Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT, dated as
of this 15th day of June 2004 is between Meredith Enterprises, Inc., a Delaware
corporation (the Company), and Allen K. Meredith (the
Executive) and supercedes the previous employment agreement dated
August 22, 2001, as revised March 21, 2002.

R E C I T A L S:

WHEREAS, the Company desires to
employ the Executive and the Executive has indicated his willingness to provide his
services, on the terms and conditions set forth herein:

NOW, THEREFORE, on the basis of the
foregoing premises and in consideration of the mutual covenants and agreements contained
herein, the parties hereto agree as follows:

Section
1. Employment. The Company hereby agrees to employ the Executive and the Executive
hereby accepts employment with the Company, on the terms and subject to the conditions
hereinafter set forth. Subject to the terms and conditions contained herein, the Executive
shall serve as the Companys President and Chief Executive Officer and Chairman of
the Board of Directors of the Company (the Board) and shall have such duties
as are typically performed by a president, chief executive officer and chairman of the
board of a corporation.

Section
2. Term. Unless terminated pursuant to Section 6 hereof, the Executives
employment hereunder shall commence on the date hereof (the Effective Date),
and shall continue during the period ending on the third anniversary of the Effective Date
(the Initial Term) and shall continue thereafter for one-year terms unless
either party provides notice of termination ninety (90) days in advance of the end of the
Initial Term or any subsequent one-year term (the Employment Term). The
Employment Term shall terminate upon any termination of the Executives employment
pursuant to Section 6.

Section
3. Compensation. During the Employment Term, the Executive shall be entitled to the
following compensation and benefits:

| | (a) | Salary. As compensation for the performance of the Executives
                    services hereunder, the Company shall pay to the Executive during the Initial
                    Term a salary (the Salary) of $200,000 per year. The Salary shall be
                    payable in accordance with the payroll practices of the Company as the same
                    shall exist from time to time. After the Initial Term, the salary shall be
                    negotiable.
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| | (b) | Bonus Plan. The Executive shall be eligible to receive an annual cash
                    bonus (Bonus) in an amount determined by the Board on an annual
                    basis in accordance with the Companys annual incentive program if such
                    program is established by the Board and with such terms as may be established by
                    the
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| | independent
directors of the Board of Directors (or committee thereof) in its sole discretion.
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| | (c) | Benefits. In addition to the Salary and Bonus, if any, the Executive
                    shall be entitled to full participation in the various group health and medical
                    insurance and other benefit plans of the Company as are adopted from time to
                    time at not less than the level at which other senior executives of the Company
                    participate; provided that until the Company adopts a group health plan, the
                    Company shall reimburse the Executive for the costs, if any, of maintaining the
                    Executives coverage under his spouses group health plan or under an
                    individual health insurance policy.
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| | (d) | Stock Options. The Executive may be granted an option to purchase shares
                    of Company common stock, subject to the terms of a Stock Incentive Plan, at an
                    exercise price of the then fair market value per share upon grant, with the
                    number of shares and vesting terms to be determined by the independent directors
                    of the Board of Directors (or committee thereof) in its sole discretion.
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| | (e) | Automobile. The Company shall pay the Executive at the mileage rate
                    established by the Internal Revenue Service for the use by the Executive of his
                    personal car in connection with his duties hereunder.
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| | (f) | Indemnification and Insurance. The Company shall indemnify the Executive
                    as required by the Companys Bylaws, and will maintain customary insurance
                    policies providing for indemnification of the Executive.
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| | (g) | Vacation, Holiday Pay and Sick Days. The Company shall provide Executive
                    with vacation days, holiday pay and sick days in accordance with Companys
                    policy for key employees, provided that Executive shall receive a minimum per
                    annum of twenty (20) accrued vacation days and six (6) sick days.
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Section
4. Exclusivity. During the Employment Term, the Executive shall devote his full
time (customary and reasonable personal time excepted) to the business of the Company,
shall faithfully serve the Company, shall in all respects conform to and comply with the
lawful, ethical and reasonable directions and instructions given to him by the Board in
accordance with the terms of this Agreement, shall use his best efforts to promote and
serve the interests of the Company and shall not engage in any other business activity,
whether or not such activity shall be engaged in for pecuniary profit, except that the
Executive may (i) participate in the activities of professional trade organizations
related to the business of the Company and (ii) engage in personal investing
activities, provided that activities set forth in these clauses (i) and (ii),
either singly or in the aggregate, do not interfere in any material respect with the
services to be provided by the Executive hereunder.

Section
5. Reimbursement for Expenses. The Executive is authorized to incur reasonable
expenses in the discharge of the services to be performed hereunder, including expenses
for travel, entertainment, lodging and similar items in accordance with the Companys
expense reimbursement policy, as the same may be modified by the Company from time to
time. The Company shall reimburse the Executive for all such

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proper expenses upon presentation by
the Executive of itemized accounts of such expenditures in accordance with the financial
policy of the Company, as in effect from time to time.

Section
6. Termination and Default..

| | (a) | Death. The Executives employment shall automatically terminate upon
                    his death and upon such event, the Executives estate shall be entitled to
                    receive the amounts, if any, due to him pursuant to Section 6(f) below.
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| | (b) | Disability. If the Executive is unable to perform the duties required of
                    him under this Agreement because of illness, incapacity, or physical or mental
                    disability for an aggregate of one hundred twenty (120) days (whether or
                    not consecutive) during any twelve (12) month period during the term of
                    this Agreement, in which event the Company may terminate Executives
                    employment; provided, however, that if at such time the Executive is not covered
                    by a long-term disability plan of the Company, then the Executives
                    employment shall terminate six months following such an event.
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| | (c) | Cause. The Company may terminate the Executives employment for
                    Cause if the event, conduct or condition that may result in termination for
                    Cause is not cured by the Executive within thirty days after written notice is
                    delivered to the Executive from the Company. In the event of termination
                    pursuant to this Section 6(c) for Cause, the Company shall deliver to the
                    Executive written notice setting forth the basis for such termination, which
                    notice shall specifically set forth the nature of the Cause which is the reason
                    for such termination. For purposes of this Agreement, Cause shall
                    mean: (i) commission of material fraud or conduct amounting to gross
                    negligence in the conduct of the Executives duties; (ii) conduct for
                    which a criminal conviction of a felony is obtained; (iii) material
                    violation of Company policies; or (iv) willful and material violation of an
                    employment agreement, employee agreement, non-disclosure or confidentiality
                    agreement, inventions agreement, noncompetition agreement, nonsolicitation
                    agreement or other similar agreement(s) between the Executive and the Company.
                    No act or failure to act shall be considered willful unless it is
                    done, or omitted to be done, without a good faith belief that the action or
                    omission was in the best interest of the Company. In the event corrective action
                    is not satisfactorily taken by the Executive, in each case as determined by the
                    Board, as described above, afinal written notice of termination shall be
                    provided to the Executive by the Company.
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| | (d) | Resignation. The Executive shall have the right to terminate his
                    employment at any time by giving thirty (30) days prior written notice to the
                    Company of his resignation.
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| | (e) | Severance. The Executive shall be entitled to a lump sum payment equal to
                    100% of the Executives then-current annual base salary and average bonus
                    over the last three years of employment, and one year of continued participation
                    for the Executive, his spouse and dependents in the Companys group
                    insurance plans on the same terms as if actively employed by the Company during
                    such period of time, in the event of:
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| | (i)     

           Termination of the Executive by the Company for any reason other than
          death, disability or Cause; or
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| | (ii)     

           Voluntary resignation by the Executive for Good Reason. Good
          Reason shall mean that the Executive has either:
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| | 1. | incurred a material reduction in title, status, authority or responsibility at
          the Company; or
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| | 2. | been required to report to any one other than the Board; or
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| | 3. | failed to be re-elected to the Board and continue as the CEO, President and
          Chairman and been able to nominate one officer to the Board; or
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| | 4. | incurred a reduction in base compensation from the Company; or
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| | 5. | been notified that the Executives principal place of work will be
          relocated by a distance of fifty (50) miles or more; or
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| | 6. | been required to work more than ten (10) days per month outside of the
          Executives principal offices for a six (6) month continuous period.
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| | All
lump sum severance pay under this Section shall be paid to the Executive no later than
three (3) business days following the effective date of his termination or resignation, as
the case may be. The Executive shall not be required to mitigate the amount of any payment
contemplated by this Section (whether by seeking new employment or in any other manner),
nor shall any such payment be reduced by any earnings that the Executive may receive from
any other source.
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| | (f) | Payments. In the event that the Executives employment terminates
                    for any reason, the Company shall pay to the Executive, in addition to any other
                    amounts or benefits due to the Executive under this Section 6, all amounts
                    accrued but unpaid hereunder through the date of termination in respect of
                    Salary or unreimbursed expense.
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| | (g) | Change in Control. In the event of the Executives resignation or
                    termination within one (1) year of a Change in Control of the Company, the
                    Executive shall be paid a lump payment equal to the sum of 100% of the
                    Executives then-current
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| | base
salary and the Executives average bonus in last three years, such lump sum payment
to be made no later than three (3) business days following the date of such resignation or
termination. Change in Control is defined as (i) any person
or group of such persons, without the consent of the Board, is or becomes a
beneficial owner, directly or indirectly, of securities of the Company
representing thirty-five percent (35%) or more of the combined voting power of the
Companys then outstanding securities (as such terms are defined in the Securities
Exchange Act of 1934 and regulations thereunder); (ii) a merger, consolidation or
other combination the result of which persons who were shareholders of the Company
immediately prior to the merger, consolidation or other combination own less than
seventy-five percent (75%) of the voting power of the securities of the resulting or
acquiring entity having the power to elect a majority of the board of directors of such
entity; (iii) the sale, transfer or disposition of assets of Company in excess of
fifty percent (50%) of the gross assets of the Company as shown on the Companys
then most recent audited financial statements; or (iv) a change in the composition of
the Board occurs, as a result of which fewer than one-half of the incumbent directors are
directors who either (A) had been directors of the Company on the date of the
Agreement, or (B) were elected, or nominated for election, to the Board with the
affirmative votes of at least a majority of the aggregate of the original directors who
were still in office at the time of the election or nomination and the directors whose
election or nomination was previously so approved.
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| | (h) | Survival of Operative Sections. Upon any termination of the
                    Executives employment, the provisions of Sections 6(e), 6(f) and 7
                    through 16 of this Agreement shall survive to the extent necessary to give
                    effect to the provisions thereof.
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Section
7. Proprietary Information and Inventions Agreement. The Executive shall enter into
the Employees Proprietary Information and Inventions Agreement attached hereto in
the form of Exhibit A (the Proprietary Agreement).

Section
8. Arbitration Agreement. The Executive shall enter into the Arbitration Agreement
attached hereto in the form of Exhibit B (the Arbitration Agreement).

Section
9. Successors and Assigns; No Third-Party Beneficiaries. The Company shall require
any successor (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Companys
business and/or assets, by an agreement in substance and form satisfactory to the
Executive, to assume this Agreement and to agree expressly to perform this Agreement in
the same manner and to the same extent as the Company would be required to perform it in
the absence of a succession. The Companys failure to obtain such agreement prior to
the effectiveness of a succession shall be a breach of this Agreement and shall entitle
the Executive to all of the compensation and benefits to which he would have been entitled
hereunder if the Company had involuntarily terminated his employment without Cause
immediately after such succession becomes effective. For all purposes under this
Agreement, the term Company shall include any successor to the Companys
business and/or assets which executes and delivers the assumption agreement described in
this Section 9 or which becomes bound by this Agreement by operation of law. This
Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be
enforceable by, the Executives personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

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Section
10. Waiver and Amendments. Any waiver, alteration, amendment or modification of any
of the terms of this Agreement shall be valid only if made in writing and signed by the
parties hereto; provided, however, that any such waiver, alteration, amendment or
modification is consented to on the Companys behalf by the Board. No waiver by
either of the parties hereto of their rights hereunder shall be deemed to constitute a
waiver with respect to any subsequent occurrences or transactions hereunder unless such
waiver specifically states that it is to be construed as a continuing waiver.

Section
11. Severability and Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY ANDCONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

Section
12. Notices.

| | (a)    

                     All communications under this Agreement shall be in writing and shall be
                    delivered by hand or facsimile or mailed by overnight courier or by registered
                    or certified mail, postage prepaid:
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| | (i) | if to the Executive, at 3000 Sand Hill Road, Building 2, Suite 120, Menlo Park,
          CA 94025 (Fax: (650) 233-7160), marked for the attention of Allen K. Meredith or
          at such other address as the Executive may have furnished the Company in
          writing, and
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| | (ii) | if to the Company, at 3000 Sand Hill Road, Building 2, Suite 142, Menlo Park, CA
          94025 (Fax: (650) 233-7160), marked for the attention of the Chief Financial
          Officer, or at such other address as it may have furnished in writing to
          the Executive.
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| | (b)    

                     Any notice so addressed shall be deemed to be given: if delivered by hand or
                    facsimile, on the date of such delivery; if mailed by courier, on the first
                    business day following the date of such mailing; and if mailed by registered or
                    certified mail, on the third business day after the date of such mailing.
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Section
13. Section Headings. The headings of the sections and subsections of this
Agreement are inserted for convenience only and shall not be deemed to constitute a part
thereof, affect the meaning or interpretation of this Agreement or of any term or
provision hereof.

Section
14. Entire Agreement. This Agreement constitutes the entire understanding and
agreement of the parties hereto regarding the subject matter hereof. This Agreement
supersedes all prior negotiations, discussions, correspondence, communications,
understandings and agreements between the parties relating to the subject matter of this
Agreement.

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Section
15. Severability. In the event that any part or parts of this Agreement shall be
held illegal or unenforceable by any court or administrative body of competent
jurisdiction, such determination shall not effect the remaining provisions ofthis
Agreement which shall remain infull force and effect.

Section
16. Counterparts. This Agreement may be executed in one or more counterparts,
eachof which shall be deemed an original andall of which together shall be
considered one and the same agreement.

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above written.

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| |  |  |  |                                                         | 
| |  |  |  | ------------------------------------------------------- | 
| |  |  |  | THE INDEPENDENT DIRECTORS OF MEREDITH ENTERPRISES, INC. | 
| |  |  |  |                                                         | 
| |  |  |  | By:/s/  Patricia Meidell                                | 
| |  |  |  | Name:Patricia Meidell                                   | 
| |  |  |  | Title:Director                                          | 
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| |  |  |  | By:/s/  James P. Moore                                  | 
| |  |  |  | Name:James P. Moore                                     | 
| |  |  |  | Title:Director                                          | 
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| |  |  |  | By:/s/  Neil E. Nakagiri                                | 
| |  |  |  | Name:Neil E. Nakagiri                                   | 
| |  |  |  | Title:Director                                          | 
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| |  |  |  | By:/s/  John H. Redmond                                 | 
| |  |  |  | Name:John H. Redmond                                    | 
| |  |  |  | Title:Director                                          | 
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| |  |  |  | EXECUTIVE                                               | 
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| |  |  |  | _________________________________                       | 
| |  |  |  | Allen K. Meredith                                       | 

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