Napster 8-K 2008
Because your unique talent and skills are highly valued during this critical time period, you have been selected to receive a retention bonus opportunity, subject to the terms and conditions outlined in this letter. We recognize your value to this business transition and would like to demonstrate our commitment to you at this transitional time.
Please review the eligibility requirements of your retention bonus opportunity below. To confirm your understanding of this opportunity, please sign this letter and return your signed copy to Sherry Meidinger by hand or via fax at 310 281 5125 by Monday, September 22nd. As this opportunity has not been extended to all employees, please do not discuss it with other employees.
Subject to your satisfaction of the eligibility requirements described below, your retention bonus opportunity is $80,000 payable to you in two equal 50% installments on June 1, 2009 ($40,000) and June 1, 2010 ($40,000) (each, a vesting date). Each payment will be made on or not later than ten (10) days after reaching the corresponding vesting date and will be subject to applicable federal, state, and local tax withholding requirements.
You will be eligible to receive the portion of your retention bonus opportunity corresponding to a vesting date only if you satisfy all of the following conditions:
You will also be entitled to receive any portion of your retention bonus that has not otherwise been earned if, before the applicable vesting date, your position is eliminated by Napster, Best Buy or any Best Buy affiliate, you are disabled and unable to perform work with or without a reasonable accommodation, or you die. In such circumstances, any unpaid portion of your
The signed document should be placed in the employers personnel file.
retention bonus will be paid in full on or within ten (10) days after your employment terminates. If your employment terminates for any other reason before a vesting date, any remaining amount of the bonus will not be paid.
You are not obligated to remain employed with Napster nor is Napster obligated to retain you as an employee for any particular period of time. This letter does not affect your status as an employee at will. You and Napster may terminate the employment relationship at any time with or without a reason, unless prohibited by law.
Thank you for your hard work and contributions to the success of Napster. We look forward to your continued contributions.
/s/ CHRIS GOROG
Chief Executive Officer
I ACKNOWLEDGE THAT I HAVE RECEIVED AND UNDERSTAND THE ABOVE