This Employment Agreement ("Agreement") is effective as of March 1, 1996, by and between Emmis
Broadcasting Corporation, an Indiana corporation (the "Employer"), and Howard L. Schrott, an Indiana resident
(the "Executive"). This Agreement is made with reference to the following facts:
A. Employer and its subsidiaries are engaged in the ownership and operation of various radio stations, magazines,
and related operations (together, the "Emmis Group").
B. Employer desires to employ Executive as an executive, and Executive desires to be so employed.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, do hereby agree as follows:
1. Employment. Upon the terms and subject to the conditions of this Agreement, Employer hereby employs
Executive and Executive hereby accepts employment by the Employer.
2. Term. The term of Executive's employment hereunder (the "Term") shall commence on March 1, 1996 and
continue until February 28, 1999, unless terminated earlier in accordance with the provisions herein. As used
herein, the term "Contract Year" means the twelve (12) month period commencing on March 1, 1996 and on
each anniversary thereof during the Term.
3. Executive's Position, Duties and Authority.
3.1 Position. Employer shall employ Executive, and Executive shall serve as an executive of Employer and of any
successor by merger, acquisition of substantially all of the assets or stock of Employer or otherwise. Executive
shall serve as Executive Vice President and Chief Financial Officer of Employer or in such other position or
positions to which the Board of Directors of Employer (the "Board") shall appoint Executive.
3.2 Duties and Authority. Executive shall have executive duties, functions, authority and responsibilities
commensurate with the office or offices he from time to time ho