Document:

EX-10.18

 Exhibit 10.18 

SEVERANCE AND RELEASE AGREEMENT 

This Severance and Release Agreement (“Agreement”) is entered into by and between Pendrell Corporation and any subsidiaries and
affiliates (“Pendrell” or “Company”) and Robert S. Jaffe (“Employee”) (collectively “Parties”) to set forth the terms and conditions of Employee’s separation from Pendrell effective April 18, 2014.
As contemplated by Employee’s employment letter dated June 7, 2012 and in exchange for the benefits described in said employment letter, Employee agrees to execute this Agreement which includes a full release of all known and unknown
claims. 
 NOW THEREFORE, in exchange for the mutual consideration described herein, the sufficiency of which is hereby acknowledged, the
parties agree as follows: 
 1. Termination of Employment. Employee’s last date of active employment with Pendrell shall be
Friday, April 18, 2014 (Termination Date). Employee shall not be eligible to accrue any additional paid time off benefits or be eligible for any compensation after Termination Date, other than what is provided for in Paragraph 4. 

2 Acknowledgement of Full Payment of Compensation to Date. Employee acknowledges and agrees that, with the exception of the payments
described herein, Pendrell has paid all compensation that it owes to date, including but not limited to base salary, commission, incentive compensation, and any other payments that may have been agreed-upon either orally or in writing. Pendrell also
agrees to reimburse all outstanding expenses incurred by Employee prior to the Termination Date, based on approvals from Employee’s manager and standard Pendrell policies. 

3. Income Taxes and Authorized Deductions. All payments made as a result of this Agreement are considered wages and are subject to
required income tax and other withholding and authorized deductions. The amounts are stated as gross amounts. 
 4. Severance
Benefits. As consideration for the release and promises described in this Agreement, Pendrell agrees to provide the following benefits to Employee. 

a. Severance Pay through Lump Sum Payment. Pendrell agrees to pay Employee on the first available payroll date following the Effective
Date cash severance benefits in the total amount of $350,000, through Pendrell’s regularly scheduled payroll. 
 b. Payment of
Accrued PTO. Pendrell agrees to pay Employee for accrued but unused vacation benefits that may exist as of Termination Date. As of Termination Date, Employee shall cease to accrue or be eligible for additional PTO benefits. 

5. Stock Equity Provisions. Employee will cease to vest in any incentive stock options or related equity incentive programs as of the
Termination Date and, to the extent applicable, any vested and unexercised options shall be subject to the terms and procedures contained in any applicable stock option agreement(s) and stock option plan, copies of which will be available to
Employee upon request. 
 6. Unemployment Compensation. While Pendrell cannot control the decision reached by the State’s
Employment Security Department on any application for unemployment compensation benefits, Pendrell agrees to respond to any inquiries by confirming that Employee was released and will not contest or decline benefits eligibility. 

 

			
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 7. Compliance with Employee Intellectual Property Agreement. Employee agrees to comply
with all post-employment obligations under the Employee Intellectual Property Agreement between Employee and Pendrell. 
 8. Agreement
Not to Solicit. Employee agrees that, prior to Termination Date and for a period of one (1) year following, Employee shall not directly or indirectly solicit, recruit or entice any of the following to cease, terminate or reduce any
relationship with Pendrell or to divert any business from Pendrell: (a) any person who was an employee or consultant of Pendrell during the twelve (12) months preceding Termination Date; (b) any contractor or supplier of Pendrell;
(c) any customer, client or business partner of Pendrell; or (d) any prospective customer, client, or business partner of Pendrell from whom Employee is aware Pendrell actively solicited business or pursued a business relationship within the
twelve (12) months preceding Termination Date. Further, Employee agrees not to directly or indirectly disclose the names, addresses, telephone numbers, compensation or other arrangements between Pendrell and any person or entity described
herein. 
 Employee further agrees and recognizes that Employee has permanently and irrevocably severed the employment relationship with the
Company, effective as of the date hereof, and that the Company has no obligation to employ Employee in the future. 
 9. Return of
Company Property. Employee confirms that they will return to Pendrell, no later than the Termination Date all computers, files, memoranda, records, credit cards, computer files, passwords and passkeys, Card Keys, or related physical or
electronic access devices, and any and all other property received from Pendrell or any of its current or former employees or generated by Pendrell in the course of employment. 

10. Complete Release of All Known and Unknown Claims. In consideration of the payments due Employee under this Agreement, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Employee, intending to be legally bound, does hereby, on behalf of himself and his agents, representatives, attorneys, assigns, heirs,
executors and administrators (collectively, the “Employee Parties”) RELEASE AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries, and its and their officers, directors, shareholders, members, and managers, and its and
their respective successors and assigns, heirs, executors, and administrators (collectively, the “Company Parties”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Employee or any of
the Employee Parties ever had, now has, or hereafter may have, by reason of any matter, cause or thing whatsoever, from the beginning of Employee’s initial dealings with the Company to the date of this Agreement, and particularly, but without
limitation of the foregoing general terms, any claims arising from or relating in any way to Employee’s employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment
relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. §
2000e et seq., the Civil Rights Act of 1966, 42 U.S.C. §1981, the Civil Rights Act of 1991, Pub. L. No. 102-166, the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Age Discrimination in Employment Act, as amended, 29
U.S.C. §621 et seq., the Fair Labor Standards Act, 29 U.S.C. §201 et seq., the National Labor Relations Act, 29 U.S.C. §151 et seq., and any other claims under any federal, state or local common law, statutory, or regulatory
provision, now or hereafter recognized, but not including such claims to payments and other rights provided Employee under the Agreement. 

This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based
upon tort, equity, implied or express contract or discrimination of any sort. Except as specifically provided under this Agreement, it is expressly understood and agreed that this 

  

			
	Robert S Jaffe Severance Agreement		2 of 6

 
Agreement shall operate as a clear and unequivocal waiver by Employee of any claim for accrued or unpaid wages, benefits or any other type of payment. Notwithstanding the foregoing, Employee
shall not be deemed to have released any claims for indemnity or contribution or claims for or in respect of (i) accrued but unpaid obligations of the Company under this Agreement, (ii) vested benefits under any Company employee benefit
plan, (iii) equity-based compensation (except as provided under Section 5 of this Agreement) or (iv) coverage under any Directors and Officers insurance policies maintained by the Company or its subsidiaries, in each case, in respect
of claims asserted against Employee in his/her capacity as an employee or officer of the Company. 
 11. No Claims. Employee
expressly waives all rights afforded by any statute which limits the effect of a release with respect to unknown claims. Employee understands the significance of their release of unknown claims and their waiver of statutory protection against a
release of unknown claims. 
 Employee agrees that Employee will not be entitled to or accept any benefit from any claim or proceeding
within the scope of this Agreement that is filed or instigated by Employee or on Employee’s behalf with any agency, court or other government entity. 

Employee agrees and acknowledges that Employee is waiving all rights to sue or obtain equitable, remedial or punitive relief from any or all
Company Parties of any kind whatsoever, including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief. Notwithstanding the above, Employee further acknowledges that Employee is not waiving
and is not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or to participate in an administrative investigation or proceeding; provided, however, that Employee disclaims and
waives any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. 

Employee agrees and acknowledges that at no time prior to or contemporaneous with Employee’s execution of this Agreement has Employee
filed or caused or knowingly permitted the filing or maintenance, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency or other tribunal, any charge, claim or action of any kind, nature and
character whatsoever (“Claim”) against the Company Parties which is based in whole or in part on any matter referred to in Section 10 above; and, subject to the Company’s performance under this Agreement, to the maximum
extent permitted by law, Employee is prohibited from filing or maintaining, or causing or knowingly permitting the filing or maintaining, of any such Claim in any such forum. Employee hereby grants the Company Employee’s perpetual and
irrevocable power of attorney with full right, power and authority to take all actions necessary to dismiss or discharge any such Claim. Employee further covenants and agrees that Employee will not encourage any person or entity, including but not
limited to any current or former employee, officer, director or stockholder of the Company, to institute any Claim against the Company Parties or any of them, and that except as expressly permitted by law or administrative policy or as required by
legally enforceable order Employee will not aid or assist any such person or entity in prosecuting such Claim. 
 12. Voluntary
Agreement; Full Understanding; Advice of Counsel. Employee agrees and acknowledges that Employee has read the terms of this Agreement, and that Employee understands its terms and effects, including the fact that Employee has agreed to RELEASE
AND FOREVER DISCHARGE the Company and all Company Parties from any legal action or other liability of any type related in any way to the matters released pursuant to this Agreement other than as provided in the Agreement and in this Agreement. 

Employee agrees and acknowledges that Employee understands the significance of Employee’s release of unknown claims and Employee’s
waiver of statutory protection against a release of unknown claims. 

  

			
	Robert S Jaffe Severance Agreement		3 of 6

 Employee agrees and acknowledges that Employee has signed this Agreement voluntarily and
knowingly in exchange for the consideration described herein, which Employee acknowledges is adequate and satisfactory to Employee. 

Employee agrees and acknowledges that Employee has been and is hereby advised in writing to consult with an attorney prior to signing this
Agreement. 
 Employee agrees and acknowledges that Employee does not waive rights or claims that may arise after the date this Agreement is
executed or those claims arising under the Agreement with respect to payments and other rights due Employee on the date of, or during the period following, the termination of Employee’s Employment. 

13. Consideration Period/Revocation/Effective Date. Employee acknowledges having been given twenty-one (21) days in which to
consider this Agreement and the option to sign it sooner if desired. Any negotiations surrounding the language or terms of this Agreement shall not re-start the consideration period. Employee also acknowledges that Employee may revoke this Agreement
within seven (7) days of signing it, by delivering a signed written letter of revocation to the Corporate Counsel at Pendrell. This Agreement will not be effective until Pendrell receives an original signed Agreement by Employee and the
seven-day revocation period has expired (“Effective Date”). 
 14. No Disparagement or Interference. Employee agrees not to
(a) make any false, misleading, or disparaging representations or statements about Pendrell, its services, or its employees, officers and directors, or (b) make any statements that may impair or otherwise adversely affect Pendrell’s
goodwill or reputation with its present or prospective employees, customers, or business partners or with any other third parties, or (c) interfere with Pendrell’s relationships or potential relationships with actual or potential
customers, partners, employees, or others and agrees to cooperate with Pendrell in any litigation or other legal proceedings brought by or against Pendrell that relates to the period of Employee’s employment, including but not limited to,
testifying on Pendrell’s behalf in any legal proceedings. 
 15. No Admission of Liability. The parties agree and acknowledge
that this Agreement, and the settlement and termination of any asserted or unasserted claims against the Company and the Company Parties pursuant to this Agreement, are not and shall not be construed to be an admission of any violation of any
federal, state or local statute or regulation, or of any duty owed by the Company or any of the Company Parties to Employee. 
 16.
Miscellaneous. 
 (a) This Agreement and the Agreement, and any other documents expressly referenced therein, constitute the complete
and entire agreement and understanding of Employee and the Company with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with
respect thereto; it being understood and agreed that this Agreement and including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters set
forth in Section 10 hereof. 
 (b) The Company Parties are intended third-party beneficiaries of this Agreement, and this Agreement may
be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Company Parties hereunder. Except and to the extent set forth in the preceding two sentences, this Agreement is not intended for the benefit of
any Person other than the parties hereto, and no such other person or entity shall be deemed to be a third party beneficiary hereof. Without limiting the generality of the 

  

			
	Robert S Jaffe Severance Agreement		4 of 6

 
foregoing, it is not the intention of the Company to establish any policy, procedure, course of dealing or plan of general application for the benefit of or otherwise in respect of any other
employee, officer, director or stockholder, irrespective of any similarity between any contract, agreement, commitment or understanding between the Company and such other employee, officer, director or stockholder, on the one hand, and any contract,
agreement, commitment or understanding between the Company and Employee, on the other hand, and irrespective of any similarity in facts or circumstances involving such other employee, officer, director or stockholder, on the one hand, and Employee,
on the other hand. 
 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall otherwise remain in full force and effect. 
 (d) This Agreement may be
executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(e) The obligations of each of the Company and Employee hereunder shall be binding upon their respective successors and assigns. The rights of
each of the Company and Employee and the rights of the Company Parties shall inure to the benefit of, and be enforceable by, any of the Company’s, Employee’s and the Company Parties’ respective successors and assigns. The Company may
assign all rights and obligations of this Agreement to any successor in interest to the assets of the Company. 
 (f) No amendment to or
waiver of this Agreement or any of its terms shall be binding upon any party hereto unless consented to in writing by such party. 

(g) ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF WASHINGTON, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF WASHINGTON OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE
APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF WASHINGTON. 

*    *    *    *    * 

Intending to be legally bound hereby, Employee and the Company have executed this Agreement as of the date first written above. 

 

	
	 /s/ Benjamin G. Wolff

	Name: Benjamin G. Wolff
	Title: President and CEO

  

			
	Robert S Jaffe Severance Agreement		5 of 6

 READ CAREFULLY BEFORE SIGNING 

I have read this Agreement and have been given adequate opportunity, including 21 days from my initial receipt of this Agreement, to review this Agreement and
to consult legal counsel prior to my signing of this Agreement. I understand that by executing this Agreement I will relinquish certain rights or demands I may have against the Company Parties or any of them. 

 

	
	 /s/ Robert S. Jaffe

	Robert S. Jaffe
	
	Date: March 10, 2014

  

			
	Robert S Jaffe Severance Agreement		6 of 6EX-10.20

 Exhibit 10.20 
  

									
	 August 28, 2014
  

Steven A. Ednie
 2300 Carillon Point

Kirkland, WA 98033
								 Pendrell Corporation
 2300 Carillon Point

Kirkland, WA 98033
 Tel 425 278-7100

Fax 425 278-7101

 Dear Steve, 
 On behalf of
Pendrell Corporation (together with its subsidiaries and affiliates, “Pendrell”) I am pleased to offer you the exempt position of Vice President, Chief Financial Officer and Principal Financial and Accounting Officer reporting to
Pendrell’s Chief Executive Officer under the terms of this employment letter (“Employment Letter”) beginning on September 8, 2014. As an executive officer of Pendrell who reports to the CEO, all terms and conditions of your
employment are subject to approval by Pendrell’s Compensation Committee. 
 During the course of your employment with Pendrell, you will dedicate full
time and efforts to Pendrell to fulfill your duties and obligations; provided that, nothing herein will prevent you from (i) participating in industry, trade, professional, charitable and community activities, (ii) serving on corporate,
civic or charitable boards or committees as mutually agreed by us and you, and (iii) managing your personal investments and affairs, in each case so long as such activities do not conflict with Pendrell’s interests or interfere with the
effective performance of your responsibilities to Pendrell. 
 Base Salary and Performance Bonus 

As a full-time employee in this exempt position your compensation will be calculated at a rate equal to an annual salary of $350,000 (less payroll taxes and
required withholdings) paid semi-monthly subject to any increase approved by the Pendrell Compensation Committee. You will also be eligible for an annual discretionary bonus of up to 50% of your annual base salary based on performance criteria as
approved by Pendrell’s Compensation Committee and contingent upon your continuous service with the company through the date any bonus is paid. Your 2014 performance bonus will be prorated based on your date of hire. 

Stock Awards 
 You will receive an option to purchase
500,000 shares of the Class A common stock of PCO (“Stock Options”) with an expected date of grant of September 15, 2014. Your Stock Options will have an exercise price equal to the closing price of PCO stock on
September 15, 2014 and will vest over a four-year period, with twenty-five percent (25%) vesting on each of the first, second, third, and fourth anniversaries of the grant date. 

You will also receive 250,000 restricted stock units (“Time-Based Restricted Stock Units”) with an expected date of grant of September 15,
2014. Your Time-Based Restricted Stock Units will vest over a four-year period, with twenty-five percent (25%) of the units vesting into shares of PCO Class A common stock on each of the first, second, third, and fourth anniversaries of
the grant date. 
 You will also receive 150,000 restricted stock units (“Performance-Based Restricted Stock Units”) with an expected date of
grant of September 15, 2014, which will fully vest into shares of PCO Class A Common Stock when both of the following have occurred: (i) the average closing price of PCO Class A common stock, measured over any 60 consecutive
calendar days, as reported on Nasdaq, is $3.00 per share or higher (the “Price Trigger”), and (ii) the first anniversary date of the grant date has occurred. If the Price Trigger is not achieved by the third anniversary of the grant
date, then none of the Performance-Based Restricted Stock Units will vest. 
 Stock Options, Time-Based Restricted Stock Units and Performance-Based
Restricted Stock Units are subject to the terms and conditions of their respective plan agreements (collectively, “Stock Award Agreements”). 

 Employee Proprietary Information and Inventions Agreement 

In exchange for the consideration of your employment, you agree to execute and abide by the terms of the enclosed Pendrell Employee Intellectual
Property Agreement without modification, a copy of which is enclosed. 
 Benefits/Time Off/Expenses 

You will be eligible for standard company benefits under the applicable company plans. The amount and extent of benefits to which you are entitled will be
governed by the specific benefit plan, as it may be amended from time to time. As an officer of Pendrell, you will be eligible for coverage under the company’s Directors and Officers (D&O) insurance plans. You will accrue 20 days of paid
time off per year. Such paid time off will be taken at such times as determined by you, subject to the reasonable business needs of Pendrell and appropriate coordination with the CEO. Pendrell will reimburse you for reasonable business expenses and
other disbursements paid by you in the performance of your duties and responsibilities in accordance with Pendrell’s policies. 
 Employment At Will

 By signing this Employment Letter, you understand and agree that your employment will continue at-will. Therefore, your employment can terminate, with
or without cause, and with or without notice, at any time, at your option or Pendrell’s option, and Pendrell can terminate or change all other terms and conditions of your employment, with or without cause, and with or without notice, at any
time, in all cases subject to the terms and conditions of this Employment Letter. This at-will relationship will remain in effect throughout your employment with Pendrell or any of its parents, subsidiaries or affiliates. The at-will nature of your
employment, as set forth in this paragraph, can be modified only by a written agreement signed by both Pendrell and you which expressly alters it. This at-will relationship may not be modified by any oral or implied agreement, or by any policies,
practices or patterns of conduct. 
 Severance 

Notwithstanding the at-will nature of your employment, if Pendrell terminates your employment without Cause (defined below), then Pendrell will pay to you, in
addition to any salary and benefits accrued through the date of termination, a lump-sum severance payment equal to six (6) months of your then-current salary on the condition that you execute a separation agreement in a form acceptable to
Pendrell that includes a full release of claims. 
 For purposes of this Employment Letter, “Cause” means dismissal for willful material
misconduct or willful failure to discharge duties, conviction or confession of a crime punishable by law (except minor violations), the performance of an illegal act while purporting to act on Pendrell’s behalf, or engaging in activities
directly in competition or antithetical to the best interest of Pendrell, such as dishonesty, fraud, or unauthorized use or disclosure of confidential information or trade secrets. 

Other Terms of Employment 
 Subsequent to receipt of this
signed Employment Letter and as a further condition for employment, Pendrell conducts a reference/background check on prospective employees. Pendrell reserves the right to rescind the offer set forth in this Employment Letter based on the results of
such screenings and may do so in its sole discretion. By your signature below you authorize Pendrell to conduct this reference / background check. This offer is also conditioned on your ability to provide satisfactory documentary proof of your
identity and right to work in the United States of America on your first day of employment. 
 Arbitration of Claims 

You hereby acknowledge and agree that all disputes concerning your employment with Pendrell, the termination thereof, the breach by either party of the terms
of this Employment Letter or any other matters relating to or arising from your employment (with the exception of those excluded from arbitration by statute), will be resolved in binding arbitration in a proceeding in Kirkland, WA administered by
and under the rules and regulations of National Rules for the Resolution of Employment Disputes of the American Arbitration Association. This means that the 

 
parties agree to waive their rights to have such disputes or claims decided in court by a jury. Instead, such disputes or claims will be resolved by an impartial AAA arbitrator. Both parties and
the arbitrator will treat the arbitration process and the activities that occur in the proceedings as confidential. 
 The arbitration procedure will afford
you and Pendrell the full range of statutory remedies. Pendrell and you will be entitled to discovery sufficient to adequately arbitrate any covered claims, including access to essential documents and witnesses, as determined by the arbitrator and
subject to limited judicial review. In order for any judicial review of the arbitrator’s decision to be successfully accomplished, the arbitrator will issue a written decision that will decide all issues submitted and will reveal the essential
findings and conclusions on which the award is based. The party that is not the substantially prevailing party, which determination shall be made by the arbitrator in the event of ambiguity, shall be responsible for paying for the arbitration filing
fee and the arbitrator’s fees. 
 Nothing contained in this Employment Letter will limit Pendrell’s or your right to seek relief in any court of
competent jurisdiction in respect of the matters set forth in the Pendrell Employee Intellectual Property Agreement. We specifically agree that disputes under the Pendrell Employee Intellectual Property Agreement will
not be subject to arbitration unless both parties mutually agree to arbitrate such disputes. 
 Expiration of Offer 

Please indicate your acceptance of this offer by signing below and returning it to the attention of DJ Allenby by September 3, 2014 after which time the
offer will expire. By signing and accepting this offer, you represent and warrant that (i) you are not subject to any pre-existing contractual or other legal obligation with any person, company or business enterprise which may be an impediment
to your employment with, or your providing services to Pendrell as its employee; and (ii) you have not and shall not bring confidential or proprietary information of another person, company or business enterprise to whom you previously provided
services. 
 Entire Agreement 
 This Employment Letter,
any Stock Award Agreements, and the Pendrell Employee Intellectual Property Agreement constitute the entire agreement, arrangement and understanding between you and Pendrell on the nature and terms of your employment with the
company. This Employment Letter supersedes any prior or contemporaneous agreement, arrangement or understanding on this subject matter between you and Pendrell. By executing this Employment Letter as provided below, you expressly acknowledge the
termination of any such prior agreement, arrangement or understanding. Also, by your execution of this Employment Letter, you affirm that no one has made any written or verbal statement that contradicts the provisions of this Employment Letter. In
the event of any inconsistency between the terms contained in the Employment Letter and the terms contained in any Stock Award Agreements, the terms contained in this Employment Letter will control, and the provisions regarding vesting or
termination contained in your Stock Award Agreements will be superseded by the provisions of this Employment Letter to the extent of any conflict. In addition, the covenants contained in the Pendrell Employee Intellectual Property
Agreement will also supersede the provisions of any other similar covenant contained in your Stock Award Agreements to the extent of any conflict. This Employment Letter may be executed in counterparts, each of which (including any
signature transmitted via facsimile or email) shall be deemed to be an original, and all of which together shall constitute one instrument. 
 Except as
otherwise specified in this Employment Letter, the terms and conditions of your employment pursuant to this letter may not be modified in any way except by a writing from Pendrell’s Chief Executive Officer. 

 We hope that you will accept this offer and look forward to working with you. 

 

					
	Signature of Acceptance				Sincerely,
			
					Pendrell Corporation
			
	 /s/ Steven A. Ednie
				 /s/ Tim Dozois

	By: Steven A. Ednie				By: Tim Dozois
	Date: August 28, 2014				Corporate Counsel

 ADDENDUM TO EMPLOYMENT LETTER AGREEMENT 

This is an addendum to the Employment Letter Agreement dated August 28, 2014 (the “Employment Letter”), between Pendrell Corporation (the
“Company”) and Steven A. Ednie (“you” or “your”). This addendum confirms that in lieu of an adjustment to your annual base salary in 2015, and commencing January 1, 2015, you will be eligible to earn an annual
discretionary bonus of up to 53.5% of your annual base salary based on performance criteria as approved by the Company’s Compensation Committee and contingent upon your continuous service with the Company through the date any bonus is paid.
This new bonus target supersedes the bonus target set forth in the Employment Letter. 
 ACKNOWLEDGED AND AGREED: 

 

							
					PENDRELL CORPORATION
				
	 /s/ Steven A. Ednie
				By:		 /s/ Lee E. Mikles

	Steven A. Ednie				Its:		Interim CEO and President
				
	Date: February 13, 2015				Date:		February 13, 2015

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