Document:

Exhibit 10.76

2007 EXECUTIVE OFFICER BONUS PLAN

The proposed bonus
plan covers executive officers.

The basis for
determining actual payouts under the bonus plan is the budgeted corporate net
income per the 2007 budget plan presented to the Board of Directors (the 2007
Plan).  The payout will be linear up to 100% of the net income in the 2007
budget plan, so that 100% of the target bonus amounts will be paid at 100%
achievement of the net income in the 2007 budget plan.  From 100% of the
net income in the 2007 budget plan up to 150% of the net income in the 2007
budget plan, the payout will increase linearly from 100% of the 2007 target
bonus amount to 200% of the 2007 target bonus amount.  The payout under
the 2007 bonus plan is capped at 200%. The actual bonus payments under such
awards may, at the discretion of the Compensation Committee of the Board of
Directors, be less than or greater than the target amounts, depending on the
Corporation’s business performance, and performance of individuals, regardless of
whether the goals upon which such bonuses are based are achieved.

The target
distribution for the 2007 Plan is contained in the table below.

	
  Title

  Executive Officers

  	
   

  	
  Name

  	
   

  	
  2007 Base

  	
   

  	
  2007 Target

  Bonus

  	
   

  
	
  President & Chief
  Executive Officer

  	
   

  	
  Ofer
  Gneezy

  	
   

  	
  350,000

  	
   

  	
  350,000

  	
   

  
	
  Executive Vice
  President

  	
   

  	
  Gordon
  VanderBrug

  	
   

  	
  300,000

  	
   

  	
  300,000

  	
   

  
	
  Senior Vice President,
  Finance & Chief Financial Officer

  	
   

  	
  Richard
  Tennant

  	
   

  	
  250,000

  	
   

  	
  190,000

  	
   

  
	
  Senior Vice President,
  Engineering & Operations

  	
   

  	
  Paul
  Floyd

  	
   

  	
  225,000

  	
   

  	
  190,000

  	
   

  
	
  Senior Vice President, Worldwide Sales

  	
   

  	
  Dan Powdermaker

  	
   

  	
  180,500

  	
   

  	
  90,000

  	
  *

  

*                    Mr.
Powdermaker is also eligible to receive sales commissions with a target payment
of $90,000 at 100% achievement of 2007 wholesale gross profit quota where the
actual amount paid is dependent on the percentage achievement of monthly quota
amounts..

These bonus
payments will be accrued quarterly based on year-to-date achievement of the
financial plan.  Actual bonus amounts will be paid following the end of
the year, except that Mr. Powdermaker’s bonus is paid on a quarterly basis and
his sales commissions are paid monthly.  The 2007 Plan includes the
accrual for the proposed bonuses.Exhibit 10.77

iBasis, Inc. logo

20 Second Avenue, Burlington, MA 01803 USA

781 505 7500, FAX 505 7300, ibasis.net

January 30, 2007

Mr. Mark S. Flynn

22 Manor Road

Ridgefield, CT 06877

Dear Mark:

We are pleased to offer you the senior position of Chief Legal Officer and Corporate Secretary at iBasis, Inc.
(the “Company”). This position is based in Burlington, Massachusetts and you
will report to Ofer Gneezy, Chief Executive Officer.
It is agreed that you will begin work as soon as possible during the first quarter
of 2007.

Your starting annual based salary will be $250,000.00
per annum, earned and payable at the bi-weekly rate of $9,615.38. In addition,
you will be eligible to earn an annual incentive bonus. Your target 2007
incentive bonus, based upon the achievement of corporate objectives and your
individual performance, will be $125,000.00. The details of your 2007 incentive
bonus are provided in the attached 2007 Bonus Plan.

You will be provided with relocation assistance for up
to a total of $70,000. This $70,000 includes reasonable moving expenses
directly related to your relocation to Massachusetts. Please be advised that
some or all of this relocation reimbursement may be taxable. You will be
responsible for all income and other taxes that may be due as a result of the
relocation payment. In addition, the Company will make any necessary
withholdings from the relocation payment in accordance with Federal law.

If the Company terminates your employment without
Cause within twelve months after the start of your employment, then the Company
will continue to pay your salary for twelve months. Alternatively, if following
this initial twelve month period the Company terminates your employment without
Cause, or if you terminate your employment with Good Reason, in either case
within six months after the occurrence of an Acquisition or Change in Control,
then any Company stock options you have been granted will immediately vest and
the Company will continue to pay your salary and health benefits for nine
months (the “Double Jeopardy Severance Benefits”). Such Double Jeopardy
Severance Benefits are subject to the terms and conditions generally applicable
with the Company for such policies.

 1
 

You will also be eligible to participate in a comprehensive
benefits package including: Medical and Dental insurance, Section 125
Flexible Spending Accounts, 401(k) plan, Company-paid life and group
travel insurance, Optional Life Insurance for employees and dependents, three
weeks accrued vacation, and eleven (11) paid holidays.

A recommendation will be made to the Compensation
Committee of the Board to grant you the right to purchase 50,000 shares of
Company incentive stock options. The Compensation Committee currently meets
quarterly to approve grants. These options will vest over a four year period,
commencing as of the first date of your employment, and the exercise price will
be equal to the Company’s closing stock price on the day that the Compensation
Committee approves the grant; provided, that no options shall be exercisable
during the first year of your employment with the Company and any option shares
that would have become exercisable but for this fact shall instead become
exercisable on the first anniversary of the date of your hire.

This offer is subject to the terms of the Company’s
U.S. Employee Handbook and “Employment Agreement”. Enclosed, please find a copy
of the “Employment Agreement” which you are required to execute. This offer and
your employment generally, are also subject to your compliance with the Foreign
Corrupt Practices Act of 1977 (the FCPA or the Act). Additionally, we are
required by the Immigration Reform and Control Act (IRCA) to ask you to provide
proof of your employment eligibility in the US.

Mark, we all look very forward to having you as a
member of the Executive Team. Please sign and return the enclosed duplicate
letter to me at your earliest convenience. This offer will remain open until
Friday, February 9, 2007.

Sincerely,

/s/ Ofer Gneezy

Ofer Gneezy

President & Chief Executive Officer

 

I accept this offer of employment and will begin work
on     2/12/07   .

     /s/ Mark S.
Flynn     

Mark S. Flynn

 

 2Exhibit
4.1

AMENDMENT NO. 1 TO

FORBEARANCE AND CONSENT
AGREEMENT

This AMENDMENT No. 1 (the “Amendment”) to the
FORBEARANCE AND CONSENT AGREEMENT dated April 17, 2007 (the “Agreement”),
is entered into as of June 25, 2007 by and among ARTISTdirect, Inc.,
a Delaware corporation and its subsidiaries and affiliates (collectively, the “Company”),
U.S. Bank National Association, as Collateral Agent under the Note and Warrant
Purchase Agreement (as defined below) (in such capacity, “Collateral Agent”)
and the senior lenders signatories hereto (“Initial Purchasers”).

Recitals

A.            Company,
Initial Purchasers and Collateral Agent are parties to that certain Note and
Warrant Purchase Agreement, dated as of July 28, 2005 (the “Senior
Financing Agreement”), among Company, the investors party thereto, as
Initial Purchasers, and Collateral Agent. 
The Senior Financing Agreement, together with the other Transaction
Documents (as defined in the Senior Financing Agreement) as such documents have
been amended from time to time, are collectively referred to herein as the “Senior
Financing Documents”.

B.            Company is in
default and may trigger additional defaults under certain provisions of the
Senior Financing Documents and such defaults are expected to continue.

C.            The Existing
Senior Defaults constitute “Events of Default” for purposes hereof that entitle
Collateral Agent and Initial Purchasers to enforce their rights and remedies
under the Senior Financing Documents.

D.            Company,
Initial Purchasers and the Collateral Agent have previously entered in the
Agreement whereby, subject to the conditions contained therein, Collateral
Agent and Initial Purchasers agreed to forbear from the exercise of their
rights and remedies relating to the Existing Senior Defaults and any other
additional Events of Default through June 30, 2007 for the purpose of affording
a period of time for Company to obtain funds to pay the obligations under the
Senior Financing Documents or to restructure its capital structure.

E.             Subject to the
terms contained herein, Collateral Agent and Initial Purchasers are willing to
agree to continue to forbear from the exercise of their rights and remedies
relating to the Existing Senior Defaults and any other additional Events of
Default through July 31, 2007.

Agreement

For
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

1.             Definitions.  Capitalized terms used herein but not defined
herein shall have the meanings ascribed to them in the Agreement.

 1
 

“Forbearance Period” means the period
commencing on April 17, 2007 and ending on the earliest to occur of the
following:  (i) July 31, 2007; or
(ii) any material representation or warranty made by Company in the
Agreement proves to be materially false as of the date when made.

2.             Agreement to Forbear.

(a)           Subject to the
conditions set forth in Section 3 below and subject to the terms hereof
and those set forth in the Agreement, during the Forbearance Period, Collateral
Agent and Initial Purchasers hereby agree to forbear from exercising any of
their rights and remedies under the Senior Financing Documents existing during
the Forbearance Period.

3.             Conditions to
Effectiveness.  The Initial
Purchasers’ agreement to forbear for the Forbearance Period shall be subject to
the following conditions being fully satisfied:

(a)           The execution
and delivery to Collateral Agent of a counterpart of this Amendment by
Collateral Agent, each Initial Purchaser and Company.

(b)           All
representations and warranties set forth in the Agreement shall be true and
correct as of the date hereof in all material respects.

(c)           Company agrees
to pay to the Initial Purchasers on a pro rata basis on or before June 29,
2007, the sum of One Hundred Twenty-Five Thousand Dollars ($125,000) which
shall be applied in full against all Registration Delay Payments accruing under
the Registration Rights Agreement dated as of July 28, 2005, as amended,
by and among the Company and the Initial Purchasers, or any other fees and
costs in favor of Initial Purchasers.

4.             Miscellaneous.

(a)           This Amendment
may be signed in multiple counterparts, each of which shall constitute an
original and all of which, taken together, shall constitute one and the same
instrument.  One or more counterparts of
this Amendment may be delivered by facsimile, with the intention that they
shall have the same effect as an original counterpart thereof and shall be
binding on the person delivering the same.

(b)           Except to the
extent expressly amended hereby, the Agreement shall remain in full force and
effect without amendment, impairment or modification.  Each of Company, Initial Purchasers and
Collateral Agent respectively reaffirm their obligations under the Agreement as
amended hereby.

[Signatures on following
pages]

 2
 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Forbearance and Consent Agreement to be duly executed and delivered
by its duly authorized officer as of the date first above written.

	
   

  	
  JMB CAPITAL PARTNERS, L.P.,

  
	
   

  	
  as an Initial Purchaser

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Cyrus Hadidi

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Cyrus Hadidi

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JMG CAPITAL PARTNERS, L.P.,

  
	
   

  	
  as an Initial Purchaser

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Jonathan Glaser

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Jonathan Glaser

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Member Manager of the L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  JMG TRITON OFFSHORE FUND, LTD.,

  
	
   

  	
  as an Initial Purchaser

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Jonathan Glaser

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Jonathan Glaser

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Member Manager of the Investment

  
	
   

  	
   

  	
   

  	
   

  	
  Manager

  
									

 

 3
 

 

	
  

  	
  CCM MASTER QUALIFIED FUND, LTD,

  
	
   

  	
  as an Initial Purchaser

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Clint Coghill

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Clint Coghill

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President of Investment Manager,

  
	
   

  	
   

  	
   

  	
   

  	
  Director of CCM Master Qualified

  
	
   

  	
   

  	
   

  	
   

  	
  Fund, LTD

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Collateral Agent for Initial Purchasers

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Brad E. Scarbrough

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Brad E. Scarbrough

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ARTISTDIRECT, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Robert Weingarten

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Robert Weingarten

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
							

 

 4

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