Exhibit 10.1

 

TERMINATION AGREEMENT

 

This TERMINATION AGREEMENT, dated as of July 15, 2005 (this “Agreement”), is
entered into by and among Weider Publications, LLC, a Delaware limited liability
company, Oak Productions, Inc., a California corporation (“Oak”), and American
Media, Inc., a Delaware corporation (“AMI”).

 

W I T N E S S E T H

 

WHEREAS, the parties hereto are parties to that certain Consulting Services
Agreement dated as of January 1, 2004 (the “Consulting Services Agreement”); and

 

WHEREAS, AMI is a party to that certain Agreement to Make Contributions dated
January 1, 2004 addressed to Oak (the “Agreement to Make Contributions”); and

 

WHEREAS, the parties wish to terminate the Consulting Services Agreement and the
Agreement to Make Contributions;

 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein
made and intending to be legally bound hereby, the parties hereto agree as
follows:

 

1. The parties hereto hereby agree to terminate the Consulting Services
Agreement and the Agreement to Make Contributions, effective as of the date
hereof. In furtherance hereof, the parties recognize that they shall have no
rights or obligations arising on or after the date hereof under any of the
provisions of the Consulting Services Agreement (including, without limitation,
Sections 5.1, 5.2, 6.1, 6.2 and 6.3 thereof) and the Agreement to Make
Contributions, and that all rights, benefits and obligations with respect to the
Phantom Equity Interests (as defined in the Consulting Services Agreement) are
hereby terminated and relinquished.

 

2. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware applicable to contracts executed and to be performed in
such State.

 

3. This Agreement may be executed in any number of counterparts, all of which
together shall constitute a single instrument. Delivery of an executed signature
page of this Agreement by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof.

 

4. This Agreement embodies the entire agreement and understanding of the parties
hereto and supersedes all prior agreements and understandings between the
parties with respect to the subject matter hereof, including, without
limitation, the Consulting Services Agreement and the Agreement to Make
Contributions.

 

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IN WITNESS WHEREOF, the parties have executed this Termination Agreement as of
the day and year first above written.

 

WEIDER PUBLICATIONS, LLC

By:

 

/s/ Michael B. Kahane

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Name:

 

Michael B. Kahane

Title:

 

Executive Vice President and General Counsel

OAK PRODUCTIONS, INC.

By:

 

/s/ Paul Wachter

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Name:

 

Paul Wachter

Title:

 

Chief Executive Officer

AMERICAN MEDIA, INC.

By:

 

/s/ Michael B. Kahane

--------------------------------------------------------------------------------

Name:

 

Michael B. Kahane

Title:

 

Executive Vice President and General Counsel

 

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