Document:

Exhibit 10.15

 

RESIGNATION AGREEMENT

 

The
Resignation Agreement (this “Agreement”) by and among Expedia, Inc., a
Washington corporation (the “Company”), and Richard N. Barton (the
“Executive”), is dated as of February 5, 2003 (the “Execution Date”).  Any capitalized terms used but not
specifically defined herein shall have the meaning set forth in the Employment
Agreement dated as of February 7, 2002 entered into by and between the
Executive and the Company (the “Employment Agreement”).

 

WHEREAS, the
Executive has been employed by the Company as its President and Chief Executive
Officer; and

 

WHEREAS, the
Company and the Executive have agreed that the Executive shall resign, and they
wish to set forth their mutual agreement as to the terms and conditions of such
resignation; and

 

WHEREAS it is
the intention of the parties that the Executive shall accept his appointment to
the board of directors of USA Interactive (the “USA Board”).

 

NOW,
THEREFORE, the parties agree as follows:

 

1.                                       Resignation.
Effective as of March 31, 2003 (the “Resignation Date”), the Executive hereby
resigns from his employment as the President and Chief Executive Officer of the
Company and from his position as a member of the Board of Directors of the
Company (the “Board”), and from all other positions that the Executive holds as
an employee, officer or member of the board of directors of the Company, its
affiliates or its subsidiaries (the Company, its subsidiaries and affiliates
are herein after referred to as the “Affiliated Entities”) other than as a
member of the USA Board, if the Executive is a member of such board as of the
Resignation Date.  The Executive shall
execute all other documents necessary to effectuate such resignations.

 

2.                                       Benefits. 

 

(a) Accrued Obligations.  Promptly following the Resignation Date, the Executive shall be
paid any accrued but unpaid Base Salary through the Resignation Date and any
compensation previously earned but deferred by the Executive (together with any
interest or earnings thereon) that has not yet been paid.

 

(b) Company Equity Awards. Each of the Executive’s options to
purchase shares of the Company’s common stock (“Company Options”) and other
equity awards based on the Company’s common stock (“Company Awards”),
including, without limitation, any warrants granted in respect to of the
Company’s Options (“Company Warrants”) that would have vested pursuant to their
normal vesting schedule during the 2003 had the

 

 

Executive remained employed by the Company through the end of  calendar year 2003 shall vest and any
restrictions on Company Awards will lapse on an accelerated basis on the
Resignation Date.  Vested Company
Options shall remain exercisable through December 31, 2004 or, if earlier, the
scheduled expiration date of the Company Option, subject to the appropriate
provisions of the agreement evidencing the Company Options.  Vested Company Warrants shall remain
exercisable through the scheduled expiration date, subject to the appropriate
provisions of the agreement evidencing the Company Warrants. All Company
Options and Company Awards (including Company Warrants) held by the Executive
that are not vested either as of the Resignation Date or pursuant to the
preceding sentence shall be forfeited as of the Resignation Date.  The Executive’s award agreements evidencing
the grant of any of the awards described in this Section 2(b) are herby amended
to the extent necessary to effectuate the provisions of this Section 2(b).  In all other respects, the awards described
in this Section 2(b) shall continue to be governed in accordance with their
terms.

 

(c) Other benefits. The Executive shall retain his rights to
elect to receive COBRA continuation coverage under section 4980B of the
Internal Revenue Code of 1986, as amended, in his behalf and on behalf of his
eligible dependents.

 

3.             Mutual Release.   (a) Executive Release.  In consideration of the benefits set forth in Section 2,
except for the rights expressly provided herein, the Executive for himself, his
heirs, administrators, representatives, executors, successors and assigns
(collectively “Releasors”) does hereby irrevocably and unconditionally release,
acquit, and forever discharge the Company, its shareholders, subsidiaries,
affiliates, divisions, trustees, agents, and their respective former and current
shareholders, directors, officers, and employees, including without limitation
all persons acting by, through, under or in concert with any of them
(collectively, “Releasees”), and each of them from any and all charges,
complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, remedies, actions, causes of action, suits, rights,
demands, costs, losses, debts, and expenses (including attorneys’ fees and
costs) of any nature whatsoever (collectively, “Executive Claims”), known or
unknown, whether in law or equity and whether arising from under federal,
state, or local law and in particular including any claim for discrimination
based upon race, color, ethnicity, sex, age, national origin, religion,
disability, or any other unlawful criterion or circumstance, which the
Executive and Releasors had, now have, or may have in the future against each
or any of the Releasees from the beginning of the world until the Execution
Date.  As of the Resignation Date, the
Executive shall execute an additional release to release Executive Claims from
the Execution Date through the Resignation Date in a from substantially similar
to this Section 3(a).

 

 

(b) Company Release.  In
consideration of the Executive’s entering into this Agreement, except for the
rights expressly provided herein, the Company and its subsidiaries
(collectively, the “Company Releasors”) do hereby irrevocably and
unconditionally release, acquit and forever discharge the Executive and his
heirs, administrators, representatives, executors, and assigns (in each case as
their capacity as such) (collectively, the “Executive Releasees”), and each of
them from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, remedies, actions, causes of
action, suits, rights, demands, costs, losses, debts, and expenses(including
attorneys’ fees and costs) of any nature whatsoever (collectively, “Company
Claims”), to the extent the underlying event relating to such Company Claim is
generally known as of the Execution Date to the senior officers of the Company
Releasors and USA Interactive, whether in law or equity and whether arising
under federal, state, or local law and in particular including any claim for
discrimination based upon race, color, ethnicity, sex, age, national origin,
religion, disability, or any other unlawful criterion, or circumstance, which
the Company Releasors had, now have, or may have in the future against each or
any of the Executive Releasees from the beginning of the world until the
Execution Date.

 

4.             Entire
Agreement; Other Benefits.  This
Agreement sets forth the entire agreement of the Company and the Executive with
respect to the subject matter hereof, and supersedes all prior agreements,
understandings, discussions, and negotiations, whether written or oral, between
parties hereto, including the Employment Agreement, which shall be void and of
no further force or effect, other than Section 1(e), Section 2(a) through 2(h)
(other than Section 2(f) ) and Section 9 of the Standard Terms and Conditions
of the Employment Agreement, which shall continue in accordance with their
terms.  Without limiting the generality
of the foregoing, the Executive expressly acknowledged and agrees that except
as specifically set forth in this Agreement, he is not entitled to receive any
severance pay, severance benefits, compensation or employee benefits of any
kind whatsoever from the Affiliated Entities including, without limitation, any
severance or other benefits under the Employment Agreement.

 

5.             Assignment;
Successors.  This Agreement is
personal in its nature and neither party shall, without the consent of the
other, assign or transfer this Agreement or any rights or obligations
hereunder; provided that the Company may assign this Agreement to its
affiliates; provided, further that, in the event of the merger,
consolidation, transfer, or sale of all or substantially all of the assets

 

 

of the Company with or to any other individual or entity, this
Agreement shall, subject to the provisions hereof, be binding upon and inure to
the benefit of such successor and such successor shall discharge and perform
all the promises, covenants, duties, and obligations of the Company hereunder
and all references herein to the “Company” shall refer to such successor.

 

6.             Amendment;
Waiver.  Failure to insist upon
strict compliance with any of the terms, covenants, or conditions hereof shall
not be deemed a waiver of such term, covenant, or condition, nor shall any
waiver or relinquishment of, or failure to insist upon strict compliance with,
any right or power hereunder at any other time or times.  This Agreement may be amended, modified, or
changed only by a written instrument executed by the Executive and the Company.

 

7.             Governing
Law.  This Agreement and the legal
relations thus created between the parties hereto shall be governed by and
constructed under and in accordance with the laws and the State of Delaware,
without principles of conflicts of laws. Any and all disputes between the
parties which may arise pursuant to this Agreement will be heard and determined
solely before an appropriate federal court in Delaware, or, if not maintainable
therein, then in an appropriate Delaware state court.  The parties acknowledge that such courts have jurisdiction to
interpret and enforce the provisions of this Agreement, and the parties consent
to, and waive any and all objections that they may have as to, personal
jurisdiction and/or venue in such courts.

 

8.             Notices.  All notices and other communications
hereunder shall be in writing; shall be delivered by hand delivery to the other
party or mailed by registered or certified mail, return receipts requested,
postage prepaid; shall be deemed delivered upon actual receipt; and shall be
addressed as follows:

 

	
  If to the Executive:

  
	
   

  
	
  At the most recent address on file at the Company

  
	
   

  
	
  If to the Company:

  
	
   

  
	
  Expedia Inc.

  
	
  13810 SE Eastage Road

  
	
  Suite 400

  
	
  Bellevue, Washington 98052

  
	
   

  
	
  With a copy to:

  
	
   

  
	
  USA Interactive

  
	
  152 West 57th Street

  
	
  New York, NY 10019

  

 

 

	
  Attention:
  General Counsel

  
	
   

  
	
  or to such address as either party shall have furnished to the other
  in writing in accordance herewith

  

 

9.             Tax
Withholding.  The Company shall make
such deductions and withhold such amounts from each payment and benefit made or
provided to the Executive hereunder, as may be required from time to time by
applicable law, governmental regulation, or order.

 

10.           Headings.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

 

11.           Severability.  In the event that a court of competent
jurisdiction determines that any portion of this Agreement is in violation of
any law or public policy, only the portions of this Agreement that violate such
law or public policy shall be stricken. 
All portions of this Agreement that do not violate any statute or public
policy shall continue in full force and effect.  Further, any court order striking any portion of this Agreement
shall modify the stricken terms as narrowly as possible to give as much effect
as possible to the intentions of the parties under this Agreement.

 

12.           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

 

 

IN WITNESS WHEREOF, each of the parties hereto has duly executed this
Agreement as of the date first set forth above.

 

	
   

  	
   

  	
  /s/ Richard N. Barton

  	
   

  
	
   

  	
   

  	
  Executive

  	
   

  
	
   

  	
   

  
	
   

  	
  EXPEDIA, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Britton  

  	
   

  
	
   

  	
   

  	
  Name : Mark Britton

  

  	
   

  	
  Title: Evp, Worldwide Corporate AffairsExhibit 10.21

 

AMENDMENT NO. 2, dated as of
June 24, 2003 (this “Amendment”), to the AMENDED AND
RESTATED LIMITED LIABILITY LIMITED PARTNERSHIP AGREEMENT (as
previously amended, supplemented or otherwise modified, the “Partnership
Agreement”) of VIVENDI UNIVERSAL ENTERTAINMENT LLLP (the “Partnership”)
dated as of May 7, 2002, by and among USI ENTERTAINMENT INC., a Delaware
corporation, as general partner, USANI HOLDINGS XX, INC., a Delaware
corporation, UNIVERSAL PICTURES INTERNATIONAL HOLDINGS BV, a corporation
organized under the laws of The Netherlands, UNIVERSAL PICTURES INTERNATIONAL
HOLDINGS 2 BV, a corporation organized under the laws of The Netherlands,
NYCSPIRIT CORP. II, a Delaware corporation, INTERACTIVECORP (formerly known as
USA Interactive and, prior thereto, as USA Networks, Inc.), a Delaware
corporation, USANi SUB LLC, a Delaware limited liability company, NEW-U STUDIOS
HOLDINGS, INC., a Delaware corporation, and BARRY DILLER, as limited partners,
VIVENDI UNIVERSAL, S.A., a société anonyme organized under the laws of France,
UNIVERSAL STUDIOS, INC., a Delaware corporation (“Universal”),
and, SUB I - USA Holding LLC, a Delaware limited liability company, USI - USA
Holding LLC, a Delaware limited liability company, USIE - USA Holding LLC, a
Delaware limited liability company, and V - USA Holding LLC, a Delaware limited
liability company.

 

A. The Partnership intends
to enter into the VUE Term Loan Agreement (as

defined below).

 

B. As a condition to the VUE
Term Loan Agreement, the Partners are required

to amend certain provisions
of the Partnership Agreement as set forth herein.

 

 

C. Each capitalized term
used and not otherwise defined herein shall have the

meaning assigned to such
term in the Partnership Agreement.

 

Accordingly, in
consideration of the mutual agreements herein contained and

other good and valuable
consideration, the sufficiency and receipt of which are hereby

acknowledged, the parties
hereto agree as follows:

 

SECTION 1. Amendments.

 

(a) Section 1.01 of the
Partnership Agreement is hereby amended by amending

and restating the following definitions therein:

 

““VUE Term Loan Agreement” shall mean the Loan Agreement,
dated as of June 24, 2003, by and among the Partnership, Bank of America
Securities, N.A and J.P. Morgan Chase Bank as, co-administrative agents,
Barclays Bank plc, as syndication agent, J.P. Morgan Chase Bank, as collateral
agent and paying agent and the Lenders from time to time party thereto.”

 

 

 

““VUE Security Agreement” shall mean the Amended and Restated
Guarantee and Security Agreement, dated as of June 24, 2003, among the
Partnership, the guarantors party thereto and JPMorgan Chase Bank, as
administrative agent.”

 

(b) Article XIII of the
Partnership Agreement is hereby amended and restated in its entirety to read as
follows:

 

“SECTION 13.06. VUE Term
Loan Agreement. The Partnership shall not at any time on or prior to the
91st day following the date on which all of the Release Conditions (as defined
in the VUE Security Agreement) are satisfied, take any action of the sort
contemplated by Section 7(e)(iii) of the VUE Term Loan Agreement with respect
to the Partnership or any of its Subsidiaries (as defined in the VUE Term Loan
Agreement) or the assets of any of the foregoing without the prior written
agreement of all Partners holding Common Interests at such time.”

 

(c) Section 10.03(c) of the
Partnership Agreement is hereby amended by deleting in its entirety the second
sentence thereof and replacing it with the following sentence:

 

“Except as set forth in
Section 10.03(e), the purchase and sale of the Selling Party’s Common Interests
shall be consummated at a closing the date and time of which shall be selected
by the Purchasing Party and provided in writing at least seven days prior
thereto; provided that, in the case of a Diller Put or a Diller Call,
such date shall not be later than the 20th Business Day following the date of
receipt by the relevant party of the applicable exercise notice, and in all
other cases the such date shall not be later than the 20th Business Day
following the date of the determination of the Appraised Value.”

 

(d) Section 10.03(d)(iii) of
the Partnership Agreement is hereby amended and restated in its entirely as
follows:

 

“(iii) notwithstanding
anything to the contrary in clauses (i) or (ii) of this Section 10.03(d), the
Appraised Value of the Partnership with respect to a Diller Put or a Diller
Call shall be determined as of April 1, 2003 by a single Investment Bank that
is mutually agreeable to Universal and Diller (each acting in its sole
discretion). In the event that Universal and Diller are unable to mutually
agree for any reason on the Investment Bank within 5 days following the date of
receipt by the relevant party of the applicable exercise notice, Universal and
Diller hereby agree that for purposes of Section 10.03(b) of the Partnership
Agreement, the purchase price with respect to the Diller Put and the Diller
Call shall be $275,000,000.”

 

(e) Section 10.03(e) of the
Partnership Agreement is hereby amended and restated in its entirety to read as
follows: 

 

“(e) At the election of the
Purchasing Party and in accordance with this Section 10.03(e), payment of the
purchase price upon the exercise of a Call or a Put may be made in Vivendi
Ordinary Shares. In order for the Purchasing Party to elect to deliver Vivendi
Ordinary Shares, the Purchasing

 

 

Party shall specify that it
is electing to deliver Vivendi Ordinary Shares in lieu of cash in the written
notice of the Purchasing Party designating the closing date pursuant to Section
10.03(c) (without giving effect to the proviso therein) (the “Closing Date
Notice”). In the event that the Purchasing Party elects to deliver Vivendi
Ordinary Shares pursuant to this Section 10.03(e), the Selling Party shall be
entitled to the rights set forth in Section 10.03(f), and the closing of the
Put or Call shall take place over a consecutive 15 Business Day period
commencing on the closing date specified in the Closing Date Notice; provided
that the closing date specified in the Closing Date Notice shall be a date
within 20 Business Days following the date of receipt by the relevant party of
the Closing Date Notice. On each day during the 15 Business Day closing period,
the Purchasing Party shall deliver to USAi or its Affiliates or Diller, as the
case may be, 1/15th of the applicable purchase price set forth in
Section 10.03(a) or Section 10.03(b) in Vivendi Ordinary Shares (or, if Diller
requests, other common equity securities of Vivendi listed on an exchange other
than that on which the Vivendi Ordinary Shares are listed and representing an
equivalent number of Vivendi Ordinary Shares) valued based on the closing price
on that day of Vivendi Ordinary Shares on the primary exchange on which it
trades, as reported by Bloomberg in U.S. dollars. Any Vivendi Ordinary Shares
(or other common equity securities of Vivendi) delivered by the Purchasing
Party pursuant to this Section 10.03(e) shall be delivered no later than one
hour after the primary exchange on which the Vivendi Ordinary Shares (or other
common equity securities of Vivendi) being delivered hereunder closes free and
clear of all Liens and shall, in the case of Vivendi Ordinary Shares, be listed
for trading on the Paris Bourse and freely transferable on the Paris Bourse.
Solely for purposes of this Section 10.03(e), the Selling Party shall be
required to deliver the assignments and bills of sale referenced in Section
10.03(c) assigning 1/15th of its Common Interests to the Purchasing
Party free and clear of any Liens, on each day of the 15 Business Day closing
period described herein. The ability of Vivendi or any successor or new parent
entity to Vivendi to issue any shares hereunder shall be subject to (i)
satisfaction of the listing provisions of the definition of Vivendi Ordinary
Shares, (ii) the Selling Party receiving over the 15 Business Day closing
period securities that represent less than 5% of the publicly-traded common
stock or ordinary shares of Vivendi or such successor or new parent entity
immediately prior to such 15 Business Day period, assuming, for purposes of
calculating compliance with such 5% threshold, that the number of securities
issued is calculated based on the closing price of such securities on the
primary exchange on which such securities trade on the date of the Closing Date
Notice, and (iii) Vivendi’s (or such successor’s or such new parent entity’s)
continued ownership and control of the Partnership and the cable assets
contained therein. For purposes of this Section 10.03(e), a Business Day means
any day other than a Saturday, Sunday, a U.S. Federal holiday or a day on which
banks in France are closed.”

 

SECTION 2.        Effectiveness.
This Amendment shall be effective as of the date first set forth above.

 

SECTION 3.        Effect
of Amendment. Except as expressly set forth herein, this 

 

 

 

Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of any of
the parties to the Partnership Agreement, and shall not alter, modify, amend or
in any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Partnership Agreement, all of which are hereby
ratified and affirmed in all respects and shall continue in full force and
effect.

 

SECTION 4.        Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be
deemed an original and all of which, taken together, shall constitute one and
the same instrument. Delivery of any executed counterpart of a signature page
of this Amendment by facsimile transmission shall be as effective as delivery
of a manually executed counterpart hereof.

 

SECTION 5.        Applicable
Law. THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

 

SECTION 6. Jurisdiction. Each of the Partners (i)
consents to and submits itself and its property to the personal jurisdiction of
any Federal or state court located in the State of Delaware in the event of any
dispute arising out of or relating to this Amendment, (ii) agrees that it will
not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from any such court, (iii) agrees that it will not bring any
action relating to this Agreement in any court other than a Federal or state
court sitting in the State of Delaware and (iv) hereby waives any rights such
Partner may have to personal service of summons, complaint or other process in
connection therewith, and agrees that service may be made by registered or
certified mail addressed to such Partner and sent in accordance with the
provisions of Article XIV of the Partnership Agreement. It is hereby expressly
understood by the parties hereto that this Section 6 shall also be applicable
to Amendment No. 1, dated as of November 25, 2002, to the Partnership
Agreement.

 

 

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.

 

	
  USI ENTERTAINMENT, INC.

  
	
  By:

  	
  /s/ KAREN RANDALL

  
	
   

  	
  Name:

  	
  Karen Randall

  
	
   

  	
  Title:

  	
  Executive Vice President

  

 

	
  USANI HOLDING XX, INC.

  
	
  By:

  	
  /s/ KAREN RANDALL

  
	
   

  	
  Name: 

  	
  Karen Randall

  
	
   

  	
  Title: 

  	
  Executive Vice President

  

 

	
  UNIVERSAL PICTURES

  
	
  INTERNATIONAL HOLDINGS BV

  
	
  By:

  	
  /s/ AD HESKES

  
	
   

  	
  Name:

  	
  Ad Heskes

  
	
   

  	
  Title:

  	
  Vice President, Legal

  

 

	
  UNIVERSAL PICTURES

  	 

	
  INTERNATIONAL HOLDINGS 2 BV

  	 

	
  By:

  	
  /s/ AD HESKES

  
	
   

  	
  Name:

  	
  Ad Heskes

  
	
   

  	
  Title:

  	
  Vice President, Legal

  
				

 

	
  NYCSPIRIT CORP. II

  	 

	
  By:

  	
  /s/ AUTHORIZED REPRESENTATIVE

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

	
  INTERACTIVECORP,

  
	
  By:

  	
  /s/ DARA KHOSROWSHAHI

  
	
   

  	
  Name:

  	
  Dara Khosrowshahi

  
	
   

  	
  Title:

  	
  Executive Vice President and Chief Financial Officer

  

 

	
   USANi SUB LLC,

  
	
  By:

  	
  /s/  DARA KHOSROWSHAHI

  
	
   

  	
  Name: 

  	
  Dara Khosrowshahi

  
	
   

  	
  Title: 

  	
  Vice President

  

 

 

	
  NEW-U STUDIOS HOLDINGS, INC.,

  	 

	
  By:

  	
  /s/  DARA KHOSROWSHAHI

  
	
   

  	
  Name:

  	
  Dara Khosrowshahi

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

	
  BARRY DILLER

  	 

	
  /s/ Barry Diller

  

 

	
  UNIVERSAL STUDIOS, INC.,

  	 

	
  By:

  	
  /s/ Karen
  Randall

  
	
   

  	
  Name:

  	
  Karen Randall

  
	
   

  	
  Title:

  	
  Executive Vice President and General Counsel

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