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Exhibit 10.3
GENERAL RELEASE AND SEPARATION
AGREEMENT
This General Release and Separation Agreement (hereafter
"Agreement") is entered into between Barry Briggs (the
"Executive"), and CNET Networks, Inc. (the "Company"), effective
eight days after the Executive’s signature (the "Effective
Date"), unless he revokes his acceptance as provided in Paragraph
7(c), below.
WHEREAS, the Executive was the President and Chief Operating
Officer of the Company;
WHEREAS, the Executive resigned his employment effective
January 12, 2007;
WHEREAS, the Company and the Executive now wish to document the
termination of their employment relationship and fully and finally
to resolve all matters between them;
THEREFORE, in exchange for the good and valuable consideration
set forth herein, the adequacy of which is specifically
acknowledged, the Executive and the Company hereby agree as
follows:
1. Separation of Employment . The Executive’s
employment, and all positions that the Executive held as an officer
of the Company and of all subsidiaries of the Company shall be
terminated effective January 12, 2007 (the "Separation
Date").
2. Payment of Accrued Wages and Expenses . On the
Separation Date, the Executive shall be paid an amount equal to
accrued wages, including all accrued unused Paid Time Off, through
the Separation Date, less applicable taxes and other authorized
withholding. The Company shall promptly reimburse the Executive for
all reasonable and properly documented business expenses incurred
through the Separation Date that are submitted by him on or before
January 19, 2007, in accordance with the Company’s
travel and expense policies. Except as required by law, as of the
Separation Date, the Executive shall no longer have the right to
participate in any Company benefit plans including, without
limitation, the Company’s 401(k) Plan.
3. Bonus for the Calendar Year Ending December 31,
2006 . The Company acknowledges that the Executive is eligible
for a bonus for the calendar year ending December 31, 2006, in
accordance with the bonus plan. Any bonus payable to the Executive
shall be paid at the same time that bonuses are paid to other
executives of the Company.
4. Stock Options .
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(a) Executive has been granted the options to purchase shares of
the Company’s common stock described in Exhibit A hereto
(collectively, the "Options"). As of the Separation Date, the
Executive shall be vested in that number of shares of the
Company’s common stock set forth in the column entitled
"Vested" next to each such Option (the "Vested Options"). The
Executive acknowledges and agrees that the portion
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of each Option that is unvested as of the
Separation Date is forfeited and shall cease to be exercisable as
of the Separation Date. The Executive may exercise the Vested
Options in accordance with their original terms of grant pursuant
to the Option Plan and the applicable Stock Option Agreements (the
"Option Documents") as modified by Paragraph 4(b).
(b) Each of Executive’s Vested Options that have not been
exercised prior to the Separation Date shall be and hereby is
amended and revised to provide that such Option may only be
exercised during the 2007 calendar year and, within the 2007
calendar year, only during the longer of (x) the thirty
(30)-day period measured from the first date such Option can once
again be exercised in compliance with applicable federal securities
laws, as determined by the Company in its sole discretion and in
conformity with the applicable standards under Internal Revenue
Code Section 409A, and (y) the ninety (90)-day period
immediately following the Separation Date, but in no event later
than the expiration date of the maximum term of such Option;
provided however , that (a) the exercisability of any
Option shall remain subject to the complete performance of any
duties or obligations by the Executive under this Agreement, and
(b) with respect to any Option that is an incentive stock
option under the federal tax laws, Executive hereby expressly
acknowledges and agrees that effective upon the execution of this
Agreement such Option shall cease to constitute an incentive stock
option and shall be taxable as a nonqualified stock option upon
exercise The Executive acknowledges that the Company makes no
representation as to the tax treatment of the Executive’s
Options including with regard to the extension of exercisability
described herein and that the Executive will be solely responsible
for any tax obligations that may arise there from.
5. Severance . On the later of (a) the tenth day
following the Effective Date or (b) the Separation Date, the
Company shall pay to the Executive severance in a lump sum amount
equal to $750,000 (seven hundred fifty thousand dollars), less
applicable taxes and other authorized withholding.
6. COBRA and 401(k) Conversion . Executive shall continue
to be covered under the Company’s health care benefits
through January 31, 2007 (the end of the month in which the
Separation Date occurs). Thereafter, the Executive shall be
eligible to continue, at his own cost, health care benefits in
accordance with the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended ("COBRA"). The Executive shall receive detailed
instructions regarding his COBRA rights and 401(k) distribution and
rollover options following the Separation Date, in accordance with
the Company’s normal notification processes and applicable
law.
7. General Release of Claims by the Executive .
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(a) The Executive, on behalf of himself and his executors,
heirs, administrators, representatives and assigns, hereby releases
and forever discharges the Company and all predecessors, successors
and their respective parent corporations, affiliates, related,
and/or subsidiary entities, and all of their past and present
investors, directors, shareholders, officers, general or limited
partners, employees, attorneys, agents and representatives, and
employee benefit plans in which the Executive is or has been a
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participant by virtue of his employment with the
Company (the "Company Releasees"), from any and all claims, debts,
demands, accounts, judgments, rights, causes of action, equitable
relief, damages, costs, charges, complaints, obligations, promises,
agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character whatsoever
(including attorneys’ fees and costs), whether in law or
equity, known or unknown, asserted or unasserted, suspected or
unsuspected (collectively, "Claims"), which the Executive has or
may have had against such entities based on any events or
circumstances, arising directly or indirectly out of, relating to,
or in any other way involving in any manner whatsoever the
Executive’s employment by the Company or the separation
thereof, and any and all claims arising under federal, state, or
local laws relating to employment, including without limitation
claims of wrongful discharge, breach of express or implied
contract, fraud, misrepresentation, defamation, or liability in
tort, claims of any kind that may be brought in any court or
administrative agency, any claims arising under Title VII of the
Civil Rights Act of 1964, the Age Discrimination in Employment Act,
the Americans with Disabilities Act, the Older Workers Benefit
Protection Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act, the Family and Medical Leave Act,
the California Fair Employment and Housing Act, the California
Family Rights Act, the California Labor Code and similar state or
local statutes, ordinances, and regulations.
Notwithstanding the generality of the foregoing, the Executive
does not release the following claims and rights (the "Excluded
Claims"):
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(i)
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Claims for indemnity pursuant to applicable laws
(including California Labor Code Section 2802), the
Company’s organizational documents (including its certificate
of incorporation and by-laws), the Company’s D&O
insurance policies, and the Indemnity Agreement between the
Executive and the Company, dated November 19, 2003 (the
"Indemnity Agreemen
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