Document:

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                                                                  EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT

                                     between

                           PEAK INTERNATIONAL LIMITED

                                       and

                                   DANNY TONG

                             Dated: December 1, 2000

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THIS AGREEMENT is made as of the first day of December, 2000 between PEAK
INTERNATIONAL LIMITED, a company incorporated in Bermuda, with its principal
office at 44091 Nobel Drive, Fremont, CA 94538 (the "Company"); and Tong Yuen To
(Danny Tong), residing at Flat B2, 5th Floor, 1 to 2 Hok Yu Lane, Kowloon, Hong
Kong (the "Employee").

The parties agree as follows:

1.        PAYMENT UPON TERMINATION OF EMPLOYMENT

          1.1. The term ("Term") of this Agreement shall commence on the date of
               execution of this Agreement and shall remain in effect for a
               period of three years from the date of this agreement (the
               "Employment").

          1.2. Subject to clauses 1.4 and 3, the Employee shall be entitled to a
               lump-sum payment in an amount equal to the amount, if any, to
               which he is entitled under the Employment Ordinance (Cap. 57)
               plus such amount the total of which shall be equal to 12 months
               base salary at the greater of the rate in effect on the effective
               date or as increased from time to time hereafter, and any accrued
               but unused vacation pay (the "Termination Payment") within 15
               days of the termination of the Employment during the term hereof,
               and all of Employee's stock options which would have vested
               within 18 months of the date of termination of the Employment
               shall immediately vest in full and, notwithstanding anything to
               the contrary contained in any other document, be fully
               exercisable for a period of one year.

          1.3. The Termination Payment shall be in full and final settlement of
               any rights, payments or benefits to which the Employee is
               entitled under any other agreement or arrangement pursuant to
               which he is employed by the Company or any of its subsidiaries or
               affiliates other than:

               1.3.1.  benefits pursuant to any life, disability, health, or
                 other insurance policy or benefit plan provided by the Company;

               1.3.2.  stock options issued to Employee pursuant to any stock
                 option plan of the Company.

          1.4. The Employee shall not be entitled to the Termination Payment
               when the Employment is terminated in any of the following
               circumstances (the Employee being entitled, in such
               circumstances, only to payment for accrued and unused vacation,
               any payments to which he is otherwise entitled pursuant to life,
               disability, health or other insurance plan, and to exercise any
               stock option to the extent otherwise vested and exercisable under
               the terms of such plan and stock option agreements):

               1.4.1.  the conviction of the Employee of a felony involving
                 dishonesty;

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               1.4.2. termination of the Employee for Cause. "Cause" shall mean
                 (i) Employee's conviction of or guilty plea to the commission
                 of an act or acts constituting a felony under the laws of the
                 United States or any state thereof, (ii) action by the Employee
                 involving personal dishonesty, theft or fraud in connection
                 with the Employee's duties as an officer of the Company, or
                 (iii) a breach of any one or more material terms of this
                 Agreement (including but not limited to the confidentiality and
                 non-solicitation provisions contained herein.)

               1.4.3. any material breach by the Employee of the terms of this
                 Agreement that the Employee has failed to cure within 10 days
                 of receipt of written notice of such breach from the Company;

               1.4.4. the death of the Employee;

               1.4.5. the inability of the Employee due to ill health or
                 physical or mental condition to perform the duties and
                 responsibilities in the ordinary and usual manner required of a
                 person in the Employee's position for 180 consecutive days;

               1.4.6. the resignation by the Employee, except if such
                 resignation is the result of any of the following actions by
                 the company: (1) the assignment to the Employee of any duties
                 materially inconsistent with the Employee's position with the
                 Company on the date of this Agreement or a substantial adverse
                 alteration in the nature of the Employee's responsibilities
                 from those in effect on the date of this Agreement; or (2) a
                 material reduction by the Company of the Employee's annual base
                 salary in effect on the date hereof or as the same may be
                 increased from time to time.

2.     CHANGE IN CONTROL

       2.1.    "Change in Control" of the Company means any transaction or
               series of transactions in which any of the following occurs:

               2.1.1. the acquisition by any "person" (as such term is used in
                 Section 13(d) and 14(d) of the Securities Exchange Act of 1934,
                 as amended (the "Exchange Act") (other than by an Excluded
                 Person (as defined below) or by the Company or a person that
                 directly or indirectly controls, is controlled by, or is under
                 common control with, the Company) of the "beneficial ownership"
                 (as defined in Rule 13d-3 under the Exchange Act), directly or
                 indirectly, of securities of the Company representing fifty
                 percent (50%) or more of the total voting power represented by
                 the Company's then outstanding voting securities,

               2.1.2. the consummation of a merger or consolidation of the
                 Company with or into any other corporation, other than a merger
                 or consolidation that would result in the voting securities of
                 the Company outstanding prior thereto continuing to represent
                 (either by remaining outstanding or by being converted into
                 voting securities of the surviving entity) at least fifty
                 percent (50%) of the total voting power represented

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                      by the voting securities of the Company or such surviving
                      entity outstanding immediately after such merger or
                      consolidation, or

               2.1.3. the consummation of a plan of complete liquidation of the
                  Company or of the sale or disposition by the Company of all or
                  substantially all of the Company's assets; provided, however,
                  that a Change of Control shall not be deemed to have occurred
                  as a result of the consummation of transactions pursuant to
                  that certain Purchase Agreement relating to the Common Stock
                  between Luckygold 18A Limited and Peak TrENDS Trust dated as
                  of May 28, 1998. As used herein, "Excluded Person" means T.L.
                  Li, any of his immediate family members, trusts established
                  for the exclusive benefit of T.L. Li or any of his immediate
                  family members and any person who controls, is controlled by
                  or is under common control with T.L. Li, including without
                  limitation, Luckygold 18A Limited; provided, however, that for
                  the purposes of the definition of Excluded Person, "control"
                  means the beneficial ownership of more than 50% of the total
                  voting power of a person normally entitled to vote in the
                  election of directors, managers or trustees, as applicable to
                  a person.

       2.2.    In the event Employee's employment with the Company is terminated
               in anticipation of or within two years following a Change of
               Control (i) by the Company without Good Cause or (ii) by Employee
               with Good Reason (as defined below), then, in addition to the
               payments Employee shall be entitled to pursuant to paragraph 1,
               above, all of Employee's stock options shall immediately vest in
               full and, notwithstanding anything to the contrary contained in
               any other document, be fully exercisable for a period of one
               year.

3.     LIMITATION ON PAYMENTS

       3.1.    In the event that the payments to Employee under this Agreement
               (i) constitute "parachute payments" within the meaning of Section
               280G of the Code, and (ii) but for this Section 3, would be
               subject to the excise tax imposed by Section 4999 of the Internal
               Revenue Code or any similar or successor provision, then the
               payments shall be reduced to such lesser amount that would result
               in no portion of the payments being subject to excise tax under
               Section 4999 of the Internal Revenue Code. Any determination
               required under this Section 3 shall be made by the Company's
               independent accountants (the "Accountants"), whose determination
               shall be conclusive and binding upon Employee and the Company for
               all purposes. For purposes of making the calculations required by
               this Section 3, the Accountants may make reasonable assumptions
               and approximations concerning applicable taxes and may rely on
               reasonable, good faith interpretations concerning the application
               of Sections 280G and 4999 of the Code. The Company and Employee
               shall furnish to the Accountants such information and documents
               as the Accountants may reasonably request in order to make a
               determination under this Section 3.

4.     CONFIDENTIALITY

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       4.1.   The Employee understands that by virtue of the Employment, the
              Employee has been and will be exposed to confidential information,
              including all ideas, information and materials, tangible or
              intangible, relating to the business of the Company and its
              subsidiaries, their personnel (including their officers,
              directors, shareholders, trustees, agents, employees and
              contractors), their customers, clients, vendors, suppliers,
              distributors, consultants, and others with whom the Company and
              its subsidiaries do business ("Confidential Information").

       4.2.   The Employee agrees not to disclose any Confidential Information
              obtained during the Employment for a period of 12 months after the
              termination of the Employment and thereafter not to disclose the
              same unless the Employee shall have procured that the proposed
              recipient of the Confidential Information has entered into an
              undertaking with the Employee to keep the same confidential on
              terms no less exacting than those set out herein; and provided
              always that the Employee shall not be obliged to keep confidential
              any Confidential Information required to be disclosed as a matter
              of law or to the extent that it becomes generally known to the
              public other than as a result of any breach by the Employee of the
              terms herein.

       4.3.   The Employee covenants and undertakes that after the termination
              of the Employment, the Employee

              4.3.1. shall not for a period of 12 months after the termination
                     of the Employment use any Confidential Information for any
                     purpose;

              4.3.2. shall not retain or take with the Employee any Confidential
                     Information in a tangible form, which includes ideas,
                     information or materials in written or graphic form, on a
                     computer disc or other medium, or otherwise stored in or
                     available through electronic or other form ("Tangible
                     Form"); and

              4.3.3. shall immediately deliver to the Company any Confidential
                     Information in a Tangible Form that the Employee may then
                     or thereafter hold or control, as well as all other
                     property, equipment, documents or things that the Employee
                     was issued or otherwise received or obtained during the
                     Employment.

5.     RESTRICTIVE COVENANTS

       5.1.   The Employee covenants and undertakes that for a period of 12
              months following the termination of the Employment for any reason,
              the Employee shall not:

       5.2.   directly or indirectly induce any person who is an employee of the
              Company (or any of its subsidiaries) to terminate his or her
              employment with the Company (or any of its subsidiaries), whether
              or not such termination constitutes a breach of that person's
              employment contract;

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       5.3.   directly or indirectly solicit the customer or business of any
              person who, as at the date of termination of the Employment, is
              (or, within the preceding period of 12 months, was) a client or
              customer of the Company or its subsidiaries, with the intention or
              for the purpose of supplying (or procuring the supply of)
              precision engineered semiconductor packing material (including,
              without limitation, the collecting and recycling of semiconductor
              packing material); or

       5.4.   directly or indirectly and whether on his own account or on
              account of any future employer, partner or associate, compete with
              the Company or otherwise engage in or provide services related to
              the precision engineered semiconductor packing business
              (including, without limitation, the business of collecting and
              recycling semiconductor packing material) in Hong Kong, Singapore,
              Malaysia or the United States of America.

       5.5.   Notwithstanding the term specified in clause 3.1, the Employee may
              accept employment with, or provide services as an independent
              contractor to, a client or customer of the Company or its
              subsidiaries if, to do so, will not breach any term or condition
              of this Agreement.

6.     RELEASE

       6.1.   In consideration of, and as an express condition precedent to, the
              Company's obligation to make the Termination Payment, the Employee
              shall sign and deliver to the Company a General Release in the
              form attached hereto as Appendix 1.

       6.2.   The Company shall not be obliged to make the Termination Payment
              in the event that the General Release is not signed and delivered
              to the Company within 15 days of receipt of notice following
              termination of the Employment and the Company shall, thereafter,
              be released of its duties and obligations or further duties and
              obligations under this Agreement and the Employee shall waive or
              cause to be waived any claims that the Employee may have under
              this Agreement.

7.     ASSIGNMENT

       7.1.   The rights and obligations under this Agreement shall inure to and
              be binding upon the parties hereto and their respective heirs,
              successors and assigns.

8.     NOTICES

       8.1.   All notices and other communications provided for hereunder must
              be in writing and must be sent by courier to the party's address
              indicated above or to such other address as may be designated by a
              party by notice.

       8.2.   Notices hereunder shall be effective when delivered.

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9.     MISCELLANEOUS

       9.1.   This Agreement shall supersede any and all prior written or oral
              agreements and discussions between the Employee and the Company
              regarding the subject matter hereof and this Agreement contains
              the entire understanding of the parties in respect of the subject
              matter hereof.

       9.2.   If any of the restrictions contained in this Agreement shall be
              void or unenforceable, then the remainder of this Agreement shall
              be enforced to the fullest extent permitted by law.

       9.3.   This Agreement is made in and shall be governed by and construed
              in accordance with the laws of Hong Kong.

10.    DISPUTES

       10.1.  Any dispute hereunder shall be settled by binding arbitration in
              Hong Kong in the English language before a single arbitrator
              pursuant to the rules of the International Chamber of Commerce.
              Each party shall bear its own legal fees and costs. The cost of
              arbitration shall be paid by the Company.

IN WITNESS WHEREOF the parties hereto have duly executed this Agreement the day
and year first above written.

/s/ Danny Tong
-----------------------------
Danny Tong

SIGNED by    /s/ Calvin Reed
           -------------------------
duly authorized for and on behalf of
PEAK INTERNATIONAL LIMITED

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                                   APPENDIX I

                                 GENERAL RELEASE

[Insert Date]

I, Danny Tong, hereby release Peak International Limited (the "Company") of
certain duties and obligations and waive any rights or remedies that I may have
against the Company as provided in this letter. This letter is delivered
pursuant to the Employment Agreement entered into between the Company and me
dated December 1, 2000 (the "Employment Agreement").

In consideration of the promises and mutual covenants contained in the
Employment Agreement, and for good and valuable consideration, the receipt and
sufficiency of which is expressly acknowledged, I hereby:

       1.     release and discharge the Company and its subsidiaries, and each
              of their respective past and present officers, directors,
              shareholders, managers, employees and agents, and their respective
              successors and assigns (collectively the "Released Parties"), from
              any and all claims or demands, that I may have, whether past,
              present or future, against the Released Parties, statutory or
              otherwise, to the fullest extent permissible by law; and

       2.     waive the obligations, duties and liabilities that the Company may
              have, whether past, present or future, statutory or otherwise, to
              the fullest extent permissible by law; arising out of or relating
              in any way to my employment with or termination of my employment
              with the Company.

This letter shall be governed by, subject to and construed and enforced pursuant
to the terms and conditions of the Employment Agreement.

________________
Danny Tong

                                       8<PAGE>

                                                                   Exhibit 10.47

                             FUNDS RELEASE AGREEMENT
                             -----------------------

     This FUNDS RELEASE AGREEMENT, dated as of April 29, 2002 (this
"Agreement"), is made by and among TiVo Inc., a Delaware corporation (the
"Company"), America Online, Inc., a Delaware corporation (the "Purchaser"), and
BNY Western Trust Company, as successor in interest to U.S. Trust Company,
National Association (the "Escrow Agent").

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, the Company and the Purchaser are parties to the Investment
Agreement, dated as of June 9, 2000, as amended by the First Amendment, dated as
of September 11, 2000, the Second Amendment, dated as of January 30, 2001, the
Third Amendment, dated as of March 28, 2002, and the Fourth Amendment, dated as
of April 9, 2002 (together, the "Investment Agreement"), and the Company, the
Purchaser and the Escrow Agent are parties to the Escrow Agreement, dated as of
September 11, 2000, as amended by the First Amendment, dated as of January 30,
2001 (together, the "Escrow Agreement");

     WHEREAS, pursuant to the Investment Agreement and the Escrow Agreement,
certain funds have been deposited with the Escrow Agent which, together with
interest earned thereon, equals $51,855,377.13 as of the date of this Agreement
(together with any additional funds added to such amount, the "Escrowed Funds");

     WHEREAS, pursuant to the terms of Section 1.4(b) of the Investment
Agreement, as of December 31, 2001, the Purchaser has the right to exercise the
Put Option (as defined in the Investment Agreement) and is hereby exercising the
Put Option;

     WHEREAS, in connection therewith, the Company and the Purchaser desire to
release the Escrowed Funds to the Purchaser upon the terms of the Investment
Agreement and as set forth herein, and further desire to terminate the Escrow
Agreement and the Investment Agreement as set forth herein;

     WHEREAS, in connection with the exercise of the Put Option, the Purchaser
and the Company desire that the Purchaser waive the Purchaser's rights to
receive certain dividends payable on the preferred stock, par value $.001 per
share (the "Preferred Stock"), as set forth in the Company's Amended and
Restated Certificate of Incorporation (the "Restated Certificate");

     WHEREAS, in connection with the exercise of the Put Option, the Purchaser
and the Company desire any Preferred Shares (as defined in the Investment
Agreement) held by the Purchaser to be converted on September 13, 2002 into
shares of the Company's common stock, par value $.001 per share (the "Common
Stock"), pursuant to the terms of such Preferred Shares as set forth in the
Restated Certificate;

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     WHEREAS, the Company and the Purchaser are parties to the Stockholders and
Registration Rights Agreement, dated as of June 9, 2000 (the "Stockholders
Agreement"), and pursuant to Section 5.2 of the Stockholders Agreement, the
Purchaser has certain piggy-back registration rights as set forth therein;

     WHEREAS, the Company and the Purchaser desire to waive such piggy-back
registration rights with respect to certain registration statements as set forth
herein;

     WHEREAS, the Company and the Purchaser desire to terminate certain
provisions of Article II of the Stockholders Agreement;

     NOW THEREFORE, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used but not defined herein shall have
        -----------
the meanings assigned to them in the Investment Agreement.

     2. Repurchase; Release of Escrowed Funds.
        -------------------------------------

          (a) Pursuant to Section 1.4(b) of the Investment Agreement, the
     Purchaser has elected to exercise the Put Option, and as a result of such
     exercise, on April 30, 2002, the Company shall repurchase 1,600,000
     Preferred Shares from the Purchaser (such exercise and repurchase referred
     to herein as the "Repurchase") for an aggregate repurchase price of
     forty-eight million dollars ($48,000,000) (the "Aggregate Repurchase
     Price"), which represents (i) the total amount of Escrowed Funds held in
     the Escrow Account through the date hereof, less (ii) three million eight
     hundred fifty-five thousand three hundred seventy-seven dollars and
     thirteen cents ($3,855,377.13) which represents the interest earned on the
     Escrowed Funds (together with any additional interest earned on the
     Escrowed Funds subsequent to the date of this Agreement, the "Accrued
     Interest Amount").

          (b) In connection with the Repurchase and pursuant to Section 1.4(b)
     of the Investment Agreement, on April 30, 2002, the Purchaser shall deliver
     to Latham & Watkins, counsel to the Company, a facsimile copy of the
     certificate representing the Preferred Shares to be repurchased, with the
     original of such certificate being mailed by overnight courier for delivery
     to Latham & Watkins on May 1, 2002, and the Company and the Purchaser
     hereby irrevocably direct the Escrow Agent to, and the Escrow Agent shall,
     deliver on April 30, 2002, cash in the amount of forty-four million dollars
     ($44,000,000), which represents the Aggregate Repurchase Price less four
     million dollars ($4,000,000) to be paid by the Purchaser to the Company as
     payment for certain development work under the Development and Distribution
     Agreement, dated as of the date hereof, between the Company and the
     Purchaser (the "Development Amount"), by wire transfer of immediately
     available funds to the following account of the Purchaser:

                           J.P. Morgan Chase
                           ABA #021 000 021
                           Account #323-070752
                           New York, N.Y.

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     The original and facsimile copies of the certificate representing the
     Preferred Shares shall be held in escrow by Latham & Watkins until the
     distribution of the Escrowed Funds as provided herein, and thereafter
     Latham & Watkins shall release such certificates to the Company for
     cancellation. In the event that the original certificate for the Preferred
     Shares has not been received by Latham & Watkins at the time of the release
     of the Escrowed Funds as provided herein, the Company may rely on the
     facsimile copy of such certificate until the original is received by Latham
     & Watkins.

          (c) In connection with the Repurchase, on April 30, 2002, the Company
     shall deliver to Simpson Thacher & Bartlett, counsel to the Purchaser, a
     facsimile copy of one or more certificates, in the name of the Purchaser,
     representing the remaining 1,111,861 Preferred Shares not subject to the
     Repurchase, free and clear of all liens and encumbrances (the "Remaining
     Shares"). The Company shall send the original certificate(s) representing
     the Remaining Shares to Simpson Thacher & Bartlett by overnight courier for
     delivery on May 1, 2002. The original and facsimile copies of the
     certificate(s) representing the remaining shares shall be held in escrow by
     Simpson Thacher & Bartlett until the distribution of the Escrowed Funds as
     provided herein, and thereafter Simpson Thacher & Bartlett shall release
     such certificate(s) to the Purchaser. In the event that the original
     certificate(s) for the Remaining Shares have not been received by Simpson
     Thacher & Bartlett at the time of the release of the Escrowed Funds as
     provided herein, the Purchaser may rely on the facsimile copy of such
     certificate(s) until the original(s) are received by Simpson Thacher &
     Bartlett.

          (d) The Company and the Purchaser hereby irrevocably direct the Escrow
     Agent to, and the Escrow Agent shall, deliver on April 30, 2002, cash in
     the amount of seven million eight hundred fifty-five thousand three hundred
     seventy-seven dollars and thirteen cents ($7,855,377.13), which represents
     the Development Amount and the Accrued Interest Amount, by wire transfer of
     immediately available funds to the following account of the Company:

            To:                                SIL VLY BK SJ
            Routing & Transit #:               121140399
            For credit of:                     TiVo checking account
            Credit account number:             3300224342
            By order of:                       America Online, Inc.

          (e) In addition, the Company and the Purchaser hereby irrevocably
     direct the Escrow Agent to, and the Escrow Agent shall, deliver cash in the
     amount of any additional interest earned on the Escrowed Funds prior to
     April 30, 2002, but credited to the Escrow Account subsequent to April 30,
     2002, to the account of the Company specified in Section 2(d) above as soon
     as practicable after such funds are credited to the Escrow Account.

          (f) The Company, the Purchaser and the Escrow Agent each acknowledge
     that this Agreement constitutes written notice, as required by Section
     1.4(b) of the Investment Agreement, of the Purchaser's intention to
     exercise the Put Option and release instructions in accordance with the
     Escrow Agreement.

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          (g) Effective upon the distribution of the Escrowed Funds as provided
     herein, each of the Purchaser and the Company releases and discharges the
     Escrow Agent from any and all claims, liens, charges and other rights under
     the Escrow Agreement.

     3. Conversion of the Remaining Preferred Shares. The Purchaser hereby
        --------------------------------------------
irrevocably agrees to convert on September 13, 2002 (the "Conversion") all
shares of Preferred Stock then held by the Purchaser into shares of Common Stock
(the "Conversion Shares") pursuant to and in accordance with Article III,
Section D(4)(d) of the Restated Certificate.

     4. Waiver of Dividend Rights to the Terms of the Preferred Stock. Pursuant
        -------------------------------------------------------------
to Article III, Section D(1)(e) of the Restated Certificate, the Purchaser, as
the holder of all the outstanding shares of Preferred Stock, hereby elects to
irrevocably waive the Company's obligation to pay dividends on any shares of
Preferred Stock pursuant to Article III, Sections D(1)(a) through (d) of the
Restated Certificate effective April 1, 2002 and further waives, effective April
1, 2002, the accrual of any such dividends, including, without limitation, for
purposes of calculating the conversion rate of the Preferred Stock pursuant to
Article III, Section D(4)(b) of the Restated Certificate. The right of the
Preferred Stock to participate in dividends or distributions paid on the Common
Stock, contained in Article III, Section D(1)(f) of the Restated Certificate,
shall not be affected.

     5. Termination and Release.
        -----------------------

          (a) Pursuant to Section 5 of Article I of the Escrow Agreement, upon
     the release by the Escrow Agent of the Escrowed Funds to the Purchaser and
     the Company in accordance with the provisions hereof, the Escrow Agreement
     shall terminate, and there shall be no remaining rights or obligations of
     the Company or the Purchaser thereunder.

          (b) Pursuant to Section 7.1 of the Investment Agreement, the parties
     hereby mutually agree that upon the release by the Escrow Agent of the
     Escrowed Funds to the Purchaser and the Company in accordance with the
     provisions hereof, the Investment Agreement shall terminate, and, except as
     set forth in Section 5(c) below, there shall be no remaining rights or
     obligations of the Company or the Purchaser thereunder.

          (c) Effective upon the termination of the Investment Agreement and the
     Escrow Agreement, each party to the Investment Agreement and the Escrow
     Agreement, on behalf of itself and each of its respective successors,
     assigns, affiliates and representatives, hereby forever releases and
     discharges each other from any and all liabilities, claims, liens, charges
     and other rights and obligations (each, a "Claim") with respect to the
     Escrowed Funds, the Escrow Agreement and the Investment Agreement, except
     in the case of the Investment Agreement, for any Claim for a breach of any
     of the representations and warranties contained therein. The Purchaser and
     the Company hereby mutually agree that the release of the Escrowed Funds to
     the Purchaser and the Company in accordance with the provisions hereof
     satisfies all rights and obligations of the Purchaser and the Company with
     respect to the Escrowed Funds under the Investment Agreement and the Escrow
     Agreement.

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     6. Waiver of Registration Rights.
        -----------------------------

          (a) The Purchaser, as to all of the Registrable Securities (as defined
     in the Stockholders Agreement) owned by the Purchaser, hereby (i) waives
     all piggy-back registration rights that it may be entitled to pursuant to
     Section 5.2 of the Stockholders Agreement in connection with the filing of
     any registration statement with the Securities and Exchange Commission that
     relates solely to the issuance or resale of Common Stock of the Company
     issued for consideration other than cash or Cash Equivalents in connection
     with any bona fide arm's length commercial agreement approved by the Board
     of Directors of the Company or an authorized committee of the Board of
     Directors of the Company (each such registration statement, a "Commercial
     Registration Statement"), and (ii) waives the Company's obligation to
     comply with all notice requirements under Section 5.2 of the Stockholders
     Agreement in connection with any Commercial Registration Statement. For
     purposes of this Section 6(a), the term "Cash Equivalents" shall mean (i)
     marketable direct obligations issued by, or unconditionally guaranteed by,
     the United States government or any agency thereof; (ii) certificates of
     deposit, bankers' acceptances, time deposits, eurodollar time deposits or
     overnight bank deposits issued by, or repurchase obligations of, any
     commercial bank organized under the laws of the United States of America or
     any state thereof; (iii) commercial paper instruments; (iv) securities
     issued or fully guaranteed by any state, commonwealth or territory of the
     United States, by any political subdivision or taxing authority of any such
     state, commonwealth or territory or by any foreign government; and (v)
     shares of money market, mutual or similar funds.

          (b) In addition to the foregoing, the Purchaser and the Company hereby
     amend clause (ii) of the last sentence of the definition of "Registrable
     Securities" in the Stockholders Agreement to read in its entirety:

               "(ii) (x) such securities shall have been distributed to the
          public or (y) such securities are otherwise saleable pursuant to Rule
          144(k) under the Securities Act and, solely with respect to such
          securities held by AOL or its Affiliates, the Company and AOL
          reasonably agree that AOL or such Affiliate has not been an Affiliate
          of the Company for at least three (3) months; or"

          (c) The waivers set forth in this Section 6 shall not constitute a
     waiver of any of the Purchaser's other rights pursuant to the Stockholders
     Agreement or any other agreement between the Purchaser and the Company.

     7. Termination of Certain Provisions of the Stockholders Agreement. Upon
        ---------------------------------------------------------------
release by the Escrow Agent of the Escrowed Funds to the Purchaser and the
Company in accordance with the provisions hereof, Article II of the Stockholders
Agreement shall be terminated and shall be of no further force or effect.

     8. Transfers. Subsequent to the termination of the Standstill Period (as
        ---------
defined in the Stockholders Agreement) and until the first date on which the
Purchaser does not beneficially own in excess of 4.0% of the outstanding shares
of Common Stock (as calculated pursuant to Rule 13d-3 under the Exchange Act):

          (a) the Purchaser shall, prior to any block sale on a securities
     exchange or automated quotation system in excess of 500,000 shares of
     Common Stock (or securities

                                       5

<PAGE>

     convertible into, or exchangeable or exercisable for, in excess of 500,000
     shares of Common Stock) at a discount (the "Transfer Price Limit") in
     excess of 6.0% of the average of the daily volume weighted average price of
     the Common Stock over the five trading days prior to the date of such
     proposed block sale deliver to the Company written notice (the "Transfer
     Notice"), which notice shall state the number of Equity Securities proposed
     to be transferred (the "Transfer Securities"), the intended method of
     transfer and the proposed minimum price at which such Common Stock will be
     transferred;

          (b) for a period of three (3) business days following receipt of the
     Transfer Notice, the Company shall have the option, but not the obligation,
     by written notice to the Purchaser (the "Option Notice"), to require the
     Purchaser to effect the Transfer of such Transfer Securities through an
     underwritten, SEC registered, secondary offering (a "Registered Offering").
     In the event the Company exercises its option pursuant to this Section
     8(b), the Company and the Purchaser shall have such rights and obligations
     with respect to such offering as if the Transfer Securities were
     "Registrable Securities" pursuant to the terms of the Stockholders
     Agreement and the Transfer Notice was an otherwise permissible request for
     an underwritten registration pursuant to Section 5.1 of the Stockholders
     Agreement; provided that (i) at the closing of a Registered Offering, the
     Company shall pay to the Purchaser an amount in cash equal to the amount by
     which the price at which such Transfer Securities are sold in the
     Registered Offering (less any underwriting discounts or commissions and any
     out-of-pocket fees and expenses incurred or paid by the Purchaser which
     would not have been incurred or paid in the block sale identified in the
     Transfer Notice) is less than the Transfer Price Limit, if at all, and (ii)
     any such Registered Offering shall not reduce the number of registration
     requests to which the Purchaser is entitled pursuant to Section 5.1 of the
     Stockholders Agreement;

          (c) notwithstanding the foregoing, this Section 8 shall:

               (i) cease to apply to any block sale of Transfer Securities (x)
          if the Company does not exercise its option pursuant to and in
          accordance with Section 8(b) or (y) if the Company exercises its
          option pursuant to and in accordance with Section 8(b), and the
          Registered Offering has not been completed within either (A)
          forty-five (45) days of delivery of the Option Notice by the Company
          to the Purchaser in the event the Securities and Exchange Commission
          notifies the Company that it will not review the registration
          statement filed pursuant to this Section 8 or (B) ninety (90) days of
          delivery of the Option Notice by the Company to the Purchaser in the
          event the Securities and Exchange Commission notifies the Company that
          it will review the registration statement filed pursuant to this
          Section 8; and

               (ii) not apply to transactions (including swaps, options, puts,
          calls, cashless collars, forward contracts, prepaid forward contracts,
          futures contracts, lending or borrowing of shares) that are entered
          into solely for bona fide hedging purposes.

     9. Transferees Bound. In addition to any limitations on transfer or other
        -----------------
transfer restrictions contained in the Stockholders Agreement or any other
agreement between the Company and the Purchaser, the Purchaser agrees:

                                       6

<PAGE>

          (a) not to Transfer (as defined in the Stockholders Agreement) any
     shares of Preferred Stock unless such Transferee agrees to be bound by the
     provisions of Sections 3, 4 and 8 of this Agreement;

          (b) not to Transfer any Equity Securities (including shares of
     Preferred Stock) and simultaneously transfer any registration rights with
     respect to such Equity Securities pursuant to the Stockholders Agreement
     unless such Transferee agrees to be bound by the provisions of Section 6 of
     this Agreement; and

          (c) not to Transfer any Equity Securities (including shares of
     Preferred Stock) to any Affiliate (as defined in the Stockholders
     Agreement) of the Purchaser unless such Transferee agrees to be bound by
     the provisions of Section 8 of this Agreement.

     10. Confidentiality. Before the Company or any of its affiliates releases
         ---------------
any press release or other statement or makes any other disclosure concerning
the exercise of the Put Option, this Agreement or the matters contemplated
hereby (excluding any disclosure contained in any filing of the Company with the
SEC), the Company shall cooperate with the Purchaser, furnish drafts of all such
statements or disclosure to the Purchaser, and provide the Purchaser a
reasonable opportunity to review and comment upon any such statement or
disclosure. The Company shall reflect all reasonable comments and requests of
the Purchaser in such statement or disclosure prior to the release thereof, and
the Purchaser agrees to review and provide comments on any such statement or
disclosure promptly following receipt thereof. The Company shall not release or
make or permit the release or making of any such statement or disclosure unless
it has first complied with the foregoing.

     11. Counterparts. This Agreement may be executed simultaneously or in any
         ------------
number of counterparts, each of which shall be deemed to be an original, and all
of which shall constitute one and the same instrument.

     12. Governing Law. This Agreement shall be governed in all respects by the
         -------------
laws of the State of New York as such laws are applied to agreements to be
performed entirely in such state.

                  [remainder of page intentionally left blank]

                                       7

<PAGE>

     IN WITNESS WHEREOF, each of the undersigned has executed this Funds Release
Agreement dated as of the date first written above.

                                           TIVO INC.

                                           By:  /s/ David H. Courtney
                                                --------------------------------
                                                Name:  David H. Courtney
                                                Title: Executive Vice President

                                           AMERICA ONLINE, INC.

                                           By:  /s/ Lynda Clarizio
                                                --------------------------------
                                                Name:  Lynda Clarizio
                                                Title: Senior Vice President

Acknowledged and Agreed:

BNY WESTERN TRUST COMPANY, as
     successor in interest to U.S. Trust Company,
     National Association

By:  /s/ J. Koratz
     --------------------------------
     Name:  J. Koratz
     Title: Assistant Vice President

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