Exhibit 10.69
OMNIBUS STOCK OPTION AMENDMENT
AGREEMENT
This OMNIBUS STOCK OPTION AMENDMENT AGREEMENT
(this “ Agreement ”) is entered into as of
August 31, 2007 (the “ Effective Date ”) by and
among ARTISTdirect, Inc., a Delaware corporation (the “
Company ”), and Robert N. Weingarten, an individual
(“ Weingarten ”).
RECITALS
A.
On March 29, 2004, the
Company granted Weingarten non-statutory options to acquire one
hundred twenty thousand (120,000) shares of the Company’s
common stock par value One Cent ($0.01) per share at an exercise
price of Fifty Cents ($0.50) per share (the “ 2004
Options ”) pursuant to that certain Notice of Grant of
Stock Option, dated March 29, 2004, by and between the Company and
Weingarten (the “ 2004 Option Grant ”), and all
such options are fully vested.
B.
On August 5, 2005, the
Company granted Weingarten non-statutory options to acquire two
hundred seventy-five thousand (275,000) shares of the
Company’s common stock par value One Cent ($0.01) per share
at an exercise price of One Dollar and Fifty-Five Cents ($1.55) per
share (the “ Time-Vesting Options ”) pursuant to
that certain Notice of Grant of Stock Option, dated August 5, 2005,
by and between the Company and Weingarten (the “ 2005
Option Grant ”).
C.
Under the 2005 Option
Grant, one-third (1/3) of the Time-Vesting Options vested on July
6, 2006 with the remainder vesting in equal quarterly installments
until July 8, 2008.
D.
Under the 2005 Option
Grant, the Company granted Weingarten non-statutory options to
acquire two hundred seventy-five thousand (275,000) shares of the
Company’s common stock par value One Cent ($0.01) per share
at an exercise price of One Dollar and Fifty-Five Cents ($1.55) per
share (the “ Performance-Vesting Options ”),
which vest in full upon the satisfaction of certain
performance-vesting criteria as described more fully in the 2005
Option Grant.
E.
Effective as of August 31,
2007, Weingarten will cease to serve as Chief Financial Officer of
the Company and will resign from all positions held with the
Company.
F.
Subject to the terms
contained herein, Weingarten and the Company now wish to confirm
and amend certain aspects of the 2004 Option Grant and the 2005
Option Grant as described herein.
AGREEMENT
For
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as
follows:
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