RE: Retention AgreementPendrell Corp • March 4th, 2016 • Patent owners & lessors
This letter relates to your employment with Pendrell Corporation, a Washington corporation (“Pendrell”). You have served as Pendrell’s full-time chief product officer under the terms and conditions of an employment letter dated July 11, 2012, as supplemented by addenda dated January 1, 2015 and February 25, 2015 (collectively, the “Agreement”). In light of Pendrell’s decision to scale back product initiatives at ContentGuard, we have mutually determined that your duties no longer warrant full-time employment, which coincides with your desire to pursue activities outside of Pendrell. Therefore, we wish to terminate the Agreement to eliminate your full time employment relationship and replace the employment relationship with the consulting relationship described in this letter. We have agreed on the following.
