Document:

Exhibit No.
10.7

BEST
BUY CO., INC.

2007 LONG-TERM INCENTIVE PROGRAM AWARD AGREEMENT
 Award Date: October 23, 2006

I.                 The Award. 
As of the Award Date set forth in the Award Notification accompanying
this award, Best Buy Co., Inc. (“Best Buy”) grants to you an option to purchase
the number of shares of Best Buy common stock set forth in such Award
Notification (the “Option”) at the option price per share set forth in such
Award Notification, and/or a mix of long-term incentive award alternatives you
have selected, including (i) a number of performance shares of Best Buy
common stock (the “Performance Shares”), (ii) a number of restricted
shares of Best Buy common stock (the “Restricted Shares”), and/or (iii) a
number of performance units to be paid in cash (the “Performance Units”) as set
forth in such Award Notification, on the terms and conditions contained in this
2007 Long-Term Incentive Program Award Agreement (this “Agreement”) and the
Best Buy Co., Inc. 2004 Omnibus Stock and Incentive Plan (the “Plan”).  Capitalized terms not defined in the body of
this Agreement are defined in the Addendum.

II.             Option

2.1                   Duration and Exercisability of Option.  You may not exercise any portion of the
Option prior to one year from the Award Date, and the Option expires 10 years
after the Award Date (the “Expiration Date”). 
You may exercise the Option in cumulative installments of 25% on and
after each of the first four anniversaries of the Award Date.  The entire Option will vest earlier and become
exercisable upon your Qualified Retirement, Disability or death or if, within
12 months following a Change of Control, your employment is terminated without
Cause or you terminate your employment for Good Reason.  The Option may only be exercised by you
during your lifetime, and may not be assigned or transferred other than by will
or the laws of descent and distribution.

2.2                   Exercise and Tax Withholding.  The Option may be exercised in
whole or in part by notice to Best Buy (through the Plan administrator or other
means as shall be specified by Best Buy from time-to-time) stating the number
of shares to be purchased under the Option and the method of payment.  The notice must be accompanied by payment in
full of the exercise price for all shares designated in the notice.  Payment of the exercise price may be made by
cash, check or delivery of previously owned shares of stock having a Fair
Market Value (as defined in the Plan) on the date of exercise equal to the
exercise price, or a combination thereof. 
The Option will not be eligible for treatment as a qualified or
incentive stock option for federal income tax purposes.  You are liable for any federal and state
income or other taxes applicable upon the grant or exercise of the Option or the
disposition of the underlying shares, and you acknowledge that you should
consult with your own tax advisor regarding the applicable tax
consequences.  Upon exercise of the
Option, Best Buy will withhold from the shares that would otherwise be
delivered to you a number of shares having a fair market value equal to the
amount of all applicable taxes required by Best Buy to be withheld or collected
upon the exercise of the Option, unless your notice of exercise indicates your
desire to satisfy such withholding obligations through the payment of cash or
the delivery of previously acquired shares of Best Buy common stock, and such
cash or shares are delivered to Best Buy promptly thereafter.  You have no rights in the shares subject to
the Option until such shares are received upon exercise of the Option.

2.3                   Retirement, Disability, Death or Termination.  Upon your Qualified Retirement,
you will have one year from the effective date of your retirement to exercise
the Option.  If you die while employed,
the representative of your estate or your heirs will have one year from the
date of your death to exercise the Option. 
If you become Disabled, you will have one year from the effective date
of such classification to exercise the Option. 
If your employment is terminated by Best Buy or an Affiliate without
Cause or if you resign or otherwise voluntarily terminate your employment with
Best Buy or an Affiliate, you will have 60 days from the date of your
termination to exercise the Option, to the extent the Option had vested as of
your termination date.  In no case,
however, may the Option be exercised after the Expiration Date.  The Option may not be exercised following
termination of employment for Cause.

III.         Performance Shares

3.1                   Restricted Period. 
The Performance Shares are subject to the restrictions contained in this
Agreement and the Plan during the period (for purposes of this
Section III, the “Restricted Period”) beginning on the Award Date and
ending on February 27, 2010, subject to the provisions of Section 3.3
below.  The restrictions will lapse and
the Performance Shares will become transferable and non-forfeitable as of
February 27, 2010 if the Vesting Criteria set forth in the attached
Vesting Criteria Schedule have been met. 
If the Vesting Criteria are not met as of such date, your rights to some
or all of the Performance Shares, as set forth in the Vesting Criteria
Schedule, will be immediately forfeited. 
The Committee will determine in its sole discretion whether the Vesting
Criteria are met, upon which the Performance Shares will be issued in your name
no later than 75 days after the end of the Restricted Period, either by
book-entry registration or issuance of a stock certificate.  If the Performance Shares are

issued prior
to the end of the Restricted Period, the stock certificate will be held by Best
Buy, and may bear an appropriate legend referring to the restrictions
applicable to the Performance Shares.

3.2                   Restrictions.  The
Performance Shares are subject to the following restrictions during the
Restricted Period:

(a)                        The
Performance Shares are subject to forfeiture to Best Buy as provided in this
Agreement and the Plan.

(b)                       The
Performance Shares may not be sold, assigned, transferred or pledged during the
Restricted Period.  You may not transfer
the right to receive the Performance Shares, other than by will or the laws of
descent and distribution, and any such attempted transfer will be void.

3.3                   Forfeiture/Acceleration. 
Upon your Qualified Retirement prior to February 27, 2010, the
Restricted Period will continue and the Performance Shares will not be issued
until such date as the Committee determines in its sole discretion whether and
to what extent the Vesting Criteria set forth in the Vesting Criteria Schedule
have been met, as set forth in Section 3.1 above.   If
your employment is terminated by reason of death or you become Disabled prior
to February 27, 2010, the restrictions will lapse and the Performance
Shares will be issued and become non-forfeitable and transferable as of the
date of such termination in the same amount as if the performance goals had
been achieved such that 100% of the Performance Shares had been earned through
the date of termination.  If, prior to February 27, 2010
and within 12 months following a Change in Control, your employment is
terminated without Cause or you terminate your employment for Good Reason, the
restrictions will lapse and the Performance Shares will be issued and become
non-forfeitable and transferable as of the date of such termination in the same
amount as if the performance goals had been achieved such that 100% of the
Performance Shares had been earned through the date of termination.  If your employment is terminated prior to
February 27, 2010 for any other reason, your rights to all of the
Performance Shares will be immediately and irrevocably forfeited.

3.4                   Rights.  Until
issuance of the Performance Shares, you will not have any rights of a
shareholder with respect to the Performance Shares.  Upon issuance of the Performance Shares, you
will, subject to the restrictions of this Agreement and the Plan, have all of
the rights of a shareholder with respect to the Performance Shares, unless and
until the Performance Shares are forfeited, except that you will not have the
right to vote the Performance Shares during the Restricted Period.  Any dividends or other distributions (whether
cash, stock, or otherwise) paid on the Performance Shares during the Restricted
Period will be held by Best Buy until the end of the Restricted Period, at
which time Best Buy will pay you all such dividends and other distributions,
plus interest compounded quarterly based on the prime interest rate, on any
cash dividends or distributions, less any applicable tax withholding
amounts.  If the Performance Shares are
forfeited as described in Section 3.3 of this Agreement, then all rights to
such payments will also be forfeited.

3.5                   Income Taxes.  You are
liable for any federal and state income or other taxes applicable upon the
grant of the Performance Shares if you make an election under Section 83(b) of
the Internal Revenue Code of 1986, as amended, within 30 days of the date of
grant, or upon the lapse of the restrictions on the Performance Shares, and the
subsequent disposition of the Performance Shares, and you acknowledge that you
should consult with your own tax advisor regarding the applicable tax
consequences.  Upon the lapse of the
restrictions on the Performance Shares, Best Buy will withhold from the
Performance Shares the number of Performance Shares having a fair market value
equal to the amount of all applicable taxes required by Best Buy to be withheld
upon the lapse of the restrictions on the Performance Shares unless, prior to
the end of the Restricted Period, you notify Best Buy of your desire to satisfy
such withholding obligations through the payment of cash or the delivery of
previously acquired shares of Best Buy common stock, and such cash or shares
are delivered to Best Buy promptly thereafter.

IV.         Restricted Stock

4.1                   Restricted Period. 
The Restricted Shares are subject to the restrictions contained in this
Agreement and the Plan during the period (for purposes of this Section IV,
the “Restricted Period”) beginning on the Award Date and ending on
February 27, 2010, subject to the provisions of Section 4.3 below.  The restrictions will lapse and the
Restricted Shares will become transferable and non-forfeitable as of
February 27, 2010 if the Vesting Criteria set forth in the attached
Vesting Criteria Schedule have been met. 
If the Vesting Criteria are not met as of such date, your rights to some
or all of the Restricted Shares, as set forth in the Vesting Criteria Schedule,
will be immediately forfeited.  The
Committee will determine in its sole discretion whether the Vesting Criteria
are met, upon which the Restricted Shares will be issued in your name no later
than 75 days after the end of the Restricted Period, either by book-entry
registration or issuance of a stock certificate.  If the Restricted Shares are issued prior to
the end of the Restricted Period, the stock certificate will be held by Best
Buy, and may bear a legend referring to the restrictions applicable to the
Restricted Shares.

4.2                   Restrictions.  The
Restricted Shares are subject to the following restrictions during the
Restricted Period:

(a)                        The Restricted Shares are
subject to forfeiture to Best Buy as provided in this Agreement and the Plan.

 2
 

(b)                       The Restricted Shares may not be
sold, assigned, transferred or pledged during the Restricted Period.  You may not transfer the right to receive the
Restricted Shares, other than by will or the laws of descent and distribution,
and any such attempted transfer will be void.

4.3                   Forfeiture/Acceleration. 
Upon your Qualified Retirement prior to February 27, 2010, the
Restricted Period will continue and the Restricted Shares will not be issued
until such date as the Committee determines in its sole discretion whether and
to what extent the Vesting Criteria set forth in the Vesting Criteria Schedule
have been met, as set forth in Section 4.1 above.  If your employment is terminated by reason of
death or you become Disabled prior to February 27, 2010, the restrictions
will lapse and the Restricted Shares will be issued and become non-forfeitable
and transferable as of the date of such termination in the same amount as if
the performance goals had been achieved such that 100% of the Restricted Shares
had been earned through the date of termination.  If, prior to February 27, 2010
and within 12 months following a Change in Control, your employment is
terminated without Cause or you terminate your employment for Good Reason, the
restrictions will lapse and the Restricted Shares will become non-forfeitable
and transferable as of the date of such termination in the same amount as if
the performance goals had been achieved such that 100% of the Restricted Shares
had been earned through the date of termination.  If your employment is terminated prior to
February 27, 2010 for any other reason, your rights to all of the Restricted
Shares will be immediately and irrevocably forfeited.

4.4                   Rights.  Until
issuance of the Restricted Shares, you will not have any rights of a
shareholder with respect to the Restricted Shares.  Upon issuance of the Restricted Shares, you
will, subject to the restrictions of this Agreement and the Plan, have all of
the rights of a shareholder with respect to the Restricted Shares, unless and
until the Restricted Shares are forfeited, except that you will not have the
right to vote the Restricted Shares during the Restricted Period.  Any dividends or other distributions (whether
cash, stock, or otherwise) paid on the Restricted Shares during the Restricted
Period will be held by Best Buy until the end of the Restricted Period, at
which time Best Buy will pay you all such dividends and other distributions,
plus interest compounded quarterly based on the prime interest rate, on any
cash dividends or distributions, less any applicable tax withholding
amounts.  If the Restricted Shares are
forfeited as described in Section 4.3 of this Agreement, then all rights to
such payments will also be forfeited.

4.5                   Income Taxes.  You are
liable for any federal and state income or other taxes applicable upon the
grant of the Restricted Shares if you make an election under Section 83(b) of
the Internal Revenue Code of 1986, as amended, within 30 days of the date of
grant, or upon the lapse of the restrictions on the Restricted Shares, and the
subsequent disposition of the Restricted Shares, and you acknowledge that you
should consult with your own tax advisor regarding the applicable tax consequences.  Upon the lapse of the restrictions on the
Restricted Shares, Best Buy will withhold from the Restricted Shares the number
of Restricted Shares having a fair market value equal to the amount of all
applicable taxes required by Best Buy to be withheld upon the lapse of the
restrictions on the Restricted Shares unless, prior to the end of the
Restricted Period, you notify Best Buy of your desire to satisfy such
withholding obligations through the payment of cash or the delivery of
previously acquired shares of Best Buy common stock, and such cash or shares
are delivered to Best Buy promptly thereafter.

V.             Performance Units

5.1                   Restricted Period. 
The Performance Units are subject to the restrictions contained in this
Agreement and the Plan during the period (for purposes of this Section V,
the “Restricted Period”) beginning on the Award Date and ending on
February 27, 2010, subject to the provisions of Section 5.4 below.  The restrictions will lapse and the
Performance Units will become non-forfeitable as of February 27, 2010 if
the Vesting Criteria set forth in the attached Vesting Criteria Schedule have
been met.  If the Vesting Criteria are
not met as of such date, your rights to some or all of the cash value of the
Performance Units, as set forth in the Vesting Criteria Schedule, will be
immediately forfeited.  The Committee
will determine in its sole discretion whether the Vesting Criteria are met.

5.2                   Payment.  Subject to
the provisions of Section 5.4 of this Agreement, the Performance Units shall be
paid in cash at the end of the Restricted Period, with each payment occurring
as soon as practicable after the Committee determines, in its discretion after
the end of the Restricted Period, whether and to what extent the performance
goals have been achieved in accordance with the terms set forth in the Vesting
Criteria Schedule, but in all cases within 75 days after the end of the
Restricted Period.

5.3                   Restrictions.  The
Performance Units are subject to the following restrictions during the
Restricted Period:

(a)                        The Performance Units, and the
right to receive the cash payment, is subject to forfeiture to Best Buy as
provided in this Agreement and the Plan.

(b)                       The
Performance Units, and the right to receive the cash payment, may not be sold,
assigned, transferred or pledged during the Restricted Period.  You may not transfer the Performance Units or
the right to receive the

 3
 

cash payment,
other than by will or the laws of descent and distribution, and any such
attempted transfer will be void.

5.4                   Forfeiture/Early Payment. 
Upon your Qualified Retirement prior to February 27, 2010, the
Restricted Period will continue and cash payment on the Performance Units will
not be made until such date as the Committee determines in its sole discretion
whether and to what extent the Vesting Criteria set forth in the Vesting
Criteria Schedule have been met, as set forth in Section 5.1 above.  If your employment is terminated by reason of
death or you become Disabled prior to February 27, 2010, the restrictions
will lapse and you or your estate shall be entitled to receive a cash payment
of the Performance Units in the same amount as if the performance goals had
been achieved such that 100% of the value of the Performance Units had been
earned through the date of termination, to be paid as soon as soon as
practicable, but in all cases within 75 days after the date of termination.  If,
prior to February 27, 2010 and within 12 months following a Change in
Control, your employment is terminated without Cause or you terminate your employment
for Good Reason, the restrictions will lapse and you shall be entitled to
receive a cash payment of the Performance Units in the same amount as if the
performance goals had been achieved such that 100% of the value of the
Performance Units had been earned through the date of termination, to be paid
as soon as soon as practicable, but in all cases within 75 days after the date
of termination.  If your employment is
terminated prior to February 27, 2010 for any other reason, your rights to
all of the Performance Units, and the right to receive the cash payment, will
be immediately and irrevocably forfeited.

5.5                   Income Taxes.  Best
Buy shall have the right to deduct from all payments made under this Agreement
any federal, state, or local taxes required by law to be withheld with respect
to such payments.

VI.         Confidentiality.
 In consideration of the Option and the Performance
Shares, Restricted Shares and/or
Performance Units, you acknowledge that
Best Buy operates in a competitive environment and that Best Buy has a
substantial interest in protecting its Confidential Information, and you agree,
during your employment by Best Buy and thereafter, to maintain the
confidentiality of Best Buy’s Confidential Information and to use such
Confidential Information for the exclusive benefit of Best Buy.

VII.     Terms and Conditions. 
This Agreement does not guarantee your continued employment or alter the
right of Best Buy or its affiliates to terminate your employment at any
time.  This Award is granted pursuant to
the Plan and is subject to its terms.  In
the event of any conflict between the provisions of this Agreement and the
Plan, the provisions of the Plan will govern.  By your acceptance of this award,
you acknowledge receipt of a copy of the Prospectus for the Plan and your
agreement to the terms and conditions of the Plan and this Agreement.

	
  

  	
  BEST
  BUY CO., INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

 4

ADDENDUM
TO

2007 LONG-TERM INCENTIVE PROGRAM AWARD AGREEMENT

For the
purposes hereof the terms used herein will have the following meanings:

“Affiliate”
will mean a company controlled directly or indirectly by Best Buy, where “control”
will mean the right, either directly or indirectly, to elect a majority of the
directors thereof without the consent or acquiescence of any third party.

“Beneficial
Owner” will have the meaning defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended.

“Cause” will
mean:

(i)            You
have breached your obligations of confidentiality to Best Buy or any of its
Affiliates;

(ii)           You
commit an act, or omit to take action, in bad faith which results in material
detriment to Best Buy or any of its Affiliates;

(iii)          You have violated Best
Buy’s Conflict of Interest policy (unless authorized by state or federal law);

(iv)          You have violated Best
Buy’s Securities Trading policy (unless authorized by state or federal law);

(v)           You
have committed fraud, misappropriation, embezzlement or other act of
dishonesty, including theft or misuse of Best Buy property, equipment or store
merchandise or violation or abuse of Best Buy’s discount policy, in connection
with Best Buy or any of its Affiliates or its or their businesses;

(vi)          You
have been convicted or have pleaded guilty or nolo contendere to criminal
misconduct constituting a felony or a gross misdemeanor, which gross
misdemeanor involves a breach of ethics, moral turpitude, or immoral or other
conduct reflecting adversely upon the reputation or interest of Best Buy or its
Affiliates;

(vii)         Your use of narcotics, liquor or illicit drugs
has had a detrimental effect on your performance of employment
responsibilities; or

(viii)        You are in material default under any agreement
between you and Best Buy or any of its Affiliates following any applicable
notice and cure period.

A “Change of
Control” will be deemed to have occurred if the conditions set forth in any one
of the following paragraphs will have been satisfied:

(I)            any
Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of Best Buy representing 50% or more of the combined voting power of
Best Buy’s then outstanding securities excluding, at the time of their original
acquisition, from the calculation of securities beneficially owned by such
Person, any securities acquired directly from Best Buy or its Affiliates or in
connection with a transaction described in clause (a) of paragraph III below;
or

(II)           individuals
who at the Award Date constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of Best Buy) whose
appointment or election by the Board or nomination for election by Best Buy’s
shareholders was approved or recommended by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the Award
Date or whose appointment, election or

 A-1
 

nomination for election
was previously so approved or recommended, cease for any reason to constitute a
majority thereof; or

(III)         there is consummated a merger or consolidation
of Best Buy or any Affiliate with any other company, other than (a) a merger or
consolidation which would result in the voting securities of Best Buy
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving
entity or any parent thereof), in combination with the ownership of any trustee
or other fiduciary holding securities under an employee benefit plan of Best
Buy or any Affiliate, at least 50% of the combined voting power of the voting
securities of Best Buy or such surviving entity or parent thereof outstanding
immediately after such merger or consolidation, or (b) a merger or
consolidation effected to implement a recapitalization of Best Buy (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or
indirectly of securities of Best Buy representing 50% or more of the combined
voting power of Best Buy’s then outstanding securities; or

(IV)         the
shareholders of Best Buy approve a plan of complete liquidation of Best Buy or
there is consummated an agreement for the sale or disposition by Best Buy of
all or substantially all Best Buy’s assets, other than a sale or disposition by
Best Buy of all or substantially all of Best Buy’s assets to an entity, at
least 50% of the combined voting power of the voting securities of which are
owned by shareholders of Best Buy in substantially the same proportions as
their ownership of Best Buy immediately prior to such sale; or

(V)           the
Board determines in its sole discretion that a change in control of Best Buy
has occurred.

(VI)         Notwithstanding
the foregoing, a “Change in Control” will not be deemed to have occurred by
virtue of the consummation of any transaction or series of integrated
transactions immediately following which the record holders of the common stock
of Best Buy immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of Best Buy immediately following
such transaction or series of transactions.

“Committee”
will mean the Compensation and Human Resources Committee of the Board of
Directors of Best Buy or any other committee of the Board designated by the
Board to administer the Plan.

“Confidential
Information” will mean any and all information in whatever form, whether
written, electronically stored, orally transmitted or memorized pertaining
to:  trade secrets; customer lists,
records and other information regarding customers; price lists and pricing
policies, financial plans, records, ledgers and information; purchase orders,
agreements and related data; business development plans; products and
technologies; product tests; manufacturing costs; product or service pricing;
sales and marketing plans; research and development plans; personnel and
employment records, files, data and policies (regardless of whether the
information pertain to you or other employees of Best Buy); tax or financial
information; business and sales methods and operations; business
correspondence, memoranda and other records; inventions, improvements and
discoveries; processes and methods; and business operations and related data
formulae; computer records and related data; know-how, research and
development; trademark, technology, technical information, copyrighted
material; and any other confidential or proprietary data and information which
you encounter during employment, all of which are held, possessed and/or owned
by Best Buy and all of which are used in the operations and business of Best
Buy.  Confidential Information does not
include information which is or becomes generally known within Best Buy’s
industry through no act or omission by you; provided, however, that the
compilation, manipulation or other exploitation of generally known information
may constitute Confidential Information.

“Disabled” will
mean an employee who is deemed disabled if he or she is unable to perform any
of the material and substantial duties of his or her regular occupation due to
a sickness or injury, and such inability to perform continues for at least six
consecutive months.  If any such
Affiliate does not have a long term disability plan in effect at such time, you
will be deemed disabled for the purposes hereof if you would have qualified for
long term disability payments under Best Buy’s long term disability plan had
you then been an employee of Best Buy.

 A-2
 

“Good Reason”
will mean the occurrence of any of the following events following a Change in
Control, except for the occurrence of such an event in connection with the
termination of your employment by Best Buy or any successor company or
affiliated entity then employing you for Cause, Disability or death:

(I)            the
assignment of employment duties or responsibilities which are not substantially
comparable in responsibility and status to the employment duties and
responsibilities held by you immediately prior to the Change in Control;

(II)           a
material reduction in your base salary as in effect immediately prior to the
Change in Control; or

(III)         being required to work in a location more than
50 miles from your office location immediately prior to the Change in Control,
except for requirements of temporary travel on Best Buy’s business to an extent
substantially consistent with your business travel obligations immediately
prior to the Change in Control.

“Person” will
have the meaning defined in Sections 3(a)(9) and 13(d) of the Securities
Exchange Act of 1934, as amended, except that such term will not include (i)
Best Buy or any of its subsidiaries, (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of Best Buy or any of its Affiliates,
(iii) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (iv) a corporation owned, directly or indirectly, by the
shareholders of Best Buy in substantially the same proportions as their
ownership of stock of Best Buy.

“Qualified
Retirement” will mean any termination of employment for retirement on or after
age 60, so long as the employee has served Best Buy continuously for at least
the three years immediately preceding the retirement.

 A-3
 

VESTING CRITERIA SCHEDULE TO

2007 LONG-TERM INCENTIVE PROGRAM AWARD AGREEMENT

Performance Share Vesting

Performance Share Vesting
is determined based on the following illustration:

	
  Vesting Based on

  Best Buy TSR vs.

  S&P 500 Member Companies

  	
  

  	
  S&P 500 Member Companies’ Total

  Shareholder Return

  

 

TSR
Formula

Total
Shareholder Return (TSR) represents the annual return shareholders receive on
their investment, including both paid dividends and capital gains (stock price
appreciation).  The beginning price is
calculated by taking the average of the closing prices over a 90 day period
prior to March 4, 2007.  The ending price
is calculated by taking the average of the closing prices over a 90 day period
prior to February 27, 2010.
TSR % is determined for both Best Buy and each of the S&P 500 member
companies using the formula below.

	
  

  	
  

  	
  (End Price +
  Dividends)

  (Beginning Price)

  	
  

  	
  1¤3

  	
   

  
	
   

  	
  - 1

  	
  =

  	
  TSR %

  
	
   

  	
   

  

                                                                                                

Vesting
Formula

Best
Buy’s TSR % is then compared to the TSR % of the S&P 500 member companies.

For
Performance below the 25th Percentile, no shares vest.

For
Performance from 25th Percentile to 40th Percentile, vesting is determined based on the
following formula:

(Best Buy TSR % - S&P
25th Percentile TSR %)                       x   
50% 

(S&P 40th Percentile TSR % - S&P 25th Percentile TSR %)

For
Performance from 40th Percentile to 50th Percentile, vesting is determined based on the
following formula:

(Best Buy TSR % - S&P
40th Percentile TSR %)                       x   
50%   +   50%

(S&P 50th Percentile TSR % - S&P 40th Percentile TSR %)

 A-4
 

For
Performance from 50th Percentile to 75th Percentile, vesting is determined based on the
following formula:

(Best Buy TSR % - S&P
50th Percentile TSR %)                      x   
50%    +   100%

(S&P 75th Percentile TSR % - S&P 50th Percentile TSR %)

For
Performance at or above the 75th Percentile, 150% of shares vest.

Restricted Share Vesting

Restricted Shares will be
earned if Best Buy’s fiscal 2008 Economic Value Added (“EVA”) achieves a
certain level compared with the fiscal 2008 EVA target as determined by the
Committee.  EVA measures the amount by
which Best Buy’s after-tax profits, after certain adjustments, exceed Best Buy’s
cost of capital.  The following sets
forth the percentage of Restricted Shares that may be earned based on varying
levels of Best Buy’s fiscal 2008 EVA as a percentage of the fiscal 2008 EVA
target:

	
  Fiscal 2008 EVA as a Percentage

  of Fiscal 2008 EVA Target

  	
   

  	
  % of Restricted Shares

  that will be Earned

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  111% and Above

  	
   

  	
  125

  	
  %

  
	
  At least 91% but
  less than 111%

  	
   

  	
  100

  	
  %

  
	
  At least 75% but
  less than 91%

  	
   

  	
  75

  	
  %

  
	
  Below 75%

  	
   

  	
  0

  	
  %

  

 

Performance Unit Vesting

Performance Units will be
earned if Best Buy’s fiscal 2008 Economic Value Added (“EVA”) achieves a
certain level compared with the fiscal 2008 EVA target as determined by the
Committee.  EVA measures the amount by
which Best Buy’s after-tax profits, after certain adjustments, exceed Best Buy’s
cost of capital.  The following sets
forth the dollar value of Performance Units that may be earned based on varying
levels of Best Buy’s fiscal 2008 EVA as a percentage of the fiscal 2008 EVA
target:

	
  Fiscal 2008 EVA as a Percentage

  of Fiscal 2008 EVA Target

  	
   

  	
  $ Value of Performance

  Units that will be Earned

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  111% and Above

  	
   

  	
  $

  	
  1.25

  	
   

  
	
  At least 91% but
  less than 111%

  	
   

  	
  $

  	
  1.00

  	
   

  
	
  At least 75% but
  less than 91%

  	
   

  	
  $

  	
  0.75

  	
   

  
	
  Below 75%

  	
   

  	
  $

  	
  0.00

  	
   

  

 

 A-5Exhibit
10.10

EXECUTION
VERSION

AGREEMENT AND
GENERAL RELEASE

Agreement and General Release
(the “Agreement”) made, at New York, New York, as of April 2, 2007, by
and between International Fight League, Inc., with offices located at 424 West
33rd Street, Suite 650, New York, New York 10001 (the “Company”), and
Salvatore A. Bucci, who is domiciled at 160 Cobbler Lane, Southbury,
Connecticut 06488-4655 (“Executive”; and each of the Company and the
Executive, a “Party”, and collectively, the “Parties”).

WHEREAS, Executive is employed
by the Company as Executive Vice President and Chief Financial Officer and
Treasurer and also serves as a director of the Company; and

WHEREAS, Executive and the
Company have determined that Executive’s employment by the Company should
conclude; and

WHEREAS, the Parties desire to
set forth a mutually acceptable process for the orderly transition of Executive’s
separation from employment by the Company.

NOW, THEREFORE, IT IS AGREED
THAT:

1.             Separation.

(a)           Executive
hereby voluntarily and irrevocably tenders, and the Company hereby accepts,
Executive’s resignation as an employee, officer and director of the Company
effective at the close of business on June 30, 2007 (the “Separation Date”).  Notwithstanding the immediately preceding sentence,
upon the Company’s written request, Executive shall resign as an employee and
officer and/or as a director of the Company and of its subsidiaries and
affiliates on any date prior to the Separation Date selected by the Company
(the “Earlier Separation Date”), effective as of the date specified in
such notice.

(b)           Until earlier requested to resign by the Company,
Executive shall continue to serve as a director of the Company and of its
subsidiaries and affiliates through the Separation Date (or the Earlier
Separation Date, if applicable) unless, at his option, he elects to resign from
such position.

(c)           Until the Separation Date (or the Earlier Separation Date,
if applicable), Executive will fully and faithfully discharge his duties as an
officer and director of the Company and of its subsidiaries and affiliates, and
shall comply with this Agreement.

(d)           Executive agrees that Executive will not be reemployed by
the Company, and Executive will not knowingly accept, apply for, or otherwise
seek employment with the Company or its subsidiaries, affiliates, successors,
assigns, or related companies at any time.

(e)           During the period beginning on April 1, 2007 through and
including June 30, 2007, regardless of whether the Executive’s resignation
shall have become effective before June 30, 2007, the Company shall: (x)
continue to pay Executive his regular gross salary, at the annualized rate of
$200,000 (i.e., $16,667 per month), less applicable federal, state and local
taxes and other appropriate payroll deductions, and in accordance with
prevailing Company payroll practices; (y) to the extent Executive regularly
received this amount from the Company 

before the
date of this Agreement, continue to reimburse
Executive the amount of $329.82 per month for an existing privately acquired
disability insurance policy covering Executive; and (z) to the extent
Executive was entitled to such reimbursement from the Company before the date
of this Agreement, for all reasonable
out-of-pocket expenses incurred by Executive in connection with the performance
of Executive’s duties and obligations, including, but not limited to
reimbursement of $250.00 per month for Executive’s cell phone and data plans;
provided, that, in the case of clauses (y) and (z), the Company’s obligation is
conditioned upon Executive providing reasonable documentation for each such
payment.

(f)            In addition to the payments set
forth in Section 1(e) above and Section 6(a) below, the Company shall pay
Executive on June 29, 2007, a lump sum special payment, not otherwise owed to
Executive, in the gross amount of Forty Thousand Dollars and No Cents
($40,000.00), less applicable federal, state and local taxes and other
appropriate payroll deductions.

2.             Exclusive Payments.  Executive acknowledges and agrees that the
Company has paid to Executive all of Executive’s wages, commissions, bonuses,
and accrued vacation pay, and that the Company owes Executive no other wages,
commissions, bonuses, vacation pay, employee benefits, equity-based
compensation, or other compensation or payments of any kind or nature, other
than as provided in this Agreement.

3.             Certain
Representations, Warranties and Covenants.

(a)           Executive covenants and agrees that
on or before the Separation Date (or the Earlier Separation Date, if applicable),
he will return to the Company any and all documents, software, equipment
(including, but not limited to, computers and computer-related items), Company
credit cards, and all other materials or other things in Executive’s
possession, custody, or control which are the property of the Company,
including, but not limited to, any Company identification, keys, and the like,
wherever such items may have been located; as well as all copies (in whatever
form thereof) of all materials relating to Executive’s employment, or obtained
or created in the course of his employment, with the Company.

(b)           Executive hereby represents that,
other than those materials Executive will return to the Company pursuant to
Paragraph 3(a) above, Executive has not copied or caused to be copied, and has
not printed-out or caused to be printed-out, any software, computer disks, or
other documents other than those documents generally available to the public,
or retained any other materials originating with or belonging to the Company,
and that Executive will not do so. 
Executive further represents that Executive has not retained and will
not retain in his possession any software, documents or other materials in
machine or other readable form, which are the property of the Company, originated
with the Company, were obtained or created in the course of Executive’s
employment, or relate to employment with the Company, other than copies of the
items set forth on Schedule A, annexed hereto and made part hereof,
relied on by him in the discharge of his duties as Chief Financial Officer of
the Company in support of the public filings made by the Company under his
certification, which shall be deemed “Confidential Information” and be subject
to the requirements of Section 10 below.

 2
 

(c)           Executive represents, warrants and acknowledges that he is
aware of his obligations under applicable federal and state securities laws by
virtue of his current office and directorship of the Company, and that, during
the remaining term of his employment by the Company and thereafter, he shall
comply with all such obligations, including without limitation, his use,
awareness and possession of material non-public information and the Company’s
Insider Trading Policy, as in effect on the date hereof and the Separation Date
(or, the Earlier Separation Date, if applicable).

4.             Transition.  Executive covenants and agrees that he will
use his best efforts to cooperate with the Company to achieve, prior to the
Separation Date (or the Earlier Separation Date, if applicable), an effective
and orderly transition of his duties and responsibilities to such employee(s)
or person(s) as the Company in its sole discretion may designate, including,
but not limited to, by promptly and fully responding to all inquiries,
following all instructions of the Board of Directors or the Chief Executive
Officer of the Company concerning any matters involving the Company and within
the purview of his employment responsibilities. 
Executive agrees, upon request reasonably made by the Board of Directors
or the Chief Executive Officer of the Company, to execute all such documents
and take all such actions and steps as the Company reasonable deems necessary,
advisable or required in order to further the intent and purposes of this
Agreement, including the Executive’s resignations and transitions contemplated
hereby.

5.             Cooperation.   Executive covenants and agrees that, as
reasonably requested by the Company, he will promptly and fully respond to all
inquiries from the Company and its representatives concerning any accounting,
legal, or administrative matters concerning the Company.  Executive further agrees that he will
promptly and fully comply with any reasonable request by the Company or its
representatives asking for Executive’s testimony or other evidence in any legal
or administrative proceeding, or in connection with any claims or demands,
concerning the Company.  The Company
shall reimburse Executive for any reasonable out-of-pocket expenses incurred in
connection with any cooperation provided under this Section 5; provided, that,
in the case of any expense exceeding $250.00, the Company shall have approved
such expense in advance; provided, further, that, in each case, Executive
submits appropriate backup documentation for such expenses.

6.             Special Payments.  During the period beginning with July 2007
and ending December 2007, the Company, in full and final settlement of any and
all claims as set forth in this Agreement, and as consideration for this
Agreement, will provide Executive with the payments and benefits set forth in
this Paragraph 6, which payments and benefits Executive acknowledges and agrees
exceeds any payment or benefit to which Executive might otherwise be entitled:

(a)                                  The Company shall pay Executive a series of
six special payments, not otherwise owed to Executive, each such special
payment in the sum of Fifteen Thousand Dollars and No Cents ($15,000.00) per
month, payable on or before the fifth (5th) day of each month.  The Company will issue an Internal Revenue
Service Form 1099 with respect to the payments made pursuant to this paragraph
6(a).

 3
 

(b)                                 Executive shall be entitled to any rights
guaranteed by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).  In the event Executive elects to receive
health insurance coverage in accordance with COBRA, the Company shall pay, on
behalf of Executive, any required premiums for such coverage, for any period in
which Executive remains eligible for such COBRA benefits, through the earlier
of (i) December 31, 2007, and (ii) the date at which Executive becomes eligible
for group health insurance though any employer or professional affiliation
other than the Company.  Premium and
other payments required for any further continued health insurance coverage, in
accordance with COBRA, shall be the sole responsibility of Executive.

7.             Release.

(a)           Executive,
in consideration of the monies and other consideration paid to him pursuant to
this Agreement, releases  and  forever  discharges the
Company and the Company’s current, former, and future controlling shareholders,
subsidiaries, affiliates, related companies, divisions, directors, trustees,
officers, employees, agents, attorneys, successors, and assigns (and the
current, former and future controlling shareholders, directors, trustees,
officers, employees, agents, and attorneys of such controlling shareholders,
subsidiaries, affiliates, related companies and divisions), and all persons
acting by, through, under, or in concert with any of them (the Company, and the
foregoing other persons and entities are hereinafter defined separately and
collectively as the “Releasees”), from all actions, causes of action,
claims, and demands whatsoever, whether  known  or  unknown,
in law or equity, whether statutory or common law, whether federal, state,
local, or otherwise, including, but not limited to, any claims related to, or
arising out of any aspect of Executive’s employment with the Company, any
agreement concerning such employment, or the termination of such employment,
including, but not limited to, any and all claims of wrongful discharge or
breach of contract, any and all claims for equitable estoppel, any and all
claims for employee benefits, including, but not limited to, any and all claims
under the Employee Retirement Income Security Act of 1974, as amended, the
Family and Medical Leave Act of 1993, and any and all claims of employment
discrimination on any basis or of unlawful retaliation, including, but not
limited to, any and all claims under Title VII of the Civil Rights Act of 1964,
as amended, under the Age Discrimination in Employment Act of 1967, as amended
(“ADEA”), under the Civil Rights Act of 1866, 42 U.S.C. § 1981, as
amended, under the Americans With Disabilities Act of 1990, under the Civil
Rights Act of 1991, under the Sarbanes-Oxley Act of 2002, under the Immigration
Reform and Control Act of 1986, as amended, under the New York State Labor Law,
as amended, under the New York State Human Rights Law, as amended, and under
the New York City Human Rights Law, as amended; and any claim for attorneys’
fees, experts’ fees, disbursements or costs; which against the Releasees,
Executive, Executive’s heirs, executors, administrators, or assigns ever had,
now have, or hereafter may have, by reason of any matter, cause, or thing
whatsoever from the beginning of the world to the date of Executive’s execution
of this Agreement.

(b)           Notwithstanding
anything to the contrary set forth in subsection (a) of this Section 7, the
Company and Executive agree that, by entering into this Agreement: (x)
Executive does not waive rights or claims that may arise after the date the
Agreement is executed; or (y)

 4
 

Executive does not waive or release the Releasees, or any of them, from
claims that may arise under this Agreement.

8.             Covenants Against Suit, Claims, etc.

(a)           Except
as otherwise provided in Paragraphs 8(b) and 17 of this Agreement, Executive
represents and warrants that he has never commenced or filed, and Executive
covenants and agrees never to commence, file, aid, or in any way prosecute or
cause to be commenced or prosecuted, any claims or actions against the
Releasees or any of them.

(b)             Executive
further acknowledges, represents, and warrants that Executive has not reported
any purported improper, unethical or illegal conduct or activities to any
supervisor, manager, agent or other representative of the Company or to any
member of the Company’s legal or compliance personnel.  Notwithstanding the foregoing, nothing in
this Agreement shall prohibit or restrict Executive from (i) making any disclosure
of information required by law; (ii) providing information to, or testifying or
otherwise assisting in, any investigation or proceeding brought by any federal,
state or local regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s legal or compliance personnel or
to legal advisers and consultants retained by Executive for such purposes; or
(iii) testifying, participating in or otherwise assisting in a proceeding
relating to an alleged violation of the Sarbanes-Oxley Act of 2002, or any
federal, state or municipal law relating to fraud or any rule or regulation of
the Securities and Exchange Commission, or any self-regulatory organization.

(c)             Executive
covenants and agrees that, at any time after the date of this Agreement, he
will not disparage the reputation of the Company or its directors, officers or
employees, directly or indirectly, through verbal or written communications or
innuendo.

9.             Post-Separation
Services.  During the
period beginning the day after the Separation Date (or, if applicable, the
Earlier Separation Date) and continuing through and including December 31,
2007, Executive shall make himself available, telephonically or by Internet, to
provide advice and consultation regarding the business and operations of the
Company, as the Company’s Chief Executive Officer may specify from time to time
in his sole discretion (together, the “Services”).  Executive will provide the Services at such
times and in such manner as the Company shall reasonably request.  The relationship between the Company and
Executive after the Separation Date (or, if applicable, the Earlier Separation
Date), will be that of independent contractors, and both the Company and Executive
will represent, and will cause their respective officers, employees, agents and
representatives to represent, to third parties that the Executive’s capacity
hereunder is that of a “consultant” or “advisor”, so as to clearly
differentiate his status as such from that of an employee or officer of the
Company.  Neither Party shall be the
agent of the other for any purpose whatsoever, have power or authority to make
or give any promise, to execute any contract or otherwise create, or assume any
liability or obligation in the name of or on behalf of the other Party.  The Company shall reimburse Executive for any
reasonable out-of-pocket expenses incurred in connection with providing the
Services under this Section 9; provided, that, in the case of any expense
exceeding $250.00, the Company shall have approved such expense in advance;
provided, further, that, in each case, Executive submits appropriate backup
documentation for such expenses.

 5
 

10.          Confidential Information.

(a)           Executive
shall keep confidential, and shall not hereafter, directly or indirectly,
appropriate for his own use, or disclose, furnish or make available to any
person, firm, corporation, governmental agency, or other entity, any trade
secret, proprietary information, or confidential information of the Company,
including, but not limited to, information relating to trade secrets,
processes, methods, pricing strategies, customer lists, customer contacts,
marketing and sales plans, promotion and sponsorship plans, licensing plans and
agreements, programming content, broadcast materials, coach and athlete
arrangements, costs and pricing data, financial reports, strategic plans, and
other confidential business matters (collectively, “Confidential Information”).   Executive shall keep the terms, amount, and
fact of this Agreement confidential, and shall not hereafter disclose any
information concerning this Agreement to any person, firm, corporation,
governmental agency, or other entity, without the prior written consent of the
Company; provided, however, the Executive may disclose such information to its
financial, tax and legal advisors.

(b)           Notwithstanding anything to the contrary set
forth in this Agreement, the term “Confidential Information” as used in this
Agreement shall not include any information that is or was: (i) already known to
Executive on a non-confidential basis at the time that it was disclosed to
Executive as demonstrated by his pre-existing, contemporaneous written records
demonstrating such knowledge; (ii) in the public domain through no fault or
wrongful act of Executive; or (iii) approved for public release by express
written authorization of the Company.

(c)           Notwithstanding anything to the contrary set forth in this
Agreement, Executive shall be entitled to disclose Confidential Information to
the extent required by any applicable law, rule or regulation or
governmental, regulatory or supervisory agency, body or authority; provided, however, that the
Executive shall have given the Company prior written notice of any such request
or requirement (including the terms of, and circumstances surrounding, such
request) so that the Company may seek (at its own expense) an appropriate
protective order or other appropriate remedy and/or waive compliance with the
provisions of this Section 10.  If such
order or other remedy is not obtained, or the Company waives in writing
compliance with the provisions of this Section 10 in that specific instance,
the Executive will disclose only that portion of the Confidential Information
which it is legally required to disclose, and will exercise reasonable efforts
to obtain reliable assurance that confidential treatment will be accorded such
Confidential Information.

11.           Indemnification.

(a)           Executive
agrees to indemnify and hold harmless each and all of the Releasees from and
against any and all loss, cost, damage, or expense, including, but not limited
to, attorneys’ fees, incurred by the Releasees, or any of them, arising out of
any breach by Executive of this Agreement, the fact that any representation
made by Executive in this Agreement was false when made, Executive’s failure to
pay any applicable taxes timely and fully, and any liability assessed against
the Company by any governmental entity due to the Agreement’s characterization
of the Company’s payments to Executive.

 6
 

(b)           The
Company expressly covenants and agrees that Executive shall be entitled to
indemnification and advancement of expenses as and to the extent provided in
the Certificate of Incorporation and Bylaws of the Company, each as amended
from time to time, but in no case shall Executive receive less than the level
of indemnification and advancement of expenses accorded to officers and
directors under the Delaware General Corporation Law.  In furtherance but not in limitation of the
foregoing entitlement, the Company represents and warrants that prior to the
Separation Date (or the Earlier Separation Date, if applicable), Executive
shall be covered by director and officer liability insurance policies that the
Company may have in force during the term of this his employment, subject in
all cases to the terms, conditions and limitations of such policies.

12.           No Admissions.  This Agreement shall not in any way be
construed as an admission by the Company or Executive of any liability, or of
any wrongful acts whatsoever against each other or any other person.

13.           Statutory Provisions.  Notwithstanding any other provision of this
Agreement to the contrary:

(a)           The Company and Executive agree that
this Agreement shall not affect the rights and responsibilities of the U.S.
Equal Employment Opportunity Commission (the “EEOC”) to enforce the ADEA
and other laws, and further agree that this Agreement shall not be used to
justify interfering with Executive’s protected right to file a charge or
participate in an investigation or proceeding conducted by the EEOC.  The Company and Executive further agree that
Executive knowingly and voluntarily waives all rights or claims (that arose
prior to Executive’s execution of this Agreement) Executive may have against
the Releasees, or any of them, to receive any benefit or remedial relief
(including, but not limited to, reinstatement, back pay, front pay, damages,
and attorneys’ fees) as a consequence of any charge filed with the EEOC, and of
any litigation concerning any facts alleged in any such charge.

(b)           The Company and Executive agree that,
for a period of seven (7) days following the execution of this Agreement,
Executive has the right to revoke this Agreement by written notice to  Gareb Shamus, Chief Executive Officer, at
the Company’s address above.  The Company
and Executive further agree that this Agreement shall not become effective or
enforceable until the eighth (8th) day after the execution of this Agreement;
and that in the event Executive revokes this Agreement prior to the eighth
(8th) day after the execution of this Agreement, this Agreement, and the
promises contained in this Agreement, shall automatically be deemed null and
void.

(c)           The Company hereby advises and urges
Executive in writing to consult with an attorney prior to executing this
Agreement.  Executive represents and
warrants that the Company gave Executive a period of twenty-one (21) days in
which to consider this Agreement before executing this Agreement.  Executive has knowingly, voluntarily and
intentionally waived his entitlement to a period of twenty-one (21) days in
which to consider this Agreement before executive this Agreement.

(e)           Executive’s acceptance of the monies
paid by the Company, as described in Paragraph 6 of this Agreement, at any time
more than seven (7) days after the execution of 

 7
 

this Agreement
shall constitute an admission by Executive that Executive did not revoke this
Agreement during the revocation period of seven (7) days; and shall further
constitute an admission by Executive that this Agreement has become effective
and enforceable.

(f)            If Executive executed this Agreement
at any time prior to the end of the twenty-one (21) day period that the Company
gave Executive in which to consider this Agreement, such early execution was a
knowing and voluntary waiver of Executive’s right to consider this Agreement
for twenty-one (21) days, and was due to Executive’s belief that Executive had
ample time in which to consider and understand this Agreement, and in which to
review this Agreement with an attorney.

(g)           This Agreement shall not affect or be used to interfere
with Executive’s protected right to test in court, under the Older Worker
Benefit Protection Act, or like statute or regulation, the validity of the
waiver of rights set forth in this Agreement.

14.           Jurisdiction;
Venue.  Executive and the
Company agree that any suit, action, or proceeding relating to or arising out
of this Agreement, the breach of this Agreement, or Executive’s rendering of
services to the Company, shall be brought in the United States District Court
for the Southern District of New York or in a state court having jurisdiction
located in the State of New York, County of New York, and not in or before any
other court, agency or other tribunal.  Each
Party hereby irrevocably consents to the exercise of personal jurisdiction over
such Party by the respective foregoing forum courts, agrees that venue shall be
proper in such forum courts, and irrevocably waives and releases any and all
defenses based on lack of personal jurisdiction, improper venue and/or forum
non conveniens.  Executive and the
Company respectively waive any right each may have to a jury trial in any suit,
action or proceeding relating to or arising out of this Agreement, the breach of
this Agreement, or Executive’s rendering of services to the Company after his
execution of this Agreement.  This
Agreement shall be deemed to have been made at New York, New York and shall be
interpreted, construed, and enforced pursuant to the laws of the State of New
York, without regard to conflicts of law principles.

15.           KNOWING
AND VOLUNTARILY EXECUTION. 
EXECUTIVE EXPRESSLY ACKNOWLEDGES, REPRESENTS, AND WARRANTS THAT HE  HAS CAREFULLY READ THIS AGREEMENT AND GENERAL
RELEASE; THAT HE FULLY UNDERSTANDS THE TERMS, CONDITIONS, AND SIGNIFICANCE OF
THIS AGREEMENT AND GENERAL RELEASE; THAT HE HAS HAD AMPLE TIME TO CONSIDER AND
NEGOTIATE THIS AGREEMENT AND GENERAL RELEASE; THAT THE COMPANY HAS ADVISED AND
URGED EXECUTIVE TO CONSULT WITH, AND EXECUTIVE IN FACT HAS CONSULTED WITH AND
RECEIVED ADVICE FROM, AN ATTORNEY CONCERNING THIS AGREEMENT AND GENERAL
RELEASE; THAT EXECUTIVE HAS HAD A FULL OPPORTUNITY TO REVIEW THIS AGREEMENT AND
GENERAL RELEASE WITH AN ATTORNEY; AND THAT EXECUTIVE  HAS EXECUTED THIS AGREEMENT AND GENERAL
RELEASE VOLUNTARILY, KNOWINGLY, AND WITH SUCH ADVICE FROM AN ATTORNEY AS
EXECUTIVE DEEMED APPROPRIATE.

 8
 

16.           Miscellaneous
Provisions.

(a)           Within
seven (7) business days after the execution of this Agreement, the Board of
Directors and Executive shall negotiate in good faith to prepare a form of a
written joint announcement to be delivered to all manager-level employees and
higher, disclosing the transition status of Executive pursuant to this
Agreement and identifying the Chief Executive Officer of the Company as the
member of executive management to whom questions from employees shall be solely
directed.  The failure to agree upon a
form of announcement within the prescribed period of time shall not (i) be a
breach of this Agreement, (ii) entitle any Party to terminate this Agreement or
revoke or rescind any provisions hereof, (iii) give rise to any damages, or
(iv) entitle any Party to refuse to perform any of such Party’s obligations
hereunder.

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

(c)           This
Agreement sets forth the entire agreement between the Parties hereto, fully
supersedes any and all prior agreements or understandings between the Parties
hereto pertaining to the subject matter hereof. 
This Agreement may not be changed or modified except by an instrument in
writing, signed by both the  Chief
Executive Officer of Company and Executive.

(d)           This Agreement shall inure to the
benefit of Company, its affiliates and subsidiaries and its and their
respective successors and assigns (including, without limitation, the purchaser
of all or substantially all of any such entity’s assets) and shall be binding
upon Company and its successors and assigns. 
This Agreement also shall inure to the benefit of and be binding upon
Executive and Executive’s heirs, administrators, executors and assigns.  Executive may not assign or delegate
Executive’s duties under this Agreement without the prior written consent of
Company.

(e)           Any notice or other communication
required or permitted hereunder shall be in writing and shall be delivered
personally, faxed, e-mailed or sent by nationally recognized overnight courier
service (with next business day delivery requested).  Any such notice or communication shall be
deemed given and effective, in the case of personal delivery, upon receipt by
the other Party, in the case of faxed or e-mailed notice, upon transmission of
the fax or e-mail (provided evidence of such transmission is retained), in the
case of a courier service, upon the next business day after dispatch of the
notice or communication.  Such notices,
instruments, or communications shall be addressed as follows:

(i)            If
to the Company:

International
Fight League, Inc.

424 West 33rd Street, Suite 650

New York, New York 10001

Attn:  General Counsel

Fax: 

 9
 

With
a copy to:

Lowenstein
Sandler PC

1251 Avenue of the Americas

New York, New York 10020

Attn: Steven E. Siesser, Esq.

Fax: 973.597.2507

(ii)           If
to Executive:

Salvatore
A. Bucci

160 Cobbler Lane

Southbury, CT 06488

Fax: 203.264.5732

With a copy to:

McCarter
& English, LLP

CityPlace I, 36th Floor

185 Asylum Street

Hartford, Connecticut 06103

John A. Brunjes, Esq.

Fax: 860.560.5916

Service of process
in connection with any suit, action or proceeding may be served on each Party
hereto anywhere in the world by the same methods as are specified for the
giving of notices under this Agreement. 
Any of the above addresses may be changed, from time to time, by the
applicable addressee giving written notice of such change to each of the other
addressees set forth above, and such change(s) shall not be considered an
amendment of this Agreement requiring execution as provided in Section 14(c).

(f)            The waiver by either Party of a
breach of any provision of this Agreement shall not operate or be construed as
a continuing waiver or as a consent to or waiver of any subsequent breach
hereof.

(g)           The
Section headings in this Agreement are for the convenience of reference only
and do not constitute a part of this Agreement and shall not be deemed to limit
or affect any provision hereof.

(h)           This
Agreement may be executed in one more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same instrument.  Facsimile signatures
shall be acceptable as evidence of the original execution by each Party or its
duly authorized representative.

[Signatures on Next Page]

 10
 

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

INTERNATIONAL FIGHT LEAGUE, INC.

	
  By:

  	
  /s/ Gareb Shamus

  	
   

  	
  /s/ Salvatore A.
  Bucci

  
	
  Name:

  	
  Gareb Shamus

  	
  SALVATORE A. BUCCI

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  
					

 

	
  STATE OF NEW YORK

  	
  )

  
	
   

  	
  :ss.:

  
	
  COUNTY OF NEW
  YORK

  	
  )

  

 

On April 2, 2007 before me personally came Salvatore
A. Bucci, to me known and known to me to be the individual described in and who
executed the foregoing Agreement and General Release, and he duly acknowledged
to me that he voluntarily and knowingly executed said Agreement and General
Release after having read and understood said document.

	
  

  	
  /s/ Elizabeth
  Alcorn

  
	
  

  	
  Notary Public

  

 

 11
 

SCHEDULE
A

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]