Warner Music Group Corp. — Director's Dealing 2011

Jul 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Music Group Corp. (WMG)
CIK: 0001319161
Period of Report: 2010-12-15

Reporting Person: Tanous William Lloyd (EVP, Chief Comm Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-15	Stock Option (Right to Buy)	$5.49	A	200000	Acquired	2020-12-14	Common Stock, par value $0.001 (200000)	Direct
2011-07-20	Stock Option (Right to Buy)	$6.20	D	28467	Disposed		Common Stock, par value $0.001 (28467)	Direct
2011-07-20	Stock Option (Right to Buy)	$5.29	D	16500	Disposed		Common Stock, par value $0.001 (16500)	Direct
2011-07-20	Stock Option (Right to Buy)	$8.03	D	100000	Disposed		Common Stock, par value $0.001 (100000)	Direct
2011-07-20	Stock Option (Right to Buy)	$5.49	D	200000	Disposed		Common Stock, par value $0.001 (200000)	Direct

Footnotes

F1: Disposition in connection with the merger (the "Merger") of Airplanes Merger Sub, Inc. with and into Warner Music Group Corp., exempt pursuant to Rule 16-3, in which all options were cancelled in exchange for a cash payment equal to the excess, if any, of $8.25 over the exercise price.

F2: All options became vested and were cancelled upon consummation of the Merger.

F3: The option generally vests and becomes exercisable in four equal installments on the day prior to each of the first through the fourth anniversaries of the grant date, which was 12/15/2010, subject to the employee's continued employment.