EXHIBIT 10.2
CONFIDENTIAL PORTIONS OMITTED
LIMITED LIABILITY COMPANY AGREEMENT
OF
NEWCO 1, LLC
DATED JUNE 11 , 2009
TABLE OF CONTENTS
i
Page
ARTICLE I DEFINITIONS
1
ARTICLE II BUSINESS PURPOSE AND ACTIVITIES
6
2.01.
Place of Business
6
2.02.
Nature of Business
6
2.03.
Excluded Scope
7
2.04.
Marketing and Sales To Current Customers of Digimarc or Nielsen
7
ARTICLE
III
FORMATION AND TERM
7
3.01.
Formation
7
3.02.
Members’ Interests
8
3.03.
Name
8
3.04.
Term
8
3.05.
Registered Agent and Office
8
3.06.
Title to Assets
8
ARTICLE
IV
MANAGEMENT OF THE COMPANY
8
4.01.
Members’ Committee
10
4.02.
Management of the Company
11
4.03.
Prior Approval
12
4.04.
Additional Funding
ARTICLE V RIGHTS IN IP; ANCILLARY LICENSES AND SERVICES
12
5.01.
Company Rights to Developed Intellectual Property
12
5.02.
Digimarc License and Services
13
5.03.
Nielsen Licenses and Services
14
5.04.
Ability to Grant Licenses
15
5.05.
Transitional Services; Real Estate Arrangements
15
ARTICLE
VI
FUNDING, ALLOCATIONS, DISTRIBUTIONS AND CAPITAL ACCOUNTS
15
6.01.
Funding; Capital Contributions
15
6.02.
Fiscal Year
16
6.03.
Distributions to the Members
16
6.04.
Certain Other Allocation Rights
17
6.05
Additional Capital Contribution
18
6.06
Member’s Failure To Make Capital Contributions
18
6.07.
Accounting Procedures
18
6.08
Principle Tax Matters
19
6.09
Payment and Withholding of Certain Taxes
20
6.10
Organizational Expenses
21
6.11
Classification
21
ii
ARTICLE
VII
BUDGETS AND BUSINESS PLANS
21
7.01.
Business Plans and Budgets
21
7.02.
Approval by the Members’ Committee
21
7.03.
Default Budget
21
7.04.
Default Business Plan
22
ARTICLE
VIII
CERTAIN REPRESENTATIONS, WARRANTIES, AND COVENANTS
22
8.01.
Authorization
22
8.02.
Ab