Document:

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                                                                    EXHIBIT 10.2
                         EXECUTIVE EMPLOYMENT AGREEMENT

      This EXECUTIVE EMPLOYMENT AGREEMENT, dated as of March 7, 2005 (the
"Effective Date") is between Loudeye Corp., a Delaware corporation (the
"Company"), and Ronald Montgomery Stevens ("Executive"). This Agreement replaces
and supersedes any employment or compensation agreement previously in effect
between the Company and the Executive.

                                   AGREEMENTS

      1. EMPLOYMENT

      The Company will employ Executive and Executive will accept employment by
the Company as its Chief Financial Officer and Chief Operating Officer.
Executive shall report to the Chief Executive Office ("CEO"), and shall have
such responsibilities as are assigned from time to time by the CEO, which relate
to the business of the Company, or any business ventures in which the Company
may participate.

      As a condition to the effectiveness of this Agreement, Executive has
executed a Loudeye Corp. Proprietary Information and Inventions Agreement, which
contains noncompetition and nonsolicitation obligations, in the form attached as
EXHIBIT A, which is part of this Agreement.

      2. ATTENTION AND EFFORT

      Executive shall devote his entire productive time, ability, attention and
effort to the Company's business and shall skillfully serve its interests during
the term of this Agreement and shall not engage in any business or employment
activity that is not on Company's behalf (whether or not pursued for gain or
profit); provided, however, that Executive may devote reasonable periods of time
to (a) engaging in personal investment activities that do not involve Executive
providing any advice or services to the businesses that compete with the Company
or any of its subsidiaries; and (b) engaging in charitable or community service
activities, so long as none of the foregoing additional activities materially
interfere with Executive's duties under this Agreement.

      3. TERM

      Unless earlier terminated with appropriate notice of termination, the
initial term of this Agreement shall be from the date hereof until December 31,
2005; provided, however, that, unless terminated with appropriate notice, on
each January 1 following the date of this Agreement, beginning with January 1,
2006, this Agreement shall be automatically renewed for successive one-year
terms.

      4. COMPENSATION

      During the term of this Agreement, the Company shall pay or cause to be
paid to Executive, and Executive shall accept in exchange for the services
rendered hereunder by him, the following compensation:

            4.1 BASE SALARY

            Executive's compensation shall consist of, in part, an annual base
salary (the "Base Salary") of Two Hundred Thirty Five Thousand Dollars
($235,000) before all customary payroll

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deductions. The Base Salary shall be paid to Executive in substantially equal
installments and at the same intervals as other executive of the Company are
paid. At the end of each year of employment (or sooner if determined by the
Board), Executive's Base Salary shall be reviewed by the CEO in its sole
discretion, except that the Executive's Base Salary shall never be reduced below
Two Hundred Thirty Five Thousand Dollars ($235,000).

            4.2. STOCK OPTION GRANTS

            On March 15, 2005, the Company shall grant Executive a stock option
to purchase 400,000 shares (the "Option") of the Company's common stock, par
value $.001 per share (the "Common Stock"). The Option shall be granted under
and be subject to the terms of the Company's 2000 Stock Option Plan, as amended
(the "2000 Plan"). The Option shall be an incentive stock option to the maximum
extent allowable under applicable law. The exercise price for the Option shall
be the fair market value of the Common Stock on the grant date. The Option shall
vest as follows: 25% of the shares shall vest and be exercisable on the one year
anniversary date of this Agreement and the remaining shares shall vest monthly
in equal increments over the next 36 months following the anniversary date of
this Agreement.

            In addition, subject to stockholder approval at the annual meeting
of the Company's stockholders anticipated to be held in May 2005 of
implementation of a restricted stock plan, the Compensation Committee of the
Board shall issue to Executive an award of 100,000 shares of restricted stock.
This restricted stock award, shall vest over a four year period, 25% vesting on
the one year anniversary of the Effective Date and the remainder vesting monthly
over three years.

            Solely in the event the stockholders do not approve implementation
of a restricted stock plan, then the Compensation Committee shall cause to be
issued on January 1, 2006, a stock option to purchase 200,000 shares of the
Company's common stock at an exercise price equal to the closing price for the
Common Stock on the immediately preceding trading date and vesting 25% as of
January 1, 2006, the remainder vesting monthly over three years.

            The 100,000 share restricted stock award or additional 200,000 stock
option grant, as the case may be is referred to herein as the "Subsequent
Grant."

            If the Company elects to fail to renew the contract in accordance
with Section 3 or otherwise terminates this Agreement without Cause (as defined
in Section 6.7) or Executive terminates this Agreement for "Good Reason" (as
defined in Section 6.7) at any time prior to the one year anniversary of this
Agreement, the Subsequent Grant (if it has not already been made as provided
above) shall nonetheless be issued even if the Company chooses to terminate this
Agreement without Cause effective December 31, 2005 or at any time, and all
restricted stock (or options, as the case may be) under the Subsequent Grant
shall accelerate vest effective December 31, 2005 (for the portion of the
options granted as of that date for failure to renew this Agreement or otherwise
terminate this Agreement) and/or the date of termination of this Agreement.

            If, on or after a Change of Control (as defined herein), Executive's
employment with the Company terminates due to an involuntary termination of
Executive by the Company other than for "Cause" (as defined in Section 6.7) or
by Executive for "Good Reason" (as defined in Section 6.7), then all of
Executive's Company stock options and restricted stock grants shall immediately
accelerate and become fully vested and exercisable immediately upon such
termination.

            For purposes of this Agreement, "Change of Control" shall mean the
occurrence of any of the following events:

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            (i) Any "person" (as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended) becomes the "beneficial
owner" (as defined in Rule 13d-3 under said 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; or

            (ii) The consummation of the sale or disposition by the Company of
all or substantially all the Company's assets in one or a series of related
transactions; or

            (iii) The consummation of a merger or consolidation of the Company
or share exchange involving any other corporation, other than (A) a merger,
consolidation or share exchange which would result in the voting securities of
the Company outstanding immediately 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 by the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or (B) a merger
effected solely for purposes of changing the domicile of the Company.

            4.3 PERFORMANCE BONUS

            Executive's eligibility for a performance bonus shall be based on
the overall performance of the Company. Each year the Compensation Committee
shall set both a performance target and maximum performance goal for the Company
for the fiscal year. The performance target and maximum performance goal shall
be documented in writing and acknowledged by Executive. If, based on the
Company's audited financial statements, the performance target is met, and if
the Company is EBITDA positive (as determined in accordance with GAAP),
Executive shall be eligible for an annual bonus of up to fifty percent (50%) of
his Base Salary. If, based on the Company's audited financials, the maximum
performance goal is met, and if the Company is EBITDA positive, Executive shall
be eligible for an annual bonus of up to one hundred percent (100%) of his Base
Salary. For avoidance of doubt, executive's maximum aggregate annual bonus
potential under this Section 4.3 is 100% of his Base Salary. The parties will
negotiate in good faith to address any issues of fairness or consistency if
there are changes in GAAP between the time that the targets are established and
the calculation of eligibility for bonus.

            The actual amount of any bonus payable to Executive shall be
determined by the CEO, in consultation with the Executive Committee of the
Board. Executive understands that in any year no more than twenty five percent
(25%) of that year's total positive EBITDA balance be distributed as bonus
compensation individually or collectively to the Company's executive leadership
team (including Executive and the Company's other senior executives). Any
potential bonus amount that is not payable pursuant to the prior sentence shall
not be earned and shall not be accrued by the Company. For illustration purposes
only, if in a given year Executive meets the maximum performance goal entitling
Executive to a performance bonus of $235,000 and the Company's positive EBITDA
balance as of the applicable year end is $1,000,000, then the maximum bonus
amount distributable to the executive leadership team shall be $250,000, of
which Executive would receive a percentage to be determined by the Compensation
Committee of the Board. In this example, the remaining balance of Executive's
earned bonus would not be earned and would not be accrued by the Company.

      5. BENEFITS

      During the term of this Agreement, the Company shall provide Executive
with the health and dental insurance provided to other senior executives.
Executive will be entitled to participate, subject to

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and in accordance with applicable eligibility requirements, in fringe benefit
programs that may be established by the Company or, to the extent applicable, by
the Board. During each calendar year for the term of this Agreement, and,
assuming the Agreement is renewed, through December 31, 2007, Executive shall be
entitled to four (4) weeks paid vacation. Unused vacation time may be accrued
during the term of this Agreement, but in no event shall Executive accrue and
carry over more than eight (8) weeks of paid vacation. Any unused vacation time
above the eight weeks that may be carried over is forfeited.

      6. PAYMENTS AND BENEFITS UPON TERMINATION

      Executive shall be entitled to the following payments and benefits
following termination of Executive's employment by Executive for Good Reason (as
defined below) or by the Company for any reason other than Cause (as defined
below), including non-renewal of this Agreement, or upon Executive's death or
Disability (as defined below), and provided that the Executive signs a release
of all claims or potential claims against the Company.

            6.1 TERMINATION PAYMENT

                  (a) Generally. The Company shall make payments in cash to
Executive as severance pay equal to three months of Executive's annual Base
Salary in effect immediately prior to the date of Executive's termination (the
"Cash Severance"). The Cash Severance due under this Section 6.1(a) shall be
paid in a lump sum. The amount of severance to be paid under this section shall
increase to an amount equal to six months of Executive's annual Base Salary on
January 1, 2006, and to an amount equal to nine months of Executive's annual
Base Salary on January 1, 2007.

                  (b) Termination Payment on Change of Control. If, on or after
a Change of Control, Executive's employment with the Company terminates due to
(i) a voluntary termination for Good Reason (as defined in Section 6.7) or (ii)
an involuntary termination by the Company other than for "Cause" (as defined in
Section 6.7), then the Company shall pay Executive as severance an amount equal
to twelve months of Executive's annual Base Salary in effect immediately prior
to the date of Executive's termination. The severance due under this Section
6.1(b) shall be paid in a lump sum.

            6.2 ACCRUED BENEFITS

            The Company shall pay to Executive the amount of any compensation
deferred by Executive and any accrued vacation pay for the periods of service
prior to the date of termination. Such amounts shall be paid in a lump sum.

            6.3 DEATH OR DISABILITY OF EXECUTIVE

            Executive shall be entitled to the Cash Severance in the event of
his death or Disability. In the event of Executive's death, all benefits and
payments provided for by this Section 7 shall be paid to his spouse, if any, or
otherwise to the personal representative of his estate, unless Executive has
otherwise directed the Company in writing prior to his death.

            6.4 EXCLUSIVE SOURCE OF SEVERANCE PAY

            Benefits provided under this Agreement shall replace the amount of
any severance payments to which Executive would otherwise be entitled under any
severance plan or policy generally available to executives of the Company.

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            6.5 NONSEGREGATION

            No assets of the Company need be segregated or earmarked to
represent the liability for benefits payable hereunder. The rights of Executive
to receive benefits hereunder shall be only those of a general unsecured
creditor.

            6.6 WITHHOLDING

            All payments under this Section 7 are subject to applicable federal
and state payroll withholding or other applicable taxes.

            6.7 "CAUSE" AND "GOOD REASON" DEFINITIONS

            For purposes of this Agreement, "Cause" means (a) violation by
Executive of a state or federal criminal law involving the commission of a crime
against the Company, or any felony; (b) habitual or repeated misuse by Executive
of alcohol or controlled substances; (c) fraud, intentional misrepresentation or
dishonesty by Executive with respect to the business of the Company; (d) any
incident materially compromising Executive's reputation or ability to represent
the Company with the public; (e) any intentional act by Executive that
substantially impairs the Company's business, goodwill or reputation; or (f) a
determination by a majority of the Company's directors (other than the
Executive) within thirty (30) days after the end of each of two (2) consecutive
calendar quarters that the Company (or the Executive) has not substantially met
the Quarterly Goals (as defined below). For purposes of this Agreement,
"Quarterly Goals" shall mean specific targeted metrics of Company performance
(financial or otherwise) and / or Executive performance for a calendar quarter.
The Quarterly Goals shall be agreed to in writing by the Executive and the
Company within the thirty (30) day periods prior to the beginning of each
calendar quarter. The first set of Quarterly Goals shall be for the Second
Quarter of 2005.

            For purposes of this Agreement, "Good Reason" shall mean, without
Executive's express written consent: (a) the material reduction of (i)
Executive's duties, benefits, authority or responsibilities (as determined in
good faith by the Board of Directors), or (ii) compensation ; (b) the relocation
of the principal place of Executive's employment to a location that is more than
fifty (50) miles away from its current location; and (c) the uncured breach of
any material provision of this Agreement by the Company, including, without
limitation, failure by the Company to pay Executive's Base Salary or bonus;
provided, however, that the Executive shall not be deemed to have resigned for
Good Reason hereunder unless with respect to each of (a) and (b) and (c) above,
the Executive shall have provided written notice to the Company within 60
calendar days after the event that the Executive believes gives rise to the
Executive's right to terminate employment for Good Reason, describing in
reasonable detail the facts that provide the basis for such belief, and the
Company shall have thirty (30) days from the date of such notice to cure any
such material reduction, relocation or breach.

            6.8 TERMINATION FOR FAILURE TO MEET QUARTERLY GOALS

            Notwithstanding anything stated elsewhere in this Agreement, the
parties agree that if Executive is terminated by the Company for failing to
substantially meet the Quarterly Goals after the end of each of two successive
quarters, Executive shall be entitled to severance under Section 7.1(a) of this
Agreement, but shall not be entitled to any accelerated vesting of any
outstanding options.

      7. TERMINATION

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      Employment of Executive pursuant to this Agreement may be terminated as
follows:

            7.1 BY THE COMPANY

            Until December 31, 2005, the Company may terminate the employment of
Executive with or without Cause upon giving written notice of termination
("Notice of Termination"), which notice shall be effective immediately if
termination is for Cause and thirty (30) days later if termination is not for
Cause. After January 1, 2006, the Company may terminate this Agreement without
Cause upon sixty (60) days' prior written notice in the form of a Notice of
Termination. This Agreement shall terminate upon the effective date specified in
such Notice of Termination. Payments due to Executive pursuant to Section 6, if
any, shall commence on the effective date of the Notice of Termination.

            7.2 BY EXECUTIVE

            Executive may terminate this Agreement upon sixty (60) days' prior
written notice in the form of a Notice of Termination, and this Agreement shall
terminate upon the effective date specified in such Notice of Termination.
Payments due to Executive pursuant to Section 6, if any, shall commence on the
effective date of the Notice of Termination. Notwithstanding the preceding
sentence, the Company shall have the right to accelerate Executive's termination
of employment to be effective on the date that the Notice of Termination is
received by the Company, or any date of the Company's choosing between that date
and the effective date specified in the Notice of Termination.

            7.3 AUTOMATIC TERMINATION

            This Agreement and Executive's employment shall terminate
automatically upon Executive's death or Executive's inability, for any reason,
to perform his duties with the Company for 120 days in any twelve (12) month
period ("Disability").

            7.4 EFFECT OF TERMINATION

            Notwithstanding any termination or expiration of this Agreement, the
Company shall remain liable for any rights or payments arising prior to such
event to which Executive is entitled under this Agreement.

        8. GOLDEN PARACHUTE TAXES.

      In the event that (i) any amounts paid or deemed paid to Executive under
this Agreement are deemed to constitute "excess parachute payments" as defined
in Section 280G of the Code (taking into account any other payments made to
Executive under any other agreement and any other compensation paid or deemed
paid to Executive), or if Executive is deemed to receive an "excess parachute
payment" by reason of his or her vesting in the option grants or restricted
stock grants set forth in Section 4.2, and (ii) such deemed "excess parachute
payments" would be subject to the excise tax of Section 4999 of the Code, then
at the election of the Executive, the amount of any or all of such payments or
deemed payments, as selected by Executive, may be reduced (or, alternatively the
provisions of Section 4.2 may be waived so as not act to vest options to such
Executive), so that no such payments or deemed payments shall constitute excess
parachute payments. The determination of whether a payment or deemed payment
constitutes an excess parachute payment shall be made in the sole discretion of
the Board.

        9. MISCELLANEOUS

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            9.1 AMENDMENT

            This Agreement may not be amended except by written agreement
between Executive and an authorized representative of the Company following
approval by the Compensation Committee.

            9.2 NO MITIGATION

            All payments and benefits to which Executive is entitled under this
Agreement shall be made and provided without offset, deduction or mitigation on
account of income Executive could or may receive from other employment or
otherwise.

            9.3 LEGAL EXPENSES

            In connection with any litigation, arbitration or similar
proceeding, whether or not instituted by the Company or Executive, with respect
to the interpretation or enforcement of any provision of this Agreement, the
substantially prevailing party shall be entitled to recover from the other party
all costs and expenses, including reasonable attorneys' fees and disbursements,
in connection with such litigation, arbitration or similar proceeding.

            9.4 NOTICES

            Any notices required under the terms of this Agreement shall be
effective hand delivered or when mailed, postage prepaid, by certified mail and
addressed to, in the case of the Company:

                           Loudeye Corp.
                           1130 Rainier Avenue S
                           Seattle, WA  98144
                           Attention: General Counsel

                           with a copy to:
                           Cairncross & Hempelmann, P.S.
                           524 Second Avenue, Suite 500
                           Seattle, WA  98104
                           Attn: Rosemary Daszkiewicz

                           and to, in the case of Executive:
                           Ronald Montgomery Stevens
                           1863 North Short Road
                           Bellingham, WA 98226

Either party may designate a different address by giving written notice of
change of address in the manner provided above.

            9.5 WAIVER; CURE

            No waiver or modification in whole or in part of this Agreement, or
any term or condition hereof, shall be effective against any party unless in
writing and duly signed by the party sought to be bound. Any waiver of any
breach of any provision hereof or any right or power by any party

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on one occasion shall not be construed as a waiver of, or a bar to, the exercise
of such right or power on any other occasion or as a waiver of any subsequent
breach.

            9.6 BINDING EFFECT; SUCCESSORS

            This Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Company and Executive and their respective heirs, legal
representatives, successors and assigns.

            9.7 SEVERABILITY

            Any provision of this Agreement which is held to be unenforceable or
invalid in any respect in any jurisdiction shall be ineffective in such
jurisdiction to the extent that it is unenforceable or invalid without affecting
the remaining provisions hereof, which shall continue in full force and effect.
The enforceability or invalidity of a provision of this Agreement in one
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

            9.8 GOVERNING LAW

            This Agreement shall be governed by and construed in accordance with
the laws of the state of Washington applicable to contracts made and to be
performed there.

                             SIGNATURE PAGE FOLLOWS

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                     SIGNATURE PAGE TO EMPLOYMENT AGREEMENT

      The Company and Executive have executed this Agreement at Seattle,
Washington as of the Effective Date.

                                       Loudeye Corp.

                                       By:/s/ Michael A. Brochu
                                          ----------------------------------
                                          Michael A. Brochu
                                          Chief Executive Officer

                                       EXECUTIVE

                                       /s/ Ronald Montgomery Stevens
                                       -------------------------------------
                                       Ronald Montgomery Stevens

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                                    EXHIBIT A

            FORM OF PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

                                  LOUDEYE CORP.

      In consideration of my employment or consultancy (as the case may be) by
Loudeye Corp., a Delaware corporation (the "Company," which term includes the
Company's subsidiaries and any of its affiliates), any opportunity for
advancement or reassignment that the Company may offer me, the compensation paid
to me in connection with such employment or consultancy (as the case may be) and
any stock and/or stock options which have been or may be granted to me by the
Company, I, Ronald Montgomery Stevens, hereby agree as follows:

      1. Whenever used in this Agreement the following terms will have the
following meanings:

      (a)   "Invention(s)" means designs, trademarks, discoveries, formulae,
            processes, manufacturing techniques, trade secrets, inventions,
            improvements, ideas, business plans or strategies, or copyrightable
            works, including all rights to obtain, register, perfect and enforce
            these proprietary interests; provided that the term "Inventions"
            shall not be deemed to include those inventions, if any, listed on
            the exhibit attached to this Agreement.

      (b)   "Proprietary Information" means information or physical material not
            generally known or available outside the Company or information or
            physical material entrusted to the Company by third parties. This
            includes, but is not limited to, Inventions, confidential knowledge,
            trade secrets, copyrights, product ideas, techniques, processes,
            formulas, object codes, mask works and/or any other information of
            any type relating to documentation, data, schematics, algorithms,
            flow charts, mechanisms, research, manufacture, improvements,
            assembly, installation, marketing, forecasts, pricing, customers,
            the salaries, duties, qualifications, performance levels and terms
            of compensation of other employees, and/or cost or other financial
            data concerning any of the foregoing or the Company and its
            operations. Proprietary Information may be contained in material
            such as drawings, samples, procedures, specifications, reports,
            studies, customer or supplier lists, budgets, cost or price lists,
            compilations or computer programs, or may be in the nature of
            unwritten knowledge or know-how.

      (c)   "Company Documents" means documents or other media that contain
            Proprietary Information or any other information concerning the
            business, operations or plans of the Company, whether such documents
            have been prepared by me or by others. "Company Documents" include,
            but are not limited to, blueprints, drawings, photographs, charts,
            graphs, notebooks, customer lists, computer disks, tapes or
            printouts, sound recordings and other printed, typewritten or
            handwritten documents.

      2. I understand that the Company is engaged in a continuous program of
research, development and production. I also recognize that the Company
possesses or has rights to Proprietary Information (including certain
information developed by me during my employment or consultancy (as

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the case may be) by the Company) which has commercial value in the Company's
business that derives, at least in part, from not being generally known or
readily ascertainable.

      3.I understand that the Company possesses Company Documents which are
important to its business.

      4.I understand and agree that my employment or consultancy (as the case
may be) creates a relationship of confidence and trust between me and the
Company with respect to (i) all Proprietary Information, and (ii) the
confidential information of another person or entity with which the Company has
a business relationship and is required by terms of an agreement with such
entity or person to hold such information as confidential. At all times, both
during my employment or consultancy (as the case may be) by the Company and
after its termination, I will keep in confidence and trust all such information,
and I will not use or disclose any such information without the written consent
of the Company, except as may be necessary in the ordinary course of performing
my duties to the Company, in which case I shall take reasonable steps to ensure
that such information is maintained in confidence.

      5.In addition, I hereby agree as follows:

            (a) All Proprietary Information shall be the sole property of the
Company and its assigns, and the Company and its assigns shall be the sole owner
of all trade secrets, patents, copyrights and other rights in connection
therewith. I hereby assign to the Company any rights I may presently have or I
may acquire in such Proprietary Information.

            (b) All Company Documents, apparatus, equipment and other physical
property, whether or not pertaining to Proprietary Information, furnished to me
by the Company or produced by me or others in connection with my employment or
consultancy (as the case may be) shall be and remain the sole property of the
Company. I shall return to the Company all such Company Documents, materials and
property as and when requested by the Company, excepting only (i) my personal
copies of records relating to my compensation; (ii) my personal copies of any
materials previously distributed generally to stockholders of the Company; and
(iii) my copy of this Agreement (my "Personal Documents"). Even if the Company
does not so request, I shall return all such Company Documents, materials and
property upon termination of my employment or consultancy (as the case may be)
by me or by the Company for any reason, and, except for my Personal Documents, I
will not take with me any such Company Documents, material or property or any
reproduction thereof upon such termination.

            (c) I will promptly disclose to the Company, or any persons
designated by it, all Inventions relating to the subject matter of my employment
or consultancy made or conceived, reduced to practice or learned by me, either
alone or jointly with others, prior to the termination of my employment or
consultancy (as the case may be) and for one (1) year thereafter.

            (d) Without further compensation, I hereby agree promptly to
disclose to the Company, and I hereby assign and agree to assign to the Company
or its designee, my entire right, title, and interest in and to all Inventions
which I may solely or jointly develop or reduce to practice during the period of
my employment or consulting relationship with the Company (i) which pertain to
any line of business activity of the Company, (ii) which are aided by the use of
time, material or facilities of the Company, whether or not during working
hours, or (iii) which relate to any of my work during the period of my
employment or consulting relationship with the Company, whether or not during
normal working hours. No rights are hereby conveyed in Inventions, if any, made
by me prior to my employment or consulting relationship with the Company which
are identified in a sheet attached to and made a part of this Agreement, if any
(which attachment contains no confidential information).

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            NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140:

            ANY ASSIGNMENT OF INVENTIONS REQUIRED BY THIS AGREEMENT DOES NOT
      APPLY TO AN INVENTION FOR WHICH NO EQUIPMENT, SUPPLIES, FACILITY OR TRADE
      SECRET INFORMATION OF THE COMPANY WAS USED AND WHICH WAS DEVELOPED
      ENTIRELY ON THE EMPLOYEE'S OR CONSULTANT'S OWN TIME, UNLESS (a) THE
      INVENTION RELATES (i) DIRECTLY TO THE BUSINESS OF THE COMPANY OR (ii) TO
      THE COMPANY'S ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT
      OR (b) THE INVENTION RESULTS FROM ANY WORK PERFORMED BY THE EMPLOYEE OR
      CONSULTANT FOR THE COMPANY.

            (e) During or after my employment or consultancy (as the case may
be), upon the Company's request and at the Company's expense, I will execute all
papers in a timely manner and do all acts necessary to apply for, secure,
maintain or enforce patents, copyrights and any other legal rights in the United
States and foreign countries in Inventions assigned to the Company under this
Agreement, and I will execute all papers and do any and all acts necessary to
assign and transfer to the Company or any person or party to whom the Company is
obligated to assign its rights, my entire right, title and interest in and to
such Inventions. This obligation shall survive the termination of my employment
or consultancy (as the case may be), but the Company shall compensate me at a
reasonable rate after such termination for time actually spent by me at the
Company's request on such assistance. In the event that the Company is unable
for any reason whatsoever to secure my signature to any document reasonably
necessary or appropriate for any of the foregoing purposes, (including renewals,
extensions, continuations, divisions or continuations in part), I hereby
irrevocably designate and appoint the Company and its duly authorized officers
and agents as my agents and attorneys-in-fact to act for and in my behalf and
instead of me, but only for the purpose of executing and filing any such
document and doing all other lawfully permitted acts to accomplish the foregoing
purposes with the same legal force and effect as if executed by me.

            (f) So that the Company may be aware of the extent of any other
demands upon my time and attention, I will disclose to the Company (such
disclosure to be held in confidence by the Company) the nature and scope of any
other business activity in which I am or become engaged during the term of my
employment or consultancy (as the case may be). During the term of my employment
or consultancy (as the case may be), I will not engage in any other business
activity which is related to the Company's business or its actual or
demonstrably anticipated business.

      6.As a matter of record, I attach hereto as Exhibit A a complete list of
all Inventions (including patent applications and patents) relevant to the
subject matter of my employment or consultancy which have been made, conceived,
developed or first reduced to practice by me, alone or jointly with others,
prior to my employment or consultancy (as the case may be) with the Company that
I desire to remove from the operation of this Agreement, and I covenant that
such list is complete. If no such list is attached to this Agreement, I
represent that I have no such Inventions at the time of signing this Agreement.
If in the course of my employment or consultancy with the Company, I use or
incorporate into a product or process an Invention not covered by Paragraph 5(d)
of this Agreement in which I have an interest, the Company is hereby granted a
nonexclusive, fully paid-up, royalty-free, perpetual, worldwide license of my
interest to use and sublicense such Invention without restriction of any kind.

      7.I represent that my execution of this Agreement, my employment or
consultancy (as the case may be) with the Company and my performance of my
proposed duties to the Company in the development of its business will not
violate any obligations I may have to any former employer, or other

                                       -3-
<PAGE>

person or entity, including any obligations to keep confidential any proprietary
or confidential information of any such employer. I have not entered into, and I
will not enter into, any agreement which conflicts with or would, if performed
by me, cause me to breach this Agreement.

      8.In the course of performing my duties to the Company, I will not utilize
any proprietary or confidential information of any former employer.

      9.I agree that this Agreement does not constitute an employment or
consultancy (as the case may be) agreement for a specific duration.

      10.This Agreement shall be effective as of the first day of my employment
or consultancy (as the case may be) by the Company and the obligations hereunder
will continue beyond the termination of my employment and will be binding on my
heirs, assigns and legal representatives. This Agreement is for the benefit of
the Company, its successors and assigns (including all subsidiaries, affiliates,
joint ventures and associated companies) and is not conditioned on my employment
for any period of time or compensation arising therefrom. I agree that the
Company is entitled to communicate any obligations under this Agreement to any
future or prospective employer of mine or business retaining me as a consultant.

      11.During the term of my employment or consultancy (as the case may be)
and for tone (1) year thereafter, I will not, without the Company's written
consent, directly or indirectly be employed or involved with any business
developing or exploiting any products or services that are competitive with
products or services (a) being commercially developed or exploited by the
Company during my employment or consultancy (as the case may be) and (b) on
which I worked or about which I learned Proprietary Information during my
employment or consultancy (as the case may be) with the Company. During the term
of my employment or consultancy (as the case may be) and for one year thereafter
I shall not directly or indirectly contact, solicit, induce, or attempt to
induce any customer or identified prospective customer, vendor, business
relation or contractor of the Company for the purposes of diverting sales from
the Company, terminating such person or entity's relationship with the Company,
or diminishing in any respect the business being done by the Company with such
person or entity.

      12.During the term of my employment or consultancy (as the case may be)
and for one (1) year thereafter, I will not personally or through others
recruit, solicit or induce in any way any employee, advisor or consultant of the
Company to terminate his or her relationship with the Company.

      13.I acknowledge that any violation of this Agreement by me will cause
irreparable injury to the Company and I agree that the Company will be entitled
to extraordinary relief in court, including, but not limited to, temporary
restraining orders, preliminary injunctions and permanent injunctions without
the necessity of posting a bond or other security and without prejudice to any
other rights and remedies that the Company may have for a breach of this
Agreement.

      14.I agree that any dispute in the meaning, effect or validity of this
Agreement shall be resolved in accordance with the laws of the State of
Washington without regard to the conflict of laws provisions thereof. I further
agree that if one or more provisions of this Agreement are held to be
unenforceable under applicable Washington law, such provision(s) shall be
modified solely to the extent necessary to render the same enforceable and the
balance of the Agreement shall be interpreted consistent with such provision as
modified and shall be enforceable in accordance with its terms.

                                       -4-
<PAGE>

      15.I HAVE READ AND UNDERSTOOD THIS AGREEMENT. This Agreement may only be
modified by a subsequent written agreement executed by an authorized officer of
the Company and approved by the compensation committee.

      Dated:  March 7, 2005

                                       By: /s/ Ronald Montgomery Stevens
                                           -----------------------------
                                           Signature

                                       Name: Ronald Montgomery Stevens

      Accepted and Agreed to:

      LOUDEYE CORP.

      By: /s/ Michael A. Brochu
          -----------------------------
          Michael A. Brochu
          Chief Executive Officer

                                        1
<PAGE>

                                    Exhibit A

      LOUDEYE CORP

      Ladies and Gentlemen:

      1. The following is a complete list of all inventions or improvements
relevant to the subject matter of my employment or consultancy (as the case may
be) by Loudeye Corp (the "Company") that have been made or conceived or first
reduced to practice by me, alone or jointly with others, prior to my employment
or consultancy (as the case may be) by the Company that I desire to remove from
the operation of the Proprietary Information and Inventions Agreement entered
into between the Company and me.

___________                No inventions or improvements.

___________                Any and all inventions regarding:

___________                Additional sheets attached.

      2. I propose to bring to my employment or consultancy (as the case may be)
the following materials and documents of a former employer:

___________                No materials or documents.

___________                See below:

                                       By: /s/ Ronald Montgomery Stevens
                                           ----------------------------------
                                           Signature

                                       Name: Ronald Montgomery Stevens

                                       A-1exv10w1

 

Exhibit 10.1

KAYDON CORPORATION

EXECUTIVE MANAGEMENT BONUS PROGRAM

     1.      Definitions. The following terms have the meanings indicated unless a different
meaning is clearly required by the context:

     “Approval Date” means March 2, 2005, which is the date on which this Bonus Plan was approved
by the Board of Directors of the Company.

     “Bonus Plan” means this Kaydon Corporation Executive Bonus Program, as amended from time to
time.

     “Cause” means a determination by the Company that a Participant has committed a fraud or
felony, engaged in deliberate, willful or gross misconduct, or in conduct detrimental to the
Company team effort, or was insubordinate, or performed in an overall unacceptable manner, or
violated the policies of the Company as may be established by the Company from time-to-time, or
committed an act of moral turpitude, or committed any other act that causes or may reasonably be
expected to cause substantial injury to the Company or to its reputation.

     “Change in Control” means (i) the failure of the Continuing Directors at any time to
constitute at least a majority of the Board of Directors of the Company, (ii) the acquisition by
any Person other than an Excluded Holder of beneficial ownership (within the meaning of Rule 13d-3
issued under the Securities Exchange Act of 1934, as amended) of 20% or more of the outstanding
Common Stock of the Company or the combined voting power of the Company’s outstanding voting
securities, (iii) the approval by the stockholders of the Company of a reorganization, merger or
consolidation unless with a Permitted Successor, or (iv) the approval by the stockholders of the
Company of a complete liquidation or dissolution of the Company or a sale or disposition of all or
substantially all of its assets other than to a Permitted Successor.

     “Committee” means the Compensation Committee of the Company’s Board of Directors, each of the
members of which is a “non-employee director” within the meaning of Rule 16b-3.

     “Company” means Kaydon Corporation and any of its wholly-owned subsidiaries or affiliates.

     “Continuing Directors” means the individuals constituting the Board of Directors of the
Company on the Approval Date, and any subsequent directors whose election or nomination for
election was approved by a vote of 2/3 or more of the individuals who are then Continuing
Directors, but specifically excluding any individual whose initial assumption of office occurs as a
result of either an actual or threatened election contest or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors
of the Company.

     “Excluded Holder” means any Person who on the Approval Date was the beneficial owner of 20% or
more of the outstanding Common Stock of the Company, a subsidiary of the Company, any employee
benefit plan of the Company or any subsidiary of the Company or any trust holding such Common Stock
pursuant to the terms of an employee benefit plan of the Company.

 

 

     “Executive Officer” means Brian P. Campbell, John F. Brocci, Kenneth W. Crawford, Peter C.
DeChants, John R. Emling, John A. Madison and such other senior executive officers of the Company
as the Committee shall designate from time to time.

     “Good Reason” means (a) the assignment of a Participant to any duties or responsibilities that
are a reduction of, or are materially inconsistent with, the Participant’s position, duties,
responsibilities or status on the Approval Date, (b) a change in a Participant’s reporting
responsibilities or titles in effect on the Approval Date that results in a reduction of the
Participant’s responsibilities or position, (c) the reduction of a Participant’s annual salary,
level of benefits (except for a reduction uniformly applicable to all similarly situated
executives), projected Supplemental Executive Retirement Plan benefits, or (d) transfer of the
Participant to a location more than forty (40) miles from the Participant’s location of employment
on the Approval Date which requires a change in residence or a material increase in the amount of
travel normally required of the Participant in connection with his employment.

     “Permitted Successor” means a corporation that immediately after the consummation of a
transaction described in the definition of “Change in Control” satisfies all of the following
criteria: (a) at least 60% of the voting securities of such corporation is beneficially owned by
Persons who were the beneficial owners of the Company’s Common Stock immediately prior to such
transaction, (b) no Person other than an Excluded Holder beneficially owns, directly or indirectly,
20% or more of the outstanding voting securities of such corporation and (c) at least a majority of
the Board of Directors of such corporation is comprised of Continuing Directors.

     “Person” means a natural person, corporation, partnership, limited liability company,
government or political subdivision, agency or instrumentality of a government.

     2.      Purpose. The purpose of this Bonus Plan is to provide annual incentives to certain
senior executive officers in a manner designed to reinforce the Company’s performance goals; to
link a significant portion of participants’ compensation to the achievement of such goals; and to
continue to attract, motivate and retain key executives on a competitive basis.

     3.      Participation. Participants in this Bonus Plan are those Executive Officers who
are designated by the Committee to participate from time to time. The Committee shall also
determine the effective date of a Participant’s participation in this Bonus Plan. Each Participant
shall execute an Agreement annually, a form of which is attached hereto as Exhibit A, acknowledging
his willingness to participate in this Bonus Plan and agreeing to preserve corporate opportunity
with the Company for a period ending two years following receipt of the last bonus payment made
pursuant to this Bonus Plan. The Company may modify and amend the Agreement at its discretion
prior to each Bonus Plan year.

     4.      Performance Metric and Adjustments. The metric, or benchmark, against which
Company performance shall be measured for purposes of determining whether bonuses shall be awarded
to Participants, and the amount of such bonuses, shall be earnings before interest, taxes,
depreciation and amortization (“EBITDA”) from continuing operations.

2

 

     5.      Performance Objective. The performance objective for each year will be Target
EBITDA, which shall be determined by the Committee each year at a regular Board of Directors
meeting occurring prior to the 90th day of the year for which Target EBITDA is to be
determined. In conjunction with, or promptly after, the presentation of the annual budget for the
following year, management will present to the Committee a recommended Target EBITDA for the
following fiscal year. The Committee shall evaluate the recommended Target EBITDA and Budget and
may determine the final Target EBITDA utilizing this information and any additional information
that it deems relevant.

     6.      Bonus Calculations. Participant bonuses shall be based on the level of EBITDA
achieved for the fiscal year, compared to Target EBITDA for that year, in accordance with the
following:

     (a) No Bonus payout shall be made if EBITDA achieved is equal to or less than 80% of
Target EBITDA;

     (b) Bonus payments will equal 3% of base salary for each Participant for each 1% that
EBITDA achieved for the year exceeds 80% of Target EBITDA, up to 114% of Target EBITDA. An
example would be:

	 	(a)  	if EBITDA is 83% of Target EBITDA, the bonus will be 9%
of a Participant’s base salary;
	 
	 	(b)  	if EBITDA is 100% of Target EBITDA, the bonus will be
60% of a Participant’s base salary; and
	 
	 	(c)  	if EBITDA is 109% of Target EBITDA, the bonus will be
87% of a Participant’s base salary.

     (c) A Participant’s bonus may not exceed 100% of the Participant’s base salary.

     7.      Discretionary Bonus Payments. In addition, at the discretion of the Committee, a
discretionary cash bonus may be paid to any Participant in an amount up to 25% of base salary that
shall be in addition to, or in lieu of, the bonus payment, if any, determined pursuant to Section
6.

     8.      Payment of Bonus Awards.

     (a) Conditions for Payment After Termination of Employment. If a Participant’s
employment with the Company terminates, the following provisions shall apply:

          (i) Termination for Cause. If a Participant’s employment is terminated
by the Company for Cause, no bonus shall be paid to the former Participant for any
period prior to the date of termination.

          (ii) Termination by Participant. If a Participant terminates his or
her employment without Good Reason, no bonus shall be paid to the former Participant
for any period prior to the date of termination.

3

 

          (iii) Termination Following Death, Disability or Retirement. If a
Participant’s employment is terminated due to a Participant’s death, disability or
retirement at the normal retirement age prior to payment of a bonus award, such
bonus shall be paid (A) in the event of death, to the designated beneficiary of the
Participant or, if no beneficiary shall have been designated, the representative of
the Participant’s estate and (B) in the event of disability or retirement, to the
former Participant, and if termination occurs during a fiscal year, the amount of
bonus award shall be pro rated for that year based on the number of days worked
prior to termination of employment.

          (iv) Termination without Cause or for Good Reason, etc. If a
Participant’s employment is terminated without Cause, or the Participant terminates
his or her employment for Good Reason following a Change in Control and prior to the
payment of a bonus award, the Company shall nevertheless pay such bonus to the
terminated Participant. If termination occurs during a fiscal year, the amount of
bonus award shall be pro rated for that year based on the number of days worked
prior to termination of employment.

     (b) Change in Control Payment. In the event of a Change in Control of the
Company, a bonus for the year in which the Change in Control occurs, together with any
unpaid bonus from the preceding year, shall be immediately payable on the date of the Change
in Control. Such bonus shall be equal to 100% of a Participant’s base salary for the year
in which a Change in Control occurs.

     9.      Administrative Provisions. This Bonus Plan shall be administered by the Committee.
The Committee shall have full, exclusive and final authority in all determinations and decisions
affecting this Bonus Plan and Participants, including sole authority to interpret and construe any
provision of this Bonus Plan, to adopt such rules and regulations for administering this Bonus Plan
as it may deem necessary or appropriate under the circumstances, and to make any other
determination it deems necessary or appropriate for the administration of this Bonus Plan.
Decisions of the Committee shall be final and conclusive, and binding on all parties. All expenses
of administering this Bonus Plan shall be borne by the Company. No member of the Committee shall
be liable for any action, omission, or determination relating to this Bonus Plan, and the Company
shall indemnify and hold harmless each member of the Committee and each other director or employee
of the Company or its affiliates to whom any duty or power relating to the administration or
interpretation of this Bonus Plan has been delegated against any cost or expense (including counsel
fees, which fees shall be paid as incurred) or liability (including any sum paid in settlement of a
claim with the approval of the Committee) arising out of or in connection with any action, omission
or determination relating to this Bonus Plan, unless, in each case, such action, omission or
determination was taken or made by such member, director or employee in bad faith and without
reasonable belief that it was in the best interests of the Company.

4

 

     10.      Miscellaneous.

     (a) This Bonus Plan was adopted by the Board of Directors on the Approval Date and will
be effective commencing with bonuses payable in respect of the Company’s fiscal year ending
December 31, 2005.

     (b) The Board of Directors may at any time amend this Bonus Plan in any fashion or
terminate or suspend this Bonus Plan, provided that no such action shall adversely affect a
Participant’s rights under this Bonus Plan with respect to bonus arrangements agreed to by
the Company and the Participant, pursuant to a written agreement or otherwise, before the
date of such action, without the consent of the Participant.

     (c) This Bonus Plan shall be governed by and construed in accordance with the internal
laws of the State of Michigan applicable to contracts made, and to be wholly performed,
within such State, without regard to principles of choice of laws.

     (d) All amounts required to be paid under this Bonus Plan shall be subject to any
required Federal, state, local and other applicable withholdings or deductions.

     (e) Nothing contained in this Bonus Plan shall confer upon any Participant or any other
person any right with respect to the continuation of employment by the Company or interfere
in any way with the right of the Company at any time to terminate such employment or to
increase or decrease the compensation payable to the Participant from the rate in effect at
the commencement of a fiscal year or to otherwise modify the terms of such Participant’s
employment. No person shall have any claim or right to participate in or receive any award
under this Bonus Plan for any particular fiscal year or any part thereof.

     (f) The Company’s obligation to pay a Participant any amounts under this Bonus Plan
shall be subject to setoff, counterclaim or recoupment of amounts owed by a Participant to
the Company.

     (g) The right of a Participant or of any other person to any payment under this Bonus
Plan shall not be assigned, transferred, pledged or encumbered in any manner, and any
attempted assignment, transfer, pledge or encumbrance shall be null and void and of no force
or effect.

5

 

AGREEMENT

     This Agreement (the “Agreement”) is made as of ___, 20___, by and between KAYDON
CORPORATION, a Delaware corporation (the “Company”), and ___(the “Executive”). The
Executive is a Participant in the Company’s ___ Cash Bonus Plan (the “Bonus Plan”) and is eligible to
receive a cash bonus award(s) under the Bonus Plan provided that the performance targets
established under the Bonus Plan are achieved. It is a condition of the Executive’s eligibility to
participate in the Bonus Plan that this Agreement be entered into annually and to protect and
preserve the Company’s existing and future business relationships and corporate opportunities.

     *Capitalized terms not expressly defined in this Agreement shall have the meanings ascribed to
them in the Bonus Plan. The parties, intending to be legally bound, agree as follows:

     1.      Non-Disclosure of Confidential Information. The Executive agrees not to disclose
to any unauthorized Persons or use for his own account or for the benefit of any third party any
Confidential Information, whether or not such information is embodied in writing or other physical
form or is retained in the memory of the Executive, without the Company’s written consent, unless
and only to the extent that the Confidential Information is or becomes generally known to and
available for use by the public other than as a result of the Executive’s fault or the fault of any
other Person bound by a duty of confidentiality to the Company.

     As used herein, “Confidential Information” includes: (a) any and all trade secrets concerning
the business and affairs of the Company, its subsidiaries and affiliates, product specifications,
data, know-how, formulae, compositions, processes, designs, sketches, photographs, graphs,
drawings, samples, inventions and ideas, past, current and planned research and development,
current and planned manufacturing and distribution methods and processes, customer lists, current
and anticipated customer requirements, price lists, market studies, business plans, computer
software and programs (including object code and source code), database technologies, and similar
systems of the Company, its subsidiaries and affiliates; (b) any and all information concerning the
business and affairs of the Company, its subsidiaries and affiliates (which includes historical
financial statements, financial projections and budgets, historical and projected sales, capital
spending budgets and plans, the names and backgrounds of key personnel, contractors, agents,
suppliers and potential suppliers, personnel training and techniques and materials, and purchasing
methods and techniques, however documented); and (c) any and all notes, analysis, compilations,
studies, summaries and other material prepared by or for the Company, its subsidiaries and
affiliates containing or based, in whole or in part, upon any information included in the
foregoing.

     2.      Non-Competition and Non-Solicitation. As an inducement for the Company to permit
the Executive to participate in the Bonus Plan, the Executive agrees that for a period of two years
after the receipt of the last payment of a bonus award under the Bonus Plan:

     (a) The Executive will not, directly or indirectly, engage or invest in, own, manage,
operate, finance, control or participate in the ownership, management, operation, financing
or control of, be employed by, associated with or in any manner connected with, or render
services or advice or other aid to, or guarantee any obligation of, any

 

 

Person engaged in or planning to become engaged in a business whose products or
activities compete in whole or in part with the business conducted by the Company, its
subsidiaries or its affiliates at the time of receipt by the Executive of such last bonus
payment; provided, however, that the Executive may purchase or otherwise acquire up to (but
not more than) two percent (2%) of any class of securities of any enterprise (but without
otherwise participating in the activities of such enterprise) if such securities are listed
on any national or regional securities exchange or have been registered under Section 12(g)
of the Securities Exchange Act of 1934. Seller and each Shareholder agree that this covenant
is reasonable with respect to its duration, geographical area and scope.

     (b) The Executive will not, directly or indirectly, (A) induce or attempt to induce any
employee of the Company, its subsidiaries or its affiliates to leave his or her employment;
(B) in any way interfere with the relationship between the Company, its subsidiaries or its
affiliates and any such employee; (C) employ or otherwise engage as an employee, independent
contractor or otherwise any employee of the Company, its subsidiaries or its affiliates; or
(D) induce or attempt to induce any customer, supplier, licensee or other Person to cease
doing business with the Company, its subsidiaries or its affiliates or in any way interfere
with the relationship between any such customer, supplier, licensee or other business
entity.

     (c) The Executive will not, directly or indirectly, solicit the business of any Person
known to be a customer of the Company, its subsidiaries or its affiliates, whether or not
the Executive had personal contact with such Person, with respect to products or activities
which compete in whole or in part with the business operated by the Company, its
subsidiaries or its affiliates.

     (d) The Executive will not disparage the Company, its subsidiaries or its affiliates or
the business conducted by any of them or any shareholder, director, officer, employee or
agent of the Company, its subsidiaries or its affiliates.

     3.      Arbitration. The Executive and the Company agree that any disagreement dispute,
controversy, or claim arising out of or relating to this Agreement, its interpretation, or
validity, or the terms and conditions of the Executive’s employment (including but not limited to
the termination of that employment), will be settled exclusively and finally by arbitration
irrespective of its magnitude, the amount in controversy, or the nature of the relief sought. The
arbitration shall be conducted in accordance with the Employment Arbitration Rules (the
“Arbitration Rules”) of the American Arbitration Association (the “AAA”) (the terms of which then
in effect are incorporated here). The arbitral tribunal shall consist of one arbitrator skilled in
arbitration of executive employment matters. The parties to the arbitration shall jointly directly
appoint the arbitrator within thirty (30) days of initiation of the arbitration. If the parties
fail to appoint the arbitrator as provided above, the arbitrator shall be appointed by the AAA as
provided in the Arbitration Rules and shall be a person who has had substantial experience in
executive employment matters. The Company shall pay all of the fees, if any, and expenses of the
arbitrator and the arbitration. The arbitration shall be conducted in the Southeastern Michigan
area or in such other city in the United States of America as the parties to the dispute may
designate by mutual written consent. At any oral hearing of evidence in connection with the
arbitration, each party or its legal counsel shall have the right to examine its witnesses and to

 

 

cross-examine the witnesses of any opposing party. No evidence of any witness may be
presented in any form unless the opposing party or parties has the opportunity to cross-examine the
witness, except under extraordinary circumstances where the arbitrator determines that the
interests of justice require a different procedure. Any decision or award of the arbitrator shall
be final and binding upon the parties to the arbitration proceeding. The parties agree that the
arbitral award may be enforced against the parties to the arbitration proceeding or their assets
wherever they may be found and that a judgment upon the arbitral award may be entered in any court
having jurisdiction. Nothing contained here shall be deemed to give the arbitral tribunal any
authority, power, or right to alter, change, amend, modify, add to, or subtract from any of the
provisions of this Agreement. The provisions of this Section shall survive the termination or
expiration of this Agreement, shall be binding upon the Company’s and the Executive’s respective
successors, heirs, personal representatives, designated beneficiaries and any other person
asserting a claim described above, and may not be modified without the consent of the Company. To
the extent arbitration is required, no person asserting a claim has the right to resort to any
federal, state or local court or administrative agency concerning the claim unless expressly
provided by federal statute, and the decision of the arbitrator shall be a complete defense to any
action or proceeding instituted in any tribunal or agency with respect to any dispute, unless
precluded by federal statute.

     4.      Miscellaneous.

     (a) This Agreement will be governed by Michigan law and will be binding upon and will
inure to the benefit of the respective successors and assigns of the parties.

     (b) The rights and remedies of the parties to this Agreement are cumulative and not
alternative. Neither the failure nor any delay by any party in exercising any right, power
or privilege under this Agreement will operate as a waiver of such right, power or
privilege, and no single or partial exercise of any such right, power or privilege will
preclude any other or further exercise of such right, power or privilege or the exercise of
any other right, power or privilege. To the maximum extent permitted by applicable law, (a)
no claim or right arising out of this Agreement can be discharged, in whole or in part, by a
waiver or renunciation of the claim or right except in writing; (b) no waiver that may be
given by a party will be applicable except in the specific instance for which it is given;
and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation
of such party, or of the right of the party giving such notice or demand to require the
other party, to take further action without notice or demand as provided in this Agreement.

     (c) Any action or proceeding seeking to enforce any provision of, or based upon any
right arising out of, this Agreement may be brought against any of the parties in the courts
of the State of Michigan, County of Washtenaw or, if it has or can acquire jurisdiction, in
the United States District Court for the Eastern District of Michigan, and the parties
consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.

     (d) Whenever possible, each provision and term of this Agreement will be interpreted in
a manner to be effective and valid, but if any provision or term of this

 

 

Agreement is held to be prohibited or invalid, then such provision or term will be
ineffective only to the extent of such prohibition or invalidity, without invalidating or
affecting in any manner whatsoever the remainder of such provision or term or the remaining
provisions or terms of this Agreement. If any of the covenants set forth in this Agreement
are held to be unreasonable, arbitrary or against public policy, such covenants will be
considered divisible with respect to scope, time and geographic area, and in such lesser
scope, time and geographic area, will be effective, binding and enforceable against Seller
and Shareholders to the greatest extent permissible.

     (e) This Agreement may be executed in one or more counterparts, each of which will be
deemed to be an original copy of this Agreement and all of which, when taken together, will
be deemed to constitute one and the same agreement.

     (f) The headings of sections in this Agreement are provided for convenience only and
will not affect its construction or interpretation. All references to “Section” or
“Sections” refer to the corresponding Section or Sections of this Agreement unless otherwise
specified. All words used in this Agreement will be construed to be of such gender or
number as the circumstances require. Unless otherwise expressly provided, the word
“Including” does not limit the preceding words or terms.

     (g) All notices, consents, waivers and other communications under this Agreement must
be in writing and will be deemed to have been duly given when (a) delivered by hand (with
written confirmation of receipt); (b) sent by facsimile (with written confirmation of
receipt), provided that a copy is also promptly mailed by registered mail, return receipt
requested; or (c) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested), in each case to the appropriate addresses
and facsimile numbers set forth below (or to such other addresses and facsimile numbers as a
party may designate by notice to the other parties):

	 	 	 
	Executive:
	 	 
	

	 	

	

	 	

	 	 	 
	Company:

	 	315 East Eisenhower Parkway, Suite 300
	

	 	Ann Arbor, Michigan 48108

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first above written.

	 	 	 
	EXECUTIVE:

	 	KAYDON CORPORATION
	 
	 	 
	

	 	By:

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