Document:

altair_8k-ex1001.htm

    
      
        EXHIBIT
10.1

        

        SEPARATION
AGREEMENT AND RELEASE OF ALL CLAIMS

        

        

        THIS
SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS (the “Agreement”) is entered into
between Altair Nanotechnologies, Inc., a Canadian corporation (“Altair”), and
Jeffrey A. McKinney (“Mr. McKinney”), an individual, effective as of September
6, 2008 (the “Termination Date”).

        

        Background

        

        Altair
has employed Mr. McKinney as Vice President and Chief Patent Counsel pursuant to
the Employment Agreement entered into as of March 10, 2008 (the “Employment
Agreement”) among Altair, Altairnano, Inc. and Mr.
McKinney.  Capitalized terms used but not defined herein have the
meaning set forth for such terms in the Employment Agreement.

        

        Altair
has asked Mr. McKinney to resign and, in exchange for his agreement to resign,
Altair has agreed to provide Mr. McKinney with the termination benefits
described in Section 7.4 of the Employment Agreement, subject to the terms and
conditions set forth therein.  In order to resolve all issues related
to the employment of Mr. McKinney with, and the separation of Mr. McKinney from,
Altair and its Affiliates (whether under the Employment Agreement or otherwise),
Altair and Mr. McKinney hereby agree as follows:

        

        Agreement

        

        1.           Payment to Mr.
McKinney.  In exchange for Mr. McKinney’s execution of this
Agreement and the covenants and promises contained herein and in the Employment
Agreement, and subject to the terms and conditions set forth in this Agreement
and the Employment Agreement, Altair shall pay Mr. McKinney the separation
payments required under Section 7.4 of the Employment Agreement in connection
with a termination by Altair of Mr. McKinney’s employment without Cause during
the Term.

        

        2.           Review and
Revocation.  Mr. McKinney understands and agrees that he has 21
days from the date Mr. McKinney receives this Agreement to consider the terms of
and to sign this Agreement.  Mr. McKinney understands that, in his
sole and absolute discretion, Mr. McKinney may sign this Agreement prior to the
expiration of the 21-day period.

        

        Mr.
McKinney further acknowledges and understands that he may revoke this Agreement
for a period of up to 7 days after he signs it (not counting the day it is
signed) and that this Agreement shall not become effective or enforceable until
the 7-day revocation period has expired and shall be void ab initio if revoked by Mr.
McKinney during the 7-day revocation period.  To revoke this
Agreement, Mr. McKinney must give written notice stating that he wishes to
revoke the Agreement to John Fallini, Chief Financial Officer, Altair
Nanotechnologies, Inc., 204 Edison Way, Reno, Nevada  89502, Facsimile
No. (775) 856-1619.  If Mr. McKinney mails a notice of revocation to
Altair, it must be postmarked no later than 7 days following the date on which
Mr. McKinney signed this Agreement (not counting the day it was signed) or such
revocation shall not be effective.

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        3.           Payments and Benefits After
Revocation Period.

        

        a.           Extended
Medical Coverage.

        

        (1)           To
effectuate Mr. McKinney’s continued participation in the company health benefit
plan, as contemplated by Section 7.4(b) of the Employment Agreement, Mr.
McKinney shall complete and return to Altair those forms necessary to elect
continuation coverage under Altair’s group medical insurance plan pursuant to
Sections 601 through 607 of the Employee Retirement Income Security Act of 1974,
as amended (“COBRA”), which election forms shall be provided by Altair to Mr.
McKinney.  Said health benefit coverage shall continue until the
earlier of (a) eighteen (18) months from the Termination Date; (b) the date Mr.
McKinney first becomes eligible for coverage under any group health plan
maintained by another employer of Mr. McKinney or his spouse; or (c) the date
such COBRA continuation coverage otherwise terminates as to Mr. McKinney under
the provisions of Altair’s group medical insurance plan.  Nothing
herein shall be deemed to extend the otherwise applicable maximum period in
which COBRA continuation coverage is provided or supersede the plan provisions
relating to early termination of such COBRA continuation coverage.

        

        (2)           If
Mr. McKinney does not elect COBRA continuation coverage or provides Altair with
notice that he no longer wishes to receive or is ineligible to receive COBRA
continuation benefits, then Altair shall pay to Mr. McKinney an amount equal to
the premium payments that Altair would have paid on behalf of Mr. McKinney under
Section 1.a., which amount shall be paid in a lump sum within thirty (30) days
after Altair’s receipt of notice under this paragraph.  Any such
payment shall be subject to all applicable federal and state payroll withholding
laws.

        

        (3)           The
parties confirm and agree that Altair currently pays 85% of the cost of
providing medical benefits to Mr. Kinney and 50% of the cost of providing
medical benefits to his spouse/family, with the remaining percentage of the cost
of such benefits being paid by Mr. McKinney through payroll
deductions.  The parties agree that, during the period of the medical
severance benefit under Section 7.4(b), each party shall continue to pay the
same percent of Altair’s actual cost of providing the medical severance benefit
(which cost is expected to increase as a result of the termination of the
employment relationship and as a result of inflation).  During the
period that Mr. McKinney continues to receive a severance salary benefit under
Section 7.4(a) of the Employment Agreement, Altair shall continue to deduct any
portion of the cost of the medical severance benefit payable by Mr. McKinney
from the periodic severance salary payments.   If Mr. McKinney
continues to be entitled to the medical severance benefit beyond such period,
Mr. McKinney shall pay the entire premium associated with the continuing medical
severance benefit directly to the provider.  Following payment, Mr.
McKinney shall submit to Altair reasonable evidence of payment and a request for
reimbursement of Altair’s share of such premium.  Within then (10)
business days of receipt of reasonable evidence of payment and request for
reimbursement, Altair shall reimburse Mr. McKinney in an amount equal to
Altair’s share of such premium.

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

        b.           
Salary-Based Severance.  Mr. McKinney understands and agrees that,
assuming continuing satisfaction of all conditions precedent, the payments based
upon his annual salary (as more fully set forth under Section 7.4(a) of the
Employment Agreement) shall commence on Altair’s next regular payroll following
the expiration of the 7-day revocation period set out in Section
2.  Mr. McKinney understands that, pursuant to Section 7.6 of the
Employment Agreement, Mr. McKinney is not entitled to any payments or benefits
under Section 7.4 of the Employment Agreement prior to his execution and
delivery of this Agreement (and the passing of the 7-day revocation period) and
during any period during which there is a Covenant Breach (as defined in the
Employment Agreement).

         

        c.           Prospectus
Bonus-Based Severance. Mr. McKinney understands and agrees that, assuming
continuing satisfaction of all conditions precedent set forth in this Agreement
and the Employment Agreement, the payment linked to his prospective bonus (as
more fully set forth under Section 7.4(iii) of the Employment Agreement) shall
be a one-time bonus occurring during January 2009 paid 100% in cash rather than
the cash/stock split as specified in Mr. McKinney’s Employment
Agreement.

        

        d.           After
the 7-day revocation period, Altair and Mr. McKinney agree to negotiate a
consulting agreement in good faith, whereby Mr. McKinney would provide services
to Altair in connection with the transition of Altair projects on which he was
most recently working.  In such capacity, Mr. McKinney would only
communicate with Terry Copeland, John Fallini or any other person designated by
Messers. Copeland or Fallini.  Mr. McKinney further understands that
the agreement would terminate after one (1) month.  In the furtherance
of this objective, Mr. McKinney will provide Mr. Fallini a status report
by  no later than September 6, 2008 listing all the open projects and
activities upon which he is working.  This report will list, at a
minimum, the issue, its current status, main contacts, planned next steps,
etc.  This report will serve as one of the major inputs for the
negotiation of the above described consulting agreement.

        

        4.           Release of All
Claims.  In consideration of the payments stated in Section 7.4
of the Employment Agreement and Section 1 above and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Mr.
McKinney, for himself and for his heirs, assigns, and all persons and entities
claiming by, through, or under him, hereby irrevocably, unconditionally, and
completely releases, discharges, and agrees to hold Altair and its Affiliates
(hereinafter referred to, both individually and collectively, as “Releasees”),
harmless of and from any and all claims, liabilities, charges, demands,
grievances, and causes of action of any kind or nature whatsoever, including
without limitation claims for contribution, subrogation, or indemnification,
whether direct or indirect, liquidated or unliquidated, known or unknown, which
Mr. McKinney had, has, or may claim to have against Releasees (hereinafter
collectively referred to as “Claim(s)”).

        
          
             

          

          
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        The
release, discharge, and agreement to hold harmless set forth in this Section 4
includes, without limitation, any Claim(s) that Mr. McKinney has, had, or may
claim to have against Releasees: (a) for wrongful termination or discharge,
negligent or intentional infliction of emotional distress, promissory estoppel,
fraudulent or negligence inducement, interference with contract or business
expectations, breach of express or implied contract of employment, termination
in violation of public policy, whistleblowing, defamation, employment-related
torts, or personal injury (whether physical or mental); (b) for any
Claim(s) arising under federal, state, or local law, including without
limitation Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, the Nevada Fair Employment Practices Act, or any other federal, state, or
local law prohibiting discrimination on the basis of race, color, religion, sex,
sexual orientation, age, national origin, disability, or any other protected
group status; (c) for any Claim(s) arising under the Age Discrimination in
Employment Act, which protects employees age 40 and over; (d) for any Claim(s)
for attorney’s fees and/or costs; (e) for any Claim(s) arising from or relating
in any respect to Mr. McKinney's employment with Altair or with any Affiliate or
the termination of that employment; and (f) for any Claim(s) arising from or
relating to the Employment Agreement.

        

        As used
herein, the term “Affiliate” shall mean and refer to any officer, director,
shareholder, employee, attorney and/or agent of Altair; and/or any direct or
indirect subsidiary, division, or affiliate of Altair (including without
limitation any officer, director, shareholder, member, employee, attorney and/or
agent of any such subsidiary, division, or affiliate); and/or any entity
(including without limitation any officer, director, shareholder, member,
employee, attorney and/or agent of such entity) in which Altair owns, directly
or indirectly, a legal or beneficial interest (whether in whole or in part);
and/or any individual or entity (including without limitation any officer,
director, member, shareholder, employee, attorney and/or agent of such entity)
that owns, directly or indirectly, a legal or beneficial interest (whether in
whole or in part) in Altair, including without limitation, Altairnano Inc., a
Nevada corporation, Altair U.S. Holdings, Inc., a Nevada corporation, and all
consolidated subsidiaries of Altair.

        

        5.           Full and Complete
Release.  Mr.
McKinney understands and agrees that he is releasing and waiving Claim(s) that
he does not know exist or may exist in his favor at the time he signs this
Agreement which, if known by him, would materially affect his decision to sign
this Agreement.  Nonetheless, for the purpose of implementing a full
and complete release and discharge of Releasees, Mr. McKinney expressly
acknowledges that the release set forth in Section 4 is intended to include in
its effect, without limitation, all Claim(s) which Mr. McKinney does not know or
suspect to exist in his favor and that the release set forth in Section 4
contemplates the extinguishment of any such Claim(s).  Without
limiting the generality of the foregoing, Mr. McKinney expressly waives and
relinquishes all rights and benefits afforded by Section 1542 of the Civil Code
of the State of California and does so understanding and acknowledging the
significance of such specific waiver of Section 1542.  Section 1542 of
the Civil Code of the State of California states as follows:

        

        A general
release does not extend to claims which the creditor does not know or suspect to
exist in his or her favor at the time of executing the release, which if known
by him or her must have materially affected his or her settlement with the
debtor.

        
          
             

          

          
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        Thus,
notwithstanding the provisions of Section 1542, and for the purposes of
implementing a full and complete release and discharge of Releasees, Mr.
McKinney  expressly acknowledges that the release set forth in Section
4 is intended to include in its effect, without limitation, all Claim(s) which
Mr. McKinney does not know or suspect to exist in his favor at the time of
execution hereof and that the release set forth in Section 4 contemplates the
extinguishment of any such Claim(s).

        

        6.           Wages and Commissions Paid in
Full.  Except as specifically set forth in Section 1 above, Mr.
McKinney acknowledges that he has received all monies due and owing to him from
Altair or any Affiliate, including without limitation any monies due and owing
to him for wages, accrued but unused vacation benefits, bonuses, commissions,
expense reimbursements, or otherwise and that he has no claim against Altair or
any Affiliate whatsoever for the payment of any further wages, commissions,
bonuses, vacation benefits, or other monies except as specifically set forth in
Section 1.

        

        7.           Restriction on
Disclosure.  This Agreement is confidential information owned
by Altair.  Mr. McKinney agrees that he shall not disclose the terms
of this Agreement except to the extent required by
law.  Notwithstanding the foregoing, Mr. McKinney may disclose the
terms of this Agreement to his attorney and/or tax advisor.  If Mr.
McKinney discloses the terms of this Agreement to his attorney and/or tax
advisor, Mr. McKinney will obtain such person’s agreement that, as a condition
of such disclosure, he or she will not disclose the terms of this Agreement
except to the extent required by law.

        

        8.           Affirmation of Employment Agreement
and Attorney Client Privilege.  As a condition of his continued
employment with Altair, Mr. McKinney executed the Employment
Agreement.  Mr. McKinney understands and agrees that nothing in this
Agreement limits or excuses his continuing responsibilities and obligations
under Sections 7.5 (Return of Company Property), 8 (Covenant Not to Compete), 9
(Confidential Information, Invention Assignment, Etc.), 19 (Disputes; Governing
Law; Arbitration); and any other provision of the Employment Agreement which by
its terms is intended to survive the termination of Mr. McKinney’s employment
with Altair, all as set forth more fully in the Employment
Agreement.  In addition, nothing in this Agreement limits or alters
Mr. McKinney’s rights under any stock option agreement between Mr. McKinney and
Altair or limits or alters his continuing obligations under the Proprietary
Information Agreement.

        

        Mr.
McKinney was engaged by Altair in the capacity of legal counsel and, as such,
all nonpublic information generated or communicated from or to Mr. McKinney in
the course of his employment with Altair (any such information, “Privileged
Information”) is protected by the attorney-client privilege.  Altair
is the holder of such privilege and Altair has not, does not, and does not in
the future intend to waive such privilege, except that Altair, in its sole
discretion, may waive such privilege by means of a written waiver signed by an
authorized officer of Altair.

        

        9.           Irrevocable
Resignation.  To the extent applicable, Mr. McKinney hereby
irrevocably resigns as an employee, officer and/or director of Altair and of all
Affiliates of Altair.

        
          
             

          

          
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        10.           Subpoena; Court Order; Other Legal
Requirement.

        

        a.           If
Mr. McKinney is requested, under the terms of a subpoena or order or other
compulsory instrument issued by or under the authority of a court or
arbitrator(s) of competent jurisdiction or by a governmental agency, or is
advised in writing by counsel for any such party that there is otherwise a legal
obligation to disclose (i) all or any part of the Privileged Information or the
Confidential Information (as defined in the Employment Agreement and, together
with the Privileged Information, referred to herein as “Confidential or
Privileged Information”), (ii) the fact that the Confidential or Privileged
Information has been made available to Mr. McKinney, or (iii) any of the terms,
conditions, or other facts with respect to Mr. McKinney’s employment with the
Altair, the services provided by Mr. McKinney to Altair, or the termination of
Mr. McKinney’s employment with Altair, Mr. McKinney agrees to, at Altair’s
expense: (1) provide Altair with prompt written notice of the existence, terms,
and circumstances surrounding such request or requirement; (2) consult with
Altair on the advisability of taking steps to resist or narrow that request; (3)
if disclosure of Confidential or Privileged Information is required, furnish
only such portion of the Confidential or Privileged Information as Mr. McKinney
is advised in writing by Altair’s counsel is legally required to be disclosed;
and (4) cooperate with Altair, at the request of Altair, and at Altair’s
expense, in its efforts to obtain an order excusing the Confidential or
Privileged Information from disclosure, or an order or other reliable assurance
that confidential treatment will be accorded to that portion of the Confidential
or Privileged Information that is required to be disclosed.

        

        b.           Except
as allowed under Section 10.a, and to the full extent allowed by law, Mr.
McKinney agrees that he shall not act as a consultant to or provide any
information to any third party or otherwise assist any third party, either
directly or indirectly, in pursuing any claim or cause of action of any kind or
nature against the Company, whether civil or criminal and whether pursued
through court, arbitration, administrative, investigatory, or other
procedures.

        

        11.           Not an
Admission.  This Agreement does not constitute an admission by
either party hereto that either has violated any contract, law, or regulation or
that it or he has discriminated against the other or otherwise infringed on the
other’s rights and privileges or done any other wrongful act.

        

        12.           Entire
Agreement.  Except as set forth in Section 8 and other Sections
of the Employment Agreement referenced herein, this Agreement is the entire,
integrated agreement between the parties with respect to the subject matter
hereof.  No other promises or agreements have been made to Mr.
McKinney other than those contained in this Agreement.

        
          
             

          

          
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        13.           Miscellaneous.  Notwithstanding
any Nevada law to the contrary, this Agreement may not be modified except by a
document signed by Altair and Mr. McKinney, whether or not any such claimed
modification is supported by separate consideration.  Mr. McKinney
warrants that he has not assigned any Claim(s) released by this Agreement, or
any interest therein, to any third party.  Any waiver by any party
hereto of any breach of any kind or character whatsoever by any other party,
whether such waiver be direct or implied, shall not be construed as a continuing
waiver of, or consent to, any subsequent breach of this Agreement on the part of
the other party.  In addition, no course of dealing between the
parties, nor any delay in exercising any rights or remedies hereunder or
otherwise, shall operate as a waiver of any of the rights or remedies of the
parties.  This Agreement shall inure to and bind the heirs, devisees,
executors, administrators, personal representatives, successors, and assigns, as
applicable, of the respective parties hereto.  The section and other
headings contained in this Agreement are for the convenience of the parties only
and are not intended to be a part hereof or to affect the meaning or
interpretation hereof.

        

        14.           Severability.  If
any part of this Agreement is found to be unenforceable, the other provisions
shall remain fully valid and enforceable.  It is the intention and
agreement of the parties that all of the terms and conditions hereof be enforced
to the fullest extent permitted by law.

        

        15.           Attorney's Fees.  If
a civil action or other proceeding is brought to enforce this Agreement, the
prevailing party shall be entitled to recover reasonable attorney's fees, costs,
and expenses incurred, in addition to any other relief to which such party may
be entitled.

        

        16.           Knowing and Voluntary
Execution.  Mr. McKinney acknowledges that he has read this
Agreement carefully and fully understands the meaning of the terms of this
Agreement.  Mr. McKinney acknowledges that he has signed this
Agreement voluntarily and of his own free will and that he is knowingly and
voluntarily releasing and waiving all Claim(s) that he has or may have against
Releasees.

        

        17.           Disputes; Governing Law;
Arbitration.

        

        a.           Except
as provided in Section 11 and Section 8.5 of the Employment Agreement, any
dispute concerning the interpretation or construction of this Agreement or the
Employment Agreement or any related matters, shall be resolved by confidential
mediation or binding arbitration in Reno, Nevada.  The parties shall
first attempt mediation with a neutral mediator agreed upon by the
parties.  If mediation is unsuccessful or if the parties are unable to
agree upon a mediator within thirty (30) days of a request for mediation by any
party, the dispute shall be submitted to arbitration pursuant to the procedures
of the American Arbitration Association (“AAA”) or other procedures agreed to by
the parties.  All arbitration proceedings shall be conducted by a
neutral arbitrator mutually agreed upon by the parties from a list provided by
AAA.  The decision of the arbitrator shall be final and binding on all
parties.  The costs of mediation and arbitration shall be borne
equally by the parties.

        
          
             

          

          
            7

            
              

            

          

          
             

          

        

        (b)           This
Agreement shall be construed in accordance with and governed by the statutes and
common law of the State of Nevada (other than any provisions that would cause
the provisions of any other laws to apply).  To the extent this
Agreement expressly permits any dispute to be resolved other than through
arbitration or mediation, except as set forth in Section 8.5 of the Employment
Agreement, the exclusive venue for any such action shall be the state and
federal courts located in Reno, Nevada, and the parties each hereby submit to
the jurisdiction of such courts for purposes of this Agreement and the
Employment Agreement.

        

        18.           Counterparts;
Facsimile.  This Agreement may be executed in multiple
counterparts, all of which taken together shall form a single
Agreement.  A facsimile copy of this Agreement or any counterpart
thereto shall be valid as an original.

        

        19.           Opportunity to Consult with
Counsel.  Mr.
McKinney further acknowledges that he has been advised by this Agreement, and
has had the opportunity if he so chooses, to consult with an attorney of his
choice prior to signing this Agreement.  Each party agrees that
he or it shall be solely responsible for any attorney's fees incurred by that
party in the negotiation and execution of this Agreement.

        

        

        

        [Intentionally
left blank; signature page follows]

        
          
             

          

          
            8

            
              

            

          

          
             

          

        

        In
witness thereof, duly authorized and intending to be bound, Mr. McKinney and
Altair have each executed this Separation Agreement and Release of All
Claims.

        

        

         

        
          	 	"Mr.
      McKinney" 
	 	 
	 	 
	DATED: September 5,
      2008 	/s/
      Jeffrey A.
      McKinney                                              
      
	 	Jeffrey A.
      McKinney 
	 	 
	 	 
	 	 
	 	

                  "Altair"

                  

                  Altair
      Nanotechnologies, Inc.

                    A
      Canadian corporation 

                
	 	 
	 	 
	DATED: September 5,
      2008 	By: /s/ John
      Fallini                                                         
	 	 
	 	Its: Chief
      Financial
      Officer                                            

        

         

      

       

       

       

       

      9Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

                                This EMPLOYMENT
AGREEMENT (this “Agreement”) is
hereby entered into on August 14, 2008 between Take-Two Interactive
Software, Inc., a Delaware corporation (the “Company”), and Gary Dale (the “Employee”).

 

W I T N E S S E T H :

 

                                WHEREAS, the
Employee and the Company are parties to that certain Employment Term Sheet,
dated November 15, 2007, as amended by the letter agreement between the
Employee and the Company, dated March 15, 2008 (collectively, the “Prior Agreement”) pursuant to which
Employee currently serves as Executive Vice President of the Company;

 

                                WHEREAS,
effective as of July 1, 2008 (the “Effective
Date”), the Employer desires to continue to employ the Employee as
its Chief Operating Officer (“COO”)
and to be assured of his services as such on the terms and conditions
hereinafter set forth; and

 

                                WHEREAS, the
Employee is willing to accept such continued employment as COO on such terms
and conditions.

 

                                NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth,
and intending to be legally bound hereby, effective as of the Effective Date,
the Company and the Employee hereby agree as follows:

 

1.  Term.  The Company hereby agrees to continue to
employ the Employee, and the Employee hereby agrees to continue to serve the
Company, for the period commencing as of the Effective Date and ending on October 31,
2011 (the “Expiration Date”),
unless earlier terminated as provided in this Agreement.  The period of time between the Effective Date
and the termination of the Employee’s employment under this Agreement shall be
referred to herein as the “Term.”

 

2.  Employee Duties; Location.

 

(a)           During the Term, the
Employee shall serve as COO and have the duties and responsibilities customarily
associated with such position in a company the size and nature of the
Company.  Employee shall report solely
and directly to the Chief Executive Officer of Company (“CEO”).

 

(b)           The Employee shall
devote substantially all of his business time, attention, knowledge and skills
faithfully, diligently and to the best of his ability, in furtherance of the
business and activities of the Company. 
Notwithstanding the foregoing, the Employee shall be permitted to engage,
or continue participation, in (i) charitable, civic, educational,
professional, community or industry affairs, (ii) managing his and his
family’s personal passive investments and (iii) such other activities as
may hereafter be specifically approved in writing by the CEO, which in each
case and in the aggregate do not materially interfere or conflict with the 

 

 

performance
of the Employee’s obligations hereunder.

 

(c)  The Employee’s principal place of employment for his duties
hereunder shall initially be the Company’s executive offices in England.  Employee and the Company hereby agree that he
will relocate his principal place of employment for his duties hereunder to the
Company’s principal executive offices in New York City by no later than July 1,
2009 (the “Relocation”).

 

(d)  The Employee acknowledges and agrees that he shall travel as
reasonable and necessary outside of the area of where his principal place of
employment is then located in connection with the business of the Company as
necessary to fulfill his duties under this Agreement, including, without
limitation, travel to New York City upon the CEO’s reasonable request prior to
the Relocation.

 

3.             Compensation.

 

(a)           During the Term, the
Company shall pay the Employee a salary at a rate of $612,000 per annum,
payable in equal semi-monthly installments in accordance with the Company’s
normal payroll practices and procedures in effect from time to time for the
payment of salaries to executive officers located in the United States;
provided, however, that prior to the Relocation, such salary shall be payable
in British Pounds at the rate of £313,000 per annum, payable in monthly
installments in accordance with the Company’s normal payroll practices and
procedures as in effect for time to time for employees located in England.  During the Term, the Employee’s salary shall
be subject to annual review at the end of each fiscal year of the Company (“Fiscal Year”) by the Compensation Committee
(the “Compensation Committee”) of
the Board of Directors of the Company (the “Board”)
and may be increased (but not decreased) from time to time at the discretion of
the Compensation Committee.  Such salary
as increased from time to time shall be referred to herein as the “Salary”.

 

(b)           During the Term, the
Employee shall be entitled to receive an annual bonus (“Bonus”) with respect to each Fiscal Year
during the Term based upon the actual global, corporate EBITDA of the Company
(defined as the global, corporate net income recorded for the Company, adding
back in interest, depreciation, amortization and tax expenses) as compared to
the Company’s budgeted global, corporate EBITDA for such Fiscal Year as
follows:

 

	
  Actual global,
  corporate EBITDA

  	
  Annual Bonus

  
	
  Less than 75% of the Budget

  	
  No Bonus earned

  
	
  75% - 100% of the Budget

  	
  * 10% - 50% of Salary

  
	
  100% - 125% of the Budget

  	
  * 50% - 75% of Salary

  
	
  Greater than 125% of the Budget

  	
  Capped at 75% of Salary

  
	
   

  	
   

  

 

*The
Bonus in this range will be determined based on a proportional sliding scale
(for example, at 90% of Budget the Bonus will be  approximately 34% of Salary and at 110% of
Budget the Bonus will be 60% of Salary).

 

The
budgeted global, corporate EBITDA for the Company with respect to each Fiscal
Year shall be determined by the CEO and the Board after good faith consultation
with the Employee and in 

 

2

 

accordance
with past practices and shall be communicated to the Employee in writing within
90 days following the commencement of each such Fiscal Year.  The actual global, corporate EBITDA with
respect to each Fiscal Year during the Term shall be calculated by the Company
in the same manner as the budgeted global, corporate EBITDA for such Fiscal
Year and shall be communicated to the Employee in writing along with a
calculation of the Bonus within 45 days following the end of such Fiscal Year.

 

Notwithstanding
the foregoing, the Employee’s Bonus for Fiscal Year 2008 shall not be less than
$275,000 (the “2008 Minimum Bonus”).  For the avoidance of doubt, the Employee’s
employment shall be deemed continuous since November 1, 2007 for purposes
of determining the Employee’s Bonus eligibility for Fiscal Year 2008,
notwithstanding the July 1, 2008 Effective Date of this Agreement.

 

The
Bonus, if earned, for any Fiscal Year during the Term shall be payable within 45
days following the end of such Fiscal Year; provided that Employee is employed
by the Company on such date (subject to the provisions of Section 6
hereof).  Notwithstanding the foregoing,
the Employee shall be entitled to a Bonus for Fiscal Year 2011, payable within
45 days following the end of such Fiscal Year, to the extent earned if the
Employee is employed on the Expiration Date and the Company determines that on
the Expiration Date there did not exist circumstances pursuant to which the
Company would have had grounds to terminate the Employee’s employment under
this Agreement for Cause (as defined below).

 

(c)           During the Term, the
Employee shall be eligible to participate in any equity compensation programs
the Company adopts and maintains for its executive officers as in effect from
time to time (currently, the Company’s Long Term and Annual Incentive
Compensation Program) at a level commensurate with other senior executive
officers of the Company.

 

(d)           The Employee shall
receive a one-time grant of 75,000 shares of restricted common stock of the
Company under the Company’s Incentive Stock Plan, as amended (the “Sign-on Grant”).  The Sign-on Grant shall be granted on the
Company’s next quarterly grant date following the Effective Date (i.e. on the
fifth trading day following the filing by the Company of its quarterly report
on Form 10-Q for the quarter ending July 31, 2008) and shall vest as
to one-third of such shares on each of the first, second and third
anniversaries of the date of grant, subject to the provisions of Sections 6(a)(II) and
(III) and Sections 7(b)(ii) and (iii) of this Agreement.

 

(e)           In addition to the
foregoing, the Compensation Committee and the CEO shall review Employee’s
compensation on an annual basis and may in their sole discretion from time to
time award to the Employee additional cash bonuses and other compensation in
the form of stock, stock options or other property or rights in respect of his
employment hereunder.

 

4.  Benefits.

 

(a)           During the Term, the
Employee shall have the right to receive or participate in all benefits and
plans which the Company may from time to time institute during such period for
its executive officers and for its employees in general in the Employee’s then
principal place of employment, subject to the Employee’s satisfying the
applicable eligibility 

 

3

 

requirements.  Without limiting the foregoing, during the
period that the Employee’s principal place of employment is in the Company’s
executive offices in London, England, the Employee shall be entitled to receive
a standard contribution of 7.5% of Salary under the Company’s pension
plan.  Nothing paid to the Employee under
any plan or arrangement presently in effect or made available in the future shall
be deemed to be in lieu of the Salary or any other obligation payable to the
Employee pursuant to this Agreement.

 

(b)           During the Term, the
Employee will be entitled to the number of paid holidays, personal days off,
vacation days and sick leave days in each calendar year as are determined by
the Company from time to time (provided that in no event shall vacation time be
fewer than five weeks per year).  Such
vacation may be taken in the Employee’s discretion with the prior approval of
the Company, and at such time or times as are not inconsistent with the
reasonable business needs of the Company.

 

5.  Expenses.

 

(a)           All travel and other
expenses incident to the rendering of services reasonably incurred on behalf of
the Company by the Employee during the Term shall be paid by the Company,
including without limitation, the cost of first class airfare for flights of
seven hours or more in duration for which the Employee is required to sleep on
such flight for business the following day. 
If any such expenses are paid in the first instance by the Employee, the
Company shall reimburse him therefore, in accordance with the Company’s
reimbursement policy as in effect from time to time, on presentation of
appropriate receipts for any such expenses. 
All travel and lodging arrangements shall be made in accordance with the
Company’s regular policies.

 

(b)           The Company will
promptly reimburse the Employee for his reasonable moving expenses incurred in
connection with his moving his (including his spouse and children’s) permanent
residence from London, England to the New York City area.  In the event the Employee’s employment
hereunder is terminated in accordance with the provisions of Sections 6(a)(II) or
(III), or if the Employer does not offer Employee continued employment by the
Company on similar or better terms for the period following the Expiration Date
(and provided that Employee has not given notice of termination under Section 6(a)(IV)),
then the Company will promptly reimburse Employee for his reasonable moving
expenses incurred in connection with moving his (including his spouse and
children’s) back to London, England, from the New York City area, provided that
such relocation occurs within 180 days following such termination.  The reimbursement of such moving expenses
shall be subject to the Company’s policies, including the presentation of
documentation and the advance approval of such expenses by the Company.

 

(c)           To the extent any
reimbursement to Employee set forth in this Agreement is includable in the Employee’s
gross income for Federal income tax purposes, such reimbursement shall be made
no later than March 15 of the calendar year next following the calendar
year in which the expense to be reimbursed is incurred.

 

6.  Termination.

 

(a)           Notwithstanding the
provisions of Section 1 hereof, the Employee’s employment with the Company
may be earlier terminated as follows:

 

4

 

(I)            By action taken by
the Board or the Chairman of the Company (the “Chairman”), the Employee may be discharged for Cause (as
herein-after defined), effective as of such time as the Board or the Chairman
shall determine.  Upon discharge of the
Employee pursuant to this Section 6(a)(I), the Company shall have no
further obligation or duties to the Employee, except for (i) payment of
any accrued but unpaid Salary through the effective date of termination, paid
in accordance with the Company’s normal payroll practices and procedures; (ii) payment
for any accrued but unused vacation time though the effective date of
termination, paid in accordance with the Company’s policies; (iii) reimbursement
for any unreimbursed expenses incurred, and paid in accordance with, Section 5
of this Agreement through the effective date of termination; (iv) such vested
accrued benefits, if any, as to which the Employee may be entitled under any
applicable employee benefit plan or program of the Company in which he is a
participant as of the effective date of termination (other than any severance
pay plan), which shall be paid or provided in accordance with the terms of the
applicable plan or program (subsections (i) through (iv), collectively,
the “Accrued Amounts”), (v) as
otherwise provided in this Section 6(a)(I), and (vi) as provided in Section 9(g).  In the event of a termination pursuant to
this Section 6(a)(I), the Employee shall have no further obligations or
duties to the Company except, subject to the following sentence, as provided in
Section 8.  In the event of a
termination pursuant to this Section 6(a)(I), the restrictions set forth
in Section 8(b) shall not apply following the effective date of
termination unless the Company elects on or prior to the effective date of
termination, in its sole discretion, to enforce the restrictions set forth
therein for a period of six (6) months from the effective date of
termination.  In the event the Company
makes such election, then subject to the Employee executing and providing to
the Company within 60 days following the effective date of termination a fully
effective general release of all claims against the Company and its affiliates,
officers and directors substantially in the form attached as Exhibit A
hereto (with such changes therein, if any, as
are legally necessary at the time of execution to make it enforceable, the “Release”), which the Company shall
provide to the Employee within seven (7) days following the effective date
of termination, the Employee will receive continued
payment of the Salary for a period of six (6) months following the
effective date of termination as if the Employee had remained an employee.  In the event that the Employee executes and
delivers the Release to the Company in accordance with any of the provisions of
this Section 6, the Company shall consider in good faith whether to provide
Employee with a reciprocal release. 
Subject to Section 9(h)(ii), such continued payment of the Salary
shall be paid in accordance with the Company’s normal payroll practices and
procedures (but off employee payroll); provided that, the first payment shall
be made on the first Company payroll date on or after the 60th day
after the effective date of termination and shall include payment of any
amounts that would otherwise be due prior thereto.

 

(II)           In the event of (i) the
death of the Employee or (ii) by action of the Board or the Chairman due
to the Employee suffering a Disability (as defined below).  Upon any termination of the Employee’s
employment under this Section 6(a)(II), the Company shall have no further
obligations or duties to the Employee, except for (i) the Accrued Amounts;
(ii) any accrued and earned but unpaid Bonus for the prior Fiscal Year
paid in accordance with Section 3(b) (including payment timing); (iii) a
pro-rata portion of the Employee’s target Bonus (based on achieving 100% of Budget)
for the Fiscal Year in which such termination occurs (determined by multiplying
the amount of such target Bonus by a fraction, the numerator of which is the
number of days during the Fiscal Year of termination that the Employee is
employed by the Company and the denominator of which is 365), paid within 45
days following the end of the 

 

5

 

Fiscal
Year in which such termination occurs; and (iv) and as provided in Section 9(g).  In addition, in the event of such
termination, all outstanding options and shares of restricted stock granted to
the Employee (including, without limitation, the Sign-On Grant) which have not
vested as of the date of such termination shall immediately vest and, as
applicable, become immediately exercisable. 
In the event of a termination pursuant to this Section 6(a)(II) due
to the Employee suffering a Disability, the Employee shall have no further
obligations or duties to the Company except, subject to the following sentence,
as provided in Section 8; provided that the provisions of Section 8(b) shall
not apply following the effective date of termination.

 

(III)         In the event that
Employee’s employment with the Company is terminated by action taken by the
Company without Cause (as defined below) (other than in accordance with Section 6(a)(II) above),
or the Employee resigns for Good Reason (as defined below) effective at any
time on or prior to the 120th day after the initial existence of the
applicable Good Reason event, then the Company shall have no further obligation
or duties to Employee, except for (i) payment of the Accrued Amounts; (ii) as
provided in Section 9(g); and, (iii) subject to the Employee
executing and providing to the Company within 60 days following the effective date
of termination a fully effective copy of the Release, which the Company shall
provide to the Employee within seven (7) days following the effective date
of termination, (A) subject to Section 9(h)(ii), a lump sum payment
on the 60th day following such termination equal to the sum of (x) an
amount equal to the annual Salary at the rate then in effect, (y) the
Termination Bonus (as hereinafter defined; and together with the Salary amount
set forth in the immediately preceding clause (x), the “Severance Payment”), plus (z) an
amount equal to any accrued and earned but unpaid Bonus for the prior Fiscal
Year that would have been paid but for such termination without Cause or
resignation for Good Reason; and (B) for a period of twelve (12) months
from the date of termination, provide continued health benefits in the event
such termination occurs prior to the Relocation, or, if such termination occurs
after the Relocation and subject to Employee’s timely election of continuation
coverage under the Consolidated Budget Omnibus Reconciliation Act of 1985, as
amended (“COBRA”), the Company
will pay Employee’s COBRA medical insurance premium, provided that Employee is
eligible and remains eligible for COBRA coverage and provided further that if
Employee obtains other employment that offers substantially similar or improved
group health benefits, the Company’s obligation under this sentence shall
immediately cease.  In the event of such
termination without Cause or resignation for Good Reason, all outstanding
options and shares of restricted stock granted to the Employee which have not
vested as of the date of such termination shall immediately vest and, as
applicable, become immediately exercisable. 
For purposes of this Section 6(a)(III), the “Termination Bonus” shall be an amount equal
to (i) if such termination without Cause or resignation for Good Reason
occurs on or prior to the last day of Fiscal Year 2008, the 2008 Minimum Bonus;
or (ii) if such termination without Cause or resignation for Good Reason
occurs after Fiscal Year 2008, 50% of the Salary at the rate then in
effect.  In the event of a termination or
resignation pursuant to this Section 6(a)(III), the Employee shall have no
further obligations or duties to the Company except, subject to the following
sentence, as provided in Section 8. 
In the event of a termination or resignation pursuant to this Section 6(a)(III),
the restrictions set forth in Section 8(b) shall apply for a period
of one (1) year following the effective date of termination unless the Employee
elects in writing within 45 days following the effective date of termination,
in his sole discretion, to forfeit his right to receive the Severance Payment,
in which the event the restrictions set forth in Section 8(b) shall
not apply following the effective date of termination.

 

6

 

(IV)       By the Employee at any time without Good
Reason on at least ninety (90) days prior written notice to the Company (which
termination the Company may, its sole discretion, make effective earlier than
the date set forth in such notice).  In
the event the Employee terminates his employment with the Company without Good
Reason, the Employee shall have no further obligations or duties to the Company
except, subject to the following sentence, as provided in Section 8, and
the Company shall have no further obligation or duties to Employee, except for
the Accrued Amounts.  In the event of a
termination pursuant to this Section 6(a)(IV), the restrictions set forth
in Section 8(b) shall apply for a period of six (6) months
following the date of such notice of termination; provided, however, that in
the event that such notice of termination is delivered to the Company less than
six (6) months prior to the Expiration Date, the restrictions set forth in
Section 8(b) shall not apply after the Expiration Date unless the
Company elects on or prior to the Expiration Date, in its sole discretion, to
enforce the restrictions set forth therein for the remainder of the six-month
restriction period following the Expiration Date and, subject to the Employee
executing and providing to the Company a fully effective copy of the Release
within 60 days following the date the Company makes such election, which the
Company shall provide to the Employee within seven (7) days following the
date it makes such election, the Employee will receive payment of the Salary for a period commencing as of November 1, 2008
and continuing for the remainder of the six-month restriction period
following the Expiration Date as if the
Employee had remained an employee. 
Subject to Section 9(h)(ii), such continued payment of Salary shall
be paid in accordance with the Company’s normal payroll practices and
procedures (but off employee payroll).

 

(b)           The Employee’s employment with the
Company shall automatically terminate on the Expiration Date unless otherwise
mutually agreed by the parties.  In the
event of a termination of the Employee’s employment on the Expiration Date, the
Company shall have no further obligation or duties to Employee, except for the
Accrued Amounts and as otherwise provided in this Section 6(b), and the
Employee shall have no further obligations or duties to the Company except,
subject to the following sentence, as provided in Section 8.  In the event of a termination of the Employee’s
employment on the Expiration Date, the restrictions set forth in Section 8(b) shall
not apply following the Expiration Date unless the Company elects on or prior
to the Expiration Date, in its sole discretion, to enforce the restrictions set
forth therein for a period of six months from the effective date of
termination.  In the event the Company
makes such election, then subject to the Employee executing and providing to
the Company within 60 days following the effective date of termination a fully
effective copy of the Release, which the Company shall provide to the Employee
within seven (7) days following the Expiration Date, the Employee will
receive continued payment of the Salary for a
period of six (6) months following the Expiration Date as if the Employee had remained an employee.  Subject to Section 9(h)(ii), such
continued payment of the Salary shall be paid in accordance with the Company’s
normal payroll practices and procedures (but off employee payroll); provided that,
the first payment shall be made on the first Company payroll date on or after
the 60th day after the Expiration Date and shall include payment of any amounts that would otherwise be due prior
thereto.

 

(c)           For purposes of this Agreement, “Good Reason” shall mean the occurrence of
any of the following events without the Employee’s consent:  (i) a material breach of this Agreement
by the Company or a material diminution in the Employee’s title, position,
authority, duties or responsibilities; (ii) the assignment to the Employee
of duties or responsibilities substantially inconsistent with his position or
duties; (iii) a change in reporting such that the Employee does not report
solely and directly to the CEO; or (iv) the Company 

 

7

 

requiring
that the principal place of employment for his duties hereunder be located
outside of a ten (10) mile radius of London, England, or Windsor, England
prior to July 1, 2009, or New York City, New York, after July 1,
2009. provided, however, that no such event shall constitute Good
Reason unless, within ninety (90) days of any such events having occurred, the
Employee shall have provided the Company with written notice specifying the
events that have occurred and afforded the Company thirty (30) days to cure
same.

 

(d)           For purposes of this Agreement, the
Company shall have “Cause” to
terminate the Employee’s employment under this Agreement upon (i) the
continued failure by the Employee to substantially perform his duties under
this Agreement after receipt of notice from the Company requesting such
performance, (ii) the criminal conviction of Employee by plea or after
trial of having engaged in criminal misconduct (including embezzlement and
fraud) which is demonstrably injurious to the Company, monetarily or otherwise,
(iii) the conviction of the Employee of a felony; (iv) gross
negligence on the part of the Employee which adversely affects the Company; or (v) a
material failure of the Employee to adhere to the Company’s material written
policies or to cooperate in any bonafide investigation or inquiry involving the
Company.  The Company shall give written
notice to the Employee of any proposed termination for Cause, which notice
shall specify the grounds for the proposed termination, and the Employee shall
be given thirty (30) days to cure if the grounds arise under clauses (i) or
(v) above (in the event employee cures the event giving rise to Cause set
forth in such written notice within said 30 day period, Cause for termination
shall not exist).

 

(e)           For purposes of this Agreement, “Disability” shall mean the Employee’s
suffering a physical or mental impairment that prevents him from substantially
performing his duties hereunder for a period of 180 consecutive days (including
weekends and holidays), during which 180 day period the Salary and any other
benefits hereunder shall not be suspended or diminished.

 

7.  Change in Control.

 

(a)           For purposes of this
Agreement, a “Change in Control” shall be deemed to occur (i) upon the acquisition
by any person, entity or group of beneficial ownership of 50 percent or more of
either the outstanding shares of common stock of the company or the combined
voting power of the then outstanding voting securities of the company entitled
to vote generally in the election of directors; (ii) upon a merger or
consolidation of the Company or any of its subsidiaries with any other
corporation, which results in the stockholders of the Company prior thereto
continuing to represent less than 50 percent of the combined voting power of
the voting securities of the Company or the surviving entity after the merger;
or (iii) upon the sale of all, or substantially all, of the assets of the
Company.

 

(b)           In the event of a
Change in Control:

 

(i)  all outstanding options and shares of restricted stock that
were granted to the Employee prior to calendar year 2008 which have not vested
as of the date of such Change in Control shall effective simultaneous with such
Change in Control immediately vest and, as applicable, become immediately
exercisable;

 

(ii)  if such Change in Control occurs on or prior to March 31,

 

8

 

2009,
then 37,500 shares of restricted stock granted to the Employee pursuant to the
Sign-on Grant (consisting of the all of the shares that would have otherwise
vested on the first anniversary of the Effective Date and 50% of the shares
that would have otherwise vested on the second anniversary of the Effective
Date) shall effective simultaneous with such Change in Control immediately
vest; and

 

(iii)  if such Change in Control occurs following March 31,
2009, all outstanding shares of restricted stock granted to the Employee
pursuant to the Sign-on Grant which have not vested as of the date of such
Change in Control shall effective simultaneous with such Change in Control
immediately vest.

 

(c)           The Employee hereby
acknowledges and agrees, that except as set forth above or in a separate
written agreement between the Employee and the Company, any shares of restricted
stock granted to the Employee by the Company as part of the Sign-on Grant that
have not vested as of the date of a Change in Control shall not automatically
become vested as a result of such Change in Control (notwithstanding anything
contained in the Company’s Incentive Stock Plan, as amended, to the contrary).

 

8.  Confidentiality;
Noncompetition; etc.

 

(a)           The Company and the
Employee acknowledge that the services to be performed by the Employee under
this Agreement are unique and extraordinary and, as a result of such
employment, the Employee will be in possession of confidential information
relating to the business practices of the Company.  The term “confidential information” shall
mean any and all information (oral and written) relating to the Company or any
of its affiliates, or any of their respective activities, other than such
information which can be shown by the Employee to be in the public domain (such
information not being deemed to be in the public domain merely because it is
embraced by more general information which is in the public domain) other than
as the result of breach of the provisions of this Section 8(a), including,
but not limited to, information relating to: 
trade secrets, personnel lists, compensation of employees, financial
information, research projects, services used, pricing, customers, customer
lists and prospects, product sourcing, marketing and selling and
servicing.  Notwithstanding the foregoing
“confidential information” shall not include information relating to the
general methodology and mechanics employed by Employee in the performance of
his duties with the Company or that Employee can demonstrate was known to him
prior to his employment with the Company. 
The Employee agrees that he will not, during or after his termination or
expiration of employment hereunder, directly or indirectly, use, communicate,
disclose or disseminate to any person, firm or corporation any confidential
information regarding the clients, customers or business practices of the
Company acquired by the Employee during his employment by the Company, without
the prior written consent of the Company. Anything herein to the contrary
notwithstanding, the provisions of this Section 8(a) shall not apply (i) when
disclosure is required by law or by any court, arbitrator, mediator or
administrative or legislative body (including any committee thereof) with
actual or apparent jurisdiction to order the Employee to disclose or make
accessible any information, (ii) with respect to any other litigation, arbitration
or mediation involving this Agreement, including, but not limited to, the
enforcement of this Agreement, (iii) as to information that becomes
generally known to the public or within the relevant trade or industry other
than due to the Employee’s violation of this Section or (iv) as to
information that is or becomes available to the Employee on a non-confidential
basis from a source which is entitled to disclose it to the Employee.

 

9

 

(b)           The Employee hereby
agrees that he shall not, during the period of his employment with the Company
and during any period following termination of such employment as determined in
accordance with Sections 6(a) and Section 6(b), as applicable,
directly or indirectly, within any county (or adjacent county) in any State
within the United States or territory outside the United States in which the
Company is engaged in business during the period of the Employee’s employment
or on the date of termination of the Employee’s employment, engage, have an
interest in or render any services to any business (whether as owner, manager,
operator, licensor, licensee, lender, partner, stockholder, joint venturer,
employee, consultant or otherwise) competitive with the Company’s business activities
as conducted by the Company on the Effective Date.

 

(c)           The Employee hereby
agrees that he shall not, during the period of his employment and for a period
of one (1) year following such employment, directly or indirectly (i) hire
or offer to hire any officer or employee of the Company or any of its
subsidiaries or (ii) entice, solicit or in any other manner persuade or
attempt to persuade any officer, employee, agent, lessor, lessee, licensor,
licensee or customer of the Company or any of its subsidiaries to discontinue
or alter his, her or its relationship with the Company (but in each case only
those persons or entities that had a relationship with the Company at the time
of the termination of his employment). 
Except as required by law or legal process, at no time during the Term,
or thereafter shall the Company or any executive officer of the Company,
directly or indirectly, disparage the professional, business, financial or
personal reputation of the Employee.

 

(d)           Upon the termination
of the Employee’s employment for any reason whatsoever, all documents, records,
notebooks, equipment, employee lists, price lists, specifications, programs,
customer and prospective customer lists and other materials which refer or
relate to any aspect of the business of the Company which are in the possession
of the Employee including all copies thereof, shall be promptly returned to the
Company. Anything to the contrary notwithstanding, nothing in this Section 8(d) shall
prevent the Employee from retaining a home computer and security system, papers
and other materials of a personal nature, including personal diaries, calendars
and Rolodexes, information relating to the Employee’s compensation or relating
to reimbursement of expenses, information that the Employee reasonably believe
may be needed for tax purposes, and copies of plans, programs and agreements
relating to the Employee’s employment.

 

(e)           The products and
proceeds of Employees services hereunder that Employee may acquire, obtain,
develop or create during the Term that relate to the Company’s business, or
that are otherwise made at the direction of the Company or with the use of the
Company’s or its affiliates’ facilities or materials, including, but not
limited to, all materials, ideas, concepts, formats, suggestions, developments,
packages, programs and other intellectual properties (collectively, “Works”),
shall be considered a “work made for hire,”
as that term is defined under the United States Copyright Act, and Employee
shall be considered an employee for hire of the Company, and all rights in and
to the Works, including the copyright thereto, shall be the sole and exclusive
property of the Company, as the sole author and owner thereof, and the
copyright thereto may be registered by the Company in its own name.  In the event that any part of the Works shall
be determined not to be a work made for hire or shall be determined not to be
owned by the Company, Employee hereby irrevocably assigns and transfers to the
Company, its successors and assigns, the following:  (a) the entire right, title and interest
in and to the 

 

10

 

copyrights,
trademarks and other rights in any such Work and any rights in and to any works
based upon, derived from, or incorporating any such Work (“Derivative Work”); (b) the
exclusive right to obtain, register and renew the copyrights or copyright
protection in any such Work or Derivative Work; (c) all income, royalties,
damages, claims and payments now or hereafter due or payable with respect to
any such Work and Derivative Work; and (d) all causes of action in law or
equity, past and future, for infringements or violation of any of the rights in
any such Work or Derivative Work, and any recoveries resulting therefrom.  Employee also hereby waives in writing any
moral or other rights that he has under state or federal laws, or under the
laws of any foreign jurisdiction, which would give him any rights to constrain
or prevent the use of any Work or Derivative Work, or which would entitle him
to receive additional compensation from the Company.  Employee shall execute all documents,
including without limitation copyright assignments and applications and waivers
of moral rights, and perform all acts that the Company may request (at the Company’s
expense), in order to assist the Company in perfecting its rights in and to any
Work and Derivative Work anywhere in the world. 
Employee hereby appoints the officers of the Company as Employee’s
attorney-in-fact to execute documents on behalf of Employee for this limited
purpose

 

(f)            The parties hereto
hereby acknowledge and agree that (i) the Company may be irreparably
injured in the event of a breach by the Employee of any of his obligations
under this Section 8, (ii) monetary damages may not be an adequate
remedy for any such breach, and (iii) the Company shall be entitled to
seek injunctive relief, in addition to any other remedy which it may have, in
the event of any such breach.

 

(g)           The parties hereto
hereby acknowledge that, in addition to any other remedies the Company may have
under Section 8(f) hereof, the Company may have the right and remedy
to require the Employee to account for and pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits (collectively,
“Benefits”) up to an amount equal to the Employee’s annual Salary at the rate
in effect at the time of his termination of employment derived or received by
the Employee as the result of any transactions constituting a breach of any of
the provisions of Section 8, and the Employee hereby agrees to account for
any pay over such Benefits to the Company.

 

(h)           Each of the rights
and remedies enumerated in Section 8(g) and 8(g) shall be
independent of the other, and shall be severally enforceable, and all of such
rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available to the Company under law or in equity.

 

(i)            It is the intent of
the parties hereto that the covenants contained in this Section 8 shall be
enforced to the fullest extent permissible under the laws and public policies
of each jurisdiction in which enforcement is sought (the Employee hereby
acknowledging that said restrictions are reasonably necessary for the
protection of the Company).  Accordingly,
it is hereby agreed that if any of the provisions of this Section 8 shall
be adjudicated to be invalid or unenforceable for any reason whatsoever, said
provision shall be (only with respect to the operation thereof in the
particular jurisdiction in which such adjudication is made) construed by
limiting and reducing it so as to be enforceable to the extent permissible,
without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of said provision in any other jurisdiction.

 

11

 

9.  General.  This Agreement is further governed by the
following provisions:

 

(a)           Notices.  All notices relating to this Agreement shall
be in writing and shall be either personally delivered, sent by facsimile
(receipt confirmed) or nationally recognized overnight carrier or mailed by
certified mail, return receipt requested, to be delivered at such address as is
indicated below, or at such other address or to the attention of such other
person as the recipient has specified by prior written notice to the sending
party.  Notice shall be effective when so
personally delivered, one business day after being sent by telecopy or five
days after being mailed.

 

If to the Company:

 

Take-Two Interactive Software, Inc.

622 Broadway

New York, New York  10012

Attention:  Chief Executive
Officer

 

If to the Employee:

 

To the Employee’s address on
the books and records of the Company.

 

(b)           Parties in
Interest.  Employee may not delegate
his duties or assign his rights hereunder. 
The Company may not assign this Agreement nor any rights or obligations
hereunder other than to an entity which, by way of merger, consolidation or
sale of substantially all of the assets of the Company becomes a successor to the
Company, either contractually or by operation of law, so long as such successor
assumes in writing (either contractually or by operation of law) the Company’s
obligations hereunder.  For the purposes
of this Agreement, the term “Company” shall include the Company and, subject to
the foregoing, any of its successors and assigns.  This Agreement shall inure to the benefit of,
and be binding upon, the parties hereto and their respective heirs, legal
representatives, successors and permitted assigns.

 

(c)           Entire Agreement.  This Agreement supersedes any and all other
agreements, either oral or in writing, between the parties hereto (other than
stock option grant letters and restricted stock grant letters, which shall
continue unmodified in full force and effect), with respect to the employment
of the Employee by the Company (including, without limitation, the Prior
Agreement) and contains all of the covenants and agreements between the parties
with respect to such employment in any manner whatsoever.  Any modification or termination of this
Agreement will be effective only if it is in writing signed by the party to be
charged.

 

(d)           Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of England while the Employee’s principal
place of employment hereunder is England and the State of New York once the
Employee’s principal place of employment hereunder is New York, NY.  The parties hereto agree to and hereby do
submit to jurisdiction in England while this Agreement is governed by English
law and before any state or federal court of record in New York County once
this Agreement is governed by New York law.

 

(e)           Warranty.  Employee hereby warrants and represents as
follows:

 

12

 

(i)            That the execution
of this Agreement and the discharge of Employee’s obligations hereunder will
not breach or conflict with any other contract, agreement, or understanding
between Employee and any other party or parties.

 

(ii)           Employee has ideas,
information and know-how relating to the type of business conducted by the
Company, and Employee’s disclosure of such ideas, information and know-how to
the Company will not conflict with or violate the rights of any third party or
parties.

 

(iii)          Employee will not
disclose any trade secrets relating to the business conducted by any previous
employer and agrees to indemnify and hold the Company harmless for any
liability arising out of Employee’s use of any such trade secrets.

 

(f)            Severability.  In the event that any term or condition in
this Agreement shall for any reason be held by a court of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other term or
condition of this Agreement, but this Agreement shall be construed as if such
invalid or illegal or unenforceable term or condition had never been contained
herein.

 

(g)           Indemnification.  The Employee shall be entitled to the
benefits of all provisions of the Certificate of Incorporation and Bylaws of
the Company, each as amended, that provide for indemnification of officers and
directors of the Company.  In addition,
without limiting the indemnification provisions of the Certificate of
Incorporation or Bylaws, to the fullest extent permitted by law, the Company
shall indemnify and save and hold harmless the Employee from and against, and
pay or reimburse, any and all claims, demands, liabilities, costs and expenses,
including judgments, fines or amounts paid on account thereof (whether in
settlement or otherwise), and reasonable expenses, including attorneys’ fees
actually and reasonably incurred (including, but not limited to, investigating,
preparing, pursuing or defending any action, suit, investigation, proceeding,
claim or liability if the Employee is made or threatened to be made a party to
or witness in any action, suit, investigation or proceeding, or if a claim or
liability is asserted or threatened to be asserted against Employee (whether or
not in the right of the Company), by reason of the fact that he was or is a
director, officer or employee, or acted in such capacity on behalf of the
Company, or the rendering of services by the Employee pursuant to this
Agreement or the Employee’s prior employment agreement with the Company,
whether or not the same shall proceed to judgment or be settled or otherwise
brought to a conclusion (except only if and to the extent that such amounts
shall be finally adjudged to have been caused by Employee’s willful misconduct
or gross negligence).  Upon the Employee’s
request, the Company will advance any reasonable expenses or costs, subject to
the Employee undertaking to repay any such advances in the event there is an
unappealable final determination that Employee is not entitled to
indemnification for such expenses. 
Employee shall be entitled to indemnification under this Section regardless
of any subsequent amendment of the Certificate of Incorporation or of the
Bylaws of the Company.  Further, Employee
shall be entitled to be covered by any directors’ and officers’ liability
insurance policies which the Company maintains for the benefit of its directors
and officers, subject to the limitations of such policies.  This provision shall survive the expiration
or termination of this Agreement.

 

(h)           Section 409A.

 

13

 

(i)            The intent of the
parties is that payments and benefits under this Agreement comply with Section 409A
of the Code as amended, and the regulations and guidance promulgated thereunder
(collectively “Section 409A”)
and, accordingly, to the maximum extent permitted, all provisions of this
Agreement shall be construed in a manner consistent with the requirements for
avoiding taxes or penalties under Section 409A.  If the Employee notifies the Company (with
specificity as to the reason therefore) that he believes that any provision of
this Agreement (or of any award of compensation, including equity compensation
or benefits) would cause the Employee to incur any additional tax or interest
under Section 409A and modifying it would avoid such additional tax, and
the Company after good faith review concurs with such belief or the Company
(without any obligation whatsoever to do so) independently makes such
determination, the Company shall, after consulting with the Employee, use its
reasonable business efforts to in good faith reform such provision to try to
comply with Code Section 409A.  To
the extent that any provision hereof is modified in order to comply with Section 409A,
such modification shall be made in good faith and shall, to the maximum extent
reasonably possible, maintain the original intent and economic benefit to the
Employee and the Company of the applicable provision without violating the
provisions of Section 409A.  In no
event whatsoever will the Company be liable for any additional tax, interest or
penalties that may be imposed on the Employee by Section 409A or any
damages for failing to comply with Section 409A or this Section 9(h)(i).

 

(ii)           A termination of employment
shall not be deemed to have occurred for purposes of any provision of this
Agreement that provides for the payment of any amounts or benefits upon or
following a termination of employment unless such termination is also a “Separation
from Service” within the meaning of Section 409A and, for purposes of any
such provision of this Agreement, references to a “resignation,” “termination,”
“termination of employment” or like terms shall mean Separation from
Service.  If the Employee is deemed on
the date of termination of his employment to be a “specified employee”, within
the meaning of that term under Section 409A(a)(2)(B) of the Code and
using the identification methodology selected by the Company from time to time,
or if none, the default methodology, then with regard to any payment or the
providing of any benefit made subject to this Section 9(h)(ii), to the
extent required to be delayed in compliance with Section 409A(a)(2)(B) of
the Code, and any other payment or the provision of any other benefit that is
required to be delayed in compliance with Section 409A(a)(2)(B) of
the Code, such payment or benefit shall not be made or provided prior to the
earlier of (A) the expiration of the six-month period measured from the
date of the Employee’s Separation from Service or (B) the date of the
Employee’s death.  On the first day of
the seventh month following the date of Employee’s Separation from Service or,
if earlier, on the date of his death, all payments delayed pursuant to this Section 9(h)(ii) (whether
they would have otherwise been payable in a single sum or in installments in
the absence of such delay) shall be paid or reimbursed to the Employee in a
lump sum, and any remaining payments and benefits due under this Agreement
shall be paid or provided in accordance with the normal payment dates specified
for them herein and therein.

 

(iii)          With regard to any
provision herein that provides for reimbursement of expenses or in-kind
benefits, except as permitted by Section 409A, (x) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for
another benefit, and (y) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind 

 

14

 

benefits
to be provided, in any other taxable year, provided that the foregoing clause (y) shall
not be violated with regard to expenses reimbursed under any arrangement
covered by Section 105(b) of the Internal Revenue Code solely because
such expenses are subject to a limit related to the period the arrangement is
in effect.

 

(iv)          If under this
Agreement, an amount is to be paid in two or more installments, for purposes of
Section 409A, each installment shall be treated as a separate payment.

 

(v)           Whenever a payment
under this Agreement specifies a payment period with reference to a number of
days (e.g., “paid within 45 days following the end of such Fiscal Year”), the
actual date of payment within the specified period shall be within the sole
discretion of the Company.

 

(i)            Withholding.  The Company may withhold from any and all
amounts payable under this Agreement such federal, state and local taxes as may
be required to be withheld pursuant to any applicable law or regulation.

 

(j)            Legal Fees.  Following the execution of this Agreement,
the Company shall promptly pay upon presentation of appropriate documentation
the reasonable legal fees incurred by the Employee in connection with the negotiation
of this Agreement in an amount not to exceed $15,000.

 

(k)           Execution in
Counterparts.  This Agreement may be
executed by the parties in one or more counterparts (including via facsimile or
PDF), each of which shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

 

15

 

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

 

	
   

  	
  TAKE-TWO INTERACTIVE SOFTWARE, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Seth Krauss

  
	
   

  	
  Name:

  	
  Seth Krauss

  
	
   

  	
  Title:

  	
  EVP & General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Gary Dale

  
	
   

  	
  Gary
  Dale

  
				

 

16

 

EXHIBIT A

 

Form of
Release

 

THIS GENERAL RELEASE AND WAIVER (this “Release”)
is entered into effective as of [                    
      , 20    ],
by Gary Dale (the “Executive”) in favor of Take-Two Interactive Software, Inc.,
a Delaware Corporation (the “Company”).

 

1.             Confirmation
of Termination.  The Executive’s
employment with the Company is terminated as of [                    
      , 20    ]
(the “Termination Date”).  The
Executive acknowledges that the Termination Date is the termination date of the
Executive’s employment for purposes of participation in and coverage under all
benefit plans and programs sponsored by or through the Company.  The Executive acknowledges and agrees that
the Company shall not have any obligation to rehire the Executive, nor shall
the Company have any obligation to consider the Executive for employment, after
the Termination Date.  The Executive
agrees that the Executive will not seek employment with the Company at any time
in the future.

 

2.             Resignation.  Effective as of the Termination Date, the
Executive hereby resigns as an officer and director of the Company and any of
its subsidiaries and affiliates (collectively, the “Company Group”) and
from any such positions held with any other entities at the direction of, or as
a result of the Executive’s affiliation with, the Company or any other member
of the Company Group.  The Executive
agrees to promptly execute and deliver such other documents as the Company
shall reasonably request to evidence such resignations.  In addition, the Executive hereby agrees and
acknowledges that the Termination Date shall be the date of the Executive’s
termination from all other offices, positions, trusteeships, committee
memberships and fiduciary capacities held with, or on behalf of, the Company or
any other member of the Company Group.

 

3.             [Acknowledgement and] Termination Benefits.  [The
Executive hereby acknowledges that the Company has elected pursuant to Section [6(a)(I)]
[6(a)(IV)] [6(b)] of the Employment Agreement between the Executive and the
Company entered into on August     , 2008 (the “Employment
Agreement”) to subject the Executive to the noncompetition restrictions set
forth in Section 8(b) of the Employment Agreement for a period of six
months commencing on the Termination Date, and the Executive agrees that he
shall abide by such restrictions, and in consideration therefor,] Assuming
that the Executive executes this Release and does not revoke it within the time
specified in Section 11 below, then, subject to Section 10 below, the
Executive will be entitled to the payments and benefits (subject to taxes and
all applicable withholding requirements) (the “Termination Benefits”)
set forth under Section [6(a)(I)]
[6(a)(III)] [6(a)(IV)] [6(b)] of the Employment Agreement, paid or
provided as set forth therein (including with respect to payment timing).  [Notwithstanding
anything herein to the contrary, the parties acknowledge that, pursuant to Section 6(a)(III) of
the Employment Agreement, the Executive may elect in writing within 45 days
following the Termination Date, in his sole discretion, to forfeit his right to
receive the Severance Payment (as defined in Section 6(a)(III) of the
Employment Agreement), in which event the restrictions set forth in Section 8(b) of
the Employment Agreement shall not apply following the Termination Date.  The parties acknowledge that if such election
is made, it shall not affect the effectiveness of this Release.]  Notwithstanding anything
herein to the contrary, the Accrued Amounts (as defined in the Employment
Agreement) 

 

17

 

shall not be subject to
Executive’s execution of this Release. 
The Executive acknowledges and agrees that the Termination Benefits
exceed any payment, benefit, or other thing of value to which the Executive
might otherwise be entitled under any policy, plan or procedure of the Company
and/or any agreement between the Executive and the Company, except as provided
above.

 

4.             General Release and Waiver.

 

(a)  [As
additional] [In] consideration for the Termination Benefits, and for
other good and valuable consideration, receipt of which is hereby acknowledged,
the Executive, for the Executive and for the Executive’s heirs, executors,
administrators, trustees, legal representatives and assigns (hereinafter
referred to collectively as “Releasors”), forever release and discharge
the Company and the other members of the Company Group and their past, present
and future parent entities, subsidiaries, divisions, affiliates and related business
entities, any of their successors and assigns, assets, employee benefit plans
or funds, and any of their respective past, present and/or future directors,
officers, fiduciaries, agents, trustees, administrators, managers, supervisors,
shareholders, investors, employees, legal representatives and assigns, whether
acting on behalf of the Company, any other member of the Company Group or, in
their individual capacities (collectively the “Releasees”) from any and
all claims, demands, causes of action, fees and liabilities of any kind
whatsoever arising out of the Executive’s employment with the Company and any
other member of the Company Group and/or the Executive’s separation from that
employment, (collectively, “Claims”), whether known or
unknown, which the Releasors ever had, now have, or may have against any of the
Releasees by reason of any act, omission, transaction, practice, plan, policy,
procedure, conduct, occurrence, or other matter up to and including the date on
which the Executive signs this Release.

 

(b)  Without limiting the generality of
the foregoing, this Release is intended to and shall release the Releasees from
any and all Claims, including, without limitation, any Claims arising out of
the Executive’s employment with the Company and/or termination thereof, such as
those based on race, sex, color, national origin, ancestry, religion, age,
disability, citizenship status, harassment, sexual harassment, and/or
retaliation, whether known or unknown, which the Releasors ever had, now have, or
may have against the Releasees arising out of the Executive’s employment and/or
the Executive’s separation from that employment, including, but not limited
to:  (i) any claim under the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1991, Section 1981 of the Civil Rights Act of
1866, the Americans with Disabilities Act, the Equal Pay Act, the Immigration
Reform and Control Act of 1986, the Employee Retirement Income Security Act of
1974 (excluding claims for accrued, vested benefits under any employee benefit
or pension plan of the Releasee subject to the terms and conditions of such
plan and applicable law), the Family and Medical Leave Act, and the
Sarbanes-Oxley Act of 2002 (a federal whistleblower law), all as amended; (ii) any
claim under the New York State Human Rights Law, the New York State Public
Employees’ Fair Employment Act, and the New York City Administrative Code, all
as amended; (iii) any other claim (whether based on federal, state, or
local law, statutory or decisional) relating to or arising out of the Executive’s
employment, the terms and conditions of such employment, the termination of
such employment, and/or any of the events relating directly or indirectly to or
surrounding the termination of that employment, including but not limited to
breach of contract (express or implied), wrongful discharge, detrimental
reliance, defamation, emotional distress, claims for salary, pay, benefits
(except for vested benefits), bonuses, commissions, or other wage or
compensation, or compensatory or punitive damages; and (iv) any claim for
attorneys’ fees, costs, disbursements and/or the like.  Nothing in this Release shall be a waiver of
claims that may 

 

18

 

arise after the date on
which the Executive signs this Release. 
The Release shall not apply to (1) amounts due under this Release
or (2) the Executive’s rights to indemnification from the Company or
rights to be covered under any applicable insurance policy with respect to any
liability the Executive incurred or might incur as an employee, officer or
director of the Company including, without limitation, the Executive’s rights
under Section 9(g) of the Employment Agreement.  In addition, nothing in this Release shall be
construed to prevent the Executive from filing a charge with, or participating
in an investigation conducted by, any governmental agency, including, without
limitation, the Equal Employment Opportunity Commission or applicable state/city
fair employment practices agency, to the extent required or permitted by law,
or to prevent any challenge by the Executive to the waiver and release of any
claims as set forth herein.

 

5.             Covenants.

 

(a)  The Executive acknowledges and
agrees that the Executive remains subject to the provisions of Section 8
of the Employment Agreement, which provisions remains in full force and effect
from the effective date of termination for the applicable period set forth in
the Employment Agreement, provided that Section 8(b) of the
Employment Agreement shall be applicable for a period of [six months] [one year] from the
Termination Date.  [; provided, that Section 8(b) of the
Employment Agreement shall not apply in the event the Executive elects to
forfeit the Severance Payment in accordance with Section 6(a)(III) of
the Employment Agreement.]

 

(b)  Upon the receipt of reasonable
notice from the Company (including the Company’s outside counsel), the
Executive agrees that the Executive will respond and provide information with
regard to matters in which the Executive has knowledge as a result of the
Executive’s employment with the Company, and will provide reasonable assistance
to the Company Group and their respective representatives in defense of any
claims that may be made against the Company Group (or any member thereof), and
will assist the Company Group in the prosecution of any claims that may be made
by the Company Group (or any member thereof), to the extent that such claims
may relate to the period of the Executive’s employment with the Company (or any
predecessors).  Any such cooperation
shall be arranged to take place at times and in a manner that would not be
expected to result in any unreasonable interference with Executive’s then
existing business and/or personal commitments. 
The Executive agrees to promptly inform the Company if the Executive
becomes aware of any lawsuits involving such claims that may be filed or
threatened against the Company Group (or any member thereof).  The Executive also agrees to promptly inform
the Company (to the extent the Executive is legally permitted to do so) if the
Executive is asked to assist in any investigation of the Company Group (or any
member thereof) or their actions, regardless of whether a lawsuit or other proceeding
has then been filed with respect to such investigation, and shall not do so
unless legally required.  If the
Executive is required to provide any services pursuant to this Section 5(b),
then upon presentation of appropriate documentation, the Company shall promptly
reimburse the Executive for reasonable out-of-pocket travel and other direct
expenses incurred in connection with the performance of such services and in
accordance with the Company’s reimbursement expense policy.  To the extent any such reimbursement is
includable in the Executive’s gross income for Federal income tax purposes,
such reimbursement shall be made no later than December 31 of the calendar
year next following the calendar year in which the expense to be reimbursed is
incurred.

 

19

 

6.             Confidentiality.  The Executive agrees to keep confidential and
not disclose the terms and conditions of this Release to any person or entity
without the prior written consent of the Company, except to the Executive’s
accountants, attorneys and/or spouse, provided that they also agree to maintain
the confidentiality of the Release.  The
Executive shall be responsible for any disclosure by them.  The Executive further represent that the
Executive has not disclosed the terms and conditions of the Release to anyone
other than the Executive’s attorneys, accountants and/or spouse.  This Section 6 does not prohibit
disclosure of this Release if required by law, provided the Executive has given
the Company prompt written notice of any legal process and cooperated with the
Company’s efforts to seek a protective order.

 

7.             No
Admission.  This Release does not
constitute an admission of liability or wrongdoing of any kind by any of the
Releasee.  This Release is not intended,
and shall not be construed, as an admission that any Releasee has violated any
federal, state or local law (statutory or decisional), ordinance or regulation,
breached any contract or committed any wrong whatsoever against any Releasor.

 

8.             Heirs
and Assigns.  The terms of this
Release shall be binding upon and inure to the benefit of the parties named
herein and their respective successors and permitted assigns.

 

9.             Miscellaneous.  This Release will be construed and enforced
in accordance with the laws of the State of New York without regard to the
principles of conflicts of law.  If any
provision of this Release is held by a court of competent jurisdiction to be
illegal, void or unenforceable, such provision shall have no effect; however,
the remaining provisions will be enforced to the maximum extent possible.  Except as otherwise set forth herein, this
Release constitutes the complete understanding between the parties with regard
to the matters set forth herein and, except as otherwise set forth herein,
supersede any and all agreements, understandings, and discussions, whether
written or oral, between the parties.  No
other promises or agreements are binding unless in writing and signed by each
of the parties after the Release Effective Date (as defined below).  Should any provision of this Release require
interpretation or construction, it is agreed by the parties that the entity
interpreting or constructing this Release shall not apply a presumption against
one party by reason of the rule of construction that a document is to be
construed more strictly against the party who prepared the document.

 

10.           Knowing
and Voluntary Waiver.  The Executive
acknowledges that the Executive: (a) has carefully read this Release in
its entirety; (b) has had an opportunity to consider it for  at least [twenty-one
(21)] [forty-five (45)] days; (c) is hereby advised by the
Company in writing to consult with an attorney of the Executive’s choosing in
connection with this Release; (d) fully understands the significance of
all of the terms and conditions of this Release and has discussed them with
independent legal counsel, or had a reasonable opportunity to do so; (e) has
had answered to the Executive’s satisfaction any questions the Executive has
asked with regard to the meaning and significance of any of the provisions of
this Release and has not relied on any statements or explanations made by any
Releasee or their counsel; (f) understands that the Executive has seven (7) days
in which to revoke this Release (as described in Section 11) after signing
it and (g) is signing this Release voluntarily and of the Executive’s own
free will and agrees to abide by all the terms and conditions contained herein.

 

11.           Effective
Time of Release.  The Executive may
accept this Release by signing it and returning it to [NAME], Take-Two Interactive Software, Inc.,
[ADDRESS], 

 

20

 

within [twenty-one (21)] [forty-five (45)] days of
the Executive’s receipt of the same. 
After executing this Release, the Executive will have seven (7) days
(the “Revocation Period”) to revoke this Release by indicating the
Executive’s desire to do so in writing delivered to [NAME] at the address above (or by fax at [(      )
      -        ])
by no later than 5:00 p.m. EST on the seventh (7th) day after the date the
Executive signs this Release.  The
effective date of this Release shall be the eight (8th) day after the Executive
signs this Release (the “Release Effective Date”).  If the last day of the Revocation Period
falls on a Saturday, Sunday or holiday, the last day of the Revocation Period
will be deemed to be the next business day. 
If the Executive does not execute this Release or exercises the
Executive’s right to revoke hereunder, the Executive shall forfeit the right to
receive any of the Termination Benefits, and to the extent such Termination
Benefits have already been provided, the Executive agrees to immediately
reimburse the Company for the amounts of such payment.

 

                IN WITNESS WHEREOF, the Executive has duly executed
this Release as of the date first set forth above.

 

	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:     Gary Dale

  

 

21

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