EXHIBIT 10.2
TERMINATION AGREEMENT made as of July 30, 2004, among ARTISTdirect,
Inc., a Delaware corporation ("ADI"), ARTISTdirect Records, L.L.C., a Delaware
limited liability company ("ADR") and BMG Music, a New York general partnership
("BMG").
WHEREAS, ADI agreed to guaranty certain indebtedness of ADR as set
forth in the Guaranty dated as of April __, 2002 in favor of ADR and BMG (the
"Guaranty"), a copy of which is attached hereto as Exhibit A; and
WHEREAS, ADI has requested that ADR and BMG extinguish ADI's
obligations under the Guaranty and ADR and BMG have agreed to extinguish ADI's
obligations under the Guaranty;
NOW THEREFORE, in consideration of the premises stated above and such
other consideration the receipt and sufficiency of which is hereby acknowledged:
1. The Guaranty is terminated effective as of the date of this
agreement.
2. ADI will have no further obligation in connection with the
Guaranteed Obligations (as defined in paragraph 1 of the Guaranty).
IN WITNESS WHEREOF, this termination agreement has been duly executed
and delivered as of the date first mentioned above and each of ADI, ADR and BMG
have duly acknowledged and accepted the terms thereof.
ARTISTdirect, Inc.
By /s/ XXXXXX X. XXXXXXXXXX
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Xxxxxx X. Xxxxxxxxxx
CFO
ARTISTdirect Records, L.L.C.
By /s/ XXX XXXXX
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Xxx Xxxxx
BMG MUSIC
By /s/ L. XXXX XXXXXX
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L. Xxxx Xxxxxx
SVP, Business Affairs & Operations
