Document:

Exhibit
10.12

    

    SEPARATION AGREEMENT AND
GENERAL RELEASE

    

    This
SEPARATION AGREEMENT AND
GENERAL RELEASE (“Agreement”) is made as of this 18th day of
June 2009 by and between MEDIALINK WORLDWIDE INCORPORATED, a Delaware
corporation, having an address at 708 Third Avenue, New York, New York 10017
(“Medialink”), and KENNETH G. TOROSIAN, an individual residing at 420 Bellwood
Avenue, Sleepy Hollow, New York 10591 (“Torosian”).

    

    NOW, THEREFORE, in
consideration of the mutual promises and covenants hereinafter set forth, the
parties agree as follows:

    

    1.           This
Agreement shall be deemed effective (the “Effective Date”) upon the execution
date of that certain agreement and plan of merger (the “Merger Agreement”)
between Medialink, The NewsMarket, Inc. (“TNM”) and a wholly owned subsidiary of
TNM (the “Merger Partner”); provided, however, that in the event that the
proposed merger transaction (the “Merger”) pursuant to the Merger Agreement is
not consummated by December 31, 2009, then this Agreement shall be null and void
and of no force and effect.

    

    2.           Torosian
and Medialink are parties to that certain Amended and Restated Employment
Agreement dated as of November 12, 2008 (the “Employment Agreement”) pursuant to
which Torosian performed duties as the Chief Financial Officer of
Medialink.  Certain terms of the Employment Agreement, including
without limitation, Sections 5.3-5.5, 8.3 and 11 and Exhibit A are expressly
modified by the terms of this Agreement.  Torosian’s employment
relationship with Medialink will be deemed (with no further action required by
Medialink) terminated by Medialink effective as of the date on which the Merger
becomes effective (the “Termination Date”).  The termination of
Torosian’s employment hereunder shall not be deemed a For Cause termination, as
such term is defined in the Employment Agreement.  Nothing herein
shall be deemed to affect Torosian’s compensation or benefits prior to the
Termination Date.

    

    3.           Torosian
acknowledges that he fully understands the terms and implications of this
Agreement.  Torosian has carefully considered other alternatives to
executing this Agreement and has decided that he will execute this
Agreement.

    

    4.           Torosian
understands that he will have up to twenty-one (21) days from the date hereof to
review and execute this Agreement and that he shall have the right, within seven
(7) days after his execution of this Agreement, to revoke same unless such right
is waived by Torosian.  If and to the extent Torosian executes this
Agreement prior to the expiration of the twenty-one (21) day period referred to
above, Torosian represents and warrants to Medialink that he has done so
knowingly and voluntarily.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5.           Torosian
further recognizes that he executes this Agreement voluntarily and that
Medialink requires that he discuss the same with his legal advisors to ensure
full and thorough knowledge of the legal significance of this
Agreement.  Medialink agrees to reimburse Torosian for all reasonable
legal fees incurred in the review of this Agreement, up to a maximum
reimbursement of $1,500.  Torosian has been represented by
__________________________ in his review and consideration of this
Agreement.

    

    6.           (a)           In
lieu and in place of any payments or benefits otherwise due Torosian under
Sections 5.3-5.5 and/or 8.3 and Exhibit A of the Employment Agreement and in
consideration for Torosian signing and adhering to the terms and conditions of
this Agreement, Torosian will receive the gross amount of Six Hundred Twenty
Thousand and 00/100 ($620,000) Dollars, subject to downward adjustment as set
forth below, which amount shall be reduced by all applicable deductions as shall
be required to be withheld by applicable law and regulation (the “Severance
Payment”).  Such Severance Payment will be payable in one lump sum no
later than fifteen (15) business days after the Termination Date and shall not
be offset by any amounts Torosian earns or could have earned with reasonable
diligence after the Termination Date.  Torosian expressly releases
Medialink from making any payments or making any benefits available pursuant to
Sections 5.3-5.5 and/or 8.3 and Exhibit A of the Employment
Agreement.

    

      
(b)           The amount
of the Severance Payment referenced above is subject to downward adjustment
based on Medialink’s Adjusted Cash Balance as of the closing of the Merger (the
“Closing”).  For purposes of this calculation, Adjusted Cash Balance
means the sum of (A) the actual cash available at the Closing (after payment or
accrual of Medialink’s transaction costs associated with the Merger) (i) prior
to payment of (x) contractual and non-contractual severance obligations
(including the Severance Payment) and (y) 2009 board of directors’ fees, and
(ii) adjusted, upward or downward for the Working Capital Adjustment (as such
term is defined in the Merger Agreement) and (B) the amount of severance
obligations assumed by the Merger Partner pursuant to the Merger
Agreement.  The amount of the Severance Payment shall be adjusted as
follows:

    

    (i)           If
the Adjusted Cash Balance is at least equal to $1,390,000, there shall be no
adjustment to the amount of the Severance Payment;

    

    (ii)           If
the Adjusted Cash Balance is at least equal to $1,126,000 but less than
$1,390,000, then the Severance Payment shall be reduced by an amount equal to
the product of (A) 0.55 and (B) the amount by which the actual Adjusted Cash
Balance falls short of $1,390,000; or

    

    (iii)           If
the Adjusted Cash Balance is less than $1,126,000, then the Severance Payment
shall be reduced by an amount equal to the sum of (A) $145,000 and (B) the
product of (x) 0.50 and (y) the amount by which the actual Adjusted Cash Balance
falls short of $1,126,000.

    

    For
purposes of clarification, an adjustment shall be made pursuant to only one of
Sections 6(b)(ii) or 6(b)(iii) above, but not both.

    
      
         

      

      
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(c)           Torosian
and Medialink agree that notwithstanding anything to the contrary herein, in the
event that during the period between the Effective Date and the Termination
Date, Torosian dies or suffers a Disability (as such term is defined in Section
6.1 of the Employment Agreement), then Torosian (or his estate, as the case may
be) shall be entitled to receive from Medialink the benefits set forth in
Sections 5.4 (upon death) or 5.5 (upon a Disability) of the Employment Agreement
until the Termination Date, and from and after the Termination Date, if any,
Torosian (or his estate, as the case may be) shall receive, in lieu of such
benefits, the payment set forth in Section 6(a), as adjusted by Section 6(b) of
this Agreement.

    

    7.          The
Company agrees to pay and Torosian acknowledges that he will have been paid his
accrued and unpaid salary and bonus through the Termination Date and is not
entitled to any further payments for same.  Torosian further
acknowledges that he will not be entitled to participate in any of Medialink’s
benefit plans after the Termination Date; provided, however, that Torosian may
continue to participate in Medialink’s hospitalization and group health benefit
plans pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA) at
Torosian’s sole cost and expense, unless otherwise provided by law.

    

    8.          As
a condition to Torosian receiving the Severance Payment referenced above and as
a material inducement for Medialink to enter into this Agreement:

    

     
(a)           Torosian
agrees to be available to Medialink for telephone consultations for up to thirty
(30) days after the Termination Date.  In no event shall Torosian be
required to be available for more than an aggregate of ten (10) hours during
such period.

    

     
(b)           Torosian
agrees that on the Termination Date, Torosian shall deliver all Medialink
Property, as hereinafter defined, in his custody or possession to Medialink or
its representatives, and Torosian represents and warrants that no such Medialink
Property or copies thereof have been knowingly retained by him, any of his
representatives or any person, firm or corporation owned or controlled by him or
delivered to any third party other than in the normal course of performing his
duties pursuant to the Employment Agreement.  The term “Medialink
Property” as used herein means any and all confidential or proprietary materials
belonging to Medialink that are in Torosian’s possession, including but not
limited to books, records, files, documents, accounting or financial records,
statements, reports, equipment, computer hardware, computer software, programs,
contact lists, customer data and files (hardcopies and electronic), any
proprietary information or data of Medialink in any format and any and all
copies thereof, hard drives, keys to Torosian’s offices and files, computer
passwords provided by Medialink to Torosian, passwords established by Torosian
on Medialink hardware and passwords established by Torosian on any file
containing Medialink information.  Notwithstanding the foregoing,
Torosian shall be permitted, at his sole option, to retain the cell phone and
phone number, pda/BlackBerry, laptop computer with one docking station and one
monitor that were used by Torosian immediately prior to the Termination Date;
provided however, that all Medialink Property must be removed from each item
retained, and each retained item shall be subject to prompt review and
modification by Medialink’s IT personnel to ensure that all Medialink Property
has been permanently removed therefrom.  In addition, the laptop
computer, if any, retained by Torosian shall be reformatted by Medialink’s
personnel; provided, however, that Medialink will reload standard software
(including, but not limited to, Microsoft Office and Adobe Acrobat) on the
retained laptop computer and, to the extent reasonably practicable, provide
Torosian with the pertinent licenses, discs, and manuals related to such
reloaded software.  After the Termination Date, Torosian, and not
Medialink, shall be responsible for any service fees associated with the use and
maintenance of any of the retained items.

    
      
         

      

      
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(c)           Torosian
acknowledges that the principal business of Medialink is providing video and
audio production and satellite and other distribution services to television and
radio stations and online news outlets for corporations and other organizations
seeking to communicate their news to the public (the
“Business”).  Torosian acknowledges that he has acquired confidential
information concerning Medialink and the Business and that, among other things,
his knowledge of the Business was enhanced through his employment by Medialink.
Torosian acknowledges that such information is of great value to Medialink, is
the sole property of Medialink, and was acquired by him in
confidence.

    

     
(d)           Torosian
hereby confirms that (i) the confidentiality and transfer of developments
obligations set forth in Section 10.1 of the Employment Agreement survive the
termination of Torosian’s employment and (ii) Torosian will abide by and adhere
to such obligations.

    

     
(e)           The Parties
agree that the provisions of Section 11 of the Employment Agreement are hereby
waived and replaced by this Section 8(e).  Torosian acknowledges that
it is reasonably necessary for the protection of Medialink that Torosian agree,
and, accordingly, Torosian does hereby agree, that for the period ending on the
three (3) month anniversary of the Termination Date, he will not, directly or
indirectly:

    

     i.           employ
or engage, or cause to authorize, directly or indirectly, to be employed or
engaged, for or on behalf of himself or any third party, any employee,
representative or agent of Medialink; or

    

    ii.           solicit,
directly or indirectly, on behalf of himself or any third party, any client or
vendor, for services competitive with the Business, of Medialink and its
affiliates.

     
(f)            Torosian
agrees that upon Medialink’s request, he shall enter into a voting agreement
whereby Torosian will agree to vote his shares of Medialink stock (and all
shares under his control) in favor of the Merger.  Torosian further agrees
that he shall support approval of the Merger.

    

     
(g)           Torosian
agrees that any breach or threatened breach by him of Section 8 of this
Agreement shall entitle Medialink, in addition to all other legal remedies
available to it, to apply to any court of competent jurisdiction to seek to
enjoin such breach or threatened breach without posting a bond or showing
special damages.  The parties understand and intend that each
restriction agreed to by Torosian hereinabove shall be construed as separable
and divisible from every other restriction, that the unenforceability of any
restriction shall not limit the enforceability, in whole or in part, of any
other restriction, and that one or more of all of such restrictions may be
enforced in whole or in part as the circumstances warrant.  In the
event that any restriction in this Agreement is more restrictive than permitted
by law in the jurisdiction in which Medialink seeks enforcement thereof, such
restriction shall be limited to the extent permitted by law.

    
      
         

      

      
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    9.           (a)           Torosian
hereby stipulates, agrees, and understands that in consideration of the payments
set forth in Section 6 above, that being good and valuable consideration,
Torosian hereby acting of his own free will, voluntarily and on behalf of
himself, his heirs, administrators, executors, successors, and assigns, releases
Medialink, its subsidiaries, affiliates, directors, officers, members,
employees, attorneys, representatives, and agents and each of them and their
predecessors, successors and assigns (hereinafter “Medialink Parties”) from any
and all debts, obligations, claims, demands, judgments or causes of action of
any kind whatsoever in tort, contract, by statute, or on any other basis for
compensatory, punitive or any other damages, expenses, reimbursements or costs
of any kind, including but not limited to any and all claims, demands, rights,
and/or causes of action arising out of an alleged breach of the Employment
Agreement or relating to purported employment discrimination or violations such
as Civil Rights violations, including, but not limited to, those arising under
Title VII of the Civil Rights Act of 1964 (42 U.S.C. section 2000e, et seq.), the Civil
Rights Act of 1991, the Civil Rights Act of 1866 and 1871 (42 U.S.C. sections
1981 and 1983), Executive Order 11246 as amended, the Age Discrimination in
Employment Act of 1967 (29 U.S.C. section 621, et seq.), the Equal Pay
Act of 1963 (29 U.S.C. section 26(d)(1), the Rehabilitation Act of 1973 (29
U.S.C. section 701-794), the Americans with Disabilities Act (ADA), the New York
Human Rights Law, Exec. Law, CH. 118, Art. 15, section 290, et seq. or any other
applicable federal, state or local employment discrimination statute or
ordinance which Torosian might have or assert against any of the Medialink
Parties:  (1) by reason of his employment relationship or dealings
with Medialink or the termination of said relationship and all circumstances
related thereto; or (2) by reason of any other matter, cause or thing
whatsoever, from the first date of employment to the date of execution of this
Agreement, except that the foregoing (i) does not affect the future right of
Torosian and/or any heir, administrator, executor, successor, and assign to
enforce the terms of this Agreement, and (ii) does not waive any vested benefits
under any welfare, pension or retirement benefit plan maintained by Medialink,
which shall be governed by the applicable plan or COBRA, as the case may
be.

    

    (b)         Medialink
hereby stipulates, agrees, and understands that in consideration of the
obligations undertaken herein by Torosian, that being good and valuable
consideration, Medialink, on behalf of itself and the Medialink Parties, hereby
releases Torosian from any and all debts, obligations, claims, demands,
judgments or causes of action of any kind whatsoever in tort, contract, by
statute, or on any other basis for compensatory, punitive or any other damages,
expenses, reimbursements or costs of any kind arising out of or related to any
fact, thing or matter which is known to Medialink as of the date of this
Agreement.  The knowledge of Torosian shall not be imputed to
Medialink.

    

    10.           Torosian
agrees and understands that failure in any material respect to adhere to the
terms and conditions of this Agreement, including but not limited to the
provisions of Sections 8 and 9 of this Agreement, as well as any action
commenced by him against the Medialink Parties, other than to enforce the terms
of this Agreement, shall immediately void Medialink’s obligation to pay the
amounts set forth above, and any and all monies and/or benefits provided for
herein to Torosian and shall require immediate repayment by Torosian of the
value of all consideration paid or provided to Torosian by Medialink pursuant to
this Agreement.  Further, in any action by one party hereof against
the other party to enforce the terms of this Agreement, the prevailing party
shall be entitled to reimbursement from the non-prevailing party for the
prevailing party’s reasonable costs and attorneys’ fees in defending or
prosecuting such action.

    
      
         

      

      
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    11.         (a)          Torosian
represents that he has not filed any lawsuits or demands for arbitration against
Medialink, or filed or caused to be filed any charges or complaints against
Medialink with any municipal, state or federal agency charged with the
enforcement of any law.  Pursuant to and as part of Torosian’s release
of Medialink as set forth above, Torosian agrees to the fullest extent permitted
by law, not to sue, or file a charge, complaint, grievance or demand for
arbitration against Medialink in any forum or assist or otherwise participate
willingly or voluntarily in any claim, arbitration, suit, action, investigation
or other proceeding of any kind which relates to any matter that involves
Medialink, and that occurred up to and including the date of his execution of
this Agreement, unless required to do so by law.  To the extent any
such action may be brought by a third party, Torosian expressly waives any claim
to any form of monetary or other damages, or any other form of recovery or
relief in connection with any such action.

    

     
(b)         Notwithstanding the
provisions of Section 9(a) and Section 11(a) above, the agreement of Torosian
not to file a lawsuit or complaint or charge against the Medialink Parties as
provided in Section 11(a) shall not be deemed, construed or interpreted as
prohibiting Torosian from filing a charge or complaint against the Medialink
Parties with the U.S. Equal Opportunity Commission (the “EEOC”), the New York
State Division of Human Rights (the “DHR”) or any other state or federal
governmental agency or authority or from participating in any investigation or
proceeding which may be brought by the EEOC, the DHR or any other governmental
agency or authority against the Medialink Parties; provided however, even though
Torosian may file any such complaint or charge or participate in any such
investigation or proceeding, he shall not be entitled or permitted to
participate in or receive any monetary damages or assessments made by the EEOC,
the DHR or any other governmental agency or authority against the Medialink
Parties.  In addition, the agreement of Torosian not to file a lawsuit
or complaint or charge against the Medialink Parties as contained in Section
11(a) shall not be deemed, construed or interpreted as prohibiting Torosian from
challenging the validity of the release contained in Section 9(a) or his
agreement not to file a lawsuit or complaint or charge against the Medialink
Parties as contained in Section 11(a).

    

    12.         Medialink
acknowledges that Torosian may make an application for unemployment benefits and
Medialink agrees not to contest or object to same, provided that such
application is truthful and accurate.

    

    13.         Medialink
agrees that, other than disclosures required by law, rule or regulation, it will
make no disclosures concerning Torosian’s employment or other information
regarding Torosian, except to the extent requested to do so by Torosian and
except to state that pursuant to Medialink policy it can only confirm
employment, job title, dates of service, rate of pay or to disclose other
information as required by law.

    
      
         

      

      
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    14.         Medialink
and Torosian agree that confidentiality is a material condition of this
Agreement.  Torosian agrees not to disclose or make reference to the
terms of this Agreement without prior written consent of Medialink, except as
required by law; provided, however, that disclosure shall be permitted to
Torosian’s attorney, financial advisors and immediate family, and to any new or
potential employers of Torosian.  Nothing herein shall preclude
Torosian from discussing in general terms his duties and responsibilities while
at Medialink.  Torosian acknowledges that Medialink will file all
appropriate securities filings with regard to the termination of Torosian’s
employment relationship with Medialink.

    

    15.         Torosian
further agrees that he shall make no negative statements concerning any aspect
of the business of Medialink or concerning any of the Medialink Parties or The
NewsMarket, Inc. or the Merger Partner.  Medialink agrees that it
shall make no negative statements regarding Torosian.

    

    16.         Torosian
acknowledges that, other than as expressly set forth herein, he has no
entitlement to severance pay, change in control payments, or any benefit
resulting from the termination of his relationship with
Medialink.  Torosian further understands that his receiving the
consideration set forth in this Agreement is conditional upon his signing and
not revoking this Agreement and complying with the terms and provisions
hereof.

    

    17.         If
any provision, or portion thereof, of this Agreement is determined to be invalid
under applicable statute or rule of law, only such provision, and only to the
extent determined to be invalid, shall be deemed omitted from this Agreement,
the remainder of which shall remain in full force and effect.

    

    18.         This
Agreement, together with the Employment Agreement as modified herein,
constitutes the complete agreement between the parties and no other
representations have been made by Medialink or Torosian.  This
document resolves all outstanding issues arising from Torosian’s relationship
with Medialink.

    

    19.         This
Agreement and its execution, validity and interpretation shall be governed in
all respects in accordance with the laws of the State of New York, excluding its
conflicts of law rules.  The parties hereto agree that any legal suit,
action, or proceeding against them arising out of or relating to this Agreement
shall be brought exclusively in the United States Federal Court in the Southern
District of New York or in the Supreme Court for the State of New York, County
of New York.  The parties hereto hereby accept the jurisdictions of
such courts for the purpose of any such action or proceeding.  EACH
PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT TO A TRIAL BY JURY IN RESPECT TO ANY PROCEEDING BROUGHT BY ONE PARTY
AGAINST ANOTHER RELATED TO THIS AGREEMENT.

    
      
         

      

      
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    20.         This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

    

    
      
        
          
            	 
      	 
      	
                    MEDIALINK
      WORLDWIDE INCORPORATED

                  
	 
      	 
      	 
      	 
      	 
      
	
                    /s/
      Kenneth G. Torosian

                  	 
      	 
      	
                    By:

                  	
                    /s/
      Harold Finelt

                  
	
                    KENNETH
      G. TOROSIAN

                  	 
      	 
      	 
      	
                    Name:  Harold
      Finelt

                  
	 
      	 
      	 
      	 
      	
                    Title:    Chair.
      Compensation Committee

                  
	 
      	 
      	 
      	 
      	 
      
	
                    Date:  June
      18, 2009

                  	 
      	 
      	
                    Date:  June
      19, 2009

                  

          

        

      

    

    
      
         

      

      
        8Exhibit
10.13

    

    SEPARATION AGREEMENT AND
GENERAL RELEASE

    

    This
SEPARATION AGREEMENT AND
GENERAL RELEASE (“Agreement”) is made as of this 18th day of
June 2009 by and between MEDIALINK WORLDWIDE INCORPORATED, a Delaware
corporation, having an address at 708 Third Avenue, New York, New York 10017
(“Medialink”), and LAWRENCE A. THOMAS, an individual residing at 204 Borden
Road, Middletown, New Jersey 07748 (“Thomas”).

    

    NOW, THEREFORE, in
consideration of the mutual promises and covenants hereinafter set forth, the
parties agree as follows:

    

    1.           This
Agreement shall be deemed effective (the “Effective Date”) upon the execution
date of that certain agreement and plan of merger (the “Merger Agreement”)
between Medialink, The NewsMarket, Inc. (“TNM”) and a wholly owned subsidiary of
TNM (the “Merger Partner”); provided, however, that in the event that the
proposed merger transaction (the “Merger”) pursuant to the Merger Agreement is
not consummated by December 31, 2009, then this Agreement shall be null and void
and of no force and effect.

    

    2.           Thomas
and Medialink are parties to that certain Employment Agreement dated as of
September 9, 2005 (the “Employment Agreement”) pursuant to which Thomas
performed duties as the Chief Operating Officer of Medialink.  Certain
terms of the Employment Agreement, including without limitation, Sections 4.3,
4.6, 4.7, 5.2-5.4, 8.3 and 11 are expressly modified by the terms of this
Agreement.  Thomas’s employment relationship with Medialink will be
deemed (with no further action required by Medialink) terminated by Medialink
effective as of the date on which the Merger becomes effective (the “Termination
Date”).  The termination of Thomas’s employment hereunder shall not be
deemed a For Cause termination, as such term is defined in the Employment
Agreement.  Nothing herein shall be deemed to affect Thomas’s
compensation or benefits prior to the Termination Date.

    

    3.           Thomas
acknowledges that he fully understands the terms and implications of this
Agreement.  Thomas has carefully considered other alternatives to
executing this Agreement and has decided that he will execute this
Agreement.

    

    4.           Thomas
understands that he will have up to twenty-one (21) days from the date hereof to
review and execute this Agreement and that he shall have the right, within seven
(7) days after his execution of this Agreement, to revoke same unless such right
is waived by Thomas.  If and to the extent Thomas executes this
Agreement prior to the expiration of the twenty-one (21) day period referred to
above, Thomas represents and warrants to Medialink that he has done so knowingly
and voluntarily.

    

    5.           Thomas
further recognizes that he executes this Agreement voluntarily and that
Medialink requires that he discuss the same with his legal advisors to ensure
full and thorough knowledge of the legal significance of this
Agreement.  Medialink agrees to reimburse Thomas for all reasonable
legal fees incurred in the review of this Agreement, up to a maximum
reimbursement of $1,500.  Thomas has been represented by Moses &
Singer LLP in his review and consideration of this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    6.          (a)           In
lieu and in place of any payments or benefits otherwise due Thomas under
Sections 4.3, 4.6, 4.7, 5.2-5.4 and 8.3 of the Employment Agreement and in
consideration for Thomas signing and adhering to the terms and conditions of
this Agreement, Thomas will receive the gross amount of One Hundred Fifty
Thousand ($150,000) Dollars, subject to downward adjustment as set forth below,
which amount shall be reduced by all applicable deductions as shall be required
to be withheld by applicable law and regulation (the “Severance
Payment”).  Such Severance Payment will be payable in one lump sum no
later than fifteen (15) business days after the Termination Date and shall not
be offset by any amounts Thomas earns or could have earned with reasonable
diligence after the Termination Date.  Thomas expressly releases
Medialink from making any payments or making any benefits available pursuant to
Sections 4.3, 4.6, 4.7, 5.2-5.4 and 8.3 of the Employment
Agreement.

    

     
(b)           The amount
of the Severance Payment referenced above is subject to downward adjustment
based on Medialink’s Adjusted Cash Balance as of the closing of the Merger (the
“Closing”).  For purposes of this calculation, Adjusted Cash Balance
means the sum of (A) the actual cash available at the Closing (after payment or
accrual of Medialink’s transaction costs associated with the Merger) (i) prior
to payment of (x) contractual and non-contractual severance obligations
(including the Severance Payment) and (y) 2009 board of directors’ fees, and
(ii) adjusted, upward or downward for the Working Capital Adjustment (as such
term is defined in the Merger Agreement) and (B) the amount of severance
obligations assumed by the Merger Partner pursuant to the Merger
Agreement.  The amount of the Severance Payment shall be adjusted as
follows:

    

    (i)           If
the Adjusted Cash Balance is at least equal to $1,126,000, there shall be no
adjustment to the amount of the Severance Payment;

    

    (ii)           If
the Adjusted Cash Balance is less than $1,126,000, then the Severance Payment
shall be reduced by an amount equal to the product of (x) 0.158 and (y) the
amount by which the actual Adjusted Cash Balance falls short of
$1,126,000.

    

    For
purposes of clarification, an adjustment shall be made pursuant to only one of
Sections 6(b)(i) or 6(b)(ii) above, but not both.

    

     
(c)           Thomas and
Medialink agree that notwithstanding anything to the contrary herein, in the
event that during the period between the Effective Date and the Termination
Date, Thomas dies or suffers a Disability (as such term is defined in Section
6.1 of the Employment Agreement), then Thomas (or his estate, as the case may
be) shall be entitled to receive from Medialink the benefits set forth in
Sections 5.2 (upon death) or 5.4 (upon a Disability) of the Employment Agreement
until the Termination Date, and from and after the Termination Date, if any,
Thomas (or his estate, as the case may be) shall receive, in lieu of such
benefits, the payment set forth in Section 6(a), as adjusted by Section 6(b) of
this Agreement.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    7.           The
Company agrees to pay and Thomas acknowledges that he will have been paid his
accrued and unpaid salary and bonus through the Termination Date and is not
entitled to any further payments for same.  Thomas further
acknowledges that he will not be entitled to participate in any of Medialink’s
benefit plans after the Termination Date; provided, however, that Thomas may
continue to participate in Medialink’s hospitalization and group health benefit
plans pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA) at
Thomas’s sole cost and expense, unless otherwise provided by law.

    

    8.           As
a condition to Thomas receiving the Severance Payment referenced above and as a
material inducement for Medialink to enter into this Agreement:

    

    (a)           Thomas
agrees to be available to Medialink for telephone consultations for up to thirty
(30) days after the Termination Date.  In no event shall Thomas be
required to be available for more than an aggregate of ten (10) hours during
such period.

    

    (b)           Thomas
agrees that on the Termination Date, Thomas shall deliver all Medialink
Property, as hereinafter defined, in his custody or possession to Medialink or
its representatives, and Thomas represents and warrants that no such Medialink
Property or copies thereof have been knowingly retained by him, any of his
representatives or any person, firm or corporation owned or controlled by him or
delivered to any third party other than in the normal course of performing his
duties pursuant to the Employment Agreement.  The term “Medialink
Property” as used herein means any and all confidential or proprietary materials
belonging to Medialink that are in Thomas’s possession, including but not
limited to books, records, files, documents, accounting or financial records,
statements, reports, equipment, computer hardware, computer software, programs,
contact lists, customer data and files (hardcopies and electronic), any
proprietary information or data of Medialink in any format and any and all
copies thereof, hard drives, keys to Thomas’s offices and files, computer
passwords provided by Medialink to Thomas, passwords established by Thomas on
Medialink hardware and passwords established by Thomas on any file containing
Medialink information.  Notwithstanding the foregoing, Thomas shall be
permitted, at his sole option, to retain the cell phone and phone number,
pda/BlackBerry, laptop computer with one docking station and one monitor that
were used by Thomas immediately prior to the Termination Date; provided however,
that all Medialink Property must be removed from each item retained, and each
retained item shall be subject to prompt review and modification by Medialink’s
IT personnel to ensure that all Medialink Property has been permanently removed
therefrom.  In addition, the laptop computer, if any, retained by
Thomas shall be reformatted by Medialink’s personnel; provided, however, that
Medialink will reload standard software (including, but not limited to,
Microsoft Office and Adobe Acrobat) on the retained laptop computer and, to the
extent reasonably practicable, provide Thomas with the pertinent licenses,
discs, and manuals related to such reloaded software.  After the
Termination Date, Thomas, and not Medialink, shall be responsible for any
service fees associated with the use and maintenance of any of the retained
items.

    
      
         

      

      
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    (c)           Thomas
acknowledges that the principal business of Medialink is providing video and
audio production and satellite and other distribution services to television and
radio stations and online news outlets for corporations and other organizations
seeking to communicate their news to the public (the
“Business”).  Thomas acknowledges that he has acquired confidential
information concerning Medialink and the Business and that, among other things,
his knowledge of the Business was enhanced through his employment by Medialink.
Thomas acknowledges that such information is of great value to Medialink, is the
sole property of Medialink, and was acquired by him in confidence.

    

    (d)           Thomas
hereby confirms that (i) the confidentiality and transfer of developments
obligations set forth in Section 11 of the Employment Agreement survive the
termination of Thomas’s employment and (ii) Thomas will abide by and adhere to
such obligations.

    

    (e)           The
Parties agree that the provisions of Section 12 of the Employment Agreement are
hereby waived and replaced by this Section 8(e).  Thomas acknowledges
that it is reasonably necessary for the protection of Medialink that Thomas
agree, and, accordingly, Thomas does hereby agree, that for the period ending on
the six (6) month anniversary of the Termination Date, he will not, directly or
indirectly:

    

    i.           engage
in the Business for his account or render any services that constitute engaging
in the Business, in any capacity to any entity; or become interested in any
entity engaged in the Business either on his own behalf or as an officer,
director, stockholder, partner, principal, consultant, associate, employee,
owner, agent, creditor, independent contractor, or co-venturer of any third
party or in any other relationship or capacity; or

    

    ii.           employ
or engage, or cause to authorize, directly or indirectly, to be employed or
engaged, for or on behalf of himself or any third party, any employee,
representative or agent of Medialink; or

    

    iii.           solicit,
directly or indirectly, on behalf of himself or any third party, any client or
vendor, for services competitive with the Business, of Medialink and its
affiliates; or

    

    iv.           have
an interest as an owner, lender, independent contractor, co-venturer, partner,
participant, associate or in any other capacity, render services to or
participate in the affairs of, any entity listed on Schedule A attached hereto
or any subsidiary or affiliate of such listed entity.

    

    (f)             The
provisions of Section 8(e) shall not be construed to prevent Thomas from owning,
directly or indirectly, in the aggregate, an amount not exceeding two percent
(2%) of the issued and outstanding voting securities of any class of any
corporation whose voting capital stock is traded on a national securities
exchange or in the over-the-counter market.

    
      
         

      

      
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    (g)            Notwithstanding
anything to the contrary set forth in Section 8(e); (i) Thomas shall
not be prohibited from rendering services for news organizations, or public
relations departments or public relations agencies;  (ii) Thomas
may act as a news reporter or manager for an entity whose primary function
is journalism; (iii) Thomas may act as a member of the internal public
relations staff of any corporation or entity who performs services for only that
corporation or its affiliates, including parent corporations, subsidiaries, and
joint ventures; and/or (iv) Thomas may act as an account executive or
manager at a public relations agency directly serving that agency’s
clients.  Notwithstanding the prior sentence, however, for the period
ending on the six (6) month anniversary of the Termination Date, Thomas may not,
render services, directly or indirectly, (i) for any organization,
department, or affiliate of such news organizations, corporate public relations
departments, or public relations agencies, whose primary purpose is to provide
the production and distribution of video or audio news releases that are
competitive with, or substantially similar to, the Business.

    

    (h)            Thomas
agrees that upon Medialink’s request, he shall enter into a voting agreement
whereby Thomas will agree to vote his shares of Medialink stock (and all shares
under his control) in favor of the Merger.  Thomas further agrees that he
shall support approval of the Merger.

    

    (i)             Thomas
agrees that any breach or threatened breach by him of Section 8 of this
Agreement shall entitle Medialink, in addition to all other legal remedies
available to it, to apply to any court of competent jurisdiction to seek to
enjoin such breach or threatened breach without posting a bond or showing
special damages.  The parties understand and intend that each
restriction agreed to by Thomas hereinabove shall be construed as separable and
divisible from every other restriction, that the unenforceability of any
restriction shall not limit the enforceability, in whole or in part, of any
other restriction, and that one or more of all of such restrictions may be
enforced in whole or in part as the circumstances warrant.  In the
event that any restriction in this Agreement is more restrictive than permitted
by law in the jurisdiction in which Medialink seeks enforcement thereof, such
restriction shall be limited to the extent permitted by law.

    

    9.       
     (a)           
Thomas hereby stipulates, agrees, and understands that in consideration of the
payments set forth in Section 6 above, that being good and valuable
consideration, Thomas hereby acting of his own free will, voluntarily and on
behalf of himself, his heirs, administrators, executors, successors, and
assigns, releases Medialink, its subsidiaries, affiliates, directors, officers,
members, employees, attorneys, representatives, and agents and each of them and
their predecessors, successors and assigns (hereinafter “Medialink Parties”)
from any and all debts, obligations, claims, demands, judgments or causes of
action of any kind whatsoever in tort, contract, by statute, or on any other
basis for compensatory, punitive or any other damages, expenses, reimbursements
or costs of any kind, including but not limited to any and all claims, demands,
rights, and/or causes of action arising out of an alleged breach of the
Employment Agreement or relating to purported employment discrimination or
violations such as Civil Rights violations, including, but not limited to, those
arising under Title VII of the Civil Rights Act of 1964 (42 U.S.C. section
2000e, et seq.), the Civil
Rights Act of 1991, the Civil Rights Act of 1866 and 1871 (42 U.S.C. sections
1981 and 1983), Executive Order 11246 as amended, the Age Discrimination in
Employment Act of 1967 (29 U.S.C. section 621, et seq.), the Equal Pay
Act of 1963 (29 U.S.C. section 26(d)(1), the Rehabilitation Act of 1973 (29
U.S.C. section 701-794), the Americans with Disabilities Act (ADA), the New York
Human Rights Law, Exec. Law, CH. 118, Art. 15, section 290, et seq. or any other
applicable federal, state or local employment discrimination statute or
ordinance which Thomas might have or assert against any of the Medialink
Parties:  (1) by reason of his employment relationship or dealings
with Medialink or the termination of said relationship and all circumstances
related thereto; or (2) by reason of any other matter, cause or thing
whatsoever, from the first date of employment to the date of execution of this
Agreement, except that the foregoing (i) does not affect the future right of
Thomas and/or any heir, administrator, executor, successor, and assign to
enforce the terms of this Agreement, and (ii) does not waive any vested benefits
under any welfare, pension or retirement benefit plan maintained by Medialink,
which shall be governed by the applicable plan or COBRA, as the case may
be.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b)           Medialink
hereby stipulates, agrees, and understands that in consideration of the
obligations undertaken herein by Thomas, that being good and valuable
consideration, Medialink, on behalf of itself and the Medialink Parties, hereby
releases Thomas from any and all debts, obligations, claims, demands, judgments
or causes of action of any kind whatsoever in tort, contract, by statute, or on
any other basis for compensatory, punitive or any other damages, expenses,
reimbursements or costs of any kind arising out of or related to any fact, thing
or matter which is known to Medialink as of the date of this
Agreement.  The knowledge of Thomas shall not be imputed to
Medialink.

    

    10.          Thomas
agrees and understands that failure in any material respect to adhere to the
terms and conditions of this Agreement, including but not limited to the
provisions of Sections 8 and 9 of this Agreement, as well as any action
commenced by him against the Medialink Parties, other than to enforce the terms
of this Agreement, shall immediately void Medialink’s obligation to pay the
amounts set forth above, and any and all monies and/or benefits provided for
herein to Thomas and shall require immediate repayment by Thomas of the value of
all consideration paid or provided to Thomas by Medialink pursuant to this
Agreement.  Further, in any action by one party hereof against the
other party to enforce the terms of this Agreement, the prevailing party shall
be entitled to reimbursement from the non-prevailing party for the prevailing
party’s reasonable costs and attorneys’ fees in defending or prosecuting such
action.

    

    11.          (a)           Thomas
represents that he has not filed any lawsuits or demands for arbitration against
Medialink, or filed or caused to be filed any charges or complaints against
Medialink with any municipal, state or federal agency charged with the
enforcement of any law.  Pursuant to and as part of Thomas’s release
of Medialink as set forth above, Thomas agrees to the fullest extent permitted
by law, not to sue, or file a charge, complaint, grievance or demand for
arbitration against Medialink in any forum or assist or otherwise participate
willingly or voluntarily in any claim, arbitration, suit, action, investigation
or other proceeding of any kind which relates to any matter that involves
Medialink, and that occurred up to and including the date of his execution of
this Agreement, unless required to do so by law.  To the extent any
such action may be brought by a third party, Thomas expressly waives any claim
to any form of monetary or other damages, or any other form of recovery or
relief in connection with any such action.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b)           Notwithstanding
the provisions of Section 9(a) and Section 11(a) above, the agreement of Thomas
not to file a lawsuit or complaint or charge against the Medialink Parties as
provided in Section 11(a) shall not be deemed, construed or interpreted as
prohibiting Thomas from filing a charge or complaint against the Medialink
Parties with the U.S. Equal Opportunity Commission (the “EEOC”), the New York
State Division of Human Rights (the “DHR”) or any other state or federal
governmental agency or authority or from participating in any investigation or
proceeding which may be brought by the EEOC, the DHR or any other governmental
agency or authority against the Medialink Parties; provided however, even though
Thomas may file any such complaint or charge or participate in any such
investigation or proceeding, he shall not be entitled or permitted to
participate in or receive any monetary damages or assessments made by the EEOC,
the DHR or any other governmental agency or authority against the Medialink
Parties.  In addition, the agreement of Thomas not to file a lawsuit
or complaint or charge against the Medialink Parties as contained in Section
11(a) shall not be deemed, construed or interpreted as prohibiting Thomas from
challenging the validity of the release contained in Section 9(a) or his
agreement not to file a lawsuit or complaint or charge against the Medialink
Parties as contained in Section 11(a).

    

    12.           Medialink
acknowledges that Thomas may make an application for unemployment benefits and
Medialink agrees not to contest or object to same, provided that such
application is truthful and accurate.

    

    13.           Medialink
agrees that, other than disclosures required by law, rule or regulation, it will
make no disclosures concerning Thomas’s employment or other information
regarding Thomas, except to the extent requested to do so by Thomas and except
to state that pursuant to Medialink policy it can only confirm employment, job
title, dates of service, rate of pay or to disclose other information as
required by law.

    

    14.           Medialink
and Thomas agree that confidentiality is a material condition of this
Agreement.  Thomas agrees not to disclose or make reference to the
terms of this Agreement without prior written consent of Medialink, except as
required by law; provided, however, that disclosure shall be permitted to
Thomas’s attorney, financial advisors and immediate family, and to any new or
potential employers of Thomas.  Nothing herein shall preclude Thomas
from discussing in general terms his duties and responsibilities while at
Medialink.  Thomas acknowledges that Medialink will file all
appropriate securities filings with regard to the termination of Thomas’s
employment relationship with Medialink.

    

    15.           Thomas
further agrees that he shall make no negative statements concerning any aspect
of the business of Medialink or concerning any of the Medialink Parties or The
NewsMarket, Inc. or the Merger Partner.  Medialink agrees that it
shall make no negative statements regarding Thomas.

    

    16.           Thomas
acknowledges that, other than as expressly set forth herein, he has no
entitlement to severance pay, change in control payments, or any benefit
resulting from the termination of his relationship with
Medialink.  Thomas further understands that his receiving the
consideration set forth in this Agreement is conditional upon his signing and
not revoking this Agreement and complying with the terms and provisions
hereof.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    17.           If
any provision, or portion thereof, of this Agreement is determined to be invalid
under applicable statute or rule of law, only such provision, and only to the
extent determined to be invalid, shall be deemed omitted from this Agreement,
the remainder of which shall remain in full force and effect.

    

    18.           This
Agreement, together with the Employment Agreement as modified herein,
constitutes the complete agreement between the parties and no other
representations have been made by Medialink or Thomas.  This document
resolves all outstanding issues arising from Thomas’s relationship with
Medialink.

    

    19.           This
Agreement and its execution, validity and interpretation shall be governed in
all respects in accordance with the laws of the State of New York, excluding its
conflicts of law rules.  The parties hereto agree that any legal suit,
action, or proceeding against them arising out of or relating to this Agreement
shall be brought exclusively in the United States Federal Court in the Southern
District of New York or in the Supreme Court for the State of New York, County
of New York.  The parties hereto hereby accept the jurisdictions of
such courts for the purpose of any such action or proceeding.  EACH
PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT TO A TRIAL BY JURY IN RESPECT TO ANY PROCEEDING BROUGHT BY ONE PARTY
AGAINST ANOTHER RELATED TO THIS AGREEMENT.

    

    20.           This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

    

    
      
        
          
            	 
      	 
      	
                    MEDIALINK
      WORLDWIDE INCORPORATED

                  
	 
      	 
      	 
      	 
      	 
      
	
                    /s/
      Lawrence A. Thomas

                  	 
      	 
      	
                    By:

                  	
                    /s/
      Harold Finelt

                  
	
                    LAWRENCE
      A. THOMAS

                  	 
      	 
      	 
      	
                    Name:
      Harold Finelt

                  
	 
      	 
      	 
      	 
      	
                    Title:   Chair.
      Compensation Committee

                  
	 
      	 
      	 
      	 
      	 
      
	
                    Date:  June
      18, 2009

                  	 
      	 
      	
                    Date:  June
      19, 2009

                  

          

        

      

    

    
      
         

      

      
        8

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