Document:

exv10w4

Exhibit 10.4

April 28, 2010

Via Email and Messenger

Robert Glaser

1724 Howell Place

Seattle, WA 98122

Re:      Separation from Employment

Dear Rob:

          Thank you for your recent discussions regarding closing out your employment relationship with
RealNetworks following your previously announced resignation. This letter will confirm the
separation of your at-will employment with RealNetworks, effective as of January 12, 2010, and
contains other information regarding the Company’s standard termination process.

          On January 15, 2010, the Company paid to you an amount of $11,458.33. That payment
represented the final payment of all wages and compensation you have earned up to and including
January 12, 2010.

          Enclosed please find the following checks:

	 	•	 	Check No. 26724 in the amount of $178,653.73. This amount is equivalent to $250,958.00,
less applicable withholding, which is the amount of bonus for 2009 for which you otherwise
would have been eligible had you remained an employee through the payment date of the
bonus;
	 
	 	•	 	Check No. 26725 in the amount of $109,620.39. This amount is equivalent to $149,042.00,
less applicable withholding, which is additional severance; and
	 
	 	•	 	Check No. 26727 in the amount of $27,847.94. This amount is equivalent to $42,307.69,
less applicable withholding, which is the amount of all accrued unused vacation through
January 12, 2010.

          Your health and medical coverage will terminate as of April 30, 2010, and COBRA notices and
other relevant forms for continued coverage will be mailed to your home address. As a courtesy,
the Company has agreed to directly pay your COBRA premiums through December 31, 2010; however, in
order to be eligible for this benefit, you will need to make sure to timely elect COBRA as required
by the COBRA paperwork.

          Previously, the Company granted you (i) an option to purchase 500,000 shares of the Company’s
common stock at an exercise price per share of $8.00 on November 4, 2005, and (ii) an option to
purchase 250,000 shares of the Company’s

 

 

common stock at an exercise price per share of
$7.69 on February 1, 2008 (together, the “Options”). The Company has determined to extend the
exercisability period of the Options with respect to those
shares subject to the Options that were vested as of January 12, 2010 (the “Vested Options”), such
that your Vested Options will remain exercisable until the earlier of: (x) the stated expiration
date of the option grant pursuant to the applicable stock option agreement, or (y) upon expiration
of the post-termination exercise period stated in the applicable stock option agreement (generally,
three months or ninety days) following your termination of service as a member of the Company’s
Board of Directors (the “Board”). All unvested shares subject to the Options have been forfeited
to the Company in accordance with the terms and conditions of the applicable award agreement and
equity plan, and the unvested shares that were subject to the Options never will become vested.

     As is customary in these matters, the Company must request that you return all Company
property as soon as possible and no later than June 1, 2010. Company property includes, but is not
limited to, your laptop computer(s), Company-provided cell phone(s), badge(s), office key(s),
company credit card(s), parking pass(es) and all Company confidential materials. These items
should be returned directly to Jennifer Armstrong-Owen. For all applicable future Board meetings,
you will of course be sent Company confidential materials as necessary in your performance of
services as a member of the Board. If you would like information regarding transferring your cell
phone service to a personal plan, please contact Laquanta Jackson at (206) 674-2476.

     You will need to vacate the office space you used at the Company’s headquarters during your
employment no later than June 1, 2010. The Company will assist you regarding the timing and manner
of the removal of your personal property. Please contact Jennifer Armstrong-Owen to make
arrangements for your items to be packed and removed prior to June 1, 2010. As a continuing member
of the Board, you will receive compensation as the Company determines from time to time (including,
as applicable, the additional compensation for your service as Chairman). Additionally, as a
member of the Board, you will receive the same services and benefits as are provided to other
members of the Board as the Company determines from time to time.

     As a reminder, this letter and the terms regarding separation of your employment with the
Company will be filed by the Company with the Securities and Exchange Commission as required by
applicable law. If you should have any questions, please do not hesitate to contact Jennifer
Armstrong-Owen at (206) 892-6154.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Pradeep Jotwani
 	 
	 	Pradeep Jotwani 	 
	 	Chairman of the Compensation Committee 	 
	 

Enclosure:

Checks Nos. 26724, 26725, and 26727exv10w5

Exhibit 10.5

SEPARATION AND RELEASE AGREEMENT

     THIS AGREEMENT sets forth the entire agreement between John Giamatteo (“You”
or “Employee”) and RealNetworks, Inc. (“RN” or “Real”) regarding the terms and conditions of
your separation from employment, and shall be effective on the eighth day after you execute
this Agreement (“Effective Date”).

     1. Separation Date. We agree that your last day of regular employment
(“Separation Date”) was April 2, 2010.

     2. Separation Offer. You have until May 3, 2010 to consider and accept the
offer contained in this Agreement (“Decision Date”). If you sign and return this Agreement
to Jennifer Armstrong-Owens, VP of Human Resources (or her designee), on or before the
Decision Date you will receive the consideration set forth in Section 3 below.

If you choose not to sign and return this Agreement on or before the Decision Date, this
Agreement will become invalid and unenforceable, which means that you will not receive the
consideration referenced in this Agreement following your Separation Date or other
termination of employment from RN.

     3. Consideration. In consideration of your signing this Agreement, including
the release of claims and other terms set forth below, RN agrees to the following:

	 	a. You are entitled to receive a severance amount equivalent of three months of
base salary subject to applicable withholdings which is amount totaling
$108,750.00 (“Severance Amount”). By the later of the second pay period following
(i) your signing of this Agreement or (ii) your Separation Date, Real will pay you
the Severance Amount.
	 
	 	b. By the later of the second pay period following (i) your signing of this
Agreement or (ii) your Separation Date, Real will pay you a discretionary bonus
payment in the amount of $108,750.00.

     4. Vacation and Deductions. Whether or not you sign this Agreement, RN agrees
to pay you on the next payroll date following your Separation Date, any accrued, unused
vacation through your Separation Date, less any applicable withholding or other authorized
deductions. You are required to update your vacation records in the MYRA system. You agree
that RN does not owe you any other payments except as provided in this Agreement, provided
you will be reimbursed for any reasonable business expenses you have incurred up to your
Separation Date for which you submit appropriate documentation pursuant to RN’s
reimbursement policy no later than two weeks following your Separation Date. You agree that
RN may deduct from any payments to you any sums you owe RN as of the Separation Date.

     5. Return of Property. You represent that as of your Separation Date you will
have returned to RN all company-owned property in your possession or control, including but
not limited to, credit cards, keys, access cards, company-owned equipment, computers and
related equipment, customer or contact lists, files, memoranda, documents, price lists, and

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all other trade secrets and/or confidential RN information, and all copies thereof,
whether in electronic or other form.

     6. Waiver and Release of Claims by You.

               A. In exchange for the consideration provided to you in this Agreement, to which you
otherwise would not be entitled, you knowingly and voluntarily, unconditionally and forever,
waive and release any and all claims (including those for attorneys’ fees), causes of action
and rights, whether known or unknown, contingent or non-contingent, contractual or
otherwise, against Real or its parent, subsidiary or affiliated companies, and its or their
respective directors, officers, agents, insurers, representatives and employees, past or
present, and each of their successors (“Releasees”). You make this commitment even though
you may not know, as of Effective Date, all of the claims you may lawfully have against the
Releasees, and you are giving up the opportunity to pursue the claims to a trial and have
damages set by a judge and/or jury. You are making this release for all persons or entities
that might claim through you or on your behalf.

               B. You acknowledge that the claims that you are releasing include, but are not limited
to (i) claims relating to your right to purchase shares of stock of RealNetworks, Inc.
including without limitation claims for fraud, breach of fiduciary duty, or breach of
federal or state securities regulations, and (ii) claims for wrongful discharge, negligent
or intentional interference with contract or economic advantage, personal injury,
misrepresentation, promissory estoppel, unfair business practices, negligent or intentional
infliction of emotional distress, defamation, libel, slander, breach of contract, wage and
hour violations including violations of the Fair Labor Standards Act; compensation or
employee benefits alleged to be owed to you; discrimination and/or harassment in violation
of any local, state, or federal law such as the Age Discrimination in Employment Act, Equal
Pay Act, Title VII of the Civil Rights Act of 1964, Civil Rights Act of 1991, section 1981
of the Civil Rights Act of 1866, the Americans with Disabilities Act (but not as to claims
that may arise after the Effective Date of this Agreement), the Rehabilitation Act of 1973
(sections 503 and 504), the Older Workers’ Benefit Protection Act, and the Washington Law
Against Discrimination ; claims under the Family and Medical Leave Act, Employee
Retirement Income Security Act of 1974, The Workers Adjustment and Retraining Notification
Act, as well as any other federal, state or local statutes, administrative regulations or
legal doctrines prohibiting discrimination and/or harassment or otherwise governing claims
arising out of or relating to employment or the termination thereof. You understand that
this release binds you and your heirs and assigns.

This release does not extend to any obligations incurred under this Agreement. In the event
you breach this Agreement, RN shall have the right to reimbursement of monies paid under
Section 3.

     7. Confidentiality. You agree that you will keep the terms of this Agreement
confidential and will not disclose the facts or terms to anyone except members of your
immediate family, attorney or counselor, and persons assisting you in financial planning or
income tax preparation, provided that these people agree to keep the information
confidential. Without limiting the foregoing, you agree that it shall be a breach of this
provision for you to in any way disclose, discuss, or characterize the Agreement to third
parties.

     8. Non-Disparagement. You agree not to make any statements, verbally or in
writing, about RN, any of its officers or employees in any manner that is intended to, or
does call

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into question its or their morality, conduct, managerial or business ability or plans,
character, or business judgment; provided that you may respond accurately and fully to any
question, inquiry or request for information when required by legal process.

     9. Business Protections. You acknowledge that you have previously signed
certain agreements with Real, which may contain ongoing obligations that survive the
termination of your employment, including obligations relating to use of confidential
information, non-solicitation and non-competition. You acknowledge that you are bound by
these obligations, to the fullest extent permitted by law, and you agree that you will
comply fully with these obligations in the future.

     10. Free and Voluntary Act of Employee. You agree that you are entering into
this Agreement as a free and voluntary act and that you have been given at least 21 days to
decide whether to sign this Agreement, and sign it only after full reflection and analysis.
You further acknowledge that you have been advised to obtain an attorney’s independent
counsel and advice, and that you have read this Agreement carefully and fully understand all
of its provisions. If you choose to sign this Agreement prior to the expiration of the 21
day period, you acknowledge and agree that you had adequate time and opportunity to fully
consider your rights and this release of them. In signing this Agreement, you do so of your
own free will, and you have been provided with a copy of the Agreement.

     11. Revocation. You
may revoke this Agreement by returning payment in full of
any sums paid under this Agreement and a written notice of revocation to RealNetworks, Inc.
c/o VP Human Resources, within seven (7) days of your execution of this Agreement. Unless
revoked in accordance with this Paragraph, the Agreement will become final and irrevocable
on the 8th day following your execution of the Agreement.

     12. No Admission of Liability. This Agreement shall not be construed as an
admission by RN or you of any wrongdoing, or improper conduct, liability, breach of any
agreement between you and RN, or any violation of any statute, law or regulation. Both
parties agree that neither this Agreement nor any of its terms or conditions will be offered
or received in evidence in any proceeding or used in any manner as an admission of
wrongdoing or liability on either party’s part.

     13. Litigation Assistance to RN. In the event that any charge, complaint or
lawsuit is filed by or against RN, you agree to provide reasonable cooperation to RN in the
prosecution or defense of the same. Such cooperation may include, without limitation,
meeting with and providing information to RN’s agents and attorneys upon reasonable notice
and at mutually agreed upon times and places. RN will use its insurance policy(ies) to
provide coverage to you relating to claims arising out of your reasonable, good faith
performance of your job responsibilities to the extent such insurance covers any such
claim. Such coverage includes meeting any deductibles on your behalf and is
intended to provide you coverage which neither increases nor decreases the protections you
have and the caveats to such protection as if you were an on-going executive of RN.

     14. No Assistance with Claims Against RN. You agree that you will not
encourage or voluntarily assist any current or former employee of RN in evaluating, filing
or pursuing a claim or complaint against any of the Releasees; provided that this is not
intended to prevent you from cooperating fully and truthfully in any governmental
investigation or from testifying in response to any lawfully issued subpoena.

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     15. General. You acknowledge that your employment at RN was and is at will.
This Agreement, together with your ongoing obligations under any prior agreements with RN,
sets forth the entire agreement between you and RN relating to your separation from
employment, and fully replaces any and all prior understandings, statements, or agreements
between RN and you concerning your employment with or separation from RN. You agree that RN
has no obligation to notify you of employment opportunities or to offer you re-employment in
any capacity. This Agreement may not be modified except in writing signed by you and a duly
authorized representative of RN. If any provision of this Agreement shall be held to be
illegal, invalid or unenforceable, the remaining terms shall remain of full force and
effect. This Agreement shall be construed and governed by the laws of the State of
Washington and any litigation under it shall be commenced in the federal or state courts in
Seattle, Washington. A faxed signature will have same effect as an original. By executing
this Agreement in the space provided below, you acknowledge that you have read this
Agreement carefully and fully understand its provisions, and that you are signing
voluntarily and with full understanding of the present and future legal effects.

We have entered into this Agreement as of the date of your signature below.

	 	 	 	 	 
	RealNetworks, Inc.

 	 	 
	By:  	/s/ Jennifer Armstrong-Owen
 	 	 
	 	Title:  Vice President, Human Resources 	 	 

Date: April 28, 2010

	 	 	 	 	 
	 	 	 
	Employee:  	            /s/ John J. Giamatteo
 	 	 
	 	 	 	 

Date: April 27, 2010 

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