Document:

exv10w2

 

Exhibit 10.2

			
	
	 	890 Winter Street

Suite 300

Waltham, MA 02451

617.254.4050
	 	 	 
	 
	 	Fax: 617.560.1552

September 8, 2006

			
	Anadarko LNG Marketing, LLC 

c/o Anadarko Petroleum Corporation 

1201 Lake Robbins Drive 

The Woodlands, Texas 77380

Attn: Manager, Commercial Development 

Fax: (832) 636-8263
	 	Via E-mail and

Facsimile
	 	 	 
	Anadarko LNG Marketing, LLC 

c/o Anadarko Petroleum Corporation 

1201 Lake Robbins Drive 

The Woodlands, Texas 77380

Attn: Gas Marketing Operations Manager 

Fax:(832)636-7215	 	 

Gentlemen:

	Re:  	 	Precedent Agreement between Maritimes & Northeast Pipeline, L.L.C. and Anadarko LNG
Marketing LLC

Thank you for your letter of September 1, 2006, in which you provided an update on the status of
your LNG supply acquisition. In your letter, you also request a one-year extension of the supply
demonstration condition provision under the Precedent Agreement between our two companies.

By way of background, Maritimes & Northeast Pipeline, L.L.C. (“Maritimes”) and Anadarko LNG
Marketing LLC (“Anadarko”) are parties to a (i) Precedent Agreement (“Precedent Agreement”); (ii)
Service Agreement for Rate Schedule MN365 (“Service Agreement”); and (iii) Base Rate Agreement
(“Base Rate Agreement”), each of which was made and entered into on June 29, 2005 (collectively,
the “Agreements”). The Agreements were amended by that certain letter agreement dated May 3, 2006,
between Maritimes and Anadarko (“May 3 Agreement”).

In your September 1, 2006 letter, you explain the continued efforts Anadarko has made to secure
supply for the Bear Head LNG terminal. You note the tightness of world LNG supplies and slippage
of proposed projects as challenges you have encountered. In addition, your September 1, 2006
letter explains that Anadarko has not reached agreement with an LNG supplier to satisfy the Bear
Head LNG receiving terminal throughput requirements.

In the May 3 Agreement, Anadarko and Maritimes agreed to a four-month extension of the expiration
date associated with Maritimes’ termination option under Paragraph 10(F) of the

 

 

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September 8, 2006

Precedent Agreement to no later than September 10, 2006. As you know, under Paragraph 10(F),
Maritimes has the right to terminate the Agreements, if Anadarko has failed to demonstrate that it
has arranged for an adequate quantity of LNG supplies to support the operation of the Bear Head LNG
terminal when considering the primary term of Anadarko’s Service Agreement. In accordance with
Paragraph 4 of the May 3 Agreement, Maritimes hereby gives written notice of termination of the
Agreements, which termination, pursuant to Paragraph 10(F), is effective immediately.

We note in your September 1, 2006 letter that your efforts to obtain LNG supplies for Bear Head
remain ongoing. If and when you are successful in securing LNG supplies for Bear Head, we would be
interested in discussing transportation service on Maritimes in connection with a future expansion
of the system.

Yours very truly,

Douglas P. Bloom

President

M&N Management Company

Managing Member of

Maritimes & Northeast Pipeline, L.L.C.

cc: David Anderson (Anadarko) (fax no. (832) 636-8093)exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of September 12, 2006, by and between
Aether Holdings, Inc., a Delaware corporation (the “Company”), and David B. Meister (the
“Executive”), each a “Party” and collectively the “Parties.” Unless otherwise indicated,
capitalized terms used herein are defined in Section 2.1.

     WHEREAS, the Company has determined that it is in the best interests of the Company and its
shareholders to enter into an employment agreement with the Executive and the Executive is willing
to serve as an employee of the Company.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein,
including the Option Grant, as defined below, it is agreed by and between the Executive and the
Company as follows:

ARTICLE I

EMPLOYMENT TERMS

     1.1 Employment. The Company will employ the Executive, and the Executive accepts
employment with the Company, upon the terms and conditions set forth in this Agreement for the
period beginning on the date hereof (the “Effective Date”) and ending as provided in Section
1.4(a) hereof (the “Employment Period”).

     1.2 Position and Duties.

     (a) Generally. The Executive shall serve as the Senior Vice President, Chief
Financial Officer and Treasurer of the Company and, in such capacity shall perform such duties as
are set forth in the By-Laws of the Company and as are customarily performed by an officer with
similar title and responsibilities of a public company of a similar size and shall have such power
and authority as shall reasonably be required to enable him to perform his duties hereunder;
provided, however, that in exercising such power and authority and performing such duties, he shall
at all times be subject to the authority, control and direction of the Chief Operating Officer, the
Chief Executive Officer and ultimately the Board of Directors of the Company.

     (b) Duties and Responsibilities. The Executive shall report to the Chief Operating
Officer and the Chief Executive Officer of the Company and shall devote his full business time and
attention to the business and affairs of the Company and its Subsidiaries. The Executive shall
perform his duties and responsibilities in a diligent, trustworthy, businesslike and efficient
manner. The Executive shall not engage in any other business activities that could reasonably be
expected to conflict with the Executive’s duties, responsibilities and obligations hereunder.
During the Employment Period, the Executive shall promptly bring to the Company or its
Subsidiaries, as applicable, all investment or business opportunities relating to the Business of
which the Executive becomes aware.

     (c) The Executive shall not engage in any other business activities that could reasonably be
expected to conflict with the Executive’s duties, responsibilities and obligations hereunder.

 

 

     (d) Principal Office. The principal place of performance by the Executive of his
duties hereunder shall be the Company’s principal executive offices in New York, New York, although
the Executive may be required to travel outside of the area where the Company’s principal executive
offices are located in connection with the business of the Company.

     1.3 Compensation.

     (a) Base Salary. The Executive’s base salary shall be $225,000.00 per annum (the
“Base Salary”). The Base Salary payable for Fiscal Year 2006 shall be pro rated based on the
number of days from and including the Effective Date through and including December 31, 2006. The
Base Salary will be payable to the Executive by the Company in regular installments in accordance
with the Company’s general payroll practices. The Executive shall receive such increases (but not
decreases) in his Base Salary as the Board, or the compensation committee of the Board, may approve
in its sole discretion from time to time; provided that the Executive’s Base Salary will be
reviewed for potential upward adjustment not less often than annually.

     (b) Annual Bonus. Executive will be eligible to receive a performance-based bonus
calculated as a percentage of the Bonus Pool, as determined by the Chief Executive Officer, based
on achieving annual performance goals that may be recommended by the Chief Executive Officer, all
of which shall be subject to review and confirmation by the Company’s compensation committee or
Board of Directors to the extent required under applicable securities laws and the Nasdaq listed
company requirements.

     (c) Withholding. All payments made under this Agreement (including Base Salary, bonus
payments, and other amounts) shall be subject to withholding for income taxes, payroll taxes and
other legally required deductions.

     (d) Expenses. The Company will reimburse the Executive for all reasonable expenses
incurred by him in the course of performing his duties under this Agreement that are consistent
with the Company’s policies in effect at that time with respect to travel, entertainment and other
business expenses, subject to the Company’s requirements with respect to reporting and
documentation of such expenses.

     (e) Vacation; Holiday Pay and Sick Leave. The Executive shall be entitled to four (4)
weeks’ paid vacation in each calendar year, which if not taken during any year may be carried
forward to any subsequent year. Executive shall receive holiday pay and paid sick leave as
provided to other executive employees of the Company.

     (f) Additional Benefits. During the Employment Period, the Executive shall be
entitled to participate (for himself and, as applicable, his dependents) in the group medical,
life, 401(k) and other insurance programs, employee benefit plans and perquisites which may be
adopted by the Board, or the compensation committee of the Board, from time to time, for
participation by the Company’s senior management or executives, as well as dental, life and
disability insurance coverage, with payment of, or reimbursement for, such insurance premiums by
the Company, subject to, in all cases, the terms and conditions established by the Board with
respect to such plans (collectively, the “Benefits”); provided, however, that the Board, in its reasonable discretion, may revise the terms of any Benefits so long as such revision does not
have a disproportionately negative impact on the Executive vis-à-vis other Company employees, to
the extent applicable.

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     (g) Indemnification. The Executive shall be entitled to indemnification by the
Company in the same circumstances and to the same extent as the other executive officers and
directors of the Company, which indemnification shall in no event be less favorable to the
Executive than the fullest scope of indemnification permitted by applicable Delaware law (or any
such greater scope of indemnification provided by agreement or by the terms of the Company’s
Certificate of Incorporation or By-Laws to any executive officer or director of the Company).

     (h) Stock Options. The Executive shall be granted options to purchase a total of
200,000 shares of the Company’s common stock (the “Option Grant”), on the Effective Date. These
Stock Options shall have an exercise price equal to the fair market value of the Company’s common
stock on the date of grant, and a 10-year term. The Stock Options shall be granted pursuant to and
be subject to the terms of the Plan and customary grant agreements. The Stock Options shall vest
and become exercisable in equal tranches on the first, second and third anniversaries of the
Effective Date, subject to the Executive’s continued employment with the Company on each vesting
date, and further subject to accelerated vesting under the Plan, the grant agreement and the terms
of this Agreement; provided that in the event of the Executive’s termination by the Company without
Cause, the Executive’s resignation with Good Reason or upon a Change of Control (as defined below),
the Executive shall immediately be fully vested in all of the Stock Options. Except as provided in
the preceding sentence, any unvested options shall be forfeited upon termination of this Agreement,
and any options that are vested but unexercised upon termination shall be subject to the terms and
conditions of the Plan or, if applicable, the last sentence of Section 1.4(c) hereof. In the event
that the Company elects from time to time during the Employment Period to award to its senior
management or executives, generally, options to purchase shares of the Company’s stock pursuant to
any stock option plan or similar program, the Executive shall be entitled to participate in any
such stock option plan or similar program on a basis consistent with the participation of other
senior management or executives of the Company.

     1.4 Term and Termination.

     (a) Duration. The Employment Period shall commence on the Effective Date and the
initial term shall terminate three (3) years from the Effective Date (the “Term”), unless earlier
terminated by the Company or the Executive as set forth in this Section 1.4. The Term
shall renew automatically for one-year periods, unless either party gives the other party written
notice of its intention not to renew the Agreement no later than 90 days prior to the expiration of
the then current Term. The Employment Period shall be terminated prior to the then-applicable
expiration of the Term upon the first to occur of (i) termination of the Executive’s employment by
the Company for Cause, (ii) termination of the Executive’s employment by the Company without Cause,
(iii) the Executive’s resignation with Good Reason, (iv) the Executive’s resignation other than for
Good Reason, or (v) the Executive’s death or Disability. The Executive shall not terminate the
Employment Period, with or without Good Reason, unless he gives the Company written notice that he
intends to terminate the Employment Period at least 90 days prior to the Executive’s proposed Termination Date. As a condition to Executive
receiving any payments or benefits under Section 1.4(b) or Section 1.4(c), the Executive shall
execute and deliver to the Company the General Release in the form attached hereto as Exhibit
A.

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     (b) Severance Upon Termination Without Cause, Upon Resignation by the Executive For Good
Reason or Failure to Renew Term. If the Employment Period is terminated by the Company without
Cause or if the Executive resigns for Good Reason, or if the Company fails to renew the Term (in
which case termination of the Executive’s employment shall be effective at the expiration of the
then-current Term), then the Executive will be entitled to receive (1) any unpaid Base Salary
through and including the date of termination or resignation and any other amounts, including any
declared but unpaid Annual Bonus, or other entitlements then due and owing to the Executive as of
the Termination Date; (2) an amount equal to the Executive’s Base Salary (at the rate in effect on
the date the Executive’s employment is terminated) for a 12-month period following the Executive’s
termination of employment as described in this Section 1.4(b), payable in (A) substantially
equal installments over the lesser of (i) a six-month period immediately following such
termination, or (ii) such shorter period that is the longest period permissible in order for the
payments not to be considered “nonqualified deferred compensation” under Section 409A of the Code
or any regulations, rulings or other regulatory guidance issued thereunder, or, if such payment
terms would not satisfy the requirements of Section 409A of the Code and the regulations, rulings
and other regulatory guidance issued thereunder, or (B) a lump sum on the date that is six months
following the Executive’s “separation from service” (within the meaning of Section 409A of the
Code) occurring in connection with such termination and (3) continue to participate in the
Company’s group medical plan on the same basis as he previously participated or receive
payment of, or reimbursement for, COBRA premiums (or, if COBRA coverage is not available,
reimbursement of premiums paid for other medical insurance in an amount not to exceed the COBRA
premium) for a one-year period following the Executive’s termination of employment; provided that
if the Executive is provided with health insurance coverage by a successor employer, any such
coverage by the Company shall cease (each of (1), (2) and (3) referred to as the “Severance
Payment”). The Executive also shall be entitled to receive payment for all reimbursable expenses
or other entitlements then due and owing to the Executive as of the Termination Date. If the
Executive breaches his obligations under Section 1.6, 1.7, 1.8 or 1.9 of this Agreement, the
Company’s obligation to make any Severance Payments and provide any Benefits shall cease as of the
date of such breach; provided, that if the Executive cures such breach within 10 days of receiving
written notice from the Company of such breach (which notice the Company shall provide promptly to
the Executive after learning of such breach), the Company shall promptly pay all Severance Payments
not made during such period of dispute and resume making Severance Payments and providing Benefits
promptly following such cure.

     (c) Severance upon a Change of Control. Anything contained herein to the contrary
notwithstanding, in the event the Executive’s employment hereunder is terminated within twelve (12)
months following a Change of Control (as defined in the Plan) by the Company without Cause or by
the Executive with Good Reason, the Executive shall be entitled to receive the Severance Payment as
described in sub-section (b) above; provided, however, that in lieu of the calculation contained in
Section 1.4(b)(2), Executive shall be entitled to receive an amount equal to $100 less than two times the sum of (i) the Executive’s Base Salary (at the rate in effect
on the date of termination) and (ii) the annual bonus paid to Executive 1.3(b) in the year prior to
such Change of Control, if any; provided, however, that if such lump sum severance payment, either

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alone or together with other payments or benefits, either cash or non-cash, that the Executive has
the right to receive from the Company, including, but not limited to, accelerated vesting or
payment of any deferred compensation, options, stock appreciation rights or any benefits payable to
the Executive under any plan for the benefit of employees, would constitute an “excess parachute
payment” (as defined in Section 280G of the Internal Revenue Code of 1986), then such lump sum
severance payment or other benefit shall be reduced to the largest amount that will not result in
receipt by the Executive of an “excess parachute payment.” The determination of the amount of the
payment described in this subsection shall be made by the Company’s independent auditors at the
sole expense of the Company. For purposes of clarification the value of any options described
above will be determined by the Company’s independent auditors using a Black-Scholes valuation
methodology. If within twelve (12) months after the occurrence of a Change of Control, the Company
shall terminate the Executive’s employment without Cause or the Executive terminates his employment
with Good Reason, then notwithstanding the vesting and exercisability schedule in any stock option
or other grant agreement between the Company and the Executive, all unvested stock options, shares
of restricted stock and other equity awards granted by the Company to the Executive pursuant to any
such agreement shall immediately vest, and all such stock options shall become exercisable and
shall remain exercisable for the lesser of 180 days after the effective date of termination of the
Executive’s employment or the remaining term of the applicable option.

     (d) Death and Disability. In the event of the Company terminates this Agreement due
to the death of the Executive, the Company shall pay the Executive his Base Salary through the date
of termination, at the rate then in effect, and all expenses or accrued Benefits arising prior to
such termination which are payable to the Executive pursuant to this Agreement through the date of
termination. Any other rights and benefits the Executive may have under employee benefit plans and
programs of the Company generally in the event of the Executive’s Disability shall be determined in
accordance with the terms of such plans and programs. In the event of Executive’s death, any
rights and benefits that the Executive’s estate or any other person may have under employee benefit
plans and programs of the Company generally in the event of the Executive’s death shall be
determined in accordance with the terms of such plans and programs.

     (e) Salary and Other Payments Through Termination. If the Executive’s employment with
the Company is terminated during the Term (i) by the Company for Cause or (ii) by the Executive
other than for Good Reason, the Executive will be entitled to receive his Base Salary through the
Termination Date, but will not be entitled to receive any Severance Payments or Benefits after the
Termination Date. The Executive shall be entitled to receive payment for all reimbursable expenses
or other entitlements then due and owing to the Executive as of the Termination Date.

     (f) Other Rights. Except as set forth in this Section 1.4, all of the
Executive’s rights to receive Base Salary, Benefits and annual bonuses hereunder (if any) which
accrue or become payable after the termination of the Employment Period shall cease upon such
termination.

     (g) Continuing Benefits. Notwithstanding Section 1.4(f), termination pursuant
to this Section 1.4 shall not modify or affect in any way whatsoever any vested right of the
Executive to benefits payable under any retirement or pension plan or under any other employee
benefit plan of the Company, and all such benefits shall continue, in accordance with, and subject
to, the terms and conditions of such plans, to be payable in full to, or on account of, the Executive after such termination.

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     (h) No Duty of Mitigation. The Executive shall not be required to mitigate the amount
of any payment provided for in this Article I by seeking other employment or otherwise.

     1.5 Confidential Information.

     (a) The Executive shall not disclose or, directly or indirectly, use at any time, during the
Employment Period or thereafter, any Confidential Information (as defined below) of which the
Executive is or becomes aware, whether or not such information is developed by him, alone or with
others, except to the extent that (i) such disclosure or use is required by the Executive’s
performance of the duties assigned to the Executive by the Board, (ii) the Executive is required by
subpoena or similar process to disclose or discuss any Confidential Information, provided, that in
such case, the Executive shall promptly inform the Company in writing of such event, shall
cooperate with the Company in attempting to obtain a protective order or to otherwise limit or
restrict such disclosure to the greatest extent possible, and shall disclose only that portion of
the Confidential Information as is strictly required, or (iii) such Confidential Information is or
becomes generally known to and available for use by the public, other than as a result of any
action or inaction directly or indirectly by the Executive. At the Company’s expense, the
Executive shall take all appropriate steps to safeguard Confidential Information and to protect it
against disclosure, misuse, espionage, loss and theft. The Executive acknowledges that the
Confidential Information obtained by him during the course of his employment with the Company is
the sole and exclusive property of the Company and its Subsidiaries, as applicable.

     (b) The Executive understands that the Company and its Subsidiaries will receive from third
parties confidential or proprietary information (“Third Party Information”) subject to a duty on
the part of the Company and its Subsidiaries to maintain the confidentiality of such information
and to use it only for certain limited purposes. During the Employment Period and in the period
specified in such confidentiality agreements, and without in any way limiting the provisions of
Section 1.5(a) above, the Executive will hold Third Party Information in confidence,
consistent with the obligations applicable to Confidential Information of the Company generally,
and will not disclose to anyone (other than personnel and agents of the Company or its Subsidiaries
who need to know such information in connection with their work for the Company or its
Subsidiaries) or use, except in connection with his work for the Company or its Subsidiaries, Third
Party Information unless expressly authorized by the Board in writing.

     (c) As used in this Agreement, the term “Confidential Information” means information that is
not generally known to the public and that is related in any way to the actual or anticipated
business of the Company, its Subsidiaries, its Affiliates or any of their respective predecessors
in interest, including but not limited to (i) business development, growth and other strategic
business plans, (ii) properties available for acquisition,
financing development or sale, (iii) accounting and business methods, (iv) services or products and the marketing of such
services and products, (v) fees, costs and pricing structures, (vi) designs, (vii) analysis, (viii)
drawings, photographs and reports, (ix) computer software, including operating systems,
applications and program listings, (x) flow charts, manuals and documentation, (xi) data bases,
(xii) inventions, devices, new developments, methods and processes, whether patentable or

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unpatentable and whether or not reduced to practice, (xiii) copyrightable works, (xiv) all
technology and trade secrets, (xv) confidential terms of material agreements and customer
relationships, and (xvi) all similar and related information in whatever form or medium.
Confidential Information shall not include any information that has become generally available to
the public prior to the date the Executive proposes to disclose or use such information or general
know-how of the Executive.

     1.6 Inventions and Patents. Executive acknowledges that all discoveries, concepts,
ideas, inventions, innovations, improvements, developments, products, methods, processes,
techniques, programs, designs, analyses, drawings, reports, patents, copyrightable works and mask
works (whether or not including any Confidential Information) and all issuances, registrations or
applications related thereto, all other proprietary information or intellectual property and all
similar or related information (whether or not patentable) conceived, developed, contributed to,
made, or reduced to practice by Executive (either alone or with others) while employed by Company
or any of its Subsidiaries or Affiliates or any of their respective predecessors in interest
(including prior to the date of this Agreement) or using the materials, facilities or resources of
the Company or any of its Subsidiaries or Affiliates or any of their respective predecessors in
interest (collectively, “Company Works”) is the sole and exclusive property of the Company and its
Subsidiaries. Executive hereby assigns all right, title and interest in and to all Company Works to
the Company and its Subsidiaries and waives any moral rights he may have therein, without further
obligation or consideration. Any copyrightable work prepared in whole or in part by the Executive
will be deemed “a work made for hire” under Section 201(b) of the 1976 Copyright Act, and the
Company and its Subsidiaries shall own all of the rights comprised in the copyright therein. The
Executive shall promptly and fully disclose in writing all Company Works to the Company and shall
cooperate with the Company and its Subsidiaries to protect, maintain and enforce the Company’s and
its Subsidiaries’ interests in and rights to such Company Works (including, without limitation,
providing reasonable assistance in securing patent protection and copyright registrations and
executing all affidavits, assignments, powers-of-attorney and other documents as reasonably
requested by the Company, whether such requests occur prior to or after termination of the
Executive’s employment with the Company).

     1.7 Delivery of Materials Upon Termination of Employment. As requested by the Company
from time to time and in any event upon the termination of the Executive’s employment with the
Company , the Executive shall promptly deliver to the Company, or at the Company’s election
destroy, all copies and embodiments, in whatever form or medium, of all Confidential Information,
Company Works and other property and assets of the Company and its Subsidiaries in the Executive’s
possession or within his control (including, but not limited to, office keys, access cards, written
records, notes, photographs, manuals, notebooks, documentation, program listings, flow charts,
magnetic media, disks, diskettes, tapes computers and handheld devices (including all software,
files and documents thereon) and any other materials containing any Confidential Information or Company Works) irrespective of the
location or form of such material and, if requested by the Company, shall provide the Company with
written confirmation that all such materials have been delivered to the Company or destroyed, as
applicable.

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     1.8 Non-Compete and Non-Solicitation Covenants.

     (a) The Executive acknowledges and agrees that the Executive’s services to the Company and its
Subsidiaries are unique in nature and that the Company and its Subsidiaries would be irreparably
damaged if the Executive were to provide similar services to any Person competing with the Company
and its Subsidiaries or engaged in the Business. The Executive further acknowledges that, in the
course of his employment with the Company, he will become familiar with the Company’s and its
Subsidiaries’ trade secrets and with other Confidential Information. During the Noncompete Period,
he shall not, directly or indirectly, whether for himself or for any other Person, permit his name
to be used by or participate in any business or enterprise (including, without limitation, any
division, group or franchise of a larger organization) that engages or proposes to engage in the
Business in the Restricted Territories, other than the Company and its Subsidiaries or except as
otherwise directed or authorized by the Board. For purposes of this Agreement, the term
“participate in” shall include, without limitation, having any direct or indirect interest in any
Person, whether as a sole proprietor, owner, stockholder, partner, member, joint venturer, creditor
or otherwise, or rendering any direct or indirect service or assistance to any Person (whether as a
director, officer, supervisor, employee, agent, consultant or otherwise). Nothing herein will
prohibit the Executive from mere passive ownership of not more than five percent (5%) of the
outstanding stock of any class of a publicly held corporation whose stock is traded on a national
securities exchange or in the over-the-counter market. As used herein, the phrase “mere passive
ownership” shall include voting or otherwise granting any consents or approvals required to be
obtained from such Person as an owner of stock or other ownership interests in any entity pursuant
to the charter or other organizational documents of such entity, but shall not include, without
limitation, any involvement in the day-to-day operations of such entity.

     (b) During the Nonsolicitation Period, the Executive will not directly, or indirectly through
another Person, solicit, induce or attempt to induce any customer, supplier, licensee, or other
business relation of the Company or any of its Subsidiaries to cease doing business with the
Company or any of its Subsidiaries, or solicit, induce or attempt to induce any person who is, or
was during the then-most recent 12-month period, a corporate officer, general manager or other
employee of the Company or any of its Subsidiaries to terminate such employee’s employment with the
Company or any of its Subsidiaries, or hire any such person unless such person’s employment was
terminated by the Company or any of its Subsidiaries, or in any way interfere with the relationship
between any such customer, supplier, licensee, employee or business relation and the Company or any
of its Subsidiaries. The Executive acknowledges and agrees that the Company and its Subsidiaries
would be irreparably damaged if the Executive were to breach any of the provisions contained in
this Section 1.8(b).

     (c) Executive acknowledges that this Agreement, and specifically, this Section 1.8,
does not preclude Executive from earning a livelihood, nor does it unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive agrees and
acknowledges that the potential harm to the Company of its non-enforcement outweighs any harm to
Executive of its enforcement by injunction or otherwise.

     1.9 Enforcement. If, at the time of enforcement of Section 1.5, 1.6,
1.7, 1.8 or 1.10, a court holds that the restrictions stated herein are
unreasonable under circumstances then existing,

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the Parties agree that, to the extent permitted by applicable law, the maximum period, scope or geographical area reasonable under such circumstances
will be substituted for the Noncompete Period, scope or area. Because the Executive’s services are
unique and because the Executive has access to Confidential Information and Company Works, the
Parties agree that money damages would be an inadequate remedy for any breach of Section
1.5, 1.6, 1.7, 1.8 or 1.10. Therefore, in the event of a
breach or threatened breach of Section 1.5, 1.6, 1.7, 1.8 or
1.10, the Company or any of its Subsidiaries or any of their respective successors or
assigns may, in addition to other rights and remedies existing in their favor, apply to any court
of competent jurisdiction for specific performance and/or injunctive or other relief in order to
enforce, or prevent any violations of, the provisions hereof (without posting a bond or other
security). The Parties hereby acknowledge and agree that (a) performance of the services of the
Executive hereunder may occur in jurisdictions other than the jurisdiction whose law the Parties
have agreed shall govern the construction, validity and interpretation of this Agreement, (b) the
law of the State of New York shall govern construction, validity and interpretation of this
Agreement to the fullest extent possible, and (c) Section 1.5, 1.6, 1.7,
1.8 or 1.10 shall restrict the Executive only to the extent permitted by applicable
law.

     1.10 Survival. Sections 1.5, 1.6, 1.7 and 1.8 and
1.10 will survive and continue in full force in accordance with their terms notwithstanding
any termination of the Employment Period.

     1.11 Consideration. The Executive hereby agrees and acknowledges that the Option
Grant constitutes good and valuable consideration for the covenant and obligations incurred by
Executive pursuant to Section 1.8.

ARTICLE III

DEFINED TERMS

     2.1 Definitions. For purposes of this Agreement, the following terms will have the
following meanings:

          “Bonus Pool” means, with respect to any Fiscal Year, an amount equal to 5.0% of the annual net
income of Company for such Fiscal year, as reported by Company in its audited annual financial
statements.

          “Business” means the business of (i) acquiring or licensing, for sale, licensing or
sublicensing (or other commercial exploitation) intellectual property including trademarks and
service marks, (ii) providing, structuring or assisting others in providing or obtaining whole
company or asset-backed securitization financings involving intellectual property and (iii)
activities related or ancillary to, or that support, any of the foregoing.

          “Cause” means with respect to the Executive, the occurrence of one or more of the following:
(i) indictment of a felony involving moral turpitude, misappropriation of Company property,
embezzlement of Company funds, violation of the securities laws or dishonesty, (ii) persistent and
repeated refusal to comply with no less than three written directives of the Board with respect to
an item that the Board deems material to the business, prospects and/or operations of the Company
or requiring the Executive, in his reasonable judgment, after consultation with counsel, to act in
a manner inconsistent with his fiduciary

9

 

obligations; (iii) reporting to work under the influence
of alcohol or illegal drugs, or the use of illegal drugs (whether or not at the workplace), or (iv)
any willful breach of Section 1.6, 1.7, 1.8 or 1.9 of this Agreement. Notwithstanding the
foregoing, termination by the Company for Cause (other than pursuant to clause (i) above) shall not
be effective until and unless (i) Executive fails to cure such alleged act or circumstance within 30 days of receipt of notice thereof, to the satisfaction of the Board in the exercise of its
reasonable judgment (or, if within such 30-day period the Executive commences and proceeds to take
all reasonable actions to effect such cure, within such reasonable additional time period (no
longer than 60 days) as may be necessary), and (ii) notice of intention to terminate for Cause has
been given by the Company within sixty (60) days after the Board learns of the act, failure or
event constituting “Cause,” and (iii) the Board has voted (at a meeting of the Board duly called
and held as to which termination of Executive is an agenda item) by a vote of at least a two-thirds
of the members of the Board (other than Executive) to terminate Executive for Cause after Executive
has been given notice of the particular acts or circumstances which are the basis for the
termination for Cause and has been afforded an opportunity to appear with counsel and present his
positions at such meeting and to present his case thereat, and (iv) the Board has given notice of
termination to Executive within five days after such meeting voting in favor of termination.

          “Code” means the Internal Revenue Code of 1986 and the Treasury regulations thereunder, each
as amended from time to time.

          “Disability” shall have the meaning set forth in a policy or policies of long-term disability
insurance, if any, the Company obtains for the benefit of itself and/or its employees. If there is
no definition of “disability” applicable under any such policy or policies, if any, then the
Executive shall be considered disabled due to mental or physical impairment or disability, despite
reasonable accommodations by the Company and its Subsidiaries, to perform his customary or other
comparable duties with the Company or its Subsidiaries immediately prior to such disability for a
period of at least 120 consecutive days or for at least 180 non-consecutive days in any 12-month
period.

          “Fiscal Year” means the fiscal year of the Company and its Subsidiaries.

          “Good Reason” means the occurrence, without the Executive’s written consent, of one or more of
the following events: (i) the Company reduces the amount of Executive’s Base Salary, (ii) the
Company requires that the Executive relocate his principal place of employment to a site that is
more than 50 miles from the Company’s offices in New York City or if the Company changes the
location of its headquarters with the consent of Executive to a location that is more than 50 miles
from such location, (iii) the Company materially reduces the Executive’s responsibilities or
removes the Executive from the position of Senior Vice President, Chief Financial Officer and Treasurer other than pursuant to a termination of his employment
for Cause, or upon the Executive’s death or Disability, (iv) the failure or unreasonable delay of
the Company to provide to the Executive any of the payments or benefits contemplated hereby or (v)
the Company otherwise materially breaches the terms of this Agreement; provided that no such event
shall constitute Good Reason hereunder unless (a) the Executive shall have given written notice to
the Company of the Executive’s intent to resign

10

 

for Good Reason within 30 days after the Executive
becomes aware of the occurrence of any such event, which notice shall describe in reasonable detail
the event or events constitution the basis for the Executive’s intention to resign for Good Reason
and (b) such event or occurrence, if a breach susceptible to cure, shall not have been cured or
otherwise shall not have been resolved to the Executive’s reasonable satisfaction, in each case
within 30 days of the Company’s receipt of such notice. In such case the Executive’s resignation
shall become effective on the 31st day after the Company’s receipt of the aforementioned
notice.

          “Noncompete Period” means the Employment Period and 24 months thereafter; provided that, in
the event, but only in the event, the Executive’s employment hereunder is terminated by the Company
without Cause or by the Executive with Good Reason, “Noncompete Period” shall mean the Employment
Period and 12 months thereafter.

          “Nonsolicitation Period” means the Employment Period and 24 months thereafter.

          “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, or
the United States of America any other nation, any state or other political subdivision thereof, or
any entity exercising executive, legislative, judicial, regulatory or administrative functions of
government.

          “Restricted Territories” means the United States and its territories and possessions in which
the Company engages in the Business as of the Termination Date.

          “Subsidiary” means, with respect to any Person, any corporation, limited liability company,
partnership, association, or business entity of which (i) if a corporation, a majority of the total
voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof, or (ii) if a limited liability company, partnership, association,
or other business entity (other than a corporation), a majority of partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a limited liability
company, partnership, association, or other business entity (other than a corporation) if such
Person or Persons shall be allocated a majority of limited liability company, partnership,
association, or other business entity gains or losses or shall be or control any managing director
or general partner of such limited liability company, partnership, association, or other business
entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless
otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company.

          “Termination Date” means the effective date of the Executive’s termination of employment with
the Company.

     2.2 Other Definitional Provisions.

     (a) Section references contained in this Agreement are references to sections in this
Agreement, unless otherwise specified. Each defined term used in this Agreement has a comparable
meaning when used in its plural or singular form. Each gender-specific term used in this Agreement
has a comparable meaning whether used in a masculine, feminine or gender-neutral form.

11

 

     (b) Whenever the term “including” (whether or not that term is followed by the phrase “but not
limited to” or “without limitation” or words of similar effect) is used in this Agreement in
connection with a listing of items within a particular classification, that listing will be
interpreted to be illustrative only and will not be interpreted as a limitation on, or an exclusive
listing of, the items within that classification.

ARTICLE III

MISCELLANEOUS TERMS

     3.1 Defense of Claims. The Executive agrees that, during the Employment Period, and
for a period of six months after termination of the Executive’s employment, upon request by the
Company, the Executive shall reasonably cooperate with the Company in connection with any matters
the Executive worked on during his employment with the Company and any related transitional
matters. In addition, during the Employment Period and thereafter, the Executive agrees to
reasonably cooperate with the Company in the defense of any claims or actions that may be made by
or against the Company that affect the Executive’s prior areas of responsibility or involve matters
about which the Executive has knowledge, except if the Executive’s reasonable interests are adverse
to the Company in such claim or action and provided that after the Employment Period such level of
cooperation shall be reasonable and shall take due account of the Executive’s work and personal
commitments. The Company agrees to promptly reimburse the Executive for all of the Executive’s
reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with
the Executive’s obligations under this Section 3.1.

     3.2 Nondisparagement. The Executive agrees to refrain from (i) making, directly or
indirectly, any derogatory comments concerning the Company or its Subsidiaries or any current or
former officers, directors, employees or shareholders thereof or (ii) taking any other action with
respect to the Company or its Subsidiaries which is reasonably expected to result, or does result
in, damage to the business or reputation of the Company, its Subsidiaries or any of its current or
former officers, directors, employees or shareholders. The Company agrees to refrain from (i)
making, directly or indirectly, any derogatory comments concerning the Executive or (ii) taking any
other action with respect to the Executive which is reasonably expected to result, or does result
in, damage to the reputation of the Executive. Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prohibit or restrict either party
from, truthfully and in good faith: (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 regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s or the Executive’s designated legal, compliance or
human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a
proceeding relating to an alleged violation of 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.

12

 

     3.3 Source of Payments. All payments provided under this Agreement, other than
payments made pursuant to a plan which provides otherwise and except as otherwise provided herein,
shall be paid in cash from the general funds of the Company, and no special or separate fund shall
be established, and no other segregation of assets shall be made, to assure payment. The Executive
shall have no right, title or interest whatsoever in or to any investments which the Company or its
Subsidiaries may make to aid the Company in meeting its obligations hereunder. To the extent that
any person acquires a right to receive payments from the Company hereunder, such right shall be no
greater than the right of an unsecured creditor of the Company.

     3.4 Notices. Any notice provided for in this Agreement must be in writing and must be
either personally delivered, mailed by first class mail (postage prepaid and return receipt
requested), sent by reputable overnight courier service (charges prepaid) or sent by facsimile
(with receipt confirmed) to the recipient at the address or facsimile number indicated below:

To the Company:

Aether Holdings, Inc.

1330 Avenue of the Americas, 40th Floor

New York, NY 10019

Telephone: (212) 277-1101

Telecopy: (212) 573-1160

Attention: Chief Executive Officer

With copies to:

Littman Krooks LLP

Telephone: (212) 490-2020

Telecopy: (202) 490-2990

Attention: Mitchell C. Littman, Esq.

To the Executive:

David B. Meister

c/o Aether Holdings, Inc.

1330 Avenue of the Americas, 40th Floor

New York, NY 10019

Telephone: (212) 277-1100

Telecopy: (212) 277-1160

or such other address or to the attention of such other Person as the recipient Party will have
specified by prior written notice to the sending Party. Any notice under this Agreement will be
deemed to have been given when so delivered or sent or, if mailed, five days after deposit in the
U.S. mail.

     3.5 Severability. Subject to the express provisions of Section 1.10 relating
to certain specified changes, whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law

13

 

or rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or any other jurisdiction, but this Agreement will be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein.

     3.6 Complete Agreement. This Agreement embodies the complete agreement and
understanding among the Parties with regard to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the Parties, written
or oral, which may have related to the subject matter hereof in any way. To the extent that this
Agreement provides greater benefits to the Executive than available under the Company’s employee
handbook or other corporate policies, then this Agreement shall prevail.

     3.7 Counterparts. This Agreement may be executed in separate counterparts, each of
which is deemed to be an original and all of which taken together constitute one and the same
agreement.

     3.8 Assignment. Without the Executive’s consent, the Company may not assign its
rights and obligations under this Agreement except (i) to a “Successor” (as defined below) or (ii)
to an entity that is formed and controlled by the Company or any of its Subsidiaries. This
Agreement is personal to the Executive, and the Executive shall not have the right to assign the
Executive’s interest in this Agreement, any rights under this Agreement or any duties imposed under
this Agreement, nor shall the Executive have the right to pledge, hypothecate, transfer, assign or
otherwise encumber the Executive’s right to receive any form of compensation hereunder without the
prior written consent of the Board. As used in this Section 3.8, “Successor” shall include
any Person that at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets of, or ownership interests in, the Company and its
Subsidiaries.

     3.9 Successors and Assigns. This Agreement is intended to bind and inure to the
benefit of and be enforceable by the Company, the Executive, and their respective heirs, successors
and permitted assigns.

     3.10 Choice of Law. This Agreement and the performance of the parties hereunder shall
be governed by the internal laws (and not the law of conflicts) of
the State of New York. Any claim or controversy arising out of or in connection with this Agreement, or the breach
thereof, shall be adjudicated exclusively by the Supreme Court, New York County, State of New York,
or by a federal court sitting in Manhattan in New York City, State of New York. The parties hereto
agree to the personal jurisdiction of such courts and agree to accept process by regular mail in
connection with any such dispute.

     3.11 Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE
PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL),
EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING
TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

14

 

     3.12 Legal Fees and Court Costs. In the event that any action, suit or other
proceeding in law or in equity is brought to enforce the provisions of this Agreement, and such
action results in the award of a judgment for money damages or in the granting of any injunction in
favor of the Company, all expenses (including reasonable attorneys’ fees) of the Company in such
action, suit or other proceeding shall be paid by the Executive. In the event that any action, suit
or other proceeding in law or in equity is brought to enforce the provisions of this Agreement, and
such action results in the award of a judgment for money damages or in the granting of any
injunction in favor of the Executive, all expenses (including reasonable attorneys’ fees and travel
expenses) of the Executive in such action, suit or other proceeding shall be paid by the Company.

     3.13 Remedies. Subject to the provisions of Section 3.1, each Party will be
entitled to enforce its rights under this Agreement specifically, to recover damages and costs
caused by any breach of any provision of this Agreement and to exercise all other rights existing
in its favor. Nothing herein shall prohibit any arbitrator or judicial authority from awarding
attorneys’ fees or costs to a prevailing Party in any arbitration or other proceeding to the extent
that such arbitrator or authority may lawfully do so.

     3.14 Amendment and Waiver. The provisions of this Agreement may be amended or waived
only with the prior written consent of the Company and the Executive, and no course of conduct or
failure or delay in enforcing the provisions of this Agreement will affect the validity, binding
effect or enforceability of this Agreement.

     3.15 Third Party Beneficiaries. This Agreement will not confer any rights or remedies
upon any Person other than the Parties and their respective successors and permitted assigns and
other than, in the event of the Executive’s death, his estate, to which all of Executive’s rights
and remedies set forth herein shall accrue

     3.16 The Executive’s Representations. The Executive hereby represents and warrants to
the Company that (a) the execution, delivery and performance of this Agreement by the Executive do
not and shall not conflict with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which the Executive is a party or by which he is bound,
(b) the Executive is not a party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any other Person (or other agreement with any other person containing a restriction on the Executive’s right to do
business or obligating him to do business with any other Person on a priority or preferential
basis), (c) upon the execution and delivery of this Agreement by the Company, this Agreement shall
be the valid and binding obligation of the Executive, enforceable in accordance with its terms and
(d) upon the execution and delivery of this Agreement by the Company, Executive shall not be in
violation of clause (i) set forth in the definition of Cause and shall not be disabled.

     3.17 Amendment to Comply with Section 409A of the Code. To the extent that this
Agreement or any part thereof is deemed to be a nonqualified deferred compensation plan subject to
Section 409A of the Code and the Treasury Regulations (including proposed regulations) and guidance
promulgated thereunder, (a) the provisions of this Agreement shall be interpreted in a manner to
the maximum extent possible to comply in good faith with Code Section 409A and (b) the parties
hereto agree to amend this Agreement for purposes of complying with Code Section 409A promptly upon
issuance of any Treasury regulations or

15

 

guidance thereunder, provided, that any such amendment
shall not materially change the present value of the benefits payable to the Executive hereunder or
otherwise materially adversely affect the Executive, the Company, or any affiliate of the Company,
without the consent of such party.

[END OF PAGE]

[SIGNATURE PAGE FOLLOWS]

16

 

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

	 	 	 	 	 
	 	AETHER HOLDINGS, INC.

 	 
	 	By:  	/s/
Robert W. D’Loren 	 
	 	 	Name:  	Robert W. D’Loren 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	/s/
David B. Meister 	 
	 	DAVID B. MEISTER 	 
	 	 	 
	 	 	 
	 

 

EXHIBIT A

FORM OF RELEASE

I, David Meister, on behalf of myself and my heirs, successors and assigns, in consideration
of the performance by Aether Holdings, Inc., Inc., a Delaware corporation (together with its
Subsidiaries, the “Company”), of its material obligations under the Employment Agreement, dated as
of September 12, 2006 (the “Agreement”), do hereby release and forever discharge as of the date
hereof the Company, its Affiliates, each such Person’s respective successors and assigns and each
of the foregoing Persons’ respective present and former directors, officers, partners,
stockholders, members, managers, agents, representatives, employees (and each such Person’s
respective successors and assigns) (collectively, the “Released Parties”) to the extent provided
below.

1. I understand that any payments or benefits paid or granted to me under Section 1.4(b) of
the Agreement represent, in part, consideration for signing this General Release and are not
salary, wages or benefits to which I was already entitled. I understand and agree that I will not
receive the payments and benefits specified in Section 1.4(b) of the Agreement unless I
execute this General Release and do not revoke this General Release within the time period
permitted hereafter or breach this General Release.

2. I knowingly and voluntarily release and forever discharge the Company and the other Released
Parties from any and all claims, controversies, actions, causes of action, cross-claims,
counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary
damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date of this General Release),
whether under the laws of the United States or another jurisdiction and whether known or unknown,
suspected or claimed against the Company or any of the Released Parties which I, my spouse, or any
of my heirs, executors, administrators or assigns, have or may have, which arise out of or are
connected with my employment with, or my separation from, the Company (including, but not limited
to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964,
as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as
amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as
amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the
Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining and Notification Act; the
Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair
Labor Standards Act; or their state or local counterparts; or under any other federal, state or
local civil or human rights law, or under any other local, state, or federal law, regulation or
ordinance; or under any public policy, contract or tort, or under common law; or arising under any
policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of
contract, infliction of emotional distress, or defamation; or any claim for costs, fees, or other
expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively
referred to herein as the “Claims”); provided, however, that nothing contained in
this General Release shall apply to, or release the Company from, (i) any obligation of the Company
contained in the Agreement to be performed after the date hereof or (ii) any vested or accrued
benefits pursuant to any employee benefit plan, program or policy of the Company.

 

3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of
action, or other matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have
under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this
General Release. I acknowledge and agree that my separation from employment with the Company in
compliance with the terms of the Agreement shall not serve as the basis for any claim or action
(including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to
each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this
General Release shall be given full force and effect according to each and all of its express terms
and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any
state statute that expressly limits the effectiveness of a general release of unknown, unsuspected
and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove
mentioned or implied. I acknowledge and agree that this waiver is an essential and material term of
this General Release and that without such waiver the Company would not have agreed to the terms of
the Agreement. I covenant that I shall not directly or indirectly, commence, maintain or prosecute
or sue any of the Released Persons either affirmatively or by way of cross-complaint, indemnity
claim, defense or counterclaim or in any other manner or at all on any Claim covered by this
General Release. I further agree that in the event I should bring a Claim seeking damages against
the Company, or in the event I should seek to recover against the Company in any Claim brought by a
governmental agency on my behalf, this General Release shall serve as a complete defense to such
Claims. I further agree that I am not aware of any pending charge or complaint of the type
described in paragraph 2 as of the execution of this General Release.

6. I agree that neither this General Release, nor the furnishing of the consideration for this
General Release, shall be deemed or construed at any time to be an admission by the Company, any
Released Party or myself of any improper or unlawful conduct.

7. I agree that this General Release is confidential and agree not to disclose any information
regarding the terms of this General Release, except to my immediate family and any tax, legal or
other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I
will instruct each of the foregoing not to disclose the same to anyone.

8. Any non-disclosure provision in this General Release does not prohibit or restrict me (or my
attorney) from responding to any inquiry about this General Release or its underlying facts and
circumstances by the Securities and Exchange Commission, the National Association of Securities
Dealers, Inc. or any other self-regulatory organization or governmental entity.

9. Without limitation of any provision of the Agreement, I hereby expressly re-affirm my
obligations under Sections 1.5, 1.6, 1.8, 1.8, 1.10 and
3.1.

 

10. Whenever possible, each provision of this General Release shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or any other jurisdiction, but this General Release shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein.

     “Affiliate” means, with respect to any Person, any Person that controls, is controlled
by or is under common control with such Person or an Affiliate of such Person.

     “Person” means an individual, a partnership, a limited liability company, a
corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, investment fund, any other business entity and a governmental entity or any
department, agency or political subdivision thereof.

     “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association, or business entity of which (i) if a corporation, a majority of
the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers, or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association, or other business entity (other than a corporation), a majority of
partnership or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association, or other business entity (other
than a corporation) if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association, or other business entity gains or losses or shall be or control
any managing director or general partner of such limited liability company, partnership,
association, or other business entity.

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

(a) I HAVE READ IT CAREFULLY;

(b) I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT
LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF
THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH
DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

(c) I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

(d) I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY (VIA THE AGREEMENT AND THIS RELEASE) BEFORE
EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO
DO SO OF MY OWN VOLITION;

 

(e) I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS
FINAL FORM ON ___, ___TO CONSIDER IT AND THE CHANGES MADE SINCE THE
___, ___VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE
REQUIRED 21-DAY PERIOD;

(f) THE CHANGES TO THE AGREEMENT SINCE ___, ___EITHER ARE NOT MATERIAL OR WERE
MADE AT MY REQUEST.

(g) I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT
THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE EIGHTH DAY FOLLOWING EXECUTION OF
THE AGREEMENT;

(h) I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL
RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

(i) I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR
MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY
AND BY ME.

 

David B. Meister

DATE: ___________ __, ______

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