positions mutually agreed upon by the
parties).

     During the Term, Executive shall receive a monthly auto allowance in the amount of One
Thousand Dollars ($1,000) (subject to withholding and applicable taxes as required by law)
consistent with Employer’s policy or practices regarding such allowances, as such policy or
practices may be amended from time to time during the Term in Employer’s sole and absolute
discretion; provided, however, that in no event shall the auto allowance amount
paid to Executive pursuant to this provision be reduced.

     4. Incentive Compensation.

     4.1 Option Grant. Immediately upon approval of this Agreement by the
Compensation Committee, Executive shall be granted an option (the “Option”) to acquire One
Hundred Fifty Thousand (150,000) shares of Class A Common Stock of ECC (“Shares”), which
shall vest on February 29, 2012, subject to the terms of this Section 4.1.
Executive acknowledges and agrees that an option to acquire Thirty Thousand (30,000) Shares
was awarded on March 2, 2009 and such Shares shall be credited against the Option to
acquire One Hundred Fifty Thousand (150,000) Shares set forth in the preceding sentence.
The Option granted pursuant to this Section 4.1 shall: (i) have an exercise price
per share equal to the Fair Market Value (“FMV”) of the stock on the date of grant (as FMV
is defined in the applicable Equity Compensation Plan, or any subsequent equity
compensation or similar plan adopted by ECC and generally used to make equity-based awards
to management-level employees of the Emmis Group (the “Plan”)); (ii) notwithstanding any
other provisions in this Agreement, be granted according to the terms and subject to the
conditions of the Plan; (iii) be evidenced by a written grant agreement containing such
terms and conditions as are generally provided for other management-level employees of the
Emmis Group; and (iv) be exercisable for Shares with such restrictive legends on the
certificates in accordance with the Plan and applicable securities laws. Employer shall
use reasonable efforts to register the Shares subject to the award on a Form S-8 or other
applicable registration statement at such time as the Shares are issued to Executive. The
Option granted pursuant to this Section 4.1 is intended to satisfy the regulatory
exemption from the application of Code Section 409A for certain options for service
recipient shares, and it shall be administered accordingly.

     4.2 Fiscal Year Bonus Amounts. Upon the terms and subject to the conditions
set forth in this Section 4, following the conclusion of each of Employer’s fiscal
years ending February 28, 2010, February 28, 2011 and February 29, 2012 (each, a “Fiscal
Year”), Executive shall be eligible to receive one (1) performance bonus in an annualized
target amount equivalent to Fifty percent (50%) of Executive’s total Base Salary earned
during the subject Fiscal Year (each, a “Fiscal Year Bonus”), the exact amount of which, if
any, shall be

3

 

determined based upon Executive’s attainment of certain performance and financial
goals as determined each Fiscal Year by the Compensation Committee of ECC’s Board of
Directors (the “Compensation Committee”), in its sole and absolute discretion, and
communicated to Executive within ten (10) days after a final determination by the
Compensation Committee.

     4.3 Prior Contract Completion Bonus. In full satisfaction of amounts due to
Executive under Executive’s prior employment agreement, (i) Executive shall receive a
payment of One Hundred Thirty Two Thousand Dollars ($132,000) upon execution of this
Agreement and (ii) shall receive payments of Twenty Five Thousand Dollars ($25,000) on each
of May 31, 2009, August 31, 2009, November 30, 2009, and February 28, 2010 (collectively,
the “Prior Contract Completion Bonus”). The Prior Contract Completion Bonus shall be paid
to Executive as set forth above provided that for any particular payment: (i) this
Agreement is in effect on the applicable payment date, or prior to such date Executive’s
employment has been terminated without Cause or for Good Reason (pursuant to Section
10), incapacity (pursuant to Section 11) or death (pursuant to Section
12), and (ii) Executive has fully performed all of Executive’s material duties and
obligations under this Agreement throughout the Term or until his date of termination and
was not in breach of any of the material terms and conditions of this Agreement (provided
that Executive’s failure or inability to perform his duties and obligations because of his
death or incapacity (pursuant to Section 11), including during leaves of absence,
shall not be considered a breach of this Agreement or non-performance under this
provision). Employer will have the right, in its sole and absolute discretion, to pay all
or a portion of the Prior Contract Completion Bonus in Shares, but only if such Shares
satisfy the resale and listing requirements noted above.

     4.4 Completion Bonus. Except as provided below, on the condition that
Executive remains employed by Employer, on a full-time, continuous basis, through February
29, 2012, Employer shall make a cash payment to Executive in the amount of $375,000 (the
“Completion Bonus”). The Completion Bonus shall be paid to Executive within two (2) weeks
after February 29, 2012.

     Notwithstanding the foregoing, if Executive’s employment is terminated prior to
February 29, 2012 and such termination is: (a) due to Executive’s death, (b) on account of
Executive’s incapacity pursuant to Section 11, (c) by Employer other than for Cause
pursuant to Section 10, (d) by Executive for Good Reason pursuant to Section
10, or (e) due to a “Qualifying Termination” (as defined in the CIC Agreement)
following a Change in Control, then Employer shall pay to Executive, within two (2) weeks
after termination of his employment, a pro-rata portion of the Completion Bonus. Any
pro-rated portion of the Completion Bonus shall be based upon the number of calendar days
elapsed between the Effective Date and the date of termination divided by the total number
of calendar days between the Effective Date and February 29, 2012.

4

 

     4.5 Payment of Bonus Amounts. Employer shall pay or cause to be paid to
Executive the bonus amounts, if earned according to the terms and conditions set forth in
Sections 4.2 through 4.4; provided that, unless provided otherwise in
Sections 4.2 through 4.4 or Sections 9, 10, 11 or
12 of this Agreement, on the final day of the applicable measuring period for such
bonus: (i) this Agreement is in full force and effect and has not been terminated for any
reason (other than due to a material breach of this Agreement by Employer); and (ii)
Executive is fully performing all of Executive’s material duties and obligations pursuant
to this Agreement and is not in breach of any of the material terms and conditions of this
Agreement (provided that Executive’s failure or inability to perform his duties and
obligations because of his death or incapacity (pursuant to Section 11), including
during leaves of absence, shall not be considered a breach of this Agreement or
non-performance under this provision). In addition, it is understood and agreed that
Employer may, at its sole election, pay any bonus amounts earned by Executive pursuant to
this Section 4 in cash or Shares; provided that the Shares evidencing any portion
thereof are registered with the SEC on a then-effective Form S-8 or other applicable
registration statement and are issued without restriction on resale (and further provided
that the Shares are listed on a securities exchange or over-the-counter market, which does
not include listing on the “pink sheets,” at the time of issuance), subject to any
restrictions on resale under Employer’s insider trading policy and applicable federal and
state law. In the event that Employer elects pursuant to this Section 4.5 to pay
any Fiscal Year Bonus amounts in Shares, the percentage of such bonus amounts payable in
Shares shall be consistent with, and the exact number of Shares to be awarded to Executive
shall be determined in the same manner as, that utilized for the Key Executive Group. Any
Fiscal Year Bonus amounts earned by Executive pursuant to the terms and conditions of
Section 4.2 shall be paid after the end of the Fiscal Year for which the bonus is
earned (but in no event later than ninety (90) days after the end of such Fiscal Year).
Any and all bonus amounts payable by Employer to Executive pursuant to this Section
4 shall be subject to applicable taxes and withholdings as required by law.
Notwithstanding any other provisions of this Agreement, any bonus pursuant to Sections
4.2 through 4.4 shall be paid to Executive by the earlier of the date specified
herein or the date that is no later than two-and-a-half months after the end of either
Employer’s or Executive’s first taxable year (whichever period is longer) in which any such
bonus is no longer subject to a substantial risk of forfeiture for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”).

     5. Expenses; Travel. Employer shall pay or reimburse Executive for all reasonable
expenses actually incurred or paid by Executive during the Term in connection with the performance
of Executive’s services hereunder upon presentation of expense statements, vouchers or other
supporting documentation as Employer may require of Executive; provided that, such expenses are
otherwise in accordance with Employer’s policies. Executive shall undertake such travel as may be
required in the performance of Executive’s duties pursuant to this Agreement.

5

 

     6. Fringe Benefits.

     6.1 Vacation and Other Benefits. Each Contract Year, Executive shall be
entitled to four (4) weeks of paid vacation in accordance with Employer’s applicable
policies and procedures for executive-level employees. Executive shall also be eligible to
participate in and receive the fringe benefits generally made available to other
executive-level employees of Employer in accordance with and to the extent that Executive
is eligible under the general provisions of Employer’s fringe benefit plans or programs;
provided, however, that Executive understands that these benefits may be
increased, changed, eliminated or added from time to time during the Term as determined in
Employer’s sole and absolute discretion.

     6.2 Insurance and Estate Planning. Each Contract Year, Employer agrees to
reimburse Executive in an amount not to exceed Five Thousand Dollars ($5,000) for the
annual premium and other fees and expenses associated with estate planning services for
Executive, including legal and tax services, and Executive’s purchase or maintenance of a
life or disability insurance policy or other insurance policies on the life, or related to
the care, of Executive. Executive shall be entitled to freely select and change the
beneficiary or beneficiaries under such policy or policies. Notwithstanding anything to
the contrary contained in this Agreement, Employer’s obligations under this Section
6.2 are expressly contingent upon Executive providing required information and taking
all necessary actions required of Executive in order to obtain and maintain the subject
services, policy or policies, including without limitation passing any required physical
examinations. Reimbursements pursuant to this Section 6.2 with respect to a
Contract Year shall be made as soon as administratively feasible after Executive submits
the information and documentation required for reimbursement; provided, however, under no
circumstances shall such reimbursement be paid later than two-and-a-half months after the
end of the calendar year or Employer’s taxable year in which such Contract Year commenced.

     7. Confidential Information.

     7.1 Non-Disclosure. Executive acknowledges that certain information
concerning the business of the Emmis Group and its members (including but not limited to
trade secrets and other proprietary information) is of a highly confidential nature, and
that, as a result of Executive’s employment with Employer prior to and during the Term,
Executive shall receive and develop proprietary and confidential information concerning the
business of Employer and/or other members of the Emmis Group which, if known to Employer’s
competitors, would damage Employer, other members of the Emmis Group and their respective
businesses. Accordingly, Executive hereby agrees that during the Term and thereafter,
Executive shall not divulge or appropriate for Executive’s own use, or for the use or
benefit of any third party (other than Employer and its representatives, or as directed in
writing by Employer), any information or knowledge concerning the business of Employer, or
any other member of the

6

 

Emmis Group, which is not generally available to the public other than through the
activities of Executive. Executive further agrees that, immediately upon termination of
Executive’s employment for any reason, Executive shall promptly surrender to Employer all
documents, brochures, plans, strategies, writings, illustrations, client lists, price
lists, sales, financial or marketing plans, budgets and any and all other materials
(regardless of form or character) which Executive received from or developed on behalf of
Employer or any member of the Emmis Group in connection with Executive’s employment prior
to or during the Term. Executive acknowledges that all such materials shall remain at all
times during the Term and thereafter the sole and exclusive property of Employer and that
nothing in this Agreement shall be deemed to grant Executive any right, title or interest
in such material.

     7.2 Ownership of Materials. Employer shall solely and exclusively own all
rights of every kind and nature in perpetuity and throughout the universe in: (i) the
results and proceeds of Executive’s services pursuant to this Agreement; and (ii) any
business, financial, sales or marketing plans and strategies, documents, presentations or
other similar materials, regardless of kind or character, each of which Executive
acknowledges is a work specially ordered by Employer which shall be considered to be a
“work made for hire” for Employer. The exclusive legal title to all of the aforesaid
works, matters, and materials and all secondary and derivative rights therein, shall
belong, at all times, to Employer.

     7.3 Injunctive Relief. Executive acknowledges that Executive’s breach of this
Section 7 will cause irreparable harm and damage to Employer, the exact amount of
which will be difficult to ascertain; that the remedies at law for any such breach would be
inadequate; and that the provisions of this Section 7 have been specifically
negotiated and carefully written to prevent such irreparable harm and damage. Accordingly,
if Executive breaches this Section 7, Employer shall be entitled to injunctive
relief (including attorneys’ fees and costs) enforcing this Section 7 to the extent
reasonably necessary to protect Employer’s legitimate interests, without posting bond or
other security.

     8. Non-Interference; Non-Competition; Injunctive Relief.

     8.1 Non-Interference. During the Term, and for a period of two (2) years
immediately following the expiration or early termination of the Term for any reason,
Executive shall not, directly or indirectly, take any action (or permit any action to be
taken by an entity with which Executive is associated) which has the effect of interfering
with Employer’s relationship (contractual or otherwise) with: (i) on-air talent of any
member of the Emmis Group; or (ii) any other employee of any member of the Emmis Group.
Without limiting the generality of the foregoing, Executive specifically agrees that during
such time period, neither Executive nor any entity with which Executive is associated shall
solicit, hire or engage any on-air talent or other employee of any member of the Emmis
Group or any other employee of any member of the Emmis Group to provide services for
Executive’s benefit or for the benefit of any other business or entity, or solicit or

7

 

encourage them to cease their employment with any member of the Emmis Group for any
reason.

     8.2 Non-Competition. Executive acknowledges the special and unique nature of
Executive’s employment with Employer as a senior-management-level employee, and understands
that, as a result of Executive’s employment with Employer prior to and during the Term,
Executive has gained and will continue to gain knowledge of and have access to highly
sensitive and valuable information regarding the operations of Employer and its
subsidiaries and affiliated entities, including but not limited to the confidential
information described more fully in Section 7.1. Accordingly, Executive
acknowledges Employer’s interest in preventing the disclosure of such information through
the engagement of Executive’s services by any of Employer’s competitors following the
expiration or termination of the Term for any reason. Consequently, during the Term and
for a period of twelve (12) months immediately following the expiration or termination of
the Term for any reason, Executive shall not engage directly or indirectly in, or become
employed by, serve as an agent or consultant to, or become an officer, director, partner,
principal or shareholder of, any corporation, partnership or other entity which is engaged
in the terrestrial radio broadcasting business, or the city and regional magazine
publishing business, in any market in which Employer owns or operates a radio station or
magazine as of the termination date of Executive’s employment with Employer. As long as
Executive does not engage in any other activity prohibited by the immediately preceding
sentence, Executive’s ownership of less than five percent (5%) of the issued and
outstanding stock of any corporation whose stock is traded on an established securities
market shall not constitute competition with Employer for the purpose of this Section
8.2.

     8.3 Injunctive Relief. Executive acknowledges and agrees that the provisions
of this Section 8 have been specifically negotiated and carefully worded in
recognition of the opportunities which will be afforded to Executive by Employer by virtue
of Executive’s continued association with Employer during the Term, and the influence that
Executive has and will continue to have over Employer’s employees, customers and suppliers.
Executive further acknowledges that Executive’s breach of Section 8.1 or
8.2 herein will cause irreparable harm and damage to Employer, the exact amount of
which will be difficult to ascertain; that the remedies at law for any such breach would be
inadequate; and that the provisions of this Section 8 have been specifically
negotiated and carefully written to prevent such irreparable harm and damage. Accordingly,
if Executive breaches Section 8.1 or 8.2, Employer shall be entitled to
injunctive relief (including attorneys’ fees and costs) enforcing Section 8.1 or
8.2, to the extent reasonably necessary to protect Employer’s legitimate interests,
without posting bond or other security. Notwithstanding anything to the contrary contained
in this Agreement, if Executive violates Section 8.1 or 8.2, and Employer
brings legal action for injunctive or other relief, Employer shall not, as a result of the
time involved in obtaining such relief, be deprived of the benefit of the full period of
noninterference set forth therein. Accordingly, the obligations set forth in Section

8

 

8.1 or 8.2 shall have the duration set forth therein, computed from
the date such relief is granted but reduced by the time expired between the date the
restrictive period began to run and the date of the first violation of the obligation(s) by
Executive.

     8.4 Construction. Despite the express agreement herein between the parties,
in the event that any provisions set forth in this Section 8 shall be determined by
any court or other tribunal of competent jurisdiction to be unenforceable for any reason
whatsoever, the parties agree that this Section 8 shall be interpreted to extend
only to the maximum extent as to which it may be enforceable, and that this Section
8 shall be severable into its component parts, all as determined by such court or
tribunal.

     9. Termination of Agreement by Employer for Cause.

     9.1 Termination. Employer may terminate this Agreement and Executive’s
employment hereunder for Cause (as defined in Section 9.3 below) in accordance with
the terms and conditions of this Section 9. Following a determination by Employer
that Executive should be terminated for Cause, Employer shall give written notice (the
“Preliminary Notice”) to Executive specifying the grounds for such termination, and
Executive shall have ten (10) days after receipt of the Preliminary Notice to attempt to
cure any acts or omissions giving rise to Cause, if applicable, and/or to respond to
Employer in writing. If following the expiration of such ten (10) day period Employer
reaffirms its determination that Executive should be terminated for Cause, such termination
shall be effective upon delivery by Employer to Executive of a final notice of termination.

     9.2 Effect of Termination. In the event of termination for Cause

as provided in Section 9.1 above:

     (i) Executive shall have no further obligations or liabilities hereunder
except Executive’s obligations under Sections 7 and 8, which shall
survive the termination of this Agreement, and except for any obligations arising
in connection with any conduct of Executive described in Section 9.3;

     (ii) Employer shall have no further obligations or liabilities hereunder,
except that Employer shall, not later than two (2) weeks after the termination
date:

     (a) Pay to Executive any Base Salary which has been earned on or
prior to the termination date, but which remains unpaid as of the
termination date; and

     (b) Pay to Executive any bonus amounts which have been earned on or
prior to the termination date pursuant to

9

 

Section 4, if any, but
which remain unpaid as of the termination date.

Additionally, Employer shall comply with the applicable provisions of the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and the provisions of any Employer
benefit plans in which Executive or Executive’s eligible dependents or beneficiaries are
participating at the time of termination.

     9.3 Definition of Cause. For purposes of this Agreement, “Cause” shall be
defined to mean any of the following: (i) Executive’s failure, refusal or neglect to
perform any of Executive’s material duties or obligations under this Agreement, or any
material duties assigned to Executive consistent with the terms of this Agreement
(Executive’s inability or failure to perform his obligations hereunder because of his death
or incapacity, subject to Employer’s right to terminate Executive’s employment pursuant to
Section 11, including during approved periods of absence, shall not be considered
Cause for termination under this provision), or abide by any applicable policy of Employer,
or Executive’s breach of any material term or condition of this Agreement, and continuation
of such failure, refusal, neglect, or breach after written notice and the expiration of a
ten (10) day cure period; provided, however, that it is not the parties’
intention that the Employer shall be required to provide successive such notices, and in
the event Employer has provided Executive with a notice and opportunity to cure pursuant to
this Section 9.3, Employer may terminate this Agreement for a subsequent breach
similar or related to the breach for which notice was previously given or for a continuing
series or pattern of breaches (whether or not similar or related) without providing notice
and an opportunity to cure; (ii) commission of any felony or any other crime involving an
act of moral turpitude which is harmful to Employer’s business or reputation; (iii)
Executive’s action or omission, or knowing allowance of actions or omissions, which are in
violation of any law or any of the rules or regulations of the Federal Communications
Commission, or which otherwise jeopardize any of the licenses granted to Employer or any
member of the Emmis Group in connection with the ownership or operation of any radio
station; (iv) theft in any amount; (v) actual or threatened violence against any individual
(in connection with his employment hereunder) or another employee; (vi) sexual or other
prohibited harassment of others that is actionable under applicable laws; (vii)
unauthorized disclosure or use of trade secrets or proprietary or confidential information,
as described more fully in Section 7.1; (viii) any action which brings Employer or
any member of the Emmis Group into public disrepute, contempt, scandal or ridicule, and
which is harmful to Employer’s business or reputation; and (ix) any matter constituting
cause or gross misconduct under applicable laws.

10

 

     10. Termination by Employer Without Cause or Voluntary Resignation by Executive for Good
Reason.

     10.1 Effect of the Termination. If Employer Terminates Executive’s Employment
(as defined below) without Cause, or Executive Terminates his Employment for Good Reason
(as defined below), then:

     (i) Executive shall have no further obligations or liabilities hereunder,
except Executive’s obligations under Sections 7 and 8, which shall
survive the termination of this Agreement.

     (ii) Employer shall have no further obligations or liabilities hereunder,
except that Employer shall:

     (a) Pay to Executive any Base Salary which has been earned on or
prior to the termination date, but which remains unpaid as of the
termination date, in a lump-sum cash payment within two (2) weeks of the
termination date;

     (b) Pay to Executive any bonus amounts, if any, which Executive
earned prior to the termination date pursuant to Section 4 but
which are unpaid as of the termination date, in a lump-sum cash payment
within two (2) weeks of the termination date;

     (c) Pay to Executive a lump-sum cash payment within two (2) weeks of
the termination date equal to the total amount of Base Salary that would
have been payable to Executive hereunder had the termination not occurred
for a period that is the lesser of one (1) year from the termination date
or the period between the termination date and February 29, 2012, subject
to any applicable tax withholding and deductions as required by law;

     (d) Pay or reimburse, for the period applicable under Section
10.1(ii)(c) above, any medical, dental or vision insurance premiums
(up to the amount that Employer is paying on behalf of Executive and his
eligible dependents immediately prior to the date of termination, e.g.,
the employer-paid premium) for the continuation of such health coverage
for Executive and Executive’s dependents pursuant to the provisions of
COBRA or applicable state law. If Executive becomes eligible to
participate in any other group insurance program of another employer and
elects coverage thereunder, these payments shall cease at that time;

     (e) Pay the full amount of Executive’s bonus opportunity pursuant to
Section 4.2, as applicable, in a lump-sum cash payment within two
(2) weeks after the termination date, for the Fiscal Year in which the
termination occurs, subject to

11

 

applicable tax withholding;

     (f) Pay the Prior Contract Completion Bonus described
in Section 4.3 in the amounts set forth therein, in a
lump-sum cash payment within two (2) weeks after the termination date,
subject to applicable taxes and withholding;

     (g) Pay the Completion Bonus described in Section 4.4 in the
amounts set forth therein, in a lump-sum cash payment within two (2) weeks
after the termination date, subject to applicable taxes and withholding;
and

     (h) Accelerate in full the vesting of any equity granted to Executive
prior to the termination date within two (2) weeks after the termination
date (subject to applicable tax withholding and deductions as required by
law).

     10.2 Definition of Termination of Employment. For purposes of this Agreement,
when capitalized, “Terminates Employment,” “Termination of Employment,” or any variation of
that term means a separation from service within the meaning of Section 409A (defined
below).

     10.3 Definition of Good Reason. For purposes of this Section 10, the
term “Good Reason” shall be defined to mean, without Executive’s written consent: (i) a
reduction by Employer in Executive’s Base Salary or target Fiscal Year Bonus opportunity
from the amounts set forth in this Agreement; (ii) failure of Employer to provide an office
to Executive, or Employer requiring Executive to work in an office that is more than
thirty-five (35) miles from the location of the Company’s principal executive offices at
the time of this Agreement, except for required travel on business of the Company to the
extent substantially consistent with Executive’s business travel obligations, or (iii) a
material breach of the terms of this Agreement by Employer; provided that Executive
has given Employer notice of such breach within thirty (30) days of the initial occurrence
of the event that is alleged to constitute Good Reason, such breach remains uncured in the
thirty (30) day period after such notice, and Executive terminates his employment no later
than ten (10) days after the cure period has expired. Employer shall not take any position
that a resignation by Executive for Good Reason fails to constitute on involuntary
separation from service for purposes of Section 409A.

     11. Termination of Agreement by Employer for Incapacity.

     11.1 Termination. If Executive shall become incapacitated (as defined in the
Employer’s employee handbook or, if that is not applicable, as reasonably determined by
Employer), Employer shall continue to compensate Executive under the terms of this
Agreement without diminution and otherwise without regard to such incapacity or
nonperformance of duties until Executive has been

12

 

incapacitated for a cumulative period of
ninety (90) days in any one hundred eighty (180) consecutive day period, at which time
Employer may, in its sole discretion, elect to terminate Executive’s employment. The date
that Executive’s
employment terminates pursuant to this Section 11 is referred to herein as the
“Incapacity Termination Date.”

     11.2 Obligations after Termination. Executive shall have no further
obligations or liabilities hereunder after an Incapacity Termination Date except
Executive’s obligations under Sections 7 and 8, which shall survive the
termination or expiration of this Agreement. After an Incapacity Termination Date,
Employer shall have no further obligations or liabilities hereunder except that Employer
shall, not later than two (2) weeks after an Incapacity Termination Date, pay to Executive
those amounts described in Sections 4.3, 4.4 and 9.2(ii);
provided, however, that in the event an Incapacity Termination Date occurs
at least six (6) months after the commencement of a Fiscal Year during the Term, Employer
shall pay to Executive a pro-rated portion of the Fiscal Year Bonus for the Fiscal Year
during which the Incapacity Termination Date occurs, such amount to be determined in the
sole discretion of Employer. Additionally, Employer shall comply with the provisions of
COBRA and the provisions of any Employer benefit plans in which Executive or Executive’s
eligible dependents or beneficiaries are participating at the time of termination. Nothing
in this Section 11 shall affect the amount of any benefits which may be payable to
Executive under any insurance plan or policy maintained by Employer or Executive or
pursuant to any Employer company practice, plan or program applicable to other
senior-management-level employees of the Emmis Group.

     12. Death of Executive. This Agreement shall terminate immediately upon Executive’s
death. In the event of such termination, Employer shall have no further obligations or liabilities
hereunder except that Employer shall, not later than two (2) weeks after Executive’s date of death,
pay or grant to Executive’s estate or designated beneficiary those amounts described in
Sections 4.3, 4.4 and 9.2(ii). Additionally, Employer shall comply with
the provisions of COBRA and the provisions of any Employer benefit plans in which Executive or
Executive’s eligible dependents or beneficiaries are participating at the time of termination. In
the event that Executive dies after termination of this Agreement pursuant to Sections 9, 10 or
11, all amounts required to be paid by Employer prior to Executive’s death in connection with
such termination that remain unpaid as of Executive’s date of death shall be paid to Executive’s
estate or designated beneficiary.

     13. Termination of the Agreement because of Non-renewal. If this Agreement expires on
February 29, 2012 and is not renewed or extended by the parties, Executive shall have no further
obligations or liabilities hereunder, except Executive’s obligations under Sections 7 and
8, which shall survive the expiration of this Agreement. Employer shall have the
liabilities and obligations set forth in Section 9.2(ii) above, and shall pay the Fiscal
Year Bonus, if any, in accordance with Section 4.2, and the Completion Bonus in accordance
with Section 4.4 within two (2) weeks after the expiration of the Agreement.

13

 

     14. Application of Internal Revenue Code Section 409A. Notwithstanding anything to
the contrary set forth herein, any payments and benefits provided under this
Agreement (the “Severance Benefits”) that constitute “deferred compensation” within the
meaning of Section 409A of the Code and the regulations and other guidance thereunder and any state
law of similar effect (collectively “Section 409A”) shall not commence in connection with
Executive’s termination of employment unless and until Executive has also incurred a “separation
from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From
Service”), unless Employer reasonably determines that such amounts may be provided to Executive
without causing Executive to incur the additional 20% tax under Section 409A.

     It is intended that each installment of the Severance Benefits payments provided for in this
Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i).
For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in
this Agreement satisfy, to the greatest extent possible, the exemptions from the application of
Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and
1.409A-1(b)(9). However, if Employer (or, if applicable, the successor entity thereto) determines
that the Severance Benefits constitute “deferred compensation” under Section 409A and Executive is,
on the termination of service, a “specified employee” of Employer or any successor entity thereto,
as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent
necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the
timing of the Severance Benefit payments shall be delayed until the earlier to occur of: (i) the
date that is six months and one day after Executive’s Separation From Service, or (ii) the date of
Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”), the
Employer (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum
amount equal to the sum of the Severance Benefit payments that Executive would otherwise have
received through the Specified Employee Initial Payment Date if the commencement of the payment of
the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the
balance of the Severance Benefits in accordance with the applicable payment schedules set forth in
this Agreement.

     This Agreement is intended to comply with Section 409A, and it is intended that no amounts
payable hereunder shall be subject to tax under Section 409A. Employer shall use commercially
reasonable efforts to comply with Section 409A with respect to payments of benefits hereunder.

     15. Adjustments for Changes in Capitalization of Employer. In the event of any change
in Employer’s outstanding Shares during the Term by reason of any reorganization, recapitalization,
reclassification, merger, stock split, reverse stock split, stock dividend, asset spin-off, share
combination, consolidation or other event, the number and class of Shares and/or Options awarded
pursuant to Section 4 (and any applicable Option exercise price) shall be adjusted by the
Compensation Committee in its sole and absolute discretion and, if applicable, in accordance with
the terms of the Plan, and the option agreement evidencing the grant of the Option. The
determination of the Compensation Committee shall be conclusive and binding. All adjustments
pursuant to

14

 

this Section shall be made in a manner that does not result in taxation to the
Executive under Code Section 409A.

     16. Notices. All notices, requests, consents and other communications, required or
permitted to be given hereunder, shall be made in writing and shall be deemed to have been made as
of: (a) the date that is three (3) days after the date of mailing, if sent via the U.S. postal
service, postage-prepaid, (b) the date that is the next date upon which an overnight delivery
service (Federal Express, UPS or DHL only) will make such delivery, if sent via such overnight
delivery service, first-class, postage prepaid, (c) the date such delivery is made, if delivered in
person to the notice party specified below, or (d) the date such delivery is made, if delivered via
email. Such notice shall be delivered as follows (or to such other or additional address as
either party shall designate by notice in writing to the other in accordance herewith):

     (i) If to Employer:

Ian D. Arnold, Esq.

Vice President and Associate General Counsel

Emmis Communications Corporation

40 Monument Circle, Suite 700

Indianapolis, Indiana 46204

With a copy to:

Emmis Communications Corporation

40 Monument Circle, Suite 700

Indianapolis, Indiana 46204

Attn: Legal Department

     (ii) If to Executive, to Executive at Executive’s address in the personnel
records of Employer.

     17. Miscellaneous.

     17.1 Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Indiana without regard to its conflict
of law principles.

     17.2 Captions. The section headings contained herein are for reference
purposes only and shall not in any way affect the meaning or interpretation of any of the
terms and conditions of this Agreement.

     17.3 Entire Agreement. This Agreement shall supersede and replace, in all
respects, any prior employment agreement entered into between the parties and any such
agreement shall immediately terminate and be of no further force or effect. For purposes
of the preceding sentence, any change in control, restricted

15

 

stock, option and other
benefits-related agreement shall not constitute a “prior employment agreement.”

     17.4 Assignment. This Agreement, and Executive’s rights and obligations
hereunder, may not be assigned by Executive to any third party; provided,
however, that Executive may designate pursuant to Section 17.6 one (1) or
more beneficiaries to receive any amounts that would otherwise be payable hereunder to
Executive’s estate. Employer may assign all or any portion of its rights and obligations
hereunder to any other member of the Emmis Group or to any successor or assignee of
Employer pursuant to a reorganization, recapitalization, merger, consolidation, sale of
substantially all of the assets or stock of Employer, or otherwise.

     17.5 Amendments; Waivers. Except as expressly provided in the following
sentence, this Agreement cannot be changed, modified or amended, and no provision or
requirement hereof may be waived, without the written consent of Executive and Employer.
Employer may amend this Agreement to the extent that Employer reasonably determines that
such change is necessary to comply with Code Section 409A and further guidance thereunder,
provided that such change does not reduce the amounts payable to Executive
hereunder. The failure of a party at any time to require performance of any provision
hereof shall in no manner affect the right of such party at a later time to enforce such
provision. No waiver by a party of the breach of any term or covenant contained in this
Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed
to be, or construed as, a further or continuing waiver of any such breach or a waiver of
the breach of any other term or covenant contained in this Agreement.

     17.6 Beneficiaries. Whenever this Agreement provides for any payment to
Executive’s estate, such payment may be made instead to such beneficiary as Executive may
have designated in a writing filed with Employer. Executive shall have the right to revoke
any such designation and to re-designate a beneficiary by written notice to Employer (or to
any applicable insurance company).

     17.7 Change in Fiscal Year. If, at any time during the Term, Employer changes
its fiscal year, Employer shall make such adjustments to the various dates and target
amounts included herein as are necessary or appropriate, provided that no such
change shall affect the date on which any amount is payable hereunder.

     17.8 Executive’s Warranty and Indemnity. Executive hereby represents and
warrants that Executive: (i) has the full and unqualified right to enter into and fully
perform this Agreement according to each and every term and condition contained herein;
(ii) has not made any agreement, contractual obligation or commitment in contravention of
any of the terms and conditions of this Agreement or which would prevent Executive from
performing according to any of the terms and conditions contained herein; and (iii) has not
entered into any

16

 

agreement with any prior employer or other person, corporation or entity
which would in any way adversely affect Executive’s or Employer’s right to enter into this
Agreement. Furthermore, Executive hereby agrees to fully indemnify and
hold harmless Employer and each of its subsidiaries, affiliates and related entities,
and each of their respective officers, directors, employees, agents, attorneys,
shareholders, insurers and representatives from and against any and all losses, costs,
damages, expenses (including attorneys’ fees and expenses), liabilities and claims, arising
from, in connection with, or in any way related to, Executive’s breach of any of the
representations or warranties contained in this Section 17.8.

     17.9 Venue. Any action to enforce, challenge or construe the terms or making
of this Agreement or to recover for its breach shall be litigated exclusively in a state
court located in Marion County, Indiana, except that the Employer may elect, at its sole
and absolute discretion, to litigate the action in the county or state where any breach by
Executive occurred or where Executive can be found. Executive acknowledges and agrees that
this venue provision is an essential provision of this Agreement and Executive hereby
waives any defense of lack of personal jurisdiction or improper venue.

     17.10 Indemnification. Executive shall be entitled to the benefit of the
indemnification provisions set forth in Employer’s Amended and Restated Articles of
Incorporation and/or By-Laws, or any applicable corporate resolution, as the same may be
amended from time to time during the Term (not including any limiting amendments or
additions, but including any amendments or additions that add to or broaden the protection
afforded to Executive at the time of execution of this Agreement) to the fullest extent
permitted by applicable law. Additionally, Employer shall cause Executive to be
indemnified in accordance with Chapter 37 of the Indiana Business Corporation Law (the
“IBCL”), as the same may be amended from time to time during the Term, to the fullest
extent permitted by the IBCL as required to make Executive whole in connection with any
indemnifiable loss, cost or expense incurred in Executive’s performance of Executive’s
duties and obligations pursuant to this Agreement. Employer shall also maintain during the
Term, and for a commercially reasonable period after the Term, an insurance policy
providing directors’ and officers’ liability coverage in a commercially reasonable amount.
It is understood that the foregoing indemnification obligations shall survive the
expiration or termination of the Term.

     17.11 Change in Control. In the event of a “Change in Control,” the rights
and obligations of Executive and Employer shall be set forth in the separate Change in
Control Agreement executed by the parties and attached to this Agreement as Exhibit
A (the “CIC Agreement”). “Change in Control” shall have the meaning ascribed to it in
the CIC Agreement.

     17.12 Survival. Provision of this Agreement shall survive the termination or
expiration of this Agreement to the extent necessary in order to

17

 

effectuate the intent of
the parties hereunder, including without limitation Sections 7, 8,
9, 10, 11 and 12.

[Signatures on Following Page]

18

 

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

	 	 	 	 	 
	 	EMMIS OPERATING COMPANY 

(“Employer”)

 	 
	 	By:  	/s/ Jeffrey H. Smulyan
 	 
	 	 	Jeffrey H. Smulyan 	 
	 	 	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	J. SCOTT ENRIGHT

(“Executive”)

 	 
	 	/s/ J. Scott Enright
 	 
	 	J. Scott Enright

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