Napster 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2008
(Exact Name of Registrant as Specified in Charter)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On September 25, 2008, Napster, Inc. (the Company) entered into a retention agreement (the Agreement) with Suzanne M. Colvin, the Companys Interim Chief Financial Officer and Vice President, Finance. The Agreement provides Ms. Colvin with a bonus opportunity of $80,000 payable in two equal installments on June 1, 2009 and June 1, 2010 (each date, a Vesting Date). In order to be eligible to receive the retention bonus corresponding to a particular Vesting Date, Ms. Colvin generally must continue to be employed by the Company, Best Buy Co., Inc. or one of its affiliates through that date. Ms. Colvin will also be entitled to receive any unpaid portion of the retention bonus if her position is eliminated or in the event of her death or disability.
The summary of the Agreement set forth above is qualified in its entirety by reference to the text of the Agreement, a copy of which is attached as Exhibit 10.1 and is incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.