Exhibit 10.2
TERMINATION
AGREEMENT
THIS TERMINATION AGREEMENT (“
Termination Agreement ”) is entered into as of this
12th day of January, 2007, by and between ARTISTdirect, Inc., a
Delaware corporation (the “ Company ”), WNT
Consulting Group, a California limited liability company (“
Consulting Company ”), and Eric Pulier, an individual
(“ Consultant ”).
RECITALS
A.
Consultant is a member of the
Company’s Board of Directors.
B.
The parties entered into a
consulting agreement as of May 15, 2006 (the “ Consulting
Agreement ”), which provides for the availability of
Consultant’s services to the Company outside of the ordinary
course of what is provided by other members of the Company’s
Board of Directors.
C.
The parties have mutually agreed to
terminate the Consulting Agreement.
AGREEMENT
NOW, THEREFORE, it is agreed as
follows:
1.
Termination of the Consulting
Agreement . The
parties hereby mutual agree that the Consulting Agreement is
terminated effective as of January 12, 2007, and that, except as
expressly set forth herein, no party shall have any obligations or
liabilities to the other thereunder. Notwithstanding the
foregoing sentence, the parties hereby acknowledge and agree that
Section 7 of the Consulting Agreement shall survive
termination.
2.
Consideration
. As full and final
consideration for terminating the Consulting Agreement and
terminating and releasing the parties respective rights and
obligations thereunder (other than with respect to Section 7
thereof), the Company agrees to make a one (1) time cash payment in
the amount of $100,000 to Consulting Company within five (5)
business days of January 12, 2007 (the “ Termination
Payment ”). Except as set forth in the immediately
preceding sentence, neither Consulting Company or Consultant shall
be entitled to any further payments, compensation or consideration
of any kind whatsoever (in cash or otherwise) from the Company,
including, but not limited to, any bonus amounts or out-of-pocket
expenses, and the parties acknowledge and agree that the
Termination Payment constitutes all payments, compensation and
other consideration to which the Consulting Company or Consultant
is or may become entitled at any time under the Consulting
Agreement. The Termination Payment shall be construed to
inc
