Amendment No. 1 to Warner Music Group Corp. 2005 Omnibus Award Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document is an amendment to the Warner Music Group Corp. 2005 Omnibus Award Plan. It changes the way excess payments under Section 8(c) of the plan may be made, allowing the company to pay such excess either in cash or in shares of stock valued at fair market value. All other terms of the original plan remain unchanged. The amendment is executed by Warner Music Group Corp. and signed by its EVP and General Counsel.

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EX-10.47 7 dex1047.htm AMENDMENT NO.1 TO THE 2005 PLAN Amendment No.1 to the 2005 Plan

Exhibit 10.47

AMENDMENT No. 1 TO

WARNER MUSIC GROUP CORP. 2005 OMNIBUS AWARD PLAN

The Warner Music Group Corp. 2005 Omnibus Award Plan. (the “Plan”), is hereby amended as follows:

1. The last sentence of Section 8 (c). is amended in its entirety to read as follows:

“The Company shall pay such excess in cash or in shares of Stock valued at Fair Market Value. “

2. Continuing Effect of Plan. Except as expressly modified hereby, the provisions of the Plan are and shall remain in full force and effect.

IN WITNESS HEREOF, the undersigned have acknowledged and executed this amendment to the Plan as of the date set forth above.

 

WARNER MUSIC GROUP CORP.

By:

  

/s/ David H. Johnson

Name:  

David H. Johnson

Title:  

EVP and General Counsel