Document:

Exhibit 10.52 D. Katz

    Exhibit
      10.52

    

    

    January
      2, 2007

    

    

    Donald
      R.
      Katz

    Audible,
      Inc.

    65
      Willowbrook Blvd.

    Wayne,
      NJ
      07470

    

    Dear
      Don:

    

    It
      is
      with tremendous pleasure that we confirm the details of your employment terms
      for the next three years that have been approved by Audible’s Board of Directors
      and will become effective on January 2, 2007. The specifics of our agreement
      are
      as follows: 

     

    

      
        	
                Function:

              	
                Chief
                  Executive Officer and Chairman of the Board

                 

              
	
                Base
                  Salary:

              	
                $300,000/annum.
                  Your base salary will not be diminished during the term of your
                  employment
                  as a result of a change in your job title or function.

                 

              
	
                Annual
                  Bonus:

              	
                You
                  are eligible to receive an annual bonus, payable in the form of
                  a stock
                  award, of up to 25,000 shares each year under Audible’s Stock Incentive
                  Plan with the following allocation each year: 50% may be granted
                  in the
                  discretion of the Compensation Committee and 50% based on meeting
                  mutually
                  agreed upon individual objectives and the Company’s overall performance
                  objectives. The Company performance objectives will be meeting
                  or
                  exceeding 2007, 2008 and 2009 budget numbers for revenue and EBITDA.
                  Any
                  stock awarded pursuant to this provision will be vested immediately.
                  Any
                  decision on your bonus entitlement will be made, and shares distributed
                  accordingly, no later than the date of the Company’s public reporting of
                  financial results for the previous year provided that you are employed
                  with us at the time.

                 

              
	
                Annual
                  Equity Awards:

              	
                On
                  the first business day of 2007, 2008 and 2009, provided that you
                  are then
                  employed with the Company, you will be granted an award of 60,000
                  Audible
                  stock options and 20,000 restricted stock units under Audible’s Stock
                  Incentive Plan. The stock options will have an exercise price per
                  share
                  equal to the closing market price on the date of grant. The stock
                  option
                  and restricted stock unit awards will be subject to the terms and
                  conditions of our standard stock option and restricted stock unit
                  agreements, and the stock options will be incentive stock options
                  to the
                  fullest extent permitted by law. The stock option and restricted
                  stock
                  unit awards will vest semi-annually over three years from the date
                  of
                  grant provided that you remain employed with us continuously through
                  such
                  vesting date. The Company will, unless you request otherwise and
                  make
                  sufficient arrangements for the required payment of taxes, withhold
                  from
                  the shares otherwise deliverable under the units on each vesting
                  date a
                  number of shares having a fair market value sufficient in amount
                  to
                  satisfy your tax liabilities that arise from such vesting, up to
                  the
                  statutory minimum withholding amount required by law.

                 

              
	
                Accelerated
                  Vesting:

              	
                Our
                  stock option and restricted stock unit agreements provide for automatic
                  vesting of 50% of unvested options and units in the event of a
                  sale or
                  merger of the company resulting in a qualified “Change of Control” (as
                  defined therein) prior to full vesting. They also provide that,
                  at the
                  time of the transaction, additional accelerated vesting can be
                  approved by
                  the Board.

                 

              
	
                Compliance:

              	
                You
                  agree to comply fully with all Audible policies and procedures,
                  including
                  but not limited to, any memoranda and communications pertaining
                  to
                  Audible’s policies, procedures, rules and regulations.

                 

              
	
                Benefits:

              	
                You
                  will continue to be eligible to participate in the Company’s health care
                  and dental plans, and in all other welfare and retirement plans
                  that the
                  Company makes available generally to its senior management team
                  members,
                  subject to their exclusions and limitations. The company will continue
                  to
                  cover two-thirds of the premium for your health care and dental
                  coverage
                  including coverage under the Company’s plan for your eligible dependents.
                  The Company will also pay 25% of your annual membership at a health
                  club
                  of your choice, reasonably approved by the Company.

                 

              
	
                Time
                  Off:

              	
                You
                  will be entitled to twenty-five (25) days of vacation per year,
                  to be
                  taken at such times as are mutually convenient to you and the Company.
                  The
                  Company typically observes seven holidays each year.

                 

              
	
                Severance:

              	
                The
                  terms of the letter agreement dated July 30, 2003 dealing with
                  severance
                  and the conditions thereof (the “Severance Agreement”) will continue in
                  effect for three years from the date of this letter and are incorporated
                  fully herein, with the modifications described below. A copy of
                  the
                  Severance Agreement is attached hereto. Payments under the Severance
                  Agreement shall not be triggered, and you shall not have Good Reason
                  to
                  terminate employment, if you cease to hold the title or have the
                  authority, duties or responsibilities of Chief Executive Officer
                  but
                  continue to have the opportunity to serve as executive chairman
                  of the
                  Company. The Board, in its discretion, may choose to accelerate
                  vesting of
                  outstanding options or restricted stock units in addition to the
                  50%
                  vesting of unvested stock options provided for under Paragraph
                  4 of the
                  Severance Agreement. Solely to the extent required to comply with
                  the
                  provisions of Section 409A of the Internal Revenue Code of 1986,
                  as
                  amended (“Section 409A”), all payments due under the Severance Agreement
                  during the six-month period measured from the date that you incur
                  a
                  Separation from Service (as defined under Section 409A) will accrue
                  and be
                  paid to you with interest at prime plus 1% on the first business
                  day after
                  expiration of such six-month period. You will not be entitled to
                  severance
                  if your employment is terminated at any time and for any reason
                  after
                  three (3) years from the date of this
                  letter.

              

      

    

    
This
      Agreement supersedes all prior agreements, written or oral, between you and
      Audible relating to the subject matter of this Agreement except the Severance
      Agreement and the restrictive covenants set forth in the Employee
      Non-Disclosure, Developments and Non-Compete Agreement executed by you on July
      22, 1996. This Agreement may not be modified, changed or discharged in whole
      or
      in part, except by a written agreement signed by both you and the Company.
      You
      signature below indicates acceptance of these terms. 

    

    

    Regards,

    

    

    /s/
      William H. Mitchell

    

    William
      H. Mitchell

    Chief
      Financial Officer

    Audible,
      Inc. 

     

    Accepted:
       /s/
      Donald R. Katz  
      Date: January
      2, 2007Exhibit 10.53 G. Rogers

    Exhibit
      10.53

     

    January
      2, 2007

    

    

    Mr.
      Glenn
      Rogers

    6
      Melrose
      Place

    Montclair,
      NJ 07042

    

    Dear
      Glenn:

    

    It
      is
      with tremendous pleasure that we confirm the details of your employment terms
      that have been approved by Audible’s Board of Directors and will become
      effective on January 2, 2007. The specifics of our agreement are as follows:
      

    

    
      	
              Function:

            	
              Chief
                Operating Officer

               

            
	
              Base
                Salary:

            	
              $250,000/annum

               

            
	
              Bonus:

            	
              You
                are eligible to receive up to 50% of your base pay as an annual bonus.
                Your bonus will be based on meeting mutually agreed upon individual
                objectives and the Company’s overall performance. Any decision on and
                payment of your bonus will be made no later than your first payroll
                period
                following the date of the Company’s public reporting of financial results
                for the previous year.

               

            
	
              Long
                Term Compensation:

            	
              You
                will be granted, effective as of January 2, 2007, two awards of restricted
                stock units, one for 50,000 units and one for 25,000 units, under
                Audible’s Stock Incentive Plan, both of which awards will be subject to
                the terms and conditions of our standard restricted stock unit
                agreement.

               

            
	
              Unit
                Vesting Schedules:

            	
              Your
                50,000 restricted stock unit award shall vest in accordance with
                the
                following schedule provided that you remain employed with us as of
                the
                respective vesting date: 33.3% of the units will vest on the first
                anniversary of the grant date, 33.3% of the units will vest on the
                second
                anniversary of the grant date, and 33.4% of the units will vest on
                the
                third anniversary of the grant date. Your 25,000 restricted stock
                unit
                award shall vest in full on June 1, 2008 provided that you remain
                employed
                with us continuously through such date. The Company will, unless
                you
                request otherwise and make sufficient arrangements for the required
                payment of taxes, withhold from the shares otherwise deliverable
                under the
                units on each vesting date a number of shares having a fair market
                value
                sufficient in amount to satisfy your tax liabilities that arise from
                such
                vesting, up to the statutory minimum withholding amount required
                by
                law.

               

            
	
              Accelerated
                Vesting:

            	
              Our
                restricted stock unit agreement provides for automatic vesting of
                50% of
                unvested units in the event of a sale or merger of the Company resulting
                in a qualified “Change of Control” (as defined therein) prior to full
                vesting. It also provides that, at the time of the transaction, additional
                accelerated vesting can be approved by the Board.

               

            
	
              Compliance:

            	
              You
                agree to comply fully with all Audible policies and procedures, including
                but not limited to, any memoranda and communications pertaining to
                Audible’s policies, procedures, rules and regulations.

               

            
	
              Benefits:

            	
              You
                will continue to be eligible to participate in the Company’s health care
                and dental plans, and in all other welfare and retirement plans that
                the
                Company makes available generally to its senior management team members,
                subject to their exclusions and limitations. The company will continue
                to
                cover two-thirds of the premium for your health care and dental coverage
                including coverage under the Company’s plan for your eligible dependents.
                The Company will also pay 100% of your annual membership at a health
                club
                of your choice, reasonably approved by the Company.

               

            
	
              Time
                Off:

            	
              You
                will be entitled to twenty-five (25) days of vacation per year, to
                be
                taken at such times as are mutually convenient to you and the Company.
                The
                Company typically observes seven holidays each year.

               

            
	
              Severance:

            	
              If
                you are terminated, without Cause, you will be entitled to base
                salary for six
                (6) months
                after the termination of your employment.  This
                severance shall be paid out as salary continuation as if you
                continued your employment during the six (6) month period subsequent
                to the effective date of your termination (the “Severance Pay Period”),
                and which will continue even if you become employed elsewhere on
                or before
                the end of the Severance Pay Period.  The Company shall pay, on
                your behalf, one hundred percent (100%) of the cost of your and any
                of
                your dependents group health plan continuation coverage elected by
                you for
                the six (6) months period immediately following the effective
                date of termination.  Thereafter the cost of medical benefit
                continuation shall be your sole responsibility.  If you are
                terminated with Cause, you will not be entitled to any severance
                pay or
                payment for group health plan continuation. Any payment hereunder is
                conditioned upon your honoring the covenants contained in the
                Confidentiality, Non-Competition and Invention Assignment Agreements
                and
                your executing a release of all claims arising from your employment
                by the
                Company, in such form as may then be used by Audible, Inc. respecting
                termination of employees.

               

              For
                purposes of this Agreement,
                the
                term "Cause" shall include a termination for (1) fraud (including
                but not
                limited to any acts of embezzlement or misappropriation of funds);
                (2)
                serious dereliction of fiduciary obligation; (3) conviction of a
                felony,
                plea of guilty or nolo
                contendere to
                a felony charge or any criminal act involving moral turpitude (which,
                through lapse of time or otherwise, is not subject to appeal); (4)
                repeatedly
                being under the influence of drugs or alcohol (other than prescription
                medicine or other medically-related drugs to the extent that they
                are
                taken in accordance with their directions) during the performance
                of your
                duties under this Agreement, or, while under the influence of such
                drugs
                or alcohol, engaging in grossly inappropriate conduct during the
                performance of your duties under this Agreement; or (5)
                gross negligence or willful misconduct in the performance of Executive’s
                duties and obligations.

            

    

     

    This
      Agreement supersedes all prior agreements, written or oral, between you and
      Audible relating to the subject matter of this Agreement except the Employee
      Non-Disclosure, Developments and Non-Compete Agreement executed by you on July
      5, 2005. This Agreement supersedes your offer letter executed on or about June
      23, 2005. This Agreement may not be modified, changed or discharged in whole
      or
      in part, except by a written agreement signed by both you and the Company.
      Your
      signature below indicates acceptance of these terms. 

    

    

    Regards,

    

    

    /s/
      William H. Mitchell

    

    William
      H. Mitchell

    Chief
      Financial Officer

    Audible,
      Inc. 

     

     

    Accepted:
       /s/
      Glenn Rogers  
      Date: January
      2, 2007  

    Glenn
      Rogers

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