Exhibit 10.1
 
Confidential Settlement Agreement, Mutual Release, and Covenant Not to Sue
 
This Confidential Settlement Agreement, Mutual Release and Covenant Not to Sue
("Agreement") is entered into this December 17, 2010 by and among FRANK J.
ORLANDO ("Orlando"), on the one hand, and MARINE GROWTH VENTURES INC., and its
subsidiaries (“MGV”), TITAN GLOBAL HOLDINGS, INC. (“Titan”), FRANK CRIVELLO
(“Crivello”), DAVID MARKS (“Marks”), BRYAN CHANCE (“Chance”) and KURT JENSEN
(“Jensen”),  THE IRREVOCABLE CHILDREN’S TRUST (“ICT”), THE IRREVOCABLE
CHILDREN’S TRUST NO. 2 (“ICT2”), CRIVELLO GROUP, LLC (“Crivello Group”), PHOENIX
INVESTORS, LLC (“Phoenix”), and FARWELL EQUITY PARTNERS, LLC (“Farwell”)
(collectively the “Second Group”) on the other hand.
 
I. RECITALS
 
WHEREAS, on or about June 2008, Orlando’s employment and\or consulting
arrangements with Titan, MGV, Phoenix, Farwell and Crivello Group ended
(“Separation”);
 
WHEREAS, Crivello, Marks, Chance, and Orlando are or were officers or directors
of Titan, MGV, ICT, ICT2, Crivello Group, Phoenix Investors, and\or Farwell;
 
WHEREAS, following Separation, Titan owed Orlando approximately $11,654 for
unreimbursed out of pocket expenses;
 
WHERAS, prior to the Separation, MGV had accrued $145,000 in unpaid wages for
Orlando but MGV has maintained these wages were accrued in error;
 
WHEREAS, following Separation, disputes arose between Orlando and one or more
members of Second Group; and,
 
 WHEREAS, Orlando and Second Group desire to settle the amounts owed to Orlando,
pursuant to the terms and conditions set forth herein below all claims.
 
II. AGREEMENT
 
NOW, THEREFORE, the parties mutually agree as follows:
 
 
1

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

 
 
1.  Consideration.
 
a.            MGV shall:
 
1. Execute and deliver to Orlando a check for $25,000;
 
2. Accept the consideration contained herein as the sole consideration for the
execution of this Agreement, the release, and affirmative and negative covenants
contained herein.
 
b.           Titan shall:
 
1. Execute and deliver to Orlando a check for $10,000;
 
2. Accept the consideration contained herein as the sole consideration for the
execution of this Agreement, the release, and affirmative and negative covenants
contained herein.
 
c.           Remainder of Second Group shall:
 
1. Execute and deliver to Orlando a signed original of this Agreement, thereby
fully and forever releasing Orlando on the terms described in this Agreement;
 
2. Accept the consideration contained herein as the sole consideration for the
execution of this Agreement, the release, and affirmative and negative covenants
contained herein.
 
d.           Orlando shall:
 
1. Execute and deliver to Second Group a signed original of this Agreement,
thereby fully and forever releasing the Second Group on the terms described in
this Agreement;
 
2. Accept the consideration contained herein as the sole consideration for the
execution of this Agreement, the release, and affirmative and negative covenants
contained herein.
 
 2. Mutual Release of Claims.
 
A. Conditioned upon receipt of the consideration set forth in Section 1 above,
Second Group, on behalf of itself and on behalf of its affiliates, subsidiaries,
officers, directors, employees, sales personnel, agents, attorneys, accountants,
insurers, representatives, successors and assigns, hereby releases and forever
discharges Orlando, his heirs and assigns ("the Orlando Parties"), from any and
all claims, demands, obligations, losses, causes of action, costs, expenses,
attorneys' fees and liabilities of any nature whatsoever, whether based on
contract, tort, statutory or other legal or equitable theory of recovery,
whether known or unknown, which Second Group has, had,  claims or could claim to
have against any or all of the Orlando Parties.
 
 
2

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

 
 
B. Conditioned upon payment of the consideration set forth in Section 1 above,
Orlando, on behalf of himself and his past and present partners, principals,
employees, agents, servants, attorneys, insurers, representatives, affiliates,
successors, heirs and assigns, hereby releases and forever discharges Second
Group and its respective subsidiaries, agents, attorneys, accountants, insurers,
successors and assigns, from any and all claims, demands, obligations, losses,
causes of action, costs, expenses, attorneys' fees and liabilities of any nature
whatsoever, whether based on contract, tort, statutory or other legal or
equitable theory of recovery, whether known or unknown, which Orlando has, had,
claims or could claim to have against Second Group.
 
3. Covenants.
 
A. Second Group and Orlando each covenant and agree, absolutely, unconditionally
and irrevocably, that neither party will, at any time hereafter, either directly
or indirectly, on behalf of itself and each party’s successors, assigns, and
other legal representatives, sue, (at law, in equity, in any regulatory
proceeding or otherwise) on the basis of any claim released, remised and
discharged by either party pursuant to Section 3 above.  If Second Group,
Orlando or any of their successors, assigns or other legal representatives
violates the foregoing covenant, such violating party, for itself and its
successors, assigns and legal representatives, agrees to pay, in addition to
such other damages as any party of Second Group or Orlando may sustain as a
result of such violation, all attorneys' fees and costs incurred by said party
as a result of such violation.
 
B. The terms of this Agreement, and the very existence of this Agreement itself,
shall remain strictly confidential subject to the obligations of MGV to make SEC
filings of this Agreement. Each signatory to this Agreement individually
covenants not to disclose any of the terms of this Agreement, whether generally
or specifically, to any third party, except to their respective attorneys,
accountants, families and or advisors or as may be required by a party's
accountants or insurers, or by order of a court of competent jurisdiction. Each
signatory further covenants that he or it will be personally liable for any and
all damages that may be caused to any other party by his unauthorized disclosure
of any of the terms of this Agreement.
 
4. Agreement Not an Admission of Liability. The parties hereto agree and
acknowledge that this Agreement is a compromise settlement of each party's
disputed claims, and that the sums and covenants given in consideration of this
Agreement, as well as the execution of this Agreement, shall not be construed to
be an admission of liability on the part of any party with respect to the
disputed matters set forth above.
 
5. Parties to Bear Own Costs and Attorneys' Fees. Each party to this Agreement
will bear its own costs, expenses, and claims to interest and attorneys' fees,
whether taxable or otherwise, incurred in or arising out of, or in any way
connected with the matters which are referenced or covered in the mutual
releases referenced above or which were otherwise related to the subject of this
Agreement.
 
 
3

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

 
 
6. Entire Agreement. This Agreement represents and contains the entire agreement
and understanding among the parties hereto with respect to the subject matter of
this Agreement, and supersedes any and all prior oral and written agreements and
understandings. No representation, warranty, condition, understanding or
agreement of any kind with respect to the subject matter shall be relied upon by
the parties except those contained herein. This Agreement may not be amended or
modified except by an agreement signed by the party against whom enforcement of
any modification or amendment is sought.
 
7. Advice of Counsel. In entering into this Agreement, the parties each
acknowledge and represent that they have sought and obtained the legal advice of
their attorneys, who are the attorneys of their own choice. They further
represent that the terms of this Agreement have been completely read by them,
and that those terms are fully understood and voluntarily accepted by them.
 
8. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, and all of which together shall be
deemed one and the same instrument.
 
9. Attorneys' Fees. In the event litigation is necessary to enforce a provision
or provisions of this Agreement, all costs, expenses and attorneys' fees,
whether taxable or not, shall be paid by the non-prevailing party or parties to
the prevailing party or parties.
 
10. No Assignment. The parties each represent and warrant to one another that
they have not sold, assigned, transferred, conveyed or otherwise disposed of any
claim or demand covered by this Agreement.
 
11. Heirs, Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties' respective legal heirs, successors and
assigns.
 
12. Severability. Should any portion (word, clause, phrase, sentence, paragraph
or section) of this Agreement be declared void or unenforceable, such portion
shall be considered independent and severable from the remainder, the validity
of which shall remain unaffected.
 
13. MGV Shares. Notwithstanding any provision of this Agreement, it is expressly
understood that Orlando owns shares in MGV and this Agreement will in no manner
impact or impair his ownership of those shares.
 

 

 
4

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

 
 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed
by their respective representatives thereunto duly authorized, as of December
17, 2010.
 

 

        Frank J. Orlando         Subscribed and sworn to before
 
me this ____ day of December 17, 2010.
 
   
 
Notary Public, State of ______________
 
My commission  ______________
   

 

       
Chairman
Marine Growth Ventures, Inc. and its subsidiaries
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

       
Chairman
Titan Global Holdings, Inc. and its subsidiaries
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

                                 
 
5

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

 
 

       
Managing Member
Crivello Group, LLC
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

 

       
Managing Member
Farwell Equity Partners, LLC
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

 

       
Trustee
Irrevocable Children’s Trust
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

 
 
 
6

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

 

       
Trustee
Irrevocable Children’s Trust No. 2
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

                                              
 

       
Managing Member
Phoenix Investors, LLC
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

                                                     
 

       
Frank Crivello
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

 
 
7

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

 

 

       
David Marks
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

                                                   
 

       
Kurt Jensen
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

       
Bryan Chance
        Subscribed and sworn to before
 
me this 17th day of December , 2010.
 
     
Notary Public, State of ______________
 
My commission  ______________
   

                                                   
 

8