Warner Music : Management Change/Compensation (Form 8-K)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 27, 2021, the Compensation Committee (the "Committee") of the Board of Directors of Warner Music Group Corp. (the "Company") approved an amendment to the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan (the "Plan"). The amendment (the "Amendment") allows Max Lousada, Chief Executive Officer of Warner Recorded Music, to redeem up to 550,000 of his vested Matching Equity Units (as defined in the Plan) on or about September 27, 2021, in exchange for shares of the Company's Class A Common Stock. Prior to the Amendment, these Matching Equity Units would have become eligible for redemption in December 2024. Corresponding changes were made to the limited liability company agreement of WMG Management Holdings LLC (the "LLC Agreement"), which, together with the Plan, governs equity awards granted in connection with the Plan.

These descriptions of the Amendment, the Plan and the LLC Agreement do not purport to be complete and are subject to, and are qualified in their entirety by, the complete text of the Amendment, the Plan and the LLC Agreement. Copies of the Plan and the LLC Agreement were filed with the Company's Annual Report on Form 10-Kfor the year ended September 30, 2020 as filed with the SEC. A copy of the Amendment will be filed as exhibit to the Company's Quarterly Report on Form 10-Kfor the year ended September 30, 2021.