Common use of Employment of Xxxxxx Xxxxxx Clause in Contracts

Employment of Xxxxxx Xxxxxx. CDBeat shall have entered into an Employment Agreement with Xxxxxx Xxxxxx, effective as of the Closing Date, in form and substance reasonably satisfactory to him under which (i) Xx. Xxxxxx will serve as the Chairman, President and Chief Executive Officer of CDBeat, (ii) he will receive an initial base annual salary of $200,000 subject to such increases or bonuses as the new Board of Directors of CDBeat shall authorize; (iii) he will receive such other benefits and prerequisites as shall be consistent with his positions, (iv) he will receive options to purchase, for such consideration as may be agreed upon by him and by the new Board of Directors of CDBeat, 1,955,750 shares of CDBeat Common Stock (out of 2, 932,159 stock options to be reserved for management of CDBeat), of which one-third of such options will vest upon the signing of the Employment Agreement and one-third will vest after each anniversary thereof; (v) all unvested options will immediately vest upon a change of control of CDBeat; (vi) upon a change of control, Xx. Xxxxxx will have the right to resign and (vii) if Xx. Xxxxxx resigns upon a change of control or he is removed without cause he will receive a severance benefit equal to the greater of (A) the unexpired term of the Employment Agreement or (B) twice his then annual salary plus the immediate vesting of all unvested options.