Document:

EXHIBIT 10.2

Tribune Company

435 North Michigan Avenue

Chicago, IL 60611

April 23, 2007

EGI-TRB, L.L.C.

c/o Equity Group Investments, L.L.C.

Two North Riverside Plaza, Suite 600

Chicago, Illinois  60606

	
  Attn:

  	
   

  	
  Joseph M. Paolucci

  
	
   

  	
   

  	
  Marc D. Hauser

  

 

Re:  Securities Purchase Agreement

Ladies and Gentlemen:

Reference is hereby made to the Securities Purchase
Agreement, dated as of April 1, 2007, by and among Tribune Company, a Delaware
corporation, EGI-TRB, L.L.C., a Delaware limited liability company, and Samuel
Zell, an individual (the “Securities Purchase Agreement”).  Capitalized terms used and not otherwise
defined herein shall have the meaning given to such terms in the Securities
Purchase Agreement.

The Company hereby certifies and covenants to EGI-TRB
that (1) the Purchased Shares have been and are authorized for listing on the
New York Stock Exchange and (2) the Exchangeable Note Shares have been and will
continue to be authorized for listing on the New York Stock Exchange (or any
successor exchange).

In addition, the
Company hereby certifies and covenants to EGI-TRB that (1) it will cause Samuel
Zell to be appointed to its Board of Directors at such time as such Board of
Directors next takes any action as a board of directors (and in no event later
than May 9, 2007) and (2) Samuel Zell will be invited to, and will be entitled
to participate as a director in, any meeting of the Company’s Board of
Directors at which he is appointed. 
Notwithstanding the foregoing, in the event the Company’s Board of
Directors takes any action as a board of directors prior to the launch of the
Offer or the filing of the Form S-3 registration statement contemplated by that
certain Registration Rights Agreement, dated as of April 1, 2007, between the Company,
Chandler Trust No. 1 and Chandler Trust No. 2, it will provide EGI-TRB and
Samuel Zell with prior written notice of such proposed action and the
opportunity for Samuel Zell to decline to be appointed as a director until the
next time the Company’s Board of Directors takes any action as a board of
directors (but in no event later than May 9, 2007).

Except as specifically stated herein, all terms, covenants and
conditions of the Securities Purchase Agreement shall remain in full force and
effect.  This letter shall be governed by
and construed in accordance with the laws of the State of Delaware, without
giving effect to

 

 

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EGI-TRB, L.L.C.

April 23, 2007

Page
2

 

any
choice or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. 
This letter may be executed in two or more consecutive counterparts
(including by facsimile), each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument,
and shall become effective when one or more counterparts have been signed by
each of the parties and delivered (by telecopy or otherwise) to the other
parties.

 

*     *    *     *

EGI-TRB, L.L.C.

April 23, 2007

Page
3

 

Please indicate your agreement with the foregoing by executing a copy
of this letter and returning it to the undersigned.

	
  

  	
   

  	
  Very truly yours,

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  TRIBUNE COMPANY

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By: 

  	
  /s/ Dennis J. FitzSimons

  	
   

  	 

	
   

  	
   

  	
  Name:  Dennis J. FitzSimons

  	
   

  	
   

  
	
   

  	
   

  	
  Title:    Chairman, President
  and

               Chief
  Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Acknowledged and agreed to:

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  EGI-TRB, L.L.C.

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  By:

  	
   /s/ Philip G.
  Tinkler

  	
   

  	
   

  	
   

  	 

	
  Name:   Philip
  G. Tinkler

  	
   

  	
   

  	
   

  	
   

  	 

	
  Title:     Vice
  President

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  SAMUEL ZELL

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  /s/ Samuel ZellUnassociated Document

    
      

       

      SEVERANCE
        AGREEMENT AND GENERAL RELEASE

    

     

    This
      Severance Agreement and Release of All Claims (hereinafter "Agreement") is
      made
      and entered into on the 19th day of April, 2007 (the “Effective
      Date”) by and between VITAL
      LIVING, INC.,
      a
      Nevada corporation (hereinafter referred to as "Employer"), and GREGG
      A. LINN
      (hereinafter referred to as "Employee").

     

    RECITALS

     

    WHEREAS,
      Employee has been employed by Employer in various capacities;

     

    WHEREAS,
      Employee is a party to an Employment Agreement dated as of January 1, 2005
      and subsequently amended as of January 1, 2006 (the “Employment
      Agreement”); and

     

    WHEREAS,
      the parties, in order to settle and compromise fully and finally any and all
      claims and potential claims, including, without limitation, all claims and
      potential claims arising out of Employee's employment and the cessation thereof,
      have agreed to resolve these matters on the terms and conditions set forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      herein, the parties agree as follows:

     

    1.  Recitals.
      The
      recitals set forth above are true, accurate, and correct and are incorporated
      in
      this Agreement by this reference and made a material part of this
      Agreement.

     

    2.  Termination
      of All Relationships With the Company.
      Employee’s employment with the Company and any of its subsidiaries shall
      terminate by mutual agreement upon the Effective Date as herein defined.
      Employee’s positions as a director and officer of the Company and its
      subsidiaries shall also terminate upon the Effective Date.

     

    3.  Severance
      Pay.

     

    (a) Employee
      shall receive the following: (i) $75,000 on the Effective Date, and (ii) $75,000
      on the date that is 45 days after the Effective Date. Employee shall also
      receive Employee’s bonus of $25,000 45 days after the Effective
      Date.

     

    (b) The
      foregoing payments shall be subject to all applicable payroll
      withholdings.

     

    (c) Employee
      shall be entitled to no other or additional compensation or benefits. Among
      other things, Employee understands that Employee’s coverage under Employer’s
      group health insurance plan will terminate as of June 30, 2007, and that
      Employer shall have no obligation thereafter to maintain Employee on said plan,
      to find other coverage for Employee, or to make any premium payments with
      respect thereto. In addition, all stock options and other stock-based rights
      shall expire as of the Effective Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.  Adequate
      Consideration.
      Employee acknowledges and agrees that the severance pay set forth in Paragraph
      3
      of this Agreement is in addition to anything of value to which Employee is,
      as a
      matter of law, otherwise entitled.

     

    5.  Release.

     

    (a) In
      consideration of Employee’s receipt of the severance pay set forth in Paragraph
      3. of this Agreement, Employee hereby fully, forever, irrevocably, and
      unconditionally releases and discharges Employer, including Employer's past
      and
      present officers, directors, stockholders, subsidiaries, affiliates, agents,
      employees, representatives, lawyers, administrators, spouses, and all persons
      acting by, through, under, or in concert with them (collectively, the "Released
      Parties"), from any and all claims or damages which Employee may have against
      them, or any of them, which could have arisen out of any act or omission
      occurring from the beginning of time to the Effective Date of this Agreement,
      whether now known or unknown, asserted or unasserted. This release includes,
      but
      is not limited to, any and all claims under Title VII of the Civil Rights Act
      of
      1964, as amended; the Age Discrimination in Employment Act of 1967, as amended;
      the Americans with Disabilities Act; the Fair Labor Standards Act, as amended;
      the Arizona Civil Rights Act; the Family and Medical Leave Act; or under any
      other provision or theory of law, both in tort and in contract, and whether
      statutory or under the common law. This release, however, does not include
      any
      claims that Employee may have for indemnification by the Company as provided
      in
      the Company’s Articles of Incorporation or Bylaws (the “Indemnification
      Rights”).

     

    (b) Employer
      hereby fully, forever, irrevocably, and unconditionally releases and discharges
      Employee from any and all claims and damages which Employer may have against
      Employee which could have arisen out of any act or omission occurring from
      the
      beginning of time to the Effective Date of this Agreement, whether known or
      unknown, asserted or unasserted, except out of malfeasance or gross
      negligence.

     

    6.  Complaints,
      Charges, or Claims.
      Employee warrants that Employee has no complaints, charges, or claims for relief
      against the Released Parties, or any of them, pending before any local, state,
      or federal court or administrative agency. Employee understands and agrees
      that
      this Agreement may be pled as a complete bar to any action or suit brought
      before any administrative body or court with respect to any complaint, charge,
      or claim under federal, state, local, or other law relating to any possible
      claim that existed or may have existed against the Released Parties, or any
      of
      them, arising out of any event occurring from the beginning of time through
      the
      Effective Date of this Agreement. Employer warrants to Employee that it is
      unaware of any complaints, charges, or claims that it currently has against
      Employee.

     

    7.  Non-Disparagement.
      Employee agrees that neither Employee nor anyone acting on Employee’s behalf
      will make any derogatory or disparaging statement about the Released Parties,
      or
      any of them. Employer agrees that neither Employer nor any Released Party will
      make any derogatory or disparaging statement about Employee.

     

    8.  Non-Competition.
      For the
      period ending 18 months after the Effective Date, regardless of the reason
      therefor, Employee shall not (whether directly or indirectly, as owner,
      principal, agent, stockholder, director, officer, manager, employee, partner,
      participant, or in any other capacity) engage or become financially interested
      in any competitive business conducted within the Restricted Territory (as
      defined below). As used herein, the term "competitive business" shall mean
      any
      business that sells or provides or attempts to sell or provide products or
      services the same as or substantially similar to the products or services sold
      or provided by Employer during Employee's employment hereunder, and the term
      "Restricted Territory" shall mean any state in which Employer sells products
      or
      provides services during Employee's employment hereunder. Nothing in this
      Agreement shall restrict, impair, or invalidate Employer’s written agreement
      with Red Rock Advisors, LLC or Employee’s right to engage in or financially
      benefit therefrom.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.  Preservation
      of Company Confidential Information.
      Employee acknowledges that, during the course of Employee’s employment with
      Employer, Employee had access to, and became familiar with, information
      concerning Employer that Employer deems confidential. Such information includes,
      but is not limited to, employee information, business plans, financial matters,
      operational matters, corporate strategies, and the like. Employee agrees not
      to
      use, disclose, or divulge any such information to any third-party, absent the
      prior written consent of an authorized official of Employer.

     

    10.  Return
      of Company Property.
      Simultaneously with Employee’s tender of this Agreement, bearing Employee’s
      signature, to Employer, Employee shall return to Employer all Employer property
      in Employee’s actual or constructive possession except as otherwise agreed to by
      Employer.

     

    11.  Consultation
      with an Attorney.
      Employer has advised Employee to consult with an attorney of Employee’s choosing
      prior to executing this Agreement. Employee represents and agrees that Employee
      has thoroughly discussed all aspects of Employee’s rights, and this Agreement,
      including Employee’s waiver of claims under the Age Discrimination in Employment
      Act, with an attorney, to the extent Employee wished to do so.

     

    12.  Review.
      A
      copy of
      this Agreement was delivered to Employee on April 13, 2007. Employee
      has been advised that Employee has 21 calendar days from the date Employee
      is
      presented with this Agreement to consider this Agreement. If Employee executes
      this Agreement before the expiration of 21 days, Employee acknowledges that
      Employee has done so for the purpose of expediting Employee’s receipt of
      severance pay, and that Employee has expressly waived Employee’s right to take
      21 days to consider this Agreement.

     

    13.  Revocation.
      This
      Agreement may not be revoked.

     

    14.  Confidentiality.
      Employee agrees that Employee will keep the terms and fact of this Agreement
      confidential. Employee will not disclose the existence of this Agreement or
      any
of its terms to anyone except Employee’s immediate family,
      attorneys or accountants, unless required by law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    15.  Amendment.
      This
      Agreement shall be binding upon the parties and their representatives, heirs,
      successors, and assigns and may not be amended, supplemented, changed, or
      modified in any manner, orally or otherwise, except by an instrument in writing
      of concurrent or subsequent date signed by the parties.

     

    16.  Entire
      Agreement.
      This
      Agreement may be executed in one or more counterparts, each of which, when
      executed, will be deemed an original. This Agreement contains and constitutes
      the entire understanding and agreement between the parties hereto with respect
      to the subject matter hereof, and, except as otherwise provided herein and
      except for Section 5 of the Employment Agreement, which shall remain in
      full force and effect, cancels all prior or contemporaneous oral or written
      understandings, negotiations, agreements, commitments, representations, and
      promises in connection herewith. This Agreement may be signed in one or more
      counterparts, including by way of facsimile copy.

     

    17.  Choice
      of Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      state of Arizona.

     

    18.  Severability.
      Should
      any provision in this Agreement be declared or determined by any court to be
      illegal or invalid, the validity of the remaining parts, terms, or provisions
      shall not be affected, and the illegal or invalid part, term, or provision
      shall
      be deemed not to be a part of this Agreement; provided, however, that if a
      court
      of competent jurisdiction determines that all or any portion of Paragraph 5
      or
      Paragraph 6 of this Agreement is void, illegal, or otherwise unenforceable,
      this
      Agreement shall be voidable, at Employer’s option.

     

    19.  Effect
      of this Agreement.
      It is
      expressly understood and agreed that this Agreement shall not in any way be
      construed at any time or for any purpose as an admission by the parties that
      either of them has acted wrongfully with respect to the other.

     

    20.  Attorneys'
      Fees.
      Should
      any legal action be commenced arising out of this Agreement, the prevailing
      party in any such action shall be entitled to an award of attorneys' fees
      incurred therein.

     

    By
      signing below, the parties acknowledge that they have carefully read and fully
      understand all of the provisions of this Agreement and that they are voluntarily
      entering into this Agreement.

     

    [Remainder
      of page intentionally left blank -

    Signature
      Page follows]

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	 	 	 	 	 
	 	 	 	Employer:
	 	 	 	 	 
	 	 	 	VITAL
              LIVING, INC.
	 	 	 	 	 
	Dated:	
              April
                19, 2007

            	 	By	
              /s/
                Stuart Benson

            
	 	
              

            	 	 	
              

            
	 	 	 	
              Its

            	
              CEO

            
	 	 	 	 	
              
                

              

            
	 	 	 	 	 
	 	
               

            	 	Employee:
	Dated:	
              April
                19, 2007

            	 	 	
              Gregg
                A. Linn

            
	 	
              

            	 	 	
              

              Gregg
                A. Linn

            
	 	 	 	 	 

    

    
 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
GUARANTEE

     

    Stuart
      Benson does hereby personally guarantee the payments totaling $100,000 due
      to
      Gregg A. Linn under Section 3(a) of the Severance Agreement and General
      Release that are due 45 days after the Effective Date.

     

     

    
      	 	 	/s/
              Stuart Benson
	 	 	
              Stuart
                Benson

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