GUITAR CENTER INC
EXHIBIT 10.37
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<DESCRIPTION>EXHIBIT 10.37
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<BR></FONT><FONT SIZE=2><B>Exhibit 10.37    <BR>  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>AMENDMENT<BR>  <BR>    TO THE<BR>  <BR>    1997 EQUITY PARTICIPATION PLAN<BR>  <BR>    OF<BR>  <BR>    GUITAR CENTER,&nbsp;INC.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the authority reserved to the Board of Directors (the "Board") of Guitar Center,&nbsp;Inc., a corporation organized under the laws of State of
Delaware, under Section&nbsp;10.2 of the 1997 Equity Participation Plan of Guitar Center,&nbsp;Inc. (the "Plan"), the Board hereby amends the Plan as follows. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;The
second sentence of Section&nbsp;2.1(a) of the Plan is amended to read in its entirety as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;"The
aggregate number of such shares which may be issued upon exercise of such options or rights or upon any such awards under the Plan shall not exceed three million, seven hundred
twenty-five thousand (3,725,000)." </FONT></P>

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<FONT SIZE=2><A HREF="#toc_ki1697_1">Exhibit 10.37</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ki1697_2">AMENDMENT TO THE 1997 EQUITY PARTICIPATION PLAN OF GUITAR CENTER, INC.</A></FONT><BR>
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