This EMPLOYMENT AGREEMENT (“Agreement”) is effective as of September 4, 2006, by and between
EMMIS OPERATING COMPANY , an Indiana corporation (“Employer” or “Emmis”), and PATRICK
WALSH , a Maryland resident (“Executive”).
WHEREAS, Employer and its subsidiaries are engaged in the ownership and operation of certain radio and
television stations, magazines, and related operations (together, the “Emmis Group”); and
WHEREAS, Employer desires to employ Executive as an executive, and Executive desires to be so
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:
1. Employment Status . 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.
2. Term . The term of Executive’s employment shall be for a period of three (3) years commencing on
September 4, 2006, and ending on September 3, 2009 (the “Term”). This Agreement shall expire at the end of
the Term unless earlier terminated in accordance with the terms of this Agreement. For purposes of this
Agreement, the term “First Contract Year” shall be defined to mean the twelve (12) month period commencing
on September 4, 2006 and ending on September 3, 2007; the term “Second Contract Year” shall be defined to
mean the twelve (12) month period commencing on September 4, 2007 and ending on September 3, 2008; the
term “Third Contract Year” shall be defined to mean the twelve (12) month period commencing on September 4,
2008 and ending on September 3, 2009 (each, a “Contract Year”).
3. Executive’s Position, Duties and Authority .
3.1 Position . Employer shall employ Executive, a