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<![CDATA[Promotion Letter dated October 4, 2010 between RealNetworks Inc. & Mathew Hulett]]>

 Exhibit 10.28 
 October 4, 2010 
 Mr. Mathew Hulett 

c/o RealNetworks, Inc. 
 2601 Elliott Avenue

 Seattle, WA 98121 
 Dear Matt,

 It is our great pleasure to offer you the promotion to the challenging new position of Senior Vice President, Games Division, directly
reporting to Bob Kimball at RealNetworks, Inc. (the “Company”). This letter acts as an addendum to the original offer letter you received dated June 25, 2009; all other terms of employment that you previously agreed to will apply. You
are referred to in this letter as “you” and “Executive”. 
 This promotion is Board of Directors approved, and comes in
recognition of the fine work you have done at RealNetworks, Inc. It will become effective upon the receipt of the written formal acceptance of this offer. Your annual salary will be increased to $310,000.00 per annum (subject to normal
withholdings), effective July 29, 2010. 
 As part of this promotion, you will also continue to be eligible for the Company’s
executive incentive MBO program, allowing you to earn an annual bonus of up to 75% of your base salary, based on the achievement of Company-specific business goals. As such, you are eligible to earn $232,500.00 annually upon meeting these MBO
business goals, for an annual targeted total compensation of $542,500.00. Please note that for the second half of the 2010 plan year, your target will be blended with both your new target amount and old target amount. As such, you are eligible to
earn $102,875.00 for the second half incentive plan. 
 Further, you will receive an equity award in connection with your appointment as Senior
Vice President, Games Division of RealNetworks. Upon your acceptance of the terms of this letter, stock options for the purchase of 175,000 shares of RealNetworks Common stock will be granted to you having an exercise price equal to the closing
price of RealNetworks Common Stock as reported on NASDAQ on the date the options are granted (the “Grant Date”). These options will have a vesting commencement date of July 29, 2010 and will be subject to the vesting rules and all
other terms and conditions of the RealNetworks, Inc. 2005 Stock Incentive Plan, as amended and restated (the “Plan”) and the agreement evidencing the options. 

 Matt, your mutual notice/severance agreement which you received and agreed to at the time of hire with
RealNetworks is being expanded. You will be eligible for an executive severance package which is the framework for our highly valued senior leaders at RealNetworks, Inc. As part of that severance package, upon acceptance of this new promotion, you
agree that you will provide RealNetworks, Inc. six (6) months’ notice prior to terminating your employment. After receipt of such notice Real may, at its election, direct you to continue your work for Real for any period up to six
(6) months’ after the date of the notice at your then-current base salary, benefits, and any bonus payable subject to applicable terms and conditions of the bonus plan. In consideration for fulfilling the foregoing notice provision, Real
will pay you a severance payment equal to six (6) months of your then-current base salary at the conclusion of your employment with Real. 

In the event that Real terminates your employment without Cause (as hereinafter defined), Real may require you to stay for a period of up to six
(6) months to transition your responsibilities. After this transition period, in consideration for fulfilling the foregoing transition requirement, Real will pay you a severance of six (6) months of your then-current base salary at the
conclusion of your employment with Real. The term “Cause” shall mean conduct involving one or more of the following: (i) the conviction of Executive of, or plea of nolo contendere by Executive to, a felony involving moral
turpitude (including under federal securities laws), resulting in material harm to the Company; (ii) the substantial and continuing failure of Executive after written notice thereof to render services to the Company in accordance with the terms
or requirements of Executive’s employment for reasons other than illness or incapacity; (iii) willful misconduct, gross negligence, fraud, embezzlement, theft, misrepresentation or dishonesty by Executive involving the Company or any of
its subsidiaries, resulting in any case in material harm to the Company; or (iv) Executive’s violation of any confidentiality or non-competition agreements with the Company or its subsidiaries, resulting in material harm to the Company.

 Matt, please accept our congratulations on your new promotion. We look forward to your continued contributions and future success in your new
role. 
 Sincerely, 
 /s/ Robert
Kimball 
 Robert Kimball 
 President
and Chief Executive Officer 
 RealNetworks, Inc. 

 AGREED AND ACCEPTED 
 I have read and agree to the terms outlined in this promotional letter. 
 Mathew Hulett: /s/
Mathew Hulett 
 Date: 10/04/10Severance Letter Agreement between RealNetworks, Inc. and Mathew Hulett

 Exhibit 10.40 
 May 31, 2011 
 Mathew Hulett 
 clo RealNetworks, Inc. 
 2601 Elliott Avenue 

Seattle, WA 98121 
 Dear Matt, 

The purpose of this letter is to communicate the modification of your notice and severance terms as you continue to fill the role of SVP, Games Division.
Your salary, job duties and participation in our annual Executive MBO program will remain the same. 
 The notice and severance terms set forth
in this letter supersede any and all provisions you may have previously received from Real (other than in your Change in Control and Severance Agreement). 
 In the event that Real terminates your employment without “cause” (as defined in Exhibit A), and in consideration for your signing and not revoking a customary separation and release agreement
to be provided by Real, Real will provide you with (a) a lump sum payment equal to 12 months of your then current base salary on the payment terms set forth in this letter, and (b) Real-paid COBRA health care coverage (assuming you elect
COBRA) for a period not to exceed 12 months from your termination date. 
 You agree that prior to voluntarily terminating your employment for
any reason, you will provide Real with six (6) months’ notice. After receipt of such notice Real may, at its election, direct you to continue your work for Real for up to six (6) months at your then current base salary. In
consideration for fulfilling the foregoing notice provision and for signing and not revoking a separation and release agreement, Real will pay you a lump sum payment equal to six (6) months of your then current base salary. 

Any severance payments and benefits (other than COBRA reimbursements which will be made as incurred) will be made to you as soon as administratively
practicable following your termination of employment but subject to Exhibit A, which contains important additional details regarding the timing of payment (including rules to help avoid your being subject to additional taxes under section 409A of
the Internal Revenue Code). 
 In the space provided below, please confirm your agreement to the terms of this letter, including the terms in
the attached Exhibit A. 
 The provisions of your original offer letter and your related confidentiality and non-competition agreement shall
continue to be in effect, except as specifically modified in this letter. 
 Thank you for your ongoing contributions and commitment to
RealNetworks. We look forward to your continued success! 
 Sincerely, 
 /s/ Michael Lunsford 
 Michael Lunsford 
 Interim Chief Executive Officer 
 ACCEPTED AND AGREED: 

By: /s/ Mathew Hulett 
 Date: 06/01/11

 Exhibit A 

Definition of “Cause” 

For purposes of this letter, “cause” means conduct involving one or more of the following: (i) your conviction, or plea of nolo contendere
to, a felony involving moral turpitude (including under Federal securities laws), resulting in material harm to Real; (ii) your willful, substantial and continuing failure to perform the reasonable duties of your position for a period of at
least thirty (30) days following written notice from the Board to you that describes the basis for the Board’s belief that you have not substantially performed your reasonable duties for reasons other than illness or incapacity;
(iii) your willful misconduct, gross negligence, fraud, embezzlement, theft, misrepresentation or dishonesty involving Real or any of its subsidiaries, in each case that is intended to result in your substantial personal enrichment and that
results in substantial, material harm to Real; or (iv) your violation of any confidentiality or non-competition agreements with Real or its subsidiaries, which violation results in substantial, material harm to Real. 

COBRA Reimbursement 
 If you
become entitled to Real-paid COBRA reimbursement and Real, in its sole discretion, determines that it cannot provide the company-paid COBRA benefit without potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), Real will, in lieu thereof, provide to you a lump sum cash payment equal to the aggregate COBRA premiums that you would be required to pay to continue your group health coverage in effect on the last date of employment
with Real (which amount will be based on the premium for the first month of COBRA coverage), which will be made regardless of whether you elect COBRA continuation coverage. 
 Release and Section 409A 
 The receipt of any severance benefits pursuant to this letter will
be subject to your signing and not revoking a release of any and all claims, in a form prescribed by Real (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60) days following
the termination date (such deadline, the “Release Deadline”). If you do not execute the Release on or prior to the date set forth in the Release for you to consider it, you will forfeit any rights to severance benefits under this
letter. No severance benefits will be paid or provided until the Release becomes effective and irrevocable. Upon the Release becoming effective, any payments delayed from the date you terminate employment through the effective date of the Release
will be payable in a lump sum without interest on the first payroll date after the Release becomes effective and irrevocable. 
 It is the
intent of this letter that all payment and benefits hereunder comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and any guidance promulgated thereunder and
any applicable state law requirements (“Section 409A”) so that none of the payments and benefits to be provided under this letter will be subject to the additional tax imposed under Section 409A, and any ambiguities or
ambiguous terms herein will be interpreted to be exempt or so comply. Each payment and benefit payable under this letter is intended to constitute a separate payment for purposes of 

 
Section 1.409A-2(b)(2) of the Treasury Regulations. You and Real agree to work together in good faith to consider amendments to this letter and to take such reasonable actions which are
necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. Notwithstanding anything to the contrary in this letter, no severance pay or benefits to be
paid or provided to you, if any, pursuant to this letter that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A (together, “Deferred
Compensation”) or otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1 (b)(9) will be paid or otherwise provided until you have a “separation from service” within the meaning of
Section 409A. However, unless a later date is required by the next sentence, any severance payments or benefits under this letter that would be considered Deferred Compensation will be paid on, or, in the case of installments, will not commence
until, the sixtieth (60th) day following your
separation from service and any installment payments that would have been made to you during the sixty (60) day period immediately following your separation from service but for this sentence will be paid to you on the sixtieth (60th) day following your separation from service and the remaining
payments shall be made as provided in this letter. Further, if at the time of your termination of employment, you are a “specified employee” within the meaning of Section 409A, payment of such Deferred Compensation will be delayed to
the extent necessary to void the imposition of the additional tax imposed under Section 409A, which generally means that you will receive payment on the first payroll date that occurs on or after the date that is six (6) months and one
(1) day following your termination of employment, or your death, if earlier.

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