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Sample Business ContractsHome: Sample Business Contracts: Sponsored LinksFeatured Severance Agreements
[Napster Letterhead]
November 8, 2006
Nand Gangwani
Napster, Inc.
9044 Melrose Ave.
Los Angeles, CA 90069
Dear Mr. Gangwani:
You and Napster, Inc. (the "Company") are parties to that certain employment agreement effective as of January 29, 2004 (the "Agreement"). The Agreement provides for certain severance payments to be made to you for a period of six months in the event your employment is terminated by the Company without Cause or by you for Good Reason (as such terms are defined in the Agreement). Recently, the Compensation Committee of the Board of Directors of the Company has approved extending this severance period to twelve months in the event, and only in the event, that your employment is terminated by the Company without Cause or by you for Good Reason upon or at any time after a Change in Control (as defined below). Therefore, on behalf of the Company and its Board of Directors, the Agreement is hereby amended to provide that, in the event your employment is terminated by the Company without Cause or by you for Good Reason upon or at any time after a Change in Control, your severance period will be extended to twelve months. In addition, the Agreement is further amended to clarify that in the event your employment is terminated by the Company without Cause or by you for Good Reason at any time prior to a Change in Control, your severance period will be six months. For purposes of this Agreement, "Change in Control" shall mean the occurrence of any of the following:
All other provisions of the Agreement will remain in full force and effect.
Sincerely,
/S/ William E. Growney, Jr.
William E. Growney, Jr.
Secretary
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