Document:

EX-10.2

THE SECURITY REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND IN
COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE WITH RESPECT THERETO OR IN ACCORDANCE WITH
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND ALSO MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT IN COMPLIANCE WITH ANY APPLICABLE RULES OF THE SECURITIES AND EXCHANGE
COMMISSION. NOTWITHSTANDING THE FOREGOING, SUBJECT TO COMPLIANCE WITH APPLICABLE SECURITIES LAWS
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

COMMON STOCK PURCHASE WARRANT

Warrant No. W-2006-________

To Purchase __________ Shares of Common Stock of

LOUDEYE CORP.

THIS COMMON STOCK PURCHASE WARRANT CERTIFIES that, for value received,      (the
“Holder”), is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time after the six-month anniversary of the Closing Date
(the “Initial Exercise Date”) and on or prior to the close of business on      , 2011 [the
fifth annual anniversary of the Closing Date] (the “Termination Date”), but not thereafter, to
subscribe for and purchase from Loudeye Corp., a corporation incorporated in Delaware (the
“Company”), up to      shares1 (the “Warrant Shares”) of common stock, par value
$0.001 per share, of the Company (the “Common Stock”). The purchase price of one Warrant Share
(the “Exercise Price”) under this Warrant shall be $0.68, subject to adjustment hereunder. The
Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be
subject to adjustment as provided herein. CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN
SHALL HAVE THE MEANINGS SET FORTH IN THAT CERTAIN SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION
AGREEMENT”), DATED FEBRUARY [ ], 2006, BETWEEN THE COMPANY AND THE INVESTORS SIGNATORY THERETO.

1. Title to Warrant. Prior to the Termination Date and subject to compliance with
applicable laws and Section 7 of this Warrant, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the Holder in person
or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed.

2. Authorization of Shares. The Company covenants that all Warrant Shares which may be
issued upon the exercise of the purchase rights represented by this Warrant will, upon issuance, be
duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

3. Exercise of Warrant. (a) Except as provided in Section 4 herein, exercise of the
purchase rights represented by this Warrant may be made at any time or times on or after the
Initial Exercise Date and on or before the Termination Date by delivering the Notice of Exercise
Form annexed hereto duly executed, at the office of the Company (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of
such Holder appearing on the books of the Company) and upon payment of the Exercise Price of the
shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank or by
means of a cashless exercise pursuant to Section 3(e), the Holder shall be entitled to receive a
certificate for the number of Warrant Shares so purchased. Certificates for shares purchased
hereunder shall be delivered to the Holder within three (3) Trading Days after the date on which
this Warrant shall have been exercised as aforesaid. The Company shall pay any and all transfer
taxes and transfer agent fees which may be payable with respect to the issuance and delivery of
Warrant Shares upon exercise of this Warrant (other than taxes in respect of any transfer occurring
contemporaneously with such issue and excluding, for the avoidance of doubt, any income or similar
taxes). This Warrant shall be deemed to have been exercised and such certificate or certificates
shall be deemed to have been issued, and the Holder or any other person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all purposes, as of
the date the Warrant has been exercised by payment to the Company of the Exercise Price and all
taxes required to be paid by the Holder, if any, pursuant to Section 5 prior to the issuance of
such shares, have been paid. If the Company fails to deliver to the Holder a certificate or
certificates representing the Warrant Shares pursuant to this Section 3(a) by the close of business
on the third Trading Day after the date of exercise, then the Holder will have the right to rescind
such exercise.

(b) If within three (3) Trading Days after the Company’s receipt of this Warrant and an
original or facsimile copy of a Notice of Exercise the Company shall fail to issue and deliver a
certificate to the Holder and register such Warrant Shares on the Company’s share register upon
such Holder’s exercise hereunder, and if on or after such Trading Day the Holder purchases (in an
open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by the Holder of Warrant Shares issuable upon such exercise that the Holder anticipated receiving
from the Company (a “BUY-IN”), then the Company shall, within three Business Days after the
Holder’s request promptly honor its obligation to deliver to the Holder a certificate or
certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the
excess (if any) of such Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased over the product of (A) such number of shares of Common
Stock, times (B) the Closing Trade Price on the date of exercise. “CLOSING TRADE PRICE” means, for
any security as of any date, the last closing trade price for such security on The Nasdaq SmallCap
Market (the “PRINCIPAL MARKET”), as reported by Bloomberg, or, if the Principal Market begins to
operate on an extended hours basis and does not designate the closing trade price, then the last
trade price, of such security prior to 4:00 p.m., New York Time, as reported by Bloomberg Financial
Markets (“BLOOMBERG”), or, if the Principal Market is not the principal securities exchange or
trading market for such security, the last closing trade price of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by
Bloomberg, or if the foregoing do not apply, the last closing trade price of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing trade price is reported for such security by Bloomberg, the average of
the trade prices of any market makers for such security as reported in the “pink sheets” by Pink
Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Trade Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Trade
Price of such security on such date shall be the fair market value as mutually determined by the
Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then such dispute shall be resolved by an independent, reputable investment
bank selected by the Company and approved by the Holder. Such investment bank’s determination
shall be binding upon all parties absent demonstrable error. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period. “TRADING DAY” shall mean (i) a day on which
the Common Stock is traded on the Nasdaq SmallCap Market, or (ii) if the Common Stock is not listed
on the Nasdaq SmallCap Market, a day on which the Common Stock is traded on the over-the-counter
market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on the
OTC Bulletin Board, a day on which the Common Stock is quoted in the over-the-counter market as
reported by the Pink Sheets LLC (or any similar organization or agency succeeding its functions of
reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set
forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

(c) If this Warrant shall have been exercised in part, the Company shall, at the time of
delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new
Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

(d) The Company shall not effect any exercise of this Warrant, and the Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section 3(a) or otherwise, to the
extent that after giving effect to such issuance after exercise, the Holder (together with the
Holder’s affiliates), as set forth on the applicable Notice of Exercise, would beneficially own in
excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to such issuance. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its affiliates shall include the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which the determination of such
sentence is being made, but shall exclude the number of shares of Common Stock which would be
issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any
other convertible notes or convertible preferred stock or other warrants) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the
Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of
this Section 3(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act and the rules promulgated thereunder. For purposes of this Section 3(d), in
determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form
10-K, as the case may be, (y) a more recent public announcement by the Company or (z) any other
notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Common
Stock outstanding; provided that the Holder may rely on the number of outstanding shares of Common
Stock as reflected in clause (x) or (y) only if it has no knowledge or reason to believe that the
information contained therein is inaccurate. Upon the written or oral request of the Holder, the
Company shall within two Trading Days confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its affiliates since the date as of which such
number of outstanding shares of Common Stock was reported. The provisions of this Section 3(d) may
be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to
the Company, and the provisions of this Section 3(d) shall continue to apply until such 61st day
(or such later date, as determined by the Holder, as may be specified in such notice of waiver).
No exercise of this Warrant in violation of this Section 3(d) but otherwise in accordance with this
Warrant shall affect the status of the Warrant Shares as validly issued, fully paid and
nonassessable.

(e) If, but only if, at any time after one year from the date of issuance of this Warrant
there is no effective Registration Statement registering the resale of the Warrant Shares by the
Holder, this Warrant may also be exercised at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the
quotient obtained by dividing ((A-B) (X)) by (A), where:

	 	(A)	 	= the VWAP on the Trading Day preceding the
date of such election;

	 	(B)	 	= the Exercise Price, as adjusted; and

	 	(X)	 	= the number of Warrant Shares issuable upon
exercise of this Warrant in accordance with the terms of this Warrant.

4. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which
Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price.

5. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made
without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company,
and such certificates shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to
be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto.

6. Closing of Books. The Company will not close its stockholder books or records in any
manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

7. Transfer, Division and Combination. (a) Subject to compliance with any applicable
securities laws and the conditions set forth in Sections 1 and 7(d) hereof and to the provisions of
Section 1.2 of the Subscription Agreement, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant in the name of the assignee and in the denomination
specified in such instrument of assignment, and shall issue to the assignor a new Warrant, and this
Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

(b) The Company shall prepare, issue and deliver at its own expense (other than transfer
taxes) the new Warrant or Warrants under this Section 7.

(c) The Company agrees to maintain, at its aforesaid office, books for the registration and
the registration of transfer of the Warrants.

(d) If, at the time of the surrender of this Warrant in connection with any transfer of this
Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration
statement under the Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of
this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which
opinion shall be in form, substance and scope customary for opinions of counsel in comparable
transactions) to the effect that such transfer may be made without registration under the
Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or
transferee execute and deliver to the Company an investment letter in form and substance reasonably
acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in
Rule 501(a) promulgated under the Securities Act.

8. No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder to
any voting rights or other rights as a shareholder of the Company. Upon the surrender of this
Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner
of such shares as of the close of business on the later of the date of such surrender or payment.

9. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the
case of the Warrant, shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver
a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.

10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a
legal holiday, then such action may be taken or such right may be exercised on the next succeeding
day not a Saturday, Sunday or legal holiday.

11. Adjustments of Exercise Price and Number of Warrant Shares. The number and kind of
securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to
adjustment from time to time upon the happening of any of the following. In case the Company shall
(i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock into
a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise
of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to
receive the kind and number of Warrant Shares or other securities of the Company which it would
have owned or have been entitled to receive had such Warrant been exercised in advance thereof.
Upon each such adjustment of the kind and number of Warrant Shares or other securities of the
Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the
number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price
per Warrant Share or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing by the number of Warrant Shares or other
securities of the Company resulting from such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such event retroactive to
the record date, if any, for such event.

12. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. In
case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge
with or into another corporation (where the Company is not the surviving corporation of such event
or where there is a change in or distribution with respect to the Common Stock of the Company), or
sell, transfer or otherwise dispose of all or substantially all its property, assets or business to
another corporation and, pursuant to the terms of such reorganization, reclassification, merger,
consolidation or disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or in lieu of common
stock of the successor or acquiring corporation (“Other Property”), are to be received by or
distributed to the holders of Common Stock of the Company, then the Holder shall have the right
thereafter to receive, upon exercise of this Warrant, the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other
Property receivable upon or as a result of such reorganization, reclassification, merger,
consolidation or disposition of assets by a Holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such event. In addition to the foregoing,
in case of any such reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall expressly assume
the due and punctual observance and performance of each and every covenant and condition of this
Warrant to be performed and observed by the Company and all the obligations and liabilities
hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith
by resolution of the Board of Directors of the Company) in order to provide for adjustments of
Warrant Shares for which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in this Section 12. For purposes of this Section 12,
“common stock of the successor or acquiring corporation” shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class of stock of such
corporation and which is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or exchangeable for
any such stock, either immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.

13. Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of
securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is
adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice
shall state the number of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or
property) after such adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which such adjustment was made.

14. Notice of Corporate Action. If at any time:

(a) the Company shall take a record of the holders of its Common Stock for the purpose of
entitling them to receive a dividend or other distribution, or any right to subscribe for or
purchase any evidences of its indebtedness, any shares of stock of any class or any other
securities or property, or to receive any other right, or

(b) there shall be any capital reorganization of the Company, any reclassification or
recapitalization of the capital stock of the Company or any consolidation or merger of the Company
with, or any sale, transfer or other disposition of all or substantially all the property, assets
or business of the Company to, another corporation or,

(c) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the
Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at least 20 days’
prior written notice of the date on which a record date shall be selected for such dividend,
distribution or right or for determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up,
and (ii) in the case of any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up, at least 20 days’ prior written
notice of the date when the same shall take place. Such notice in accordance with the foregoing
clause also shall specify (i) the date on which any such record is to be taken for the purpose of
such dividend, distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and character thereof, and
(ii) the date on which any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange
their Warrant Shares for securities or other property deliverable upon such disposition,
dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if
addressed to Holder at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 16(d).

15. Authorized Shares. The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any
action, including, without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such actions as may be necessary or appropriate to protect the
rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (b)
take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and
(c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares
for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

16. Miscellaneous. (a) Jurisdiction. This Warrant shall constitute a contract
under the laws of New York, without regard to its conflict of law, principles or rules.

(b) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

(c) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise
any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise
prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on
the Termination Date. If the Company fails to comply with any provision of this Warrant, which
results in any material damages to the Holder, the Company shall pay to Holder such amounts as
shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

(d) Notices. Any notice, request or other document required or permitted to be given
or delivered to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Subscription Agreement; provided that upon any permitted assignment of this
Warrant, the assignee shall promptly provide the Company with its address for notices, which shall
be the address for notices to such assignee, until changed in accordance with the Subscription
Agreement.

(e) Limitation of Liability. No provision hereof, in the absence of any affirmative
action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of
the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

(f) Remedies. Holder, in addition to being entitled to exercise all rights granted by
law, including recovery of damages, will be entitled to specific performance of its rights under
this Warrant, without the necessity of showing economic loss and without any bond or other security
being required. The Company agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive the defense in any action for specific performance that a remedy at law would be adequate.

(g) Successors and Assigns. Subject to applicable securities laws, this Warrant and
the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and permitted assigns of Holder. The provisions of
this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

(h) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Holder.

(i) Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.

(j) Headings. The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant.

(k) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of
and agreement to all of the terms and conditions contained herein.

1 A number of shares of Common Stock equal to 75% of
the number of shares of Common Stock issued to the Holder at the Closing (as
defined in the Purchase Agreement).

1

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized.

	 	 	 	 	 	 	 
	Dated:

	 	February      , 2006
	 	

LOUDEYE CORP.

By:
	 	

	
 
	 	 	 	 
	 	 
	
 
	 	 	 	Name:
	 	Michael A. Brochu

	 	 	 
	Title:	 	President & Chief Executive OfficerNOTICE OF EXERCISE
	To:

	 	Loudeye Corp.

(1) The undersigned hereby elects to purchase      Warrant Shares of Loudeye Corp.
pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

	 	 	 	[ ] in lawful money of the United States; or

	 	 	 	[ ] the cancellation of such number of Warrant Shares as is
necessary, in accordance with the formula set forth in subsection 3(e), to
exercise this Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set forth in subsection
3(e).

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of
the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following:

(4) The undersigned hereby certifies to the Company that the Company’s issuance of the amount
set forth above in accordance with Section 3(a) of the Warrant will not directly result in the
undersigned (together with the undersigned’s affiliates) beneficially owning in excess of 4.99% of
the number of shares of Common Stock outstanding immediately after giving effect to such exercise,
calculated in accordance with Section 3(d) of the Warrant.

(5) Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation
D promulgated under the Securities Act of 1933, as amended.

[INVESTOR]

	 	 	 	By:

Name:

Title:

Dated:

2

ASSIGNMENT FORM

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

whose address is

	 	 	 	 	 
	Holder’s Signature:

	 	Dated:

	 	     ,      

	 

	 	 
	 	 
	Holder’s Address:

	 	

	 	

	 

	 	 
	 	 
	Signature Guaranteed:

	 	

	 	

	 

	 	 
	 	 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face
of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other
representative capacity should file proper evidence of authority to assign the foregoing Warrant.

3EX-10.1

TRANSITION AND SEPARATION AGREEMENT

AND GENERAL RELEASE

THIS TRANSITION AND SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into
this 17th day of February, 2006, by and between Calvin B. Massmann (hereinafter
referred to as “Mr. Massmann”) and Tractor Supply Company and its subsidiaries and related entities
(hereinafter collectively referred to as “Tractor Supply”).

W I T N E S S E T H:

WHEREAS, Mr. Massmann served as Senior Vice President — Chief Financial Officer and Treasurer of
Tractor Supply; and

WHEREAS, Mr. Massmann had expressed his desire to resign his employment; and

WHEREAS, Tractor Supply had indicated its desire for Mr. Massmann to continue as the Company’s
Senior Vice President – Chief Financial Officer and Treasurer through November 4, 2005, and to
continue to serve as an employee of Tractor Supply thereafter until May 28, 2006 or his earlier
resignation or termination whereupon his employment will terminate; and

WHEREAS, Mr. Massmann continued as the Company’s Senior Vice President – Chief Financial Officer
and Treasurer through November 4, 2005, and

WHEREAS, Mr. Massmann did resign as the Company’s Senior Vice President – Chief Financial Officer
and Treasurer on November 4, 2005 and has continued to serve as an employee of Tractor Supply since
that date, as more fully-described in that certain Form 8-K filed appropriately by Tractor Supply
on September 8, 2005 and made a part of this Agreement by reference; and

WHEREAS, Mr. Massmann, had agreed to remain employed by Tractor Supply, subject to the terms of
this Agreement, from November 4, 2005 through the first to occur of the date of his resignation,
the date of his termination by Tractor Supply or May 28, 2006 (the Transition Period”) (the first
to occur of such dates is hereinafter referred to as the “Effective Date”); and

WHEREAS, during the period ending on November 4, 2005, Tractor Supply agreed to pay and has paid
Mr. Massmann a base salary at the rate as in effect on the date of Mr. Massmann’s resignation as
Senior Vice President — Chief Financial Officer and Treasurer of Tractor Supply (“Transition Base
Rate”), and from which Tractor Supply has made and will make applicable legal withholdings; and

WHEREAS, since November 4, 2005, Tractor Supply has continued to pay Mr. Massmann a base salary at
the rate of one-half the Transition Base Rate; and

WHEREAS, after a period of negotiations between them, the parties reached an agreement by which Mr.
Massmann has been and will remain an employee of Tractor Supply during the above-referenced
transition period to assist in the transition of a new chief financial officer and to perform such
other duties as have been and shall be assigned by the President and Chief Executive Officer of
Tractor Supply from time to time, all on the terms and conditions set forth in this Agreement;

1

NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed
as follows:

	1.	 	The parties acknowledge and agree that the recitals set forth above are true and accurate.

	 	 	1.

	2.	 	The parties hereby acknowledge and agree that Mr. Massmann has been and shall remain employed
by Tractor Supply, subject to the terms and conditions of this Agreement, as its Senior Vice
President, subject to the terms and conditions of this Agreement, during the period (the
“Transition Period”) from November 4, 2005 through the first to occur of the date of his
resignation, the date of his termination by Tractor Supply or May 28, 2006 (the first to occur
of such dates is hereinafter referred to as the “Effective Date”).

	1.	 	The parties hereby acknowledge and agree that , during the Transition Period, Mr. Massmann
has received and will continue to receive

	1.	 	a base salary equal to one-half the Transition Base Rate, and from which Tractor Supply has
made and will make applicable legal withholdings; and

	3.	 	all benefits as in effect for Mr. Massmann as of November 4, 2005 (subject to such changes as
shall be made for officers of Tractor Supply generally), including paid vacation, paid
holidays, medical coverage, company match on portions of salary deferred at Mr. Massmann’s
request under the Tractor Supply Company Employee 401(k) Retirement Savings Plan, company
contributions and interest credited on deferred compensation under the Executive Deferred
Compensation Plan and term life and long-term disability insurance premiums (collectively, the
“Benefits”).

	4.	 	The parties agree that Mr. Massmann will receive

	 	 	the bonus compensation, if any, in respect of fiscal year 2005 on the terms and subject to the
conditions of the 2005 Cash Incentive Plan; provided, the calculation of Mr. Massmann’s bonus
compensation payment under the 2005 Cash Incentive Plan shall be calculated using the
Transition Base Rate.

	5.	 	Further,

	 	 	if Mr. Massmann elects to continue health insurance coverage pursuant to his “COBRA” right
following the Effective Date and conditioned upon Mr. Massmann’s compliance with the covenants
contained herein, Tractor Supply will pay the premiums for such coverage (minus the amount of
the then-applicable employee contribution portion) during the eighteen month period following
the Effective Date.

	6.	 	During the Transition Period, Mr. Massmann is responsible for assisting in the transition to
a new Chief Financial Officer and performing such other duties as shall be assigned from time
to time by the President and Chief Executive Officer (it being understood that Mr. Massmann
will be permitted to take one unpaid leave of absence during the Transition Period not to
exceed ten weeks in duration). Such assistance and duties shall be performed at such times
and at such locations as directed by the President and Chief Executive Officer. Tractor Supply
acknowledges that, to date, Mr. Massmann has been performing such duties satisfactorily.

	7.	 	Mr. Massmann represents and warrants that he has no actual knowledge of any practice engaged
in by Tractor Supply, its subsidiaries or related entities that is or was a violation in any
material respect of any applicable state law or regulations or of any federal law or
regulations including, but not by way of limitation, the Securities Act of 1933, as amended,
and the Securities Exchange Act of 1934, as amended, and the regulations promulgated
thereunder.

	8.	 	Mr. Massmann represents and warrants that he has not filed any complaint(s) or charge(s)
against Tractor Supply with the Equal Employment Opportunity Commission or the state
commission empowered to investigate claims of employment discrimination, the United States
Department of Labor, the Office of Federal Contract Compliance Programs, or with any other
local, state or federal agency or court, and that if any such agency or court assumes
jurisdiction of any complaint(s) or charge(s) against Tractor Supply on behalf of Mr.
Massmann, Mr. Massmann will request such agency or court to withdraw from the matter, and Mr.
Massmann will refuse any benefits derived therefrom. This Agreement will not affect Mr.
Massmann’s right to hereafter file a charge with or otherwise participate in an investigation
or proceeding conducted by the Equal Employment Opportunity Commission regarding matters which
arose after this date and which are not the subject of this Agreement.

	9.	 	Mr. Massmann represents and agrees that he is fully aware of his rights and has been advised
to discuss any and all aspects of this Agreement with his attorney, that Mr. Massmann has
consulted with his attorney regarding this Agreement, or has chosen voluntarily not to do so,
that he has carefully read and fully understands all of the provisions of this Agreement, and
that, in consideration of the provisions hereof, Mr. Massmann agrees to enter into this
Agreement. Tractor Supply will reimburse Mr. Massmann for the fees of any legal counsel
employed by Mr. Massmann to review the terms of this Agreement in an amount not to exceed
$1,500. Mr. Massmann represents and acknowledges that prior to the execution of this
Agreement, he has been provided a period of twenty-one (21) days within which to consider the
Agreement.

	10.	 	Mr. Massmann hereby irrevocably and unconditionally releases, acquits and forever discharges
Tractor Supply, its subsidiaries, and related entities, and each of their respective
shareholders, successors, assigns, agents, directors, officers, employees, representatives,
and attorneys, and all persons acting by, through, under or in concert with any of them
(collectively, the “Released Parties”), or any of them, from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, damages, actions,
causes of action, suits, rights, demands, costs, losses, debts and expenses (including
attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown
(“Claims”), which Mr. Massmann now has, owns, holds, or claims to have, own, or hold, or which
Mr. Massmann at any time heretofore had, owned, or held, or claimed to have, own, or hold.
Such Claims include those under local, state or federal law, Executive Order, or at common law
including, but not limited to, the Age Discrimination in Employment Act (ADEA). This
provision does not include the release of future charges before the Equal Employment
Opportunity Commission regarding matters which arose after this date and which are not the
subject of this Agreement. This provision further does not include the release of Claims with
respect to any vested benefits under a plan governed by the Employee Retirement Income
Security Act (“ERISA”) or any Claim related to the rights and benefits granted by the express
terms of this Agreement.

	11.	 	Mr. Massmann also recognizes that as Senior Vice President he has had access to, was provided
in detail with, and used throughout his employment with Tractor Supply, certain confidential
and proprietary business information. Such information includes but is not limited to
business strategy, financial information, pricing information, branding strategy, budgets,
site location, vendor information, market analysis and evaluation, and other such proprietary
and confidential business information as defined under Tennessee law as a trade secret
(hereinafter “Confidential and Proprietary Business Information”). Mr. Massmann agrees that,
without the prior written consent of Tractor Supply, he will not divulge, disclose, publish or
disseminate in any manner, directly or indirectly, any such Confidential and Proprietary
Business Information to any other person or entity.

	12.	 	In consideration of the Agreements of Tractor Supply herein, Mr. Massmann agrees that he will
not, during the term of this Agreement and for a period of five years following the Effective
Date (the “Noncompete Period”), (i) directly or indirectly become an employee, director,
consultant or advisor of, or otherwise affiliated with, any operator of farm and ranch stores
in the United States, (ii) directly or indirectly solicit or hire, or encourage the
solicitation or hiring of, any person who was an employee of Tractor Supply at any time during
the term of this Agreement or on or after the Effective Date, or (iii) disparage the name,
business reputation or business practices of Tractor Supply or any of its officers or
directors, or interfere with Tractor Supply’s existing or prospective business relationships.
Mr. Massmann acknowledges that the restrictions contained in paragraph 11 and this paragraph
12 are reasonable and necessary to protect Tractor Supply’s legitimate interests, that Tractor
Supply would not have entered into this Agreement in the absence of such restrictions, and
that any violation of these restrictions may result in irreparable harm to Tractor Supply.
Mr. Massmann agrees that Tractor Supply shall be entitled to seek preliminary and permanent
injunctive relief, without the necessity of proving actual damages, as well as an equitable
accounting of all earnings, profits and other benefits arising from any violation hereof,
which rights shall be cumulative and in addition to any other rights or remedies to which
Tractor Supply may be entitled.

	13.	 	Tractor Supply agrees to indemnify Mr. Massmann in the event he is a party to, or is
threatened to be made a party to any threatened, pending or completed action, suit or
proceeding, whether or not by or in the name of Tractor Supply, whether civil, criminal,
administrative, investigation or otherwise, and whether or not threatened or initiated before
or after the date of this Agreement, by reason of the fact that he was an officer, employee,
fiduciary or agent of Tractor Supply in the manner and to the fullest extent provided for in
Article VI of the Company’s Amended and Restated Bylaws as of the date of this Agreement. Mr.
Massmann agrees to indemnify and hold each and all of the Released Parties harmless from and
against any and all loss, costs, damage, or expense, including, without limitation, attorneys
fees, incurred by the Released Parties, or any of them, caused by Mr. Massmann’s breach of the
representations, warranties and covenants made by Mr. Massmann in this Agreement or the fact
that any representation made by him herein was knowingly false when made.

	14.	 	Given the nature of his position with Tractor Supply, Mr. Massmann has been privy to
information and events during his tenure with Tractor Supply that may not be documented. Mr.
Massmann agrees to provide from time to time following the Effective Date such information and
assistance as Tractor Supply and its legal counsel shall reasonably request regarding matters
related to his responsibilities while employed by Tractor Supply, it being understood that
such assistance shall not reasonably interfere with Mr. Massmann’s other business
responsibilities following the Effective Date.

	15.	 	Tractor Supply agrees, provided that Mr. Massmann complies with the covenants and agreements
contained in the Agreement (including the restrictive covenants contained in paragraphs 11 and
12), to pay Mr. Massmann $75,000.00 on the Effective Date and each anniversary of the
Effective Date for four years (a aggregate of five payments totaling $375,000.00).

Mr. Massmann further agrees that he will not be entitled to any payment under the Company’s
Fiscal 2006 Cash Incentive Plan.

	16.	 	As a condition to receiving the benefits of this Agreement, Mr. Massmann agrees to sign on
the Effective Date, a release in favor of the Released Parties in the form of paragraph 10
hereof.

	17.	 	Mr. Massmann represents that he has not heretofore assigned or transferred, or purported to
assign or transfer to any person or entity, any claim or any portion thereof or interest
therein.

	18.	 	Mr. Massmann represents and acknowledges that in executing this Agreement he does not rely
and has not relied upon any other representation or statement made by any of the Released
Parties or by any of the Released Parties’ agents, representatives or attorneys, except as set
forth herein, with regard to the subject matter, basis or effect of this Agreement.

	19.	 	This Agreement shall be binding upon Tractor Supply, Mr. Massmann and upon Mr. Massmann’s
heirs, administrators, representatives, executors, successors, and assigns, and shall inure to
the benefit of the Released Parties and each of them, and to their respective heirs,
administrators, representatives, executor, successors and assigns.

	20.	 	This Agreement shall in all respects be interpreted, enforced and governed under the laws of
the State of Tennessee. If either party files suit to enforce the terms of this Agreement,
the prevailing party shall be entitled to its reasonable attorneys’ fees and costs. Any
proceeding arising out of or relating to this Agreement may be brought in the courts of the
State of Tennessee, County of Williamson or, if it has or can acquire jurisdiction, in the
United States District Court located in Davidson County, Tennessee, and each of the parties
irrevocably submits to the exclusive jurisdiction of each such court in any such proceeding,
waives any objection it may now or hereafter have to venue or to convenience of forum, agrees
that all claims in respect of the proceeding will be heard and determined only in any such
court, and agrees not to bring any proceeding arising out of or relating to this Agreement in
any other court. The parties agree that either or both of them may file a copy of this
paragraph with any court as written evidence of the knowing, voluntary, and bargained
agreement between the parties irrevocably to waive any objections to venue or to convenience
of forum. Process in any proceeding referred to in the preceding sentence may be served on
any party anywhere in the world.

	21.	 	Mr. Massmann shall have seven (7) days following the execution of this Agreement during which
to revoke the Agreement. This Agreement shall become effective and irrevocable only after the
seven (7) day period has expired and only absent a timely and effective revocation.

	22.	 	Should any provision of this Agreement be declared or be determined by any court to be
illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be
affected thereby and said illegal or invalid part, term or provision shall be deemed not to be
a part of this Agreement.

	23.	 	This Agreement sets forth the entire agreement between the parties hereto with respect to its
subject matter and supercedes all prior agreements and understandings between the parties,
including that certain Change in Control Agreement dated as of August 1, 2002 which shall be
void and of no further force of effect.

TRACTOR SUPPLY COMPANY

	 	 	 
	By:

	 	/s/ James F. Wright
	
 
	 	 
	
 
	 	James F. Wright

President and Chief Executive Officer

CALVIN B. MASSMANN

	 	 	 
	By:

	 	/s/ Calvin. B. Massmann
	
 
	 	 
	
 
	 	Calvin B. Massmann
	 
	 	 

2

2610428.4

3

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