Atari Inc – ‘10-K’ for 3/31/99 – EX-10.51

On:  Tuesday, 6/29/99   ·   For:  3/31/99   ·   Accession #:  950123-99-6067   ·   File #:  0-27338

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Gt Interactive Software Corp.                         69    427K 
 2: EX-10.50    Warehouse Services Contract                           16     52K 
 3: EX-10.51    Letter Agreement                                       2     11K 
 4: EX-10.52    Agreement With Ronald Chaimowitz                       2±    11K 
 5: EX-10.53    Employment Agreement                                  14     66K 
 6: EX-10.54    Amendment to Employment Agreement With Chemerow        2     12K 
 7: EX-21.1     Subsidiaries of the Registrant                         2      8K 
 8: EX-23.1     Consent of Arthur Andersen LLP                         1      6K 
 9: EX-27.1     Financial Data Schedule                                1      7K 

EX-10.51   —   Letter Agreement

EX-10.51
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                                                                   EXHIBIT 10.51

 ANDREW GREGOR
11 LIGHTHOUSE LANE
 OLD GREENWICH, CT 06870
(203) 637-4474

March 12, 1999

Mr. Thomas Heymann                                                              
Chairman and Chief Executive Officer                                            
GT Interactive Software Corp.                                                   
417 Fifth Avenue                                                                
New York, NY 10016                                                              

Dear Tom:                                                                       

Reference is made to the following agreements with respect to my employment with
GT Interactive Software Corp. ("GT"):                                           

 1.       Severance Pay Agreement dated 21 July 1998 ("Severance
Agreement").                                

      2.       Amendment to Stock Option Agreements dated 13 February 1998
("Option Amendment").                       

 3.       Amendment to Severance Agreement dated 27 October 1998
("Severance Amendment").                    

This letter will confirm our agreement with respect to my employment by GT and  
the modification of each of the agreements referenced above (the "Agreements"). 

In consideration for my continued employment with GT through 3 September 1999,  
we agree that the Agreements are hereby amended as follows:                     

         1.       Section 2(d) of the Severance Agreement is hereby modified and
                 replaced in its entirety to read: "(d) Termination by Company
           for Any Other Reason. In the event that the Executive's
                employment is terminated by the Company during the Agreement
               Term for any reason other than for Cause or for Disability,
                  then the Company shall pay to Executive, within thirty days of
                 the date of such termination, Executive's Base Salary through
        such date of termination and, in lieu of any further
              compensation and benefits, severance pay equal to the Base
              Salary and benefits (other than bonuses and stock options)
                  that Executive would have otherwise received if his employment
had continued during the                    

EX-10.51
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         eighteen month period from the effective date of such
             termination, commencing with such termination date at the
                times and in the amounts such base salary and benefits would
                 have been paid and provided." This paragraph shall not affect
                  my rights to existing stock options as provided in paragraph 3
below.                                      

    2.       Section 1 of the Severance Amendment is hereby amended by
 inserting "18 months" to replace "12 months."

         3.       The Option Amendment is hereby amended in its second paragraph
                to define the Revised Expiration Date "as the later of March
            3, 2002, and the first anniversary of such termination."

    4.       On September 3, 1999, GT will terminate my employment, in
               accordance with Section 2(d) of the Severance Agreement, as
amended.                                    

5.       Other than for "Cause" (as defined in the Severance  
                  Agreement), GT will not terminate me before September 3, 1999.

Please indicate your agreement with the preceding terms and amendments by       
signing the copy attached, and returning it to me.                              

Sincerely,                             Accepted and agreed to:                  

/s/ANDREW GREGOR                       /S/ THOMAS A. HEYMANN                    
------------------------               ---------------------------------------- 
Andrew Gregor                          Title:  Chairman of the Board and Chief  
               Executive Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		3/3/02		2
		9/3/99		2
Filed on:		6/29/99							8-K
For Period End:		3/31/99							10-K405/A
		3/12/99		1
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