EMPLOYMENT AGREEMENT
Exhibit 10.3
THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 22nd day
of January, 2007, by and between IMAGE ENTERTAINMENT, INC., a Delaware corporation
(“Image”), and Xxxxxxx Xxxx, an individual (“Employee”).
I. TERM OF AGREEMENT. Except as otherwise expressly set forth herein, this
Agreement shall remain in full force and effect for an approximate 14-month term commencing on the
date hereof and ending on March 31, 2008. This Agreement shall automatically renew for successive
one year terms unless either party delivers to the other party a written notice terminating the
Agreement effective the following April by the later of December 31st or 60 days after the
consummation of a Change of Control (as defined below), if any. The first initial and any
subsequent periods shall collectively be called the “Term”.
The parties acknowledge that Employee’s hope is that in the event of a Change of Control (as
defined below), he will have the opportunity to renegotiate this Agreement or enter into a new
agreement such that he maintains substantially the same title, duties, responsibilities, authority
and reporting structure, while increasing his Base Salary and extending his current Term by not
less than one year, or receiving a new Term of not less than two years.
II. ENGAGEMENT. Subject to the terms and conditions contained herein, Image hereby engages
the services of Employee and Employee hereby accepts such engagement and agrees to render said to
Image for the Term. Employee shall report directly to Image’s Chief Operating Officer and shall
have the title of “CHIEF MARKETING OFFICER.”
(a) Services and Duties. Employee shall perform such duties, compatible with Employee’s
position as a “Chief Marketing Officer” (as defined below) and as Image’s Executive Officers may
reasonably require from time to time (the “Duties”). In rendering Duties to Image,
Employee shall use Employee’s good faith efforts and ability to maintain, further and promote the
interests and welfare of Image. Employees assigned to the sales, marketing and acquisition
departments, and designated with the title of Executive Vice President, Senior Vice President or
Vice President, will be direct reports to the Chief Marketing Officer.
(b) Duty of Loyalty. Employee hereby acknowledges and agrees that the engagement of Employee
by Image under this Agreement is exclusive and that during the Term Employee shall not, directly or
indirectly, whether for compensation or otherwise, engage in any business that is competitive with
the business of Image, or render any services of a business, commercial or professional nature to
any other person or organization that is a competitor of Image or in a business similar to that of
Image, without the prior written consent of the Chief Operating Officer of Image. Without limiting
the generality of the foregoing, the home entertainment licensing and distribution business shall
constitute a business that is competitive with the business of Image and an entity engaged in the
home entertainment licensing and distribution business shall be deemed a competitor of Image.
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III. COMPENSATION.
(a) Base Salary. The amount of Employee’s annualized base salary through March 31, 2008 will
be $275,000.00 (“Base Salary”), or $22,916.66 per month. Upon the earlier of August 1,
2007, or 30 days after the consummation of a Change of Control, Employee’s annualized Base Salary
shall increase to $325,000.00. On April 1, 2008, if this Agreement has not been terminated as
provided for herein, Employee will be entitled to a 3.33% increase in his Base Salary. For each
subsequent year of the Term, if this Agreement is not terminated, as provided for herein, Employee
will be entitled to a cumulative 5% increase in his then Base Salary.
(b) Discretionary Bonus. During the Term, Employee shall be eligible to receive annual bonus
compensation based on the net income of Image for the year in question (“Discretionary
Bonus”). The amount of such Discretionary Bonus (if any) shall be determined by Image’s CEO
and the Compensation Committee of Image’s Board of Directors (the “Committee”), in their
sole and absolute discretion. Employee shall be treated no less favorably than the Chief Financial
Officer and the Chief Operating Officer in connection with Employee’s eligibility for a
Discretionary Bonus, and Employee shall not receive less than the Chief Financial Officer and shall
not receive materially less than the Chief Operating Officer in the event Discretionary Bonuses are
granted.
IV. OPTIONS AND OTHER STOCK-BASED AWARDS.
(a) In addition to Base Salary and Discretionary Bonus, Image may grant stock-based awards
(the “Awards”) to Employee in such form and amounts, and at such time or times, as Image’s
CEO and Board of Directors (or, if applicable, Image’s stock option plan administrators or the
Committee) shall determine from time to time; provided, however, that nothing
contained herein may be construed or interpreted as a right or entitlement to receive any Awards at
anytime during the Term. Employee shall not receive less than the Chief Financial Officer and
shall not receive materially less than the Chief Operating Officer in the event Awards are granted.
(b) Notwithstanding the above, upon start of Employee’s employment, Image will grant Employee
10,000 Restricted Stock Units (“RSU’s”), vesting 3,300 RSU’s on the first anniversary of
the date of the grant, 3,300 RSU’s on the second anniversary of the date of the grant and 3,400
RSU’s on the third anniversary of the date of the grant. If Employee’s employment ends prior to any
RSU’s vesting, then all such unvested RSU’s shall be cancelled and forfeited by Employee. However,
upon a Change of Control, Termination Without Cause, or Resignation by Employee for Good Cause (in
each case as defined below) all unvested RSU’s will immediately vest.
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(c) For purposes of this Agreement, “Change of Control” shall mean and be deemed to
have occurred on the earliest of the following dates or events:
(i) the date of an acquisition by any person of beneficial ownership (within the
meaning of Rule 13d-3 under Exchange Act of 1934, as amended) or a
pecuniary interest in more than 45% of the common stock or voting securities then
entitled to vote generally in the election of directors of Image (“Voting
Stock”), other than an acquisition by one or more Excluded
Persons (Image, Image Investors Co., Standard Broadcasting Corporation Ltd., or
Messrs. Xxxx Xxxxx, Xxxxxx Xxxxxxxxx or Xxxxxx Xxxxxxxxx) in connection with a new
issuance of Voting Stock (or rights to acquire Voting Stock) by Image to the
Excluded Person in a transaction that the Committee determines (in advance of the
issuance) does not constitute a Change of Control event, or in the event that one or
more Excluded Persons take Image from a public company to a privately held company;
(ii) approval by the shareholders of Image of a plan of merger, consolidation, or
reorganization of Image involving a more than 50% change in ownership or sale or
other disposition of all or substantially all of Image’s assets (collectively, a
“Business Combination”), other than a Business Combination: (1) (x)
in which substantially all of the holders of Image’s Voting Stock hold or receive
directly or indirectly 50% or more of the voting stock of the resulting entity or a
parent company thereof, and (y) after which no person (other than any one or more of
the Excluded Persons, as defined above) owns more than 50% of the voting stock of
the resulting entity (or a parent company) who did not own directly or indirectly at
least that amount of Voting Stock immediately before the Business Combination; or
(2) in which the holders of Image’s capital stock immediately before such Business
Combination will, immediately after such Business Combination, hold as a group on a
fully diluted basis the ability to elect at least a majority of the directors of the
surviving corporation (or a parent company);
(iii) approval by the Board of Directors and (if required by law) by shareholders of
Image of a plan to consummate the dissolution or complete liquidation of Image; or
(iv) the date the persons who were members of the Board of Directors at the
beginning of any 24-month period shall cease to constitute a majority of the Board,
unless the election, or the nomination for election by Image’s shareholders, of each
new director was approved by two-thirds of the members of the Board of Directors
then in office who were in office at the beginning of the 24-month period.
For purposes of determining whether a Change of Control has occurred, a transaction includes all
transactions in a series of related transactions.
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V. FRINGE BENEFITS. Employee acknowledges, understands and agrees he shall receive the
following fringe benefits, on the equivalent basis as the Chief Financial Officer and the Chief
Operating Officer:
(a) Medical, Dental, Life & Long-Term Disability Insurance. Image shall purchase (or if
applicable, maintain) during the Term (and pay the premium for): PPO medical, dental, life and
long-term disability insurance for Employee and Employee’s spouse and dependent children
(collectively, “Insurance”).
(b) Business/Travel Expenses. Employee shall be reimbursed in full for all reasonable and
actual out-of-pocket business (including free participation in Image’s group business plans for
cell phone and BlackBerry use) and travel expenses (including airline upgrades) incurred in the
performance of the Duties, in accordance with Image’s travel reimbursement policies, provided
Employee shall first present an itemized account of such expenditures together with supporting
vouchers. For reference purposes, the Chief Operating Officer and Chief Financial Officer currently
travel via coach class on domestic flights and business class on international flights.
(c) Vacation Time. Notwithstanding anything contained in Image’s Employee Handbook, Employee
is entitled to 4 weeks of paid vacation per calendar year. Vacation time will be capped at eight
(8) weeks maximum accrual at any point in time during the Term. Once Employee has accrued eight
(8) weeks vacation time, he will not accrue additional time unless he uses some vacation time and
his accrued balance thereby drops below eight (8) weeks.
(d) Employee Handbook to Apply. Except as expressly set forth herein to the contrary, all of
the terms and conditions of the current version of the Image’s Employee Handbook will apply,
including but not limited to provisions relative to confidentiality, periodic xxxxxxx xxxxxxx
blackout updates, sick days, holidays, leaves of absence and arbitration of disputes. In that
connection, Employee hereby acknowledges that Employee has been provided with a copy of Image’s
current Employee Handbook and agrees to read and be bound by the terms of such Employee Handbook as
may be in effect from time to time.
(e) Contribution Plan. Throughout the Term, Employee shall be entitled to participate in the
then-current Image 401(k) participation plan according to the guidelines set forth by Image and the
plan’s custodian. Image will match Employee’s contributions to the participation plan, up to a
maximum of 4% of Employee’s Base Salary, at the rate of $0.50 per dollar contributed by Employee.
(f) Automobile Allowance. Employee shall receive an amount equal to $10,000.00 annually for
an automobile allowance, which shall be paid to Employee in equal installments during each pay
period.
VI. WITHHOLDING. There shall be deducted from all compensation payable to Employee
thereunder, such sums, including without limitation, social security, income tax withholding and
unemployment insurance, as Image is by law obligated to deduct.
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VII. CONFIDENTIALITY. In consideration of the payments to be received hereunder, Employee
agrees that:
(a) During the Term Employee will have access to and become acquainted with confidential and
proprietary information (“Confidential Information”) of Image. Except as the Duties may
require or as Image may otherwise consent to in writing, Employee will not at any time disclose or
use to the detriment of Image or the sole benefit of Employee or any third party, either directly
or indirectly, any information, knowledge or data he receives in confidence or acquires from Image
or which relates to the Confidential Information of Image. For purposes of this Agreement
“Confidential Information” shall include, but not be limited to:
(i) Financial information, such as Image’s earnings, assets, debts, prices, pricing structure,
volumes of purchases or sales or other financial data, whether relating to Image generally, or to
particular products, services, geographic areas, or time periods;
(ii) Supply and service information, such as goods and services, supplier’s names or
addresses, terms of supply or service contracts, or of particular transactions, or related
information about potential suppliers, to the extent that such information is not generally known
to the public, and to the extent that the combination of suppliers or use of a particular supplier,
though generally known or available, yields advantages to Image, the details of which are not
generally known;
(iii) Marketing information, such as details about ongoing or proposed marketing programs or
agreements by or on behalf of Image, sales forecasts or results of marketing efforts or information
about impending transactions;
(iv) Licensing or distribution information, such as details about ongoing or proposed
negotiations or agreements by or on behalf of Image, terms and details of such negotiations or
agreements or results of licensing or distribution efforts or information about impending
transactions;
(v) Customer information, such as any compilation of past, existing or prospective customers,
customers’ proposals or agreements between customers and status of customers accounts or credit, or
related information about actual or prospective customers; and
(vi) Employee Information, such as information about an employee’s performance and
compensation structure.
(b) Confidential Information shall not include: (i) information already known to Employee
prior to the date on which Employee acquired such information from Image; (ii) information
generally available or known by the public; and (iii) information acquired by the Employee from a
third party not contractually bound by any confidentiality agreement;
(c) Employee will return to Image, or destroy at Image’s discretion, all documents containing
Confidential Information, including all reproductions thereof, at the earliest of: (i) demand
thereof by Image; (ii) accomplishment of the purpose for which they were furnished or created; or
(iii) termination of Employee’s employment with Image for any reason. Employee shall be entitled
to retain his rolodex, outlook and calendar.
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VIII. NON-SOLICITATION OF CUSTOMERS.
(a) Employee acknowledges that all customer files, records, documents, and data information,
as well as customer lists are special, valuable and unique assets of Image and are essential to its
continued business success.
(b) Employee agrees that, except for those customers listed by Employee on Exhibit “A”, during
the Term and for a period of one (1) year thereafter, Employee will not, directly or indirectly, as
an employee, owner, proprietor, partner, joint venturer, shareholder, director, officer,
independent contractor, consultant, agent, beneficiary, or in any other capacity whatsoever,
solicit any client of Image for the purpose of providing any services or products directly
competitive to those of Image. Any entity or person shall be deemed a client of Image if: (i) it
was a client as of the date of termination of Employee’s employment; or (ii) it was a client during
the one (1) year period prior to the date of termination of Employee’s employment. Employee
further agrees that his being prohibited from soliciting such clients is fair and reasonable, and
does not prevent his pursuit of employment in his field. The providing of competitive products or
services shall include but not be limited to video or audio software production, acquisitions and
distribution. The provisions of this Subparagraph VIII(b) shall not apply in the event of a
Termination Without Cause or a Resignation by Employee for Good Cause.
IX. NON-SOLICITATION OF EMPLOYEES. Employee further agrees that, during the Term and for a
period of one (1) year following the termination for any reason of his employment, and regardless
of any claims that Image may have against Employee or that Employee may have against Image, he will
not directly or indirectly employ or seek to employ any person who is employed by Image or induce
any such person to terminate employment with Image.
X. WORK FOR HIRE. Image shall be the sole and exclusive owner of all right, title and
interest in and to all Confidential Information and any and all works, materials, ideas, products,
services, developments, projects and other matters, including, without limitation, all computer
programs and source code, created, suggested, submitted or otherwise worked on by Employee at any
time during Employee’s employment by Image (whether prior to or after the date hereof), and all
other results and proceeds of services performed by Employee (collectively, the
“Property”). Employee acknowledges and agrees that all Property shall be considered a
“work made for hire” for Image as that term is defined in §101 of the 1976 Copyright Act. To the
extent the Property, or any portion thereof, is determined by a court of competent jurisdiction or
administrative agency not to be a “work made for hire”, Employee hereby assigns all proprietary
rights in the Property to Image without further compensation, and further agrees to execute any and
all documents deemed necessary or appropriate by Image to effectuate a complete transfer of
ownership of all rights to Image throughout the world. Employee also agrees that the Image shall
have the sole and exclusive right in perpetuity to use, exploit, distribute and otherwise turn to
account any or all of the Property, and that Image may modify, change or alter all or any part of
the Property, all as Image may determine from time to time in its sole discretion.
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XI. INJUNCTIVE RELIEF.
(a) Any material violation of the terms of Sections VII, VIII, IX or X hereof will constitute
a material breach of this Agreement and will cause Image immediate and irreparable harm and that
the damages which Image will suffer may be difficult or impossible to measure. Therefore, upon any
actual or impending violation of Sections VII, VIII, IX or X hereof, Image shall be entitled to the
issuance by a court or arbitrator of a restraining order, preliminary and permanent injunction,
without bond, restraining or enjoining such violation by Employee or any entity or person acting in
concert with Employee. Such remedy shall be additional to and not in limitation of any other
remedy which may otherwise be available to Image. Any arbitrator selected by the parties to
resolve any dispute arising from this Agreement or Employee’s employment with Image shall have the
power and authority to issue a restraining order, and preliminary and permanent injunction, without
bond, and Employee agrees to the authority of any such arbitrator to do so.
(b) The covenants and agreements contained in Sections VII, VIII, IX or X hereof are
independent of any other provision of this Agreement or any other understanding between the
parties, and the existence of any claim or cause of action of Employee against Image, of whatsoever
nature, shall not constitute a defense to the enforcement by Image of the covenants contained
herein. In the event the restrictive covenants contained in Sections VII, VIII, IX or X hereof
shall be adjudicated by any court of competent jurisdiction or arbitrator to be partially or
totally invalid or unenforceable for any reason, such covenants shall be deemed modified to the
extent necessary to render them valid and enforceable under the laws of such jurisdiction, or shall
be excised from this Agreement, as circumstances may require, and said restrictive covenants,
subject to such modification or deletion, shall be enforced to the maximum extent and scope
permitted by the laws of such jurisdiction.
XII. ARBITRATION. Employee and Image agree to be bound by the Arbitration Agreement
contained in the Employee Handbook. Employee represents that he has read and agrees to the
Arbitration Agreement.
XIII. INDEMNIFICATION OF EMPLOYEE. Image will, to the maximum extent permitted by
applicable law and its charter and by-laws, indemnify and hold Employee harmless against expenses
(including reasonable attorney’s fees), judgments, fines, settlements and other amounts actually
and reasonably incurred in connection with any proceeding arising by reason of Employee’s
employment by Image. Image shall advance to Employee any expenses incurred in defending any
proceeding to the maximum extent permitted by applicable law and its charter and by-laws.
XIV. DEATH & DISABILITY.
(a) In the event of Employee’s death, notwithstanding Section I above, this
Agreement will automatically terminate on the last day of the calendar month in which Employee’s
death occurs. In the event of Employee’s Permanent Disability (as defined below), notwithstanding
Paragraph I above, Image shall have the right to terminate this Agreement on the last day of the
calendar month in
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which Employee’s Permanent Disability occurs. “Permanent Disability” shall mean any disability rendering Employee unable to
perform the essential functions of his job hereunder, with or without reasonable accommodation,
for a period in excess of twelve (12) consecutive weeks, or six (6) months in the aggregate of any
twelve (12) month period; provided, however, that this Subparagraph XIV(a) shall not diminish
Employee’s right to take statutory leaves of absence under the Family and Medical Leave Act or
California Family Rights Act. Employee acknowledges and agrees that as of the date hereof,
Employee constitutes a “Key Employee” for purposes of the Family and Medical Leave Act of 1993, as
provided in Section 825.217 of Title 29 of the Code of Federal Regulations.
(b) Upon termination of this Agreement pursuant to employee’s death or Permanent
Disability as described above, Employee (or employee’s heirs or assignees, as applicable) shall be
entitled to receive:
(i) | Base Salary continuation for the remainder of the Term, plus for an additional period of six (6) months; | ||
(ii) | a prorated portion of Discretionary Bonus, if any, otherwise payable pursuant to Subparagraph III(b) for any partial fiscal year that has occurred prior to the expiration or early termination of the Term; | ||
(iii) | Insurance for the remainder of the Term, and continuing for an additional period of six (6) months; and | ||
(iv) | if applicable, all life insurance benefits described in Subparagraph V(a). |
XV. TERMINATION FOR CAUSE. In the event of “Cause” (as defined below), Image may terminate
this Agreement at any time effective upon delivery of written notice to Employee. In any such
event, and notwithstanding any provision of this Agreement to the contrary, all of Image’s
obligations hereunder will immediately terminate without further liability. Moreover, after the
date of such termination, Employee shall not be entitled to receive any severance, fringe benefits,
compensation or other such rights, nor shall Employee be entitled to receive any portion, pro-rata
or otherwise, of the Discretionary Bonus otherwise payable pursuant to Subparagraph III(b). For
purposes of this Agreement, “Cause” shall include, but is not limited to:
(a) Employee’s: (i) conviction of fraud or a felony; or (ii) material dishonesty, willful
misconduct or gross negligence in the performance of the Duties hereunder; provided,
however, that bona fide disputes as to expense reimbursement shall not be deemed material
dishonesty or breach by Employee of any material provision of this Agreement;
(b) Employee’s breach of any material provision of this Agreement or any other material
agreement between Image and Employee;
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(c) Suspension of the Duties as a result of an unauthorized (i.e. not otherwise permitted by
this Agreement or applicable law, rule or regulation) leave of absence for any reason;
(d) Employee’s express and intentional failure to follow any reasonable and lawful direction
from any Executive Officer or the Board; or
Employee shall be given written notice by Image of termination pursuant to Subparagraphs (b)
and (d) hereinabove, and Employee shall be provided, where applicable, fifteen (15) days after
notice of such breach to cure such breach.
XVI. TERMINATION WITHOUT CAUSE OR NON-RENEWAL BY IMAGE
If Image terminates this Agreement without Cause or if Image elects not to renew the
Agreement, Employee shall be entitled to receive, with no duty to mitigate:
(i) Base Salary continuation in accordance with Image’s normal payroll practices for the
remainder of the Term, plus for an additional period of six (6) months;
(ii) Discretionary Bonus, if any, in accordance with Image’s normal payroll practices
otherwise payable pursuant to Subparagraph III(b) for the remainder of the Term; and
(iii) Insurance for the remainder of the Term, and continuing for an additional period of
six (6) months.
XVII. RESIGNATION BY EMPLOYEE FOR GOOD CAUSE
If Employee resigns for Good Cause, Employee shall be entitled to receive, with no duty to
mitigate:
(a) Base Salary continuation in accordance with Image’s normal payroll practices for the
remainder of the Term, plus for an additional period of six (6) months;
(b) Discretionary Bonus, if any, in accordance with Image’s normal payroll practices otherwise
payable pursuant to Subparagraph III(b) for the remainder of the Term; and
(c) Insurance for the remainder of the Term, and continuing for an additional period of six
(6) months.
For the purposes of this Paragraph XVII, “Good Cause” shall mean:
(i) Image requires Employee to relocate outside Los Angeles County;
(ii) There is a material breach of this Agreement by Image which Image fails to cure within
fifteen (15) days after receipt of such notice;
(iii) There is a material change in Employee’s duties;
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(iv) There is a change in Employee’s reporting structure other than a direct report to the
Board of Directors, CEO, COO, CFO or President of Image or any successor entity;
(v) There is a material reduction in Employee’s authority with respect to performing his
Duties; or
(vi) There is a reduction in Employee’s title.
XVIII. GENERAL PROVISIONS.
(a) Successors and Assigns. This Agreement is binding upon any successor or assignee of
Image. The parties hereto agree that Employee’s services are personal and that Employee shall
have no right to sell, transfer or assign this Agreement in any manner whatsoever.
(b) Entire Understanding. This Agreement, as well as the Employee Handbook, constitutes the
entire understanding and agreement between the parties with respect to the subject matter hereof,
and supersedes: (i) any and all prior and preliminary discussions; and (ii) any and all prior
written or oral and any and all contemporaneous written or oral agreements, understandings and
negotiations between the parties, including but not limited to prior written or oral employment
agreements and severance agreements, and, there are no warranties, representations or other
agreements between the parties in connection with the subject matter hereof except as set forth or
referred to herein. This Agreement shall not be modified, amended or altered except by an
instrument in writing executed by the parties hereto.
(c) Severability. In case one or more of the provisions contained in this Agreement (or any
portion of any such provision) shall for any reason be held invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provision
of this Agreement (or any portion of any such provision), but this Agreement shall be construed as
if such invalid, illegal or unenforceable provision (or portion thereof) had never been contained
herein.
(d) Waiver. The failure by Image, at any time, to require performance by Employee of any of
the provisions hereof, shall not be deemed a waiver of any kind nor shall it in any way affect
Image’s rights thereafter to enforce the same.
(e) Notices. All notices, requests, demands and other communications provided for by this
Agreement shall be in writing and shall be deemed to have been given 24 hours after deposit there
of for mailing at any general or branch United States Post Office, enclosed in a registered or
certified postpaid envelope and addressed as follows:
To Image: | IMAGE ENTERTAINMENT, INC. | |||
00000 Xxxxxxxx Xxxxxx — Xxxxx 000 | ||||
Xxxxxxxxxx, XX 00000 | ||||
Attn: Xxxxxx Xxxx Cho |
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To Employee: | XXXXXXX XXXX | |||
c/o Image Entertainment, Inc. | ||||
00000 Xxxxxxxx Xxxxxx, Xxxxx 000 | ||||
Xxxxxxxxxx, XX 00000 |
The parties hereto may designate a different place at which notice shall be
given; provided, however, that any such notice of change of address shall be
effective only upon receipt.
(f) Good Faith. The parties hereto shall perform, fulfill and discharge their duties and
obligations hereunder in a reasonable manner in good faith.
(g) Governing Law. This Agreement and all rights, obligations and liabilities arising
hereunder shall be construed and enforced in accordance with the laws of the State of California.
(h) Advice of Counsel. The parties represent and warrant that in executing this Agreement,
they have each had the opportunity to obtain independent financial, legal, tax and other
appropriate advice, and are relying upon any other party (or the attorneys or other agents of such
other party) for any such advice.
(i) Subject Headings and Defined Terms. Subject headings and choice of defined terms are
included for convenience only and shall not be deemed part of this Agreement.
(j) Cumulative Rights and Remedies. The rights and remedies provided for in this Agreement
shall be cumulative; resort to one right or remedy shall not preclude resort to another or to any
other right or remedy provided for by law or equity.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.
IMAGE ENTERTAINMENT, INC.
|
XXXXXXX XXXX | |||
/S/ XXXXX XXXXXXXX
|
/S/ XXXXXXX XXXX | |||
By: Xxxxx Xxxxxxxx |
||||
Title: Chief Operating Officer |
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