Document:

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                                                                    Exhibit 10.2

                            INDEMNIFICATION AGREEMENT

      This Indemnification Agreement (the "Agreement") is made as of
________________, 2005, by and between Loudeye Corp., a Delaware
corporation (the "Company"), and                      (the "Indemnitee").

                                    RECITALS

      The Company and Indemnitee recognize the increasing difficulty in
obtaining liability insurance for directors, officers and key employees, the
significant increases in the cost of such insurance and the general reductions
in the coverage of such insurance. The Company and Indemnitee further recognize
the substantial increase in corporate litigation in general, subjecting
directors, officers and key employees to expensive litigation risks at the same
time as the availability and coverage of liability insurance has been severely
limited. Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and agents of the Company may
not be willing to continue to serve as agents of the Company without additional
protection. The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, and to indemnify its directors,
officers and key employees so as to provide them with the maximum protection
permitted by law.

                                    AGREEMENT

      In consideration of the mutual promises made in this Agreement, and for
other good and valuable consideration, receipt of which is hereby acknowledged,
the Company and Indemnitee hereby agree as follows:

      1.    INDEMNIFICATION.

            (a) THIRD PARTY PROCEEDINGS. The Company shall indemnify Indemnitee
if Indemnitee is or was a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Company) by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or any subsidiary of the
Company, by reason of any action or inaction on the part of Indemnitee while an
officer or director or by reason of the fact that Indemnitee is or was serving
at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees), judgments, fines and amounts paid
in settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld) actually and reasonably incurred by
Indemnitee in connection with such action, suit or proceeding if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe Indemnitee's
conduct was unlawful. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or
its equivalent, shall not, of itself, create a presumption that Indemnitee did
not act in good faith and in a manner which Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company, or, with respect to any
criminal action or proceeding, that Indemnitee had reasonable cause to believe
that Indemnitee's conduct was unlawful.

            (b) PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. The Company shall
indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made
a party to any threatened, pending or completed action or proceeding by or in
the right of the Company or any subsidiary of the Company to procure a judgment
in its favor by reason of the fact that Indemnitee is or was a director,
officer, employee or agent of the Company, or any subsidiary of the Company, by
reason of any action or inaction on the part of Indemnitee while an officer or
director or by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys' fees) and, to the fullest extent permitted by
law, amounts paid in settlement (if such settlement is approved in advance by
the Company, which approval shall not be unreasonably withheld), in each
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case to the extent actually and reasonably incurred by Indemnitee in connection
with the defense or settlement of such action or suit if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company and its stockholders, except that
no indemnification shall be made in respect of any claim, issue or matter as to
which Indemnitee shall have been finally adjudicated by court order or judgment
to be liable to the Company in the performance of Indemnitee's duty to the
Company and its stockholders unless and only to the extent that the court in
which such action or proceeding is or was pending shall determine upon
application that, in view of all the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnity for such expenses which such court
shall deem proper.

            (c) MANDATORY PAYMENT OF EXPENSES. To the extent that Indemnitee has
been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Section 1(a) or Section 1(b) or the defense of any
claim, issue or matter therein, Indemnitee shall be indemnified against expenses
(including attorneys' fees) actually and reasonably incurred by Indemnitee in
connection therewith.

      2.    NO EMPLOYMENT RIGHTS.  Nothing contained in this Agreement is
intended to create in Indemnitee any right to continued employment.

      3.    EXPENSES; INDEMNIFICATION PROCEDURE.

            (a) ADVANCEMENT OF EXPENSES. The Company shall advance all expenses
incurred by Indemnitee in connection with the investigation, defense, settlement
or appeal of any civil or criminal action, suit or proceeding referred to in
Section l(a) or Section 1(b) hereof (including amounts actually paid in
settlement of any such action, suit or proceeding). Indemnitee hereby undertakes
to repay such amounts advanced only if, and to the extent that, it shall
ultimately be determined that Indemnitee is not entitled to be indemnified by
the Company as authorized hereby.

            (b) NOTICE/COOPERATION BY INDEMNITEE. Indemnitee shall, as a
condition precedent to his or her right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any claim made
against Indemnitee for which indemnification will or could be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company and shall be given in accordance with the provisions of
Section 12(d) below. In addition, Indemnitee shall give the Company such
information and cooperation as it may reasonably require and as shall be within
Indemnitee's power.

            (c) PROCEDURE. Any indemnification and advances provided for in
Section 1 and this Section 3 shall be made no later than twenty (20) days after
receipt of the written request of Indemnitee. If a claim under this Agreement,
under any statute, or under any provision of the Company's Certificate of
Incorporation or Bylaws providing for indemnification, is not paid in full by
the Company within twenty (20) days after a written request for payment thereof
has first been received by the Company, Indemnitee may, but need not, at any
time thereafter bring an action against the Company to recover the unpaid amount
of the claim and, subject to Section 11 of this Agreement, Indemnitee shall also
be entitled to be paid for the expenses (including attorneys' fees) of bringing
such action. It shall be a defense to any such action (other than an action
brought to enforce a claim for expenses incurred in connection with any action,
suit or proceeding in advance of its final disposition) that Indemnitee has not
met the standards of conduct which make it permissible under applicable law for
the Company to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Company and Indemnitee shall be entitled to
receive interim payments of expenses pursuant to Section 3(a) unless and until
such defense may be finally adjudicated by court order or judgment from which no
further right of appeal exists. It is the parties' intention that if the Company
contests Indemnitee's right to indemnification, the question of Indemnitee's
right to indemnification shall be for the court to decide, and neither the
failure of the Company (including its Board of Directors, any committee or
subgroup of the Board of Directors, independent legal counsel, or its
stockholders) to have made a determination that indemnification of Indemnitee is
proper in the circumstances because Indemnitee has met the applicable standard
of conduct required by applicable law, nor an actual determination by the
Company (including its Board of Directors, any committee or subgroup of the
Board of Directors, independent legal counsel, or its stockholders) that
Indemnitee has not met such applicable standard of conduct, shall create a
presumption that Indemnitee has or has not met the applicable standard of
conduct.

                                      -2-
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            (d) NOTICE TO INSURERS. If, at the time of the receipt of a notice
of a claim pursuant to Section 3(b) hereof, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of the
commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such proceeding in
accordance with the terms of such policies.

            (e) SELECTION OF COUNSEL. In the event the Company shall be
obligated under Section 3(a) hereof to pay the expenses of any proceeding
against Indemnitee, the Company, if appropriate, shall be entitled to assume the
defense of such proceeding, with counsel approved by Indemnitee, upon the
delivery to Indemnitee of written notice of its election so to do. After
delivery of such notice, approval of such counsel by Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to
Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same proceeding, provided that (i) Indemnitee
shall have the right to employ counsel in any such proceeding at Indemnitee's
expense; and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Company, (B) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and
Indemnitee in the conduct of any such defense or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such proceeding, then the
fees and expenses of Indemnitee's counsel shall be at the expense of the
Company.

      4.    ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

            (a) SCOPE. Notwithstanding any other provision of this Agreement,
the Company hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by law, notwithstanding that such indemnification is not specifically
authorized by the other provisions of this Agreement, the Company's Certificate
of Incorporation, the Company's Bylaws or by statute. In the event of any
change, after the date of this Agreement, in any applicable law, statute, or
rule which expands the right of a Delaware corporation to indemnify a member of
its board of directors or an officer, such changes shall be deemed to be within
the purview of Indemnitee's rights and the Company's obligations under this
Agreement. In the event of any change in any applicable law, statute or rule
which narrows the right of a Delaware corporation to indemnify a member of its
board of directors or an officer, such changes, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement shall have
no effect on this Agreement or the parties' rights and obligations hereunder.

            (b) NONEXCLUSIVITY. The indemnification provided by this Agreement
shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company's Certificate of Incorporation, its Bylaws, any agreement, any
vote of stockholders or disinterested members of the Company's Board of
Directors, the General Corporation Law of the State of Delaware, or otherwise,
both as to action in Indemnitee's official capacity and as to action in another
capacity while holding such office. The indemnification provided under this
Agreement shall continue as to Indemnitee for any action taken or not taken
while serving in an indemnified capacity even though he or she may have ceased
to serve in any such capacity at the time of any action, suit or other covered
proceeding.

      5. PARTIAL INDEMNIFICATION. If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of the
expenses, judgments, fines or penalties actually or reasonably incurred in the
investigation, defense, appeal or settlement of any civil or criminal action,
suit or proceeding, but not, however, for the total amount thereof, the Company
shall nevertheless indemnify Indemnitee for the portion of such expenses,
judgments, fines or penalties to which Indemnitee is entitled.

      6. MUTUAL ACKNOWLEDGMENT. Both the Company and Indemnitee acknowledge that
in certain instances, Federal law or public policy may override applicable state
law and prohibit the Company from indemnifying its directors and officers under
this Agreement or otherwise. For example, the Company and Indemnitee acknowledge
that the Securities and Exchange Commission (the "SEC") has taken the position
that indemnification is not permissible for liabilities arising under certain
federal securities laws, and federal legislation prohibits indemnification for
certain ERISA violations. Indemnitee understands and acknowledges that the
Company has undertaken or may be required in the future to undertake with the
SEC to submit the question of indemnification

                                      -3-
<PAGE>
to a court in certain circumstances for a determination of the Company's right
under public policy to indemnify Indemnitee.

      7. OFFICER AND DIRECTOR LIABILITY INSURANCE. The Company shall, from time
to time, make the good faith determination whether or not it is practicable for
the Company to obtain and maintain a policy or policies of insurance with
reputable insurance companies providing the officers and directors of the
Company with coverage for losses from wrongful acts, or to ensure the Company's
performance of its indemnification obligations under this Agreement. Among other
considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. In all policies of
director and officer liability insurance, Indemnitee shall be named as an
insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company's directors, if
Indemnitee is a director; or of the Company's officers, if Indemnitee is not a
director of the Company but is an officer; or of the Company's key employees, if
Indemnitee is not an officer or director but is a key employee. Notwithstanding
the foregoing, the Company shall have no obligation to obtain or maintain such
insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are
disproportionate to the amount of coverage provided, if the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient
benefit, or if Indemnitee is covered by similar insurance maintained by a parent
or subsidiary of the Company.

      8. SEVERABILITY. Nothing in this Agreement is intended to require or shall
be construed as requiring the Company to do or fail to do any act in violation
of applicable law. The Company's inability, pursuant to court order, to perform
its obligations under this Agreement shall not constitute a breach of this
Agreement. The provisions of this Agreement shall be severable as provided in
this Section 8. If this Agreement or any portion hereof shall be invalidated on
any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee to the full extent permitted by any applicable
portion of this Agreement that shall not have been invalidated, and the balance
of this Agreement not so invalidated shall be enforceable in accordance with its
terms.

      9.    EXCEPTIONS.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms
of this Agreement:

            (a) CLAIMS INITIATED BY INDEMNITEE. To indemnify or advance expenses
to Indemnitee with respect to proceedings or claims initiated or brought
voluntarily by Indemnitee and not by way of defense, except with respect to
proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under
Section 145 of the Delaware General Corporation Law, but such indemnification or
advancement of expenses may be provided by the Company in specific cases if the
Board of Directors finds it to be appropriate;

            (b) LACK OF GOOD FAITH. To indemnify Indemnitee for any expenses
incurred by Indemnitee with respect to any proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee in such
proceeding was not made in good faith or was frivolous;

            (c) INSURED CLAIMS. To indemnify Indemnitee for expenses or
liabilities of any type whatsoever (including, but not limited to, judgments,
fines, ERISA excise taxes or penalties, and amounts paid in settlement) to the
extent such expenses or liabilities have been paid directly to Indemnitee by an
insurance carrier under a policy of officers' and directors' liability insurance
maintained by the Company; or

            (d) CLAIMS UNDER SECTION 16(B). To indemnify Indemnitee for expenses
or the payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of 1934,
as amended, or any similar successor statute.

                                      -4-
<PAGE>
      10.   CONSTRUCTION OF CERTAIN PHRASES.

            (a) For purposes of this Agreement, references to the "Company"
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, and employees
or agents, so that if Indemnitee is or was a director, officer, employee or
agent of such constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate
existence had continued.

            (b) For purposes of this Agreement, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall
include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; and references to "serving at the request of the Company" shall
include any service as a director, officer, employee or agent of the Company
which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a
manner "not opposed to the best interests of the Company" as referred to in this
Agreement.

      11. ATTORNEYS' FEES. In the event that any action is instituted by
Indemnitee under this Agreement to enforce or interpret any of the terms hereof,
Indemnitee shall be entitled to be paid all court costs and expenses, including
reasonable attorneys' fees, incurred by Indemnitee with respect to such action,
unless as a part of such action, the court of competent jurisdiction determines
that each of the material assertions made by Indemnitee as a basis for such
action were not made in good faith or were frivolous. In the event of an action
instituted by or in the name of the Company under this Agreement or to enforce
or interpret any of the terms of this Agreement, Indemnitee shall be entitled to
be paid all court costs and expenses, including attorneys' fees, incurred by
Indemnitee in defense of such action (including with respect to Indemnitee's
counterclaims and cross-claims made in such action), unless as a part of such
action the court determines that each of Indemnitee's material defenses to such
action were made in bad faith or were frivolous.

      12.   MISCELLANEOUS.

            (a) GOVERNING LAW. This Agreement and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of
Delaware, without giving effect to principles of conflict of law.

            (b) ENTIRE AGREEMENT; ENFORCEMENT OF RIGHTS. This Agreement sets
forth the entire agreement and understanding of the parties relating to the
subject matter herein and merges all prior discussions between them. No
modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties
to this Agreement. The failure by either party to enforce any rights under this
Agreement shall not be construed as a waiver of any rights of such party.

            (c) CONSTRUCTION. This Agreement is the result of negotiations
between and has been reviewed by each of the parties hereto and their respective
counsel, if any; accordingly, this Agreement shall be deemed to be the product
of all of the parties hereto, and no ambiguity shall be construed in favor of or
against any one of the parties hereto.

            (d) NOTICES. Any notice, demand or request required or permitted to
be given under this Agreement shall be in writing and shall be deemed sufficient
when delivered personally or sent by telegram or fax, or forty-eight (48) hours
after being deposited in the U.S. mail, as certified or registered mail, with
postage prepaid, and addressed to the party to be notified at such party's
address as set forth below or as subsequently modified by written notice.

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            (e) COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

            (f) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Company and its successors and assigns, and inure to the benefit of Indemnitee
and Indemnitee's heirs, legal representatives and assigns.

            (g) SUBROGATION. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do
all acts that may be necessary to secure such rights and to enable the Company
to effectively bring suit to enforce such rights.

                            [Signature Page Follows]

                                      -6-
<PAGE>
      The parties hereto have executed this Agreement as of the day and year set
forth on the first page of this Agreement.

                                    Loudeye Corp.

                                    By:
                                            ----------------------------------

                                    Title:
                                            ----------------------------------

                                    Address:    1130 Rainier Avenue S.
                                                Seattle, WA 98144

AGREED TO AND ACCEPTED:

------------------------------------
(Signature)

Print Name:
           -------------------------

Address:
           -------------------------
           -------------------------

                                      -7-<PAGE>
                                                                    EXHIBIT 10.3

                       RESIGNATION AND RELEASE AGREEMENT

      Jeffrey M. Cavins ("Executive") and Loudeye Corp. ("Company") wish to
amicably terminate Executive's employment with Company, and both parties wish to
clearly set forth the terms and conditions of Executive's departure from
employment. Therefore, in consideration of the mutual promises and undertakings
in this Agreement, Executive and Company agree as follows:

      1. Voluntary Resignation. With Good Reason, Executive voluntarily resigns
from his position as President and Chief Executive Officer, effective January
31, 2005. Executive will remain a consultant employee of Company through March
17, 2005. During the period in which he is a consultant, Executive will not be
entitled to receive any compensation, or accrue any benefits. Company will
reimburse Executive for all reasonable and documented expenses incurred by
Executive where the Company requests that Executive provide transition services
to the Company.

      2. Severance/Consideration. Company will pay Executive a total of one year
of base compensation ($250,000), less lawful withholdings, as severance ("Cash
Severance"). Payments will be made in two installments as follows: (a) one-half
(1/2) of the Cash Severance will be paid on the Effective Date (defined below),
and (b) the remaining one-half (1/2) of the Cash Severance will be paid in six
equal installments on February 28, March 31, April 30, May 31, June 30, and July
31, 2005. Executive acknowledges and agrees that this amount includes sums to
which he is not otherwise entitled, and acknowledges that no other compensation
is owed to him, or will be owed to him, including vacation, sick pay or bonus
compensation..

      As additional severance, the Company agrees to extend until December 31,
2005 the period during which Executive may exercise any options that vested on
or before March 17, 2005.

      As additional severance, Executive shall be eligible for the following two
benefits under the Employment Agreement dated April 1, 2003 between Executive
and Company (the "Employment Agreement"): (A) a six month tail from February 1,
2005, on compensation on sale of company or assets under Section 3(f) of the
Employment Agreement, and (B) directors' and officers' insurance under Section
15 of the Employment Agreement. Except as provided in the prior sentence, the
Employment Agreement is terminated in its entirety and Executive acknowledges
and agrees he is entitled to no additional compensation or benefits under the
Employment Agreement.

      3. Confidentiality. Executive acknowledges that he signed a Proprietary
Information and Inventions Agreement ("PIIA") on November 27, 2002, a copy of
which is attached to this Agreement. Executive agrees that Paragraphs 1 through
5, 13 and 14 of the PIIA remain in full force and effect according to their
terms. Executive and Company agree that the remaining paragraphs of the PIIA are
superseded by this Agreement.

page -1-
<PAGE>
      4. Noncompetition. Until August 1, 2005, Executive covenants and agrees
that Executive will not, without the express written approval of the Chief
Executive Officer or in his absence the Board of Directors, directly or
indirectly, be employed or involved with any business that is developing or
exploiting any products or services that are competitive with the products or
services that are or were being commercially developed or exploited by the
Company during Executive's employment or were contemplated by the Company as of
February 1, 2005.

      5. Non-solicitation of Company's Customers, Employees or Consultants.
Until August 1, 2005, Executive will not, without the express written approval
of the Chief Executive Officer or in his absence the Board of Directors,
directly or indirectly, contact, solicit, induce, or attempt to induce any
customer, identified prospective customer, vendor, business relation or
contractor of the Company Group (as defined below) for the purposes of diverting
sales from the Company, terminating such entity's or individual's relationship
with the Company Group, or diminishing in any respect the business being done by
the Company Group with such entity or person. Until August 1, 2005, Executive
will not, without the express written approval of the Chief Executive Officer or
in his absence the Board of Directors, personally, or through others, directly
or indirectly, hire or otherwise recruit, solicit, or induce in any way, any
employee, advisor or consultant of the Company Group to terminate his or her
relationship with the Company Group. "Company Group" includes the Company and
each of its subsidiaries and affiliates including, without limitation, Overpeer
Inc. and On Demand Distribution Limited (and any of its subsidiaries).

      6. Release. In consideration for the benefits described in this Agreement,
and as a material inducement of Company to enter into this Agreement, Executive
and his successors, heirs and assigns hereby irrevocably and unconditionally
waive, release and forever discharge Company, any Company-sponsored employee
benefit plans, and all related organizations and affiliates, and each of their
respective past, present and future related organizations and affiliates, and
each of their respective past, present and future directors, officers, trustees,
agents, attorneys and employees and all of their successors and predecessors
(collectively "Releasees"), of and from, and covenant not to sue with respect
to, any and all claims, charges, rights, damages, promises or expenses of
whatever nature (including attorneys' fees and costs lawfully incurred), either
known or presently unknown, which Executive may now have, has ever had, or may
in the future have, arising from or in any way connected with any and all
matters from the beginning of time to the date of execution of this Agreement,
including but not limited to any claims under the Civil Rights Acts of 1964 and
1991, the federal Fair Labor Standards Act and state wage/hour laws, the Older
Workers Benefits Protection Act (29 U.S.C. Section 626(f)), the Age
Discrimination in Employment Act, (29 U.S.C. Section 621 et seq.) the Washington
State Law Against Discrimination, the Executive Retirement Income Security Act
("ERISA"), any claims for workers compensation and any possible legal
restriction of Company's right to terminate any of its employees.

      7. Voluntary Agreement. Executive understands the significance and
consequences of this Agreement, and acknowledges that it is voluntary and has
not been given as a result of any coercion. Executive also acknowledges that he
has been given full opportunity to review and

page -2-
<PAGE>

negotiate this Agreement, has been advised to consult counsel before executing
the Agreement if he deems it appropriate, and executes it only after full
reflection and analysis.

      8. Governing Law, Venue and Attorneys' Fees. This Agreement shall be
interpreted in accordance with the laws of the State of Washington. A breach of
any of the terms of this Agreement shall entitle the aggrieved party to sue for
breach of the Agreement. The substantially prevailing party in any such suit or
proceeding shall be entitled to reimbursement for its reasonable costs and
attorney's fees incurred.

      9. Entire Agreement. This Agreement represents and contains the entire
understanding between the parties in connection with the subject matter of this
Agreement. The Agreement shall not be modified or varied except by a written
document signed by the parties. Except as set forth above, Executive understands
that all prior written or oral agreements, understanding or representations
between Executive and Company are merged into and superseded by this Agreement.

      10. Opportunity to Review. Executive acknowledges that he has twenty-one
(21) days during which to review and consider this Agreement and consult with
his attorney. By his signature, Executive acknowledges that he has carefully
read and fully understands all the provisions of the Agreement, and that he is
voluntarily entering into this Agreement.

      11.   Revocation Period.  Executive understands and acknowledges
that he has seven (7) days after signing this Agreement to revoke it.
This Agreement will not be effective until that period has expired (the
"Effective Date").

            PLEASE READ CAREFULLY.  THIS AGREEMENT INCLUDES A
            RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  THE
            CONTENTS HAS BEEN FULLY EXPLAINED TO THE
            UNDERSIGNED BY THEIR ATTORNEYS.  THE UNDERSIGNED
            FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF
            THIS AGREEMENT AND ACKNOWLEDGE THAT THEY ARE
            SIGNING IT VOLUNTARILY.

page -3-
<PAGE>
      SIGNED 31st day of January, 2005.

      LOUDEYE CORP.

      /s/ Lawrence J. Madden
      ---------------------------------
      By  Lawrence J. Madden
      Its Executive Vice President and Chief Financial Officer

      SIGNED this 31st day of January, 2005.

      EXECUTIVE

      /s/ Jeffrey M. Cavins
      ---------------------------------
      Jeffrey M. Cavins

page -4-

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