Document:

Exhibit 10.18

 

Facility License Agreement

 

This Teqcorner Facility License Agreement (this “Agreement”) by and
between Teqcorner, a Delaware Limited Liability Company and the individual or
entity named in Section A below (“Client”) is effective as of November
1st, 2003 with respect to Clients’ license of the
portion identified in Exhibit D hereto (the “Client Area”) of the Teqcorner
facility named in Section B.1 below (the “Facility”).

 

License
Outline

 

	
  A.

  	
  PARTIES TO THE LICENSE

  
	
  CLIENT

  
	
  1.

  	
  Client Legal Name:

  	
   

  	
  Gladstone Capital Corporation

  
	
  2.

  	
  Client Business Name (if different):

  	
   

  	
  Same

  
	
  3.

  	
  Client State/Province of Formation:

  	
   

  	
  Delaware

  
	
  4.

  	
  Client Address:

  	
   

  	
   

  
	
  5.

  	
  Client Contact Person, Phone Number, Fax and E-Mail:

  
	
   

  	
   

  
	
   

  	
  Daivd Gladstone 1616 Anderson Road, McLean, VA 22102 703 286 7000

  
	
  6.

  	
  Billing Contact Information (if different):

  	
   

  	
   

  
	
  7.

  	
  Client Tax ID Number:

  	
   

  	
   

  
	
  TEQCORNER, LLC

  1616 Anderson Road, McLean, Virginia 
  22102

  United States

  
	
  B.

  	
  BASIC TERMS

  	
   

  	
   

  
	
  1.

  	
  Facility:

  	
   

  	
  1616 Anderson Road, McLean, VA 
  22102

  
	
  2.

  	
  Nature of Client’s Business in Client Area:

  	
   

  	
   

  
	
  3.

  	
  Beginning Date of Initial Term:

  	
   

  	
  November 1, 2003

  
	
  4.

  	
  Initial Term:

  	
   

  	
  12 months

  
	
  5.

  	
  End Date of Initial Term:

  	
   

  	
  October, 31 2004

  
	
  C.

  	
  CLIENT AREA
  SPECIFICATIONS (As depicted in the facility map in Exhibit D attached
  hereto.)

  
	
  1.

  	
  Client Area*:

  	
   

  	
  Area 209

  	
   

  	
  Area 208

  
	
  2.

  	
  Total Monthly Base Service Area Fee

  	
   

  	
  $5,700.00

  	
   

  	
  $6,590.00

  
	
  3.

  	
  Total Refundable Service Retainer (due upon execution of the
  Agreement):

  	
   

  	
  Current retainer will be applied to this
  agreement

  	
   

  	
  Current retainer will be applied to this
  agreement

  
	
  4.

  	
  Monthly Additional Service Fees:

  	
   

  	
  $612.50

  	
   

  	
  $612.50

  
	
  5.

  	
  One Time Set-Up Fees:

  	
   

  	
  waived

  	
   

  	
  n/a

  
	
  6.

  	
  Occupancy:

  	
   

  	
  10

  	
   

  	
  10

  
	
  7.

  	
  Parking Spaces (if applicable):

  	
   

  	
  10

  	
   

  	
  10

  
	
  8.

  	
  Due on Signing
  (Base Service Fee for September)

  	
   

  	
  Current billing cycle will

  apply

  	
   

  	
  Current billing cycle will

  apply

  
	
  9.

  	
  Due on Signing –
  Refundable Security Retainer (separate checks, please)

  	
   

  	
  n/a

  	
   

  	
  n/a

  
	
  10.

  	
  Reocurring Monthly Base Service Fee and Monthly Additional Service
  Fee Due on the 1st of Each Month

  	
   

  	
  n/a

  	
   

  	
  $13,515.00

  
	
  11.

  	
  Duration

  	
   

  	
  12 months

  	
   

  	
  12 months

  
	
  D.

  	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A – Teqcorner Facility Service
  License General Terms and Conditions

  
	
  Exhibit B – Teqcorner Base Services 

  
	
  Exhibit C – Teqcorner Additional Services
  and Voice and Data Services

  
	
  Exhibit D – Client Area Map

  
	
  E.

  	
  RENEWAL

  
	
  I would like my license to automatically
  renew at the above-listed rates(w/4% annual escalator)for my area #209 and
  #208 

  
	
  Same Term

  	
  XX

  	
  Shorter Term

  	
  N/A

  	
  Monthly

  	
  N/A

  
											

 

Client will give
ninety (90) days written notice if Client wants to cancel my renewal. Each
party has read and understands the terms and conditions as outlined in Exhibit
A or Facilities Services Licenses General Terms and Conditions and agrees to be
bound by those terms and conditions.

 

1

 

EXHIBIT A

TEQCORNER FACILITY SERVICE LICENSE GENERAL TERMS AND
CONDITIONS

 

1.General

 

These terms and conditions apply to the Facility Service License (the
“License”) signed by Client.  Under the
License, Teqcorner has agreed to provide Client with the Client Area identified
in The Teqcorner License Summary to the License and the base services described
in the Services Guide – EXHIBIT C to the License (the “Base Services”).  The Base Services and charges for use of the
Client Area are included in the monthly base service fees (the “Base Service
Fees”) payable by Client to Teqcorner. 
In addition, Teqcorner provides Technology Services (as defined in
Section 3(b)) and the other additional services described in the Services Guide
– EXHIBIT C to the License (the “Additional Services” and together with the
Base Services and the Technology Services, the “Services”).

 

2.Use of Client
Area

 

(a) Nature of Client’s Business.  Clients will have the right to use the Client Area
exclusively during the Term (as defined in Section 4(a)) of this Exhibit A.
Client may use the Client Area only for office purposes connected to the
business described in the License.  Any
use of the Client Area or the Facility of a “retail” nature, including retail
sale of goods to the public or other Clients of the Facility, or any other use
involving frequent visits by the public is strictly prohibited.  Client will not (i) engage in any business
that competes, directly or indirectly, with Teqcorner’ business of providing
facilities, infrastructure and related services or (ii) use the Teqcorner name
in any manner.

 

(b) Client Equipment. 
Client will not install any furniture or office equipment,
cabling, Internet or telecom connections without Teqcorner’ prior written
consent, which Teqcorner may refuse in its absolute discretion.  Teqcorner has the right to have all such
installations done by Teqcorner’ designees at Client’s sole cost and expense.

 

(c) Care of Client Area and Facility.  Client is responsible and liable
for any damage caused by it agents, employees, invitees, or persons permitted
by Client in the Building, the Facility or the Client Area.  Client agrees to take care of the Client
Area, the Facility, the equipment, furnishings and other property that it uses
and acts at all times in a commercially responsible manner.  Client may not alter any part of the Client
Area, the Building, the Facility, equipment or furnishings provided by
Teqcorner to Client.

 

(d) Client Name and Client Address. Client may
use the address of the Facility as its business address.  Client may conduct its business at the
Facility only in the name(s) specified in Sections A.1 and A.2 of the
License.  If Client desires to conduct
its business in another name, it must submit a Name Change Form to Teqcorner
for approval, which will not be unreasonably withheld.  Client may not post signs on the windows or
doors of the Client Area or the Facility that are visible to those outside the
Client Area. Teqcorner will provide all signage for the Client Area.

 

(e) Compliance with Laws. 
Client will not use the Client Area for any purpose that
would cause a violation of the License or any applicable laws, rules or
regulations or that in Teqcorner’ sole discretion is dangerous, illegal,
interferes with other Clients or impairs the quality, character, reputation or
appearance of the Building, the Facility or the Client Area.

 

(f) Facility Rules and Regulations.  Client agrees to observe all
rules and regulations that Teqcorner imposes generally on Clients and users of
its facilities.

 

(g) Inventory.  Client
will sign an inventory list document when it moves into the Client Area (the
“Inventory List”).  The Inventory List
will include all furniture, equipment and supplies in the Client Area and the
condition of such items.  The Inventory
List will be updated as necessary to reflect additional items supplied by
Teqcorner to Client.

 

(h) Hosting /Telephone Services.  Client may not have any hardware or software in the
Client Area or the Facility that is the unsolicited recipient/host of Internet
traffic from outside the Facility. 
Client may not use any telephone services, telephone carriers or
Internet provider in the Client Area other than those provided by Teqcorner.

 

(i) Surrender.  Client
will immediately leave the Client Area upon termination of the License.  In the event that Client does not surrender
the Client Area upon termination of the License, Teqcorner reserves the right
to charge Client two (2) times the Monthly Base Service Fee prorated for each
day the Client remains in the Client Area following the End Date (as defined in
Section 4).  Teqcorner may also refuse
to provide any services during such period at no liability to Teqcorner.  If Client leaves behind any property, such
property will be deemed abandoned and may be disposed of by Teqcorner,
including

 

2

 

being discarded, at Client’s
expense, and/or sold.  If Client
defaults under the License and Client is denied access to the Client Area,
Teqcorner will not be liable for any damages to the Client.

 

(j)  Keys and Security; User Ids and Passwords. Any
keys or entry cards provided by Teqcorner will remain Teqcorner’s property at
all times.  Two sets of keys and entry
cards shall be provided at no extra charge. 
Client will not make any copies of these keys and entry cards or allow
anyone else to use them without Teqcorner’ prior written consent.  Any loss must be reported to Teqcorner
immediately.  Client will pay the cost
of replacement keys or cards and of changing locks.  Client will use its reasonable efforts to keep the Building, the
Facility, the Client Area and Client’s personal property safe and secure at all
times.

 

3.  Teqcorner Services.

 

(a) Base Services. 
As long as Client is (i) current in paying its Fees and (ii)
in compliance with the License, Teqcorner will provide Client with the Base
Services and Client will be eligible to request Additional Services. Teqcorner
guarantees that Client’s Area will be ready for move in.  If for any reason space is not available,
Teqcorner guarantees that office space of equal or greater size and quality
will be made available, until such time as Client Area is made available.

 

(b) Technology Services. 
As long as Client is (i) current in paying its Fees and (ii)
in compliance with the License, Teqcorner will provide Client, as requested,
with voice and data services, including without limitation, telephone
installation and usage, Internet connections and technology support services
(the “Technology Services”).  Such
Technology Services will be subject to the charges described in Section 5
below.

 

(c) Parking.  If
Teqcorner has parking available for Clients at or in the vicinity of the
Building, it will provide Client with the number of parking spaces listed in
the Services Guide - Exhibit B of the License at Teqcorner’ published rates
during the time the parking services are utilized, which rates may change from
time to time in Teqcorner’ sole discretion. 
Client will abide by all rules and regulations governing parking in and
around the Building.

 

(d) Access to Client Area; Relocation.  Teqcorner can enter the Client
Area at any reasonable.  In no event
will Teqcorner charge Client Monthly Base Service Fees for such Client Area
until it becomes available to Client. If Client chooses to relocate, it will
bear all costs associated with its relocation. 
Prior to any relocation, Client shall enter into a facility service
License with respect to the new Client Area.

 

(e) Teqcorner’s Limitation of Liability.  The Client acknowledges that due
to the imperfect nature of verbal, written and electronic communications,
neither Teqcorner nor Teqcorner’s landlord or any of their respective officers,
directors, employees, shareholders, partners, agents or representatives shall
be responsible for damages, direct or consequential, that may result from the
failure of Teqcorner to furnish any service, including but not limited to the
service of conveying messages, communications and other utility or services.  The Client’s sole remedy and Teqcorner’s
sole obligation for any failure to render any service, any error or omission,
or any delay or interruption of any service, is limited to an adjustment to the
Client’s bill in an amount equal to the charge for such service.

 

WITH THE SOLE
EXCEPTION OF THE REMEDY DESCRIBED ABOVE,  CLIENT
EXPRESSLY AND SPECIFICALLY AGREES TO WAIVE, AND  AGREES NOT TO MAKE, ANY CLAIM FOR
DAMAGES, DIRECT OR  CONSEQUENTIAL, INCLUDING WITH RESPECT TO LOST BUSINESS
OR  PROFITS, ARISING OUT OF ANY FAILURE TO FURNISH ANY SERVICE, ANY
ERROR OR
OMISSION WITH RESPECT THERETO, OR ANY DELAY OR  INTERRUPTION OF SERVICES.  TEQCORNER DISCLAIMS ANY WARRANTY OF
MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

4.  Term, Renewal and Termination.

 

(a) Term.  The
initial term of the License shall commence and end on the dates identified in
Sections B.3 and B.5 of the License Outline (the “Initial Term”).  On the terms and subject to the conditions
set forth in Section 4(b) below, at the end of the Initial Term, Teqcorner may
elect to permit Client to renew the License in which case Client shall complete
a Renewal Election Form and execute a Facility Service Renewal License
(“Renewal License”).  The length of the
term of such renewal (the “Renewal Term” and together with the Initial Term,
“The Term”) and other relevant terms shall be described in the Renewal
License.  The last day of the Initial
Term or any Renewal Term shall be an “End Date.”

 

(b) Client Renewal and Termination.

 

(i) Termination by Client.  In order for Client to terminate the License effective
on an End Date, Client shall submit a completed

 

3

 

Termination Election Form to
Teqcorner indicating its intention to terminate at least ninety (90) calendar
days prior to the relevant End Date. Client termination day must be the last
day of the month.

 

(ii) Renewal by Client. 
If Client desires to renew the License beyond the End Date,
it shall submit a completed Renewal Election Form to Teqcorner at least ninety
(90) calendar days prior to the relevant End Date.  A Renewal License executed by Client shall accompany this Renewal
Election Form.  Upon receipt of an
executed Renewal Election Form and Renewal License, Teqcorner shall, in its
sole discretion, determine whether to permit renewal of the License.  In the event that it permits renewal of the
License, Teqcorner shall execute the Renewal License.  If Teqcorner does not wish to renew the License, it will so
notify Client and the License will terminate effective on the End Date.

 

(iii) Late Termination. If Client does not submit a
Termination Election Form (or an executed Renewal License if it seeks to renew
the License) at least ninety (90) calendar days prior to the relevant End Date,
Teqcorner may in its absolute discretion: (A) make the Client Area available
for viewing at any time through the effective date of termination of the
License to other Clients, prospective Clients or for Teqcorner personnel, and
(B) either (i) terminate the License effective on the End Date or (ii)
automatically renew the License for the period on the relevant End Date and
ending on the last day of the calendar month following the month in which such
End Date occurs and which renewal shall otherwise be on the same terms and
conditions as those set forth in the original License.

 

(c) Termination by Teqcorner.  Teqcorner may terminate the License in its absolute
discretion effective (i) on any End Date, (ii) on the date of termination of
its lease for the Facility or destruction of the Facility or (iii) immediately
if (A) Client has not paid its Fees when due to Teqcorner; (B) Client is in
breach of the License and such breach, if of a nature that could be cured, has
not been cured within five (5) business days’ written notice of the breach from
Teqcorner, or (C) if the conduct of Client, its agents, employees, invitees, or
persons permitted by Client in the Building, the Facility or the Client Area is
incompatible with general business use.

 

(d) Termination of Services.  Client must vacate the Client Area on or prior to the
effective date of termination of the License. 
In the event that Client fails to vacate the Client Area or pay all
outstanding Fees in full within 5 business days of written notice Teqcorner may
at its sole discretion: (i) reenter and take possession of the Client Area and
remove all persons and property from the Client Area, (ii) disconnect any
Technology Services, (iii) restrict or eliminate Client’s access to the Client
Area and/or Facility and/or Building and (iv) cease supplying Client with any
Services.  Teqcorner shall not be liable
to Client for any damages to Client if Client does not vacate the Client Area
and Teqcorner takes any of the above actions, changes the locks, moves Client’s
property or otherwise denies Client access to the Client Area.  In addition, Client shall be liable for
charges to reconnect or reinstall any Services at Teqcorner standard rates
effective at the time such reconnection or reinstallation.

 

Notwithstanding any other provision of this Agreement, if Teqcorner is
unable to provide adequate space in the building and upon Client’s delivery of
at least four (4) months’ prior written notice, Client may terminate the
License upon delivery to Teqcorner of written notice of such termination, and
such termination shall be effective on that date stated in the notice, so long
as such date is at least four (4) months after delivery of the notice (provided
further, however, that the parties may agree in writing to a shorter period).

 

(e) Termination Procedures.  Following termination of the License, Client shall
remain responsible for paying all Fees and other outstanding obligations to
Teqcorner.  After termination of the
License, Client will timely notify all of its customers, suppliers and other contacts
of Client’s new address and phone numbers. 
Teqcorner shall have no obligation to notify any person or entity of
Client’s new address or phone numbers. 
Client acknowledges that Teqcorner will comply with the U.S. Postal
Service regulations regarding Client mail. 
Client agrees not to file a change of address form with the postal
service.  Filing of a change of address
form may forward all mail addressed to the facility to the Client’s new
address. In addition, all telephone and facsimile numbers and IP addresses are
property of Teqcorner.  These numbers
will not be transferred to you at the end of term.  For a period of thirty (30) calendar days after the expiration of
this License, Teqcorner will provide the Client’s new telephone number and
address to all incoming callers and will hold or forward the Client’s mail,
packages, and facsimiles at no cost to Client per the Termination Election
Form. After thirty (30) calendar days Client may request the continuation of
this service at the Client’s cost.

 

Unless Client otherwise notifies Teqcorner in writing, Teqcorner will
follow its standard mail, telephone and voice forwarding policy and charge
Client its published rates for such services on the

 

4

 

effective date of termination of the License.  The fees for such services will be deducted from the Service
Retainer (as defined in Section 5(c) hereof).

 

5. Fees.

 

(a)  General. Invoices (the “Monthly Invoices”)
are issued on or about the 20th day of each calendar month (the “Monthly
Invoice Date”) and will include fees for (i) Monthly Base Service Fees for the
next calendar month, (ii) Technology Services periodic and set -up fees for the
next calendar month (the “ Technology Periodic Fees”), (iii) Unpaid Technology
Services usage fees for all prior calendar months (the “ Technology Usage Fees”
and, together with the Technology Periodic Fees, the “ Technology Service
Fees”), (iv) parking fees for the next calendar month (the “Parking Fees”) if
applicable and (v) any Additional Services requested by Client or Energy
Surcharge (as defined in Section 5(f)) since the last Monthly Invoice (the
“Additional Service Fees” and together with the Monthly Base Service Fees,
Parking Fees and the Technology Services Fees, the “Fees”).  Payment for any and all Fees is due in full
on the 5th day of the calendar month following Monthly Invoice Date month.  Any Monthly Base Service Fees, Parking Fees
and Technology Service Fees for periods of less than a calendar month shall be
proportionately determined based on a 30-day month.  Teqcorner shall have the right to terminate all Client Technology
Services if Client does not remain current in paying its Fees.  All payments will be made in the United
States in U.S. dollars.

 

(b) Determination of Fees.

 

(i) Monthly Base Service Fees.  Monthly Base Service Fees are determined based upon
the Base Occupancy for the Client Area set forth in Section C.1 or 2 of the
License.

 

(ii) Technology Service Fees.  Clients shall pay one-time installation and set up as
well as periodic charges for Technology Services as described in published
Teqcorner rates, as such rates may change from time to time in Teqcorner’ sole
discretion.  Subject to a minimum usage
equal to the Technology Minimum set forth in section C.4 of the License, Client
shall select the level of Technology Services it uses.  All Client Areas are subject to a minimum
Technology Service Fee based upon the Technology Minimum for a Client Area.  Technology Services are subject to standard
Teqcorner fees, as published at the time of usage, for usage up to the Base
Occupancy.  Any usage in excess of the
Base Occupancy is subject to premium Teqcorner fees, as published at the time
of usage.  Teqcorner shall be the sole
and exclusive provider of telecommunication and data services to Client.

 

(c) Refundable Service Retainer.  The refundable service retainer set forth in Section
C.3 of the License paid by Client in connection with the License (the “Service
Retainer”) will be held by Teqcorner as security for Client’s performance of
its obligations under the License.  The
Service Retainer is not a deposit and shall not accrue interest.  Any remaining Service Retainer after
deducting outstanding Fees and any other costs or expenses, including Collection
Costs (as defined in Section 5(f)), owed to Teqcorner, will be paid to Client
within sixty (60) calendar days of the effective date of termination of the
License.  Teqcorner may require Client
to increase the amount of the Service Retainer in the event that Client’s
monthly fees exceed the amount of the Service Retainer or Client does not pay
its Fees in a timely manner.  In
addition, in the event that Teqcorner applies any of the Service Retainer
pursuant to the License, Teqcorner retains the right to return only the unused
portion  of the retainer. If applied
amounts pursuant to the License agreement are more than the retainer , then the
Client is liable for the additional charges.

 

(d) Payments. Client agrees to pay the base and
additional service fees and all applicable sales or use taxes on the payment
dates listed on the license summary.  If
Client disputes any portion of the charges on Client’s bill, Client agrees to
pay the undisputed portion on the designated payment date.  Client agrees that charges must be disputed
within sixty (60) calendar days or Client waives the right to dispute such
charges.  Client may be charged a late
fee for any late payments.

 

(e) Default.  Client
is in default under this License if; 1) Client fails to abide by rules and
regulations of the facility, a copy of which has been provided; 2) Client does
not pay fees on the designated payment date and after written notice of this
failure to pay Client does not pay within five (5) business days; and 3) Client
does not comply with the terms of this License.  If the default is unrelated to payment the Client will be given
written notice of the default and the Client will have ten (10) calendar days
to correct the default.

 

(f) Late Payment.  Past
due Monthly Invoices not paid by the 5th calendar day of the month (the “Late
Fee Date”) following the Monthly Invoice Date will be subject to a 5% late fee
charge.  Any sums not paid by the Late
Fee Date shall automatically accrue interest from the Late Fee Date at rate of
eighteen percent (18%) per annum or the highest rate allowed by law, whichever
is less.  Teqcorner shall charge Client
its standard return 

 

5

 

check fee for all returned
checks.  Returned checks will not be
considered timely payments for calculation of late charge fees.  Client shall also be liable for any costs
incurred by Teqcorner (“Collection Costs”), including without limitation,
attorneys’ fees and/or costs of collection or of ensuing performance.  Such fees shall be added to any amounts due
under the License.

 

(g) Taxes.  All
fees charged by Teqcorner for Services are exclusive of all excise, sales, use,
personal property and other similar taxes and fees (“Taxes”) now in force or
enacted in the future in connection with the delivery of Services.  Client will be responsible for all such
Taxes, except for taxes based on Teqcorner’ net income.

 

6.  License Agreement

 

THIS LICENSE IS NOT A
LEASE OR ANY  OTHER INTEREST IN REAL PROPERTY.  IT IS A CONTRACTUAL  ARRANGEMENT
THAT CREATES A REVOCABLE LICENSE.  Teqcorner
retains legal possession and control of the center and the office assigned to
the Client.  Teqcorner’s obligation to
provide the Client area and services is subject to the terms of Teqcorner’s
lease with the landlord.  This License
terminates simultaneously with the termination of Teqcorner’s lease or the
termination of the operation of Teqcorner’s facility for any reason.  As our Client you do not have any rights
under Teqcorner’s lease with its landlord. 
When this License is terminated because the term has expired or
otherwise, the Client’s license to occupy the facility is revoked.  Client agrees to remove the Client’s
personal property and leave the office as of the date of termination.  Teqcorner is not responsible for property
left in the office after termination.

 

7.  Indemnifications; Limitation of
Liability; Insurance.

 

(a) Indemnity. Client indemnifies and holds
harmless Teqcorner, its officers, directors, employees, agents and affiliates
from and against any loss, damage, injury, liability or expense to or of person
or property occasioned by or resulting from (i) Client’s default in observing
the terms of the License, (ii) any willful or negligent act on the part of
Client, its agents, employees, invitees, or persons permitted by Client in the
Building, the Facility or the Client Area, (iii) charges associated with any
toll fraud traceable to the Technology Services, including but not limited to,
unauthorized use of calling cards, call forwarding or telephone lines or (iv)
any computer “virus”, unauthorized access or other corruption, infiltration or
disruption traceable to Client’s use of Technology Services.  Neither Teqcorner nor Client will be liable
to any other person on account of loss, damage or theft to any business or
personal property of Teqcorner or Client, its officers, directors, its agents,
employees, invitees, or persons permitted by Teqcorner or Client in the
Building.  Neither Teqcorner nor Client
will be liable for any loss, damage, injury, and liability or expense to or of
person or property except as may result from Teqcorner’s or Client’s willful
misconduct or grossly negligent acts.

 

(b)  No Consequential Damages.  Teqcorner will not be liable for any claim of business
interruption or for any indirect, incidental, special, consequential, exemplary
or punitive damages arising out of any failure to furnish any service or
facility, any error or omission with respect thereto, or any delay or
interruption of same, even if advised of the possibility of such damages,
whether arising under theory of contract, tort (including negligence), strict
liability or otherwise.  Teqcorner’
liability under the License will in no event exceed the amount paid by Client
for the services for which the claim arose.

 

(c)  No Warranties. 
ANY SERVICES PROVIDED BY TEQCORNER PURSUANT TO THE AREEMENT
ARE PROVIDED ON AN “AS IS” BASIS, AND CLIENTS USE OF THE SERVICES IS AT ITS OWN
RISK.  TEQCORNER DOES NOT MAKE, AND
HEREBY DISCLAIMS, ANY AND ALL OTHER EXPRESS AND/OR IMPLIED WARRANTIES,
INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NONINFRINGEMENT AND TITLE, AND ANY WARRANTIES ARISING FROM
A COURSE OF DEALING, USAGE, OR TRADE PRACTICE. 
TEQCORNER DOES NOT WARRANT THAT ANY SERVICES WILL BE UNINTERRUPTED,
ERROR-FREE, OR COMPLETELY SECURE.

 

(d) Basis of the Bargain; Failure of Essential Purpose. The
parties acknowledge that Teqcorner has set its prices and entered into the
License in reliance upon the limitations of liability and disclaimers of
warranties and damages set forth herein, and that the same form an essential
basis of the bargain between the parties. 
The parties hereby agree to the allocation of risk contained herein.  The parties agree that the limitations and
exclusions of liability and disclaimers specified in the License will survive
and apply even if found to have failed of their essential purpose.

 

(e) Damages and  Insurance. Client is
responsible for any damage that the Client causes to the center or area(s)
beyond normal wear and tear.

 

6

 

Teqcorner has the right to
inspect the condition of the office from time to time and make any necessary
repairs so long as no interference with operations of Client occurs.

 

The Client is responsible for insuring all its personal property
against all risks.  The Client has the
risk of loss with respect to any of the Client’s personal property- Client
agrees to waive any right of recovery against Teqcorner, its directors,
officers and employees for any damage or loss to Client’s property under the
Client’s control.  All property in the
Client’s area(s) is understood to be under Client’s control.

 

8. Miscellaneous.

 

(a) Survival.  The
provisions of Sections 4(e), 5, 6, 7 and 8 shall survive termination of the
License.

 

(b) Force Majeure. 
Except for the obligation to make payments, neither party
will be responsible for delays or failures in performance resulting from acts
beyond the control of such party, including without limitation, acts of God,
riots, and acts of war, epidemics, fire, earthquakes or other natural
disasters.

 

(c) Complete License, Modification; Counterparts. The
License and any other terms and conditions incorporated by reference herein,
contain the entire understanding of the parties with respect to the subject
matter hereof, and supersede any and all related prior understandings and
Licenses, oral or written.  The License
cannot be modified or amended except in a writing signed by both parties.  The License may be executed in two or more
counterparts, each of which will be deemed an original, but all of which
together shall constitute one and the same instrument.  Once signed, any reproduction of the License
made by reliable means (e.g., photocopy, facsimile) is considered an original.

 

(d)
Severability, Waiver.  If any
provision of the License is declared or found to be illegal, unenforceable or
void, then each provision not so affected will remain in full force and
effect.  The waiver by a party of a
breach of any provision of the License shall not operate or be construed as a
waiver of any other or subsequent breach by the other party.

 

(e) Restriction on Hiring.  Teqcorner employees are an essential part of our
ability to deliver Teqcorner services. 
The Client acknowledges this and agrees that, during the term of the
Client’s license and for one (1) year afterward, Client will not hire any of
Teqcorner’s or any of its affiliates’ employees.  If the Client does hire one of Teqcorner’s employees, Client
agrees that actual damages would be difficult to determine and therefore Client
agrees to pay liquidation damages in the amount of one-half of the annual base
salary of the employee that the Client hires. 
Client agrees that this liquidated damage amount is fair and reasonable.

 

(f) Governing Law; Dispute Resolution. The
License is made under and will be governed by and construed in accordance with
the laws of the state within which the Facility is located without regard to
conflicts of laws provisions.  The
parties will endeavor to amicably mutual discussions any disputes, differences,
or claims whatsoever related to the License.

 

(h) Assignment.  Client
may not assign its rights or delegate its duties under the License either in
whole or in part without the prior written consent of Teqcorner, in its sole
discretion, and any attempted assignment or delegation without such consent
will be void.

 

(i) Notice.  All
notices are to be in writing and may be given by registered or certified mail
postage prepaid, overnight mail service or hand delivered with proof of
delivery addressed to Teqcorner or Client at the address listed on the
signature page to the License or at such other address as may hereafter be
furnished in writing by either party to the other party.  Such notice will be deemed to have been
given as of the date it is delivered, mailed or sent, whichever is earlier.

 

(j) Confidentiality, Use of Client Marks.  Each party hereto will hold the
terms of the License in confidence with the exception of disclosure to Client’s
attorney.  This confidentiality
obligation survives termination of the License. Teqcorner reasonably uses the
name of Client, Client’s service marks, trademarks, trade names and logo
(“Client Marks”) and a description of the Services performed for Client in its
website, advertising and promotional literature.  Otherwise, Teqcorner shall have no license, right, title or
interest in Client Marks, and Client shall have the right to discontinue or
modify use of Client Marks at any time. 
Teqcorner agrees (i) that the nature and quality of its use of Client
Marks shall conform to the standards set by the Client, (ii) to work with
Client in facilitating Client’s monitoring and control of the use of Client
Marks and (iii) to supply the Client with specimens of use of Client Marks upon
request.

 

THE ADDITIONAL TERMS AND CONDITIONS IN EXHIBITS A THROUGH D HEREOF, AND
ANY AMENDMENTS THERETO, ARE PART OF THIS LICENSE.  THE CLIENT ACKNOWLEDGES THAT IT HAS READ THIS AGREEMENT AND ITS
EXHIBITS,

 

7

 

UNDERSTANDS THEM, AND AGREES TO BE BOUND BY THEIR TERMS AND
CONDITIONS.  FURTHER, CLIENT AGREES THAT
THIS AGREEMENT AND ITS EXHIBITS ARE THE COMPLETE AND EXCLUSIVE STATEMENT OF THE
AGREEMEENT BETWEEN THE PARTIES, WHICH SUPERSEDES ALL PRIOR LICENSES, WHETHER
ORAL OR WRITTEN, AND ALL OTHER COMMUNICATIONS BETWEEN THE PARTIES RELATING TO
THE SUBJECT MATTER HEREOF.

 

8

 

	
  CLIENT

  	
  TEQCORNER, LLC

  
	
   

  	
   

  
	
  By:

  	
  By:

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ David Gladstone

  	
   

  	
  /s/ Stasia MacLane

  	
   

  
	
  Name:

  	
  Name:

  	
  Stasia MacLane

  
	
  Title:

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  
	
  Address for Formal
  Notice:

  	
  Address for Formal
  Notice:

  
	
   

  	
   

  
	
   

  	
  1616 Anderson Road

  McLean, VA  22102

  (703) 356-0080 (Tel)

  (703) 356-3166 (Fax)

  
	
   

  	
  smaclane@teqcorner.com

  
					

 

9

 

EXHIBIT
B

Base
Services

 

The following base services are included in Client’s Monthly Base Fee:

 

•                  Furnished Client
Area

•                  Receptionist
Services Monday - Friday 9:00 a.m. - 5:00 p.m., excluding holidays*

•                  Ten (10) hours
per month of furnished team and meeting room use combined, subject to
availability and Client being current in its Teqcorner payment obligations

•                  Use of
photocopying area, subject to photocopying fees

•                  Business Address

•                  Mail and package
receipt Monday - Friday 9:00 a.m. - 5:00 p.m., excluding holidays*

•                  Lighting and
electrical power

•                  Cleaning
services Monday - Friday, excluding holidays

•                  Heating and Air
Conditioning, Monday – Friday; 8am-12 noon on Saturdays, exluding holidays*

 

EXHIBIT C

Additional Services and Technology Services

 

The following Additional Services and Technology Services are available
for additional charges in accordance with published Teqcorner rates applicable
at the time such Additional Services and Technology Services are rendered, as
such rates may change from time to time in Teqcorner’s sole discretion:

 

TECHNOLOGY
SERVICES

•                  Telephone
equipment

•                  Voice messaging
services

•                  Local and long
distance telephone services

•                  Internet
connection via T I

 

ADDITIONAL
SERVICES

 

Office
Supplies and Services

•                  Facsimile Number

•                  Facsimile
Services

•                  Photocopying

•                  Outgoing mail
and express mail services

•                  Office Supplies

•                  Additional
Furniture

•                  Additional
Conference Room Services in excess of Base Services (subject to availability)

•                  Secretarial
Services

Other
Services

•                  Parking

 

10

 

THIS
PAGE IS PURPOSELY LEFT BLANK

 

11

 

EXHIBIT D

Facility Map

 

[FLOOR POINT]

 

12<PAGE>

                                                                     EXHIBIT 4.4

                               theglobe.com, inc.

                               AMENDED & RESTATED

                      NON QUALIFIED STOCK OPTION AGREEMENT

I.       NOTICE OF STOCK OPTION GRANT:

Kellie L. Smythe
110 E. Broward Blvd, Suite 1400
Fort Lauderdale, FL 33301

         As you ("Optionee")  know, on July 17, 2003, you were granted an option
to purchase Common Stock of theglobe.com,  inc. (the "Company"),  subject to the
terms  and  conditions  of this  Stock  Option  Agreement  of the same date (the
"Original  Option  Agreement").  The parties wish to amend Paragraph 5(b) of the
Original Option  Agreement and to amend and restate in its entirety the terms of
your grant as set forth below:

<TABLE>
<S>                                                           <C>
                  Date of Grant:                              July 17, 2003

                  Exercise Price per Share                    $0.20 per Share

                  Total Number of Shares Granted              500,000

                  Total Exercise Price:                       $100,000.00

                  Type of Option:                             Non-Qualified Stock Option

                  Exercise and Vesting Schedule:              Twenty  five  percent  (25%) of the  total  number of
                                                              Shares  covered by the Option shall vest  immediately
                                                              after the  Grant  Date.  The  balance  of the  Shares
                                                              covered  by  the  Option  shall  vest  on a pro  rata
                                                              basis  in  successive   three  (3)  month   intervals
                                                              during  the  period  commencing  on the date  that is
                                                              three  (3)  months   following  the  Grant  Date  and
                                                              ending on the third  (3rd)  anniversary  of the Grant
                                                              Date  (equivalent to 33,333.33  shares per such three
                                                              month  interval)(each  such  date  being  a  "Vesting
                                                              Date").

                  Term/Expiration Date:                       July  17,   2013  (Tenth   anniversary   of  date  of
                                                              grant).

                  Plan:                                       This Stock  Option is not being  granted  pursuant to
                                                              any  particular  stock  option plan (a "Plan") of the
                                                              Company  and  shall  be   governed   solely  by  this
                                                              Agreement.
</TABLE>

<PAGE>

II. AGREEMENT:

1. Grant of Option. The Company hereby grants the Optionee an option to purchase
the number of Shares set forth in the Notice of Stock  Option Grant (the "Notice
of  Grant"),  at the  exercise  price per share set forth in the Notice of Grant
(the "Exercise Price").  This Option is not intended to, and does not qualify as
an  Incentive  stock  Option as  defined  in  Section  422 of the  Code.  Unless
otherwise specified, defined terms used below have the meanings ascribed to such
terms in Section 10 below.

2. Exercise of Option. This Option is exercisable as follows:

         (a) Right to exercise.

                  (i) This option shall be exercisable cumulatively according to
         the Exercise and Vesting Schedule set out in the Notice of Grant.

                  (ii) There shall be no proportionate or partial vesting in the
         periods  prior to each Vesting Date and vesting shall occur only on the
         appropriate Vesting Date.

                  (iii) This  Option may not be  exercised  for a fraction  of a
         Share.

                  (iv) In the  event of  Optionee's  termination  of  Continuous
         Status as an employee or Consultant,  the  exercisability of the Option
         is governed by Section 6 below.

                  (v) In no event may this Option be exercised after the date of
         expiration  of the term of this  Option as set  forth in the  Notice of
         Grant.

         (b)      Method  of  Exercise.  This  Option  shall be  exercisable  by
                  written notice (in the form attached as Exhibit A). The notice
                  must  state the number of Shares for which the Option is being
                  exercised,  and such other representations and agreements with
                  respect to such shares of Common  Stock as may be necessary in
                  order for the  Company  to  comply  with  applicable  laws and
                  regulations.  The notice  must be signed by the  Optionee  and
                  shall be  delivered  in  person  or by  certified  mail to the
                  Secretary of the company.  The notice must be  accompanied  by
                  payment  of  the  Exercise  Price,  including  payment  of any
                  applicable  withholding tax. This option shall be deemed to be
                  exercised  upon receipt by the company of such written  Notice
                  accompanied   by  the  Exercise   Price  and  payment  of  any
                  applicable withholding tax.

                           No Shares shall be issued pursuant to the exercise of
                  an Option unless such  issuance and such exercise  comply with
                  applicable laws and  regulations  and the  requirements of any
                  stock  exchange  upon  which the  Shares  may then be  listed.
                  Assuming such  compliance,  for income tax purposes the Shares
                  shall be considered transferred to the Optionee on the date on
                  which the option is exercised with respect to such Shares.

                                       2
<PAGE>

3.  Method  of  Payment.  Payment  of the  Exercise  Price  shall  be any of the
following, or a combination thereof, at the election of the Optionee:

         (a)      cash;

         (b)      check;

         (c)      with the consent of the Company,  other shares of Common Stock
                  that:  (i) in the case of shares  acquired upon exercise of an
                  option  granted by the  Company  either have been owned by the
                  Optionee  for more than six months on the date of surrender or
                  were not acquired,  directly or indirectly,  from the Company,
                  and (ii)  have a Fair  Market  Value on the date of  surrender
                  equal to the  aggregate  exercise  price of the  shares  as to
                  which said option shall be exercised;

         (d)      with the  consent  of the  Company  in its  sole and  absolute
                  discretion, authorization from the company to retain the total
                  number  of shares as to which  the  option is  exercised  that
                  number of  shares  having a Fair  Market  Value on the date of
                  exercise  equal to the exercise  price for the total number of
                  shares as to which the Option is exercised;

         (e)      with  the  consent  of the  Company,  delivery  of a  properly
                  executed    exercise   notice   together   with    irrevocable
                  instructions  to a broker to deliver  promptly  to the company
                  the  amount  of  sale  or loan  proceeds  required  to pay the
                  exercise price;

         (f)      with the  consent of the Company a  combination  of any of the
                  foregoing methods of payment;

         (g)      with the consent of the Company,  a combination  of any of the
                  foregoing  methods of  payment at least  equal in value to the
                  stated capital  represented by the shares to be issued, plus a
                  promissory note for the balance of the exercise price; or

         (h)      with the consent of the Company,  such other consideration and
                  method of  payment  for the  issuance  of shares to the extent
                  permitted under applicable laws and regulations.

4. Restrictions on Exercise.  If the issuance of Shares upon such exercise or if
the method of payment  for such  shares  would  constitute  a  violation  of any
applicable  federal or state  securities  or other law or  regulation,  then the
Option may also not be exercised.  The Company may require  Optionee to make any
representation  and warranty to the Company as may be required by any applicable
law or regulation before allowing the Option to be exercised.

5. Effect of Certain Transactions.

         (a)      In the event of a merger or  consolidation of the Company with
                  or  into   another   corporation,   or  the  sale  of  all  or
                  substantially   all  of  the   assets   of  the   Company   (a
                  "Transaction"),  the Option shall be assumed, or an equivalent
                  option shall be  substituted,  by the  Successor  Corporation;
                  provided,  however,  that, unless otherwise  determined by the
                  Company,  the  Option  shall  remain  subject  to  all  of the

                                       3
<PAGE>

                  conditions  and  restrictions  which  were  applicable  to the
                  Option prior to such assumption or  substitution;  and further
                  provided  that  in   connection   with  any  sale  of  all  or
                  substantially  all of the assets of the  Company,  the Company
                  may determine not to require the  assumption of this Option in
                  which event this Option  shall be  exercisable  only until the
                  earlier of (i) the original  Term/Expiration Date as set forth
                  in the Notice of Grant and (ii)  ninety  days from the date of
                  closing of any such sale. For the purposes of this  paragraph,
                  the Option  shall be  considered  assumed  if,  following  the
                  merger or sale of  assets,  the  option  confers  the right to
                  purchase or receive upon  exercise,  for each Share subject to
                  the  Option   immediately   prior  to  the  Transaction,   the
                  consideration  (whether  stock,  cash, or other  securities or
                  property)  received in the  Transaction for each Share held on
                  the  effective  date of the  Transaction  (and if holders were
                  offered   a  choice  of   consideration,   the  type  of  such
                  consideration as determined by the Board of Directors).

         (b)      In  the  event  of a  Change  in  Control,  whether  or not in
                  conjunction  with  a  transaction  which  would  constitute  a
                  "Transaction"  within the meaning of Section 5(a) above,  then
                  concurrently  with  the  effective  date  of  such  Change  in
                  Control, all of the then unvested Shares covered by the Option
                  shall vest.

6. Termination of Relationship.

         (a) If  Optionee's  Continuous  Status as an employee or  Consultant is
terminated for any reason (other than by reason of death), Optionee may exercise
this option for a period of three (3) months after such  termination  (but in no
event beyond the  expiration of the stated term) to the extent,  and only to the
extent, that such Option or portion thereof was vested and exercisable as of the
date of such  termination.  To the extent that  Optionee  was not vested in this
option  at the date on which  Optionee's  Continuous  Status as an  employee  or
Consultant  is  terminated,  or if Optionee does not exercise this option within
the time specified herein, the Option shall terminate.

         (b) If  Optionee's  Continuous  Status as an employee or  Consultant is
terminated  as a result  of  Optionee's  death,  Optionee's  heirs  or  personal
representative  (or other  administrator of Optionee's estate) may exercise this
option for a period of one (1) year after such death (but in no event beyond the
expiration of the stated term) to the extent, and only to the extent,  that such
Option or portion  thereof  was vested  and  exercisable  as of the date of such
death.  To the extent that Optionee was not vested in this option at the date of
death,   or  if  Optionee's   heirs  or  personal   representatives   (or  other
administrator of Optionee's  estate) do not exercise this option within the time
specified herein, the Option shall terminate.

7.  Non-Transferability  of Option.  This option may not be  transferred  in any
manner  except  by will or by the laws of  descent  or  distribution.  It may be
exercised  during the lifetime of Optionee  only by Optionee.  The terms of this
Option shall be binding upon the executors,  administrators,  heirs,  successors
and assigns of the Optionee.

8. Term of Option. This Option may be exercised only within the terms set out in
the Notice of Grant.

                                       4
<PAGE>

9.  Registration.  The Company will use its commercially  reasonable  efforts to
take all steps necessary to register the Shares underlying this Option under the
Securities  Act of 1933, as amended,  on form S-8 or any other form necessary as
soon as  practical  (which  shall in all events be deemed  timely if  registered
within 180 days from the Date of Grant),  following execution of this Agreement.
In the event that the Shares are not so  registered at the time of exercise then
the certificates  representing the Shares issued or to be issued hereunder shall
be stamped or otherwise  imprinted with legends  substantially  in the following
form:

         THE SHARES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN  REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
         THE  SECURITIES  LAWS OF ANY  STATE,  AND  HAVE  BEEN  ACQUIRED  FOR AN
         INVESTMENT AND MAY NOT BE SOLD,  TRANSFERRED,  PLEDGED, OR HYPOTHECATED
         IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT FOR SUCH SHARES
         UNDER THE  SECURITIES  ACT,  OR AN  OPINION OF  COUNSEL  ACCEPTABLE  TO
         COUNSEL FOR THE COMPANY THAT  REGISTRATION  IS NOT REQUIRED  UNDER SUCH
         LAWS.

10. Defined Terms.

         The following  defined terms when used in this  Agreement will have the
         following meanings:

         (a)      "Affiliate"  means a person  controlling,  controlled  by,  or
                  under common control with, another Person.

         (b)      "Change in Capitalization"  means any increase or reduction in
                  the  number  of  shares,  or any  change  (including,  but not
                  limited  to,  in the  case of a  spin-off,  dividend  or other
                  distribution  in respect of Shares,  a change in value) in the
                  Shares or exchange of Shares for a different number or kind of
                  shares  or  other   securities   of  the  Company  or  another
                  corporation,     by    reason    of    a     reclassification,
                  recapitalization,   merger,   consolidation,   reorganization,
                  spin-off,   split-up,   issuance  of  warrants  or  rights  or
                  debentures,  stock  dividend,  stock  split or  reverse  stock
                  split,  cash  dividend,  property  dividend,   combination  or
                  exchange of shares,  repurchase of shares, change in corporate
                  structure or otherwise.

         (c)      "Change  in  Control"  means the  occurrence  of either of the
                  following:

                  (i) An  acquisition  (other than directly from the Company) of
         any voting  securities of the Company (the "Voting  Securities") by any
         "Person" (as the term person is used for  purposes of Section  13(d) or
         14(d) of the  Exchange  Act),  immediately  after which such Person has
         "Beneficial  Ownership"  (within the meaning of Rule 13d-3  promulgated
         under  the  Exchange  Act) or forty  percent  (40%) or more of the then
         outstanding  Shares or the combined  voting power of the Company's then
         outstanding  Voting  Securities;   provided,  however,  in  determining
         whether a Change in  Control  has  occurred  pursuant  to this  Section
         10(c)(i),   Shares  or  Voting  Securities  which  are  acquired  in  a
         "Non-Control Acquisition" (as hereinafter defined) shall not constitute
         an  acquisition  which would cause a Change in Control.  A "Non-Control
         Acquisition"  shall mean an acquisition by (i) an employee benefit plan
         (or a trust  forming a part  thereof)  maintained by (A) the Company or
         (B) any  corporation  or other Person of which a majority of its voting
         power or its voting  equity  securities  or equity  interest  is owned,
         directly  or   indirectly,   by  the  Company  (for  purposes  of  this
         definition,  a  "Majority-Owned  Subsidiary"),  (ii) the Company or its
         Majority-Owned  Subsidiaries,  (iii) Edward Cespedes or Michael Egan or
         any Affiliate of either or both of such Persons,  or (iv) any Person in
         connection with a "Non-Control  Transaction" (as hereinafter  defined);
         or

                                       5
<PAGE>

                  (ii) The consummation of:

                           a) a merger,  consolidation or reorganization with or
                  into the  Company or in which  securities  of the  Company are
                  issued, unless such merger, consolidation or reorganization is
                  a "Non-Control Transaction". A "Non-Control Transaction" shall
                  mean a merger,  consolidation or  reorganization  with or into
                  the Company or in which  securities  of the Company are issued
                  where:

                           i)  the  stockholders  of  the  Company,  immediately
                  before  such  merger,  consolidation  or  reorganization,  own
                  directly or  indirectly  immediately  following  such  merger,
                  consolidation or reorganization,  at least sixty percent (60%)
                  of  the  combined  voting  power  of  the  outstanding  voting
                  securities of the  corporation  resulting  from such merger or
                  consolidation or reorganization (the "Surviving  Corporation")
                  in substantially the same proportion as their ownership of the
                  Voting    Securities    immediately    before   such   merger,
                  consolidation or reorganization; and

                           ii) no Person  other  than (1) the  Company,  (2) any
                  Majority-Owned  Subsidiary,  (3) any employee benefit plan (or
                  any trust forming a part thereof) that,  immediately  prior to
                  such merger,  consolidation or reorganization,  was maintained
                  by the Company or any  majority-owned  subsidiary,  or (4) any
                  Person who, immediately prior to such merger, consolidation or
                  reorganization  had  Beneficial  Ownership  of thirty  percent
                  (30%) or more of the then  outstanding  Voting  Securities  or
                  Shares,  has  Beneficial  Ownership of thirty percent (30%) or
                  more  of  the   combined   voting   power  of  the   Surviving
                  Corporation's then outstanding voting securities of its common
                  stock.

                           b)  the   sale  or  other   disposition   of  all  or
                  substantially  all of the assets of the  Company to any Person
                  (other than a transfer to a  Majority-Owned  Subsidiary or the
                  distribution  to the Company's  stockholders of the stock of a
                  Majority-Owned Subsidiary or any other assets).

                           Notwithstanding  the  foregoing,  a Change in Control
                  shall not be deemed to occur  solely  because  any Person (the
                  "Subject Person") acquired  Beneficial  Ownership of more than
                  the permitted amount of the then outstanding  Shares or Voting
                  Securities as a result of the  acquisition of Shares or Voting
                  Securities  by the Company  which,  by reducing  the number of
                  Shares or Voting  Securities then  outstanding,  increases the
                  proportional  number  of  shares  Beneficially  Owned  by  the
                  Subject  Persons,  provided  that if a Change in Control would
                  occur (but for the operation of this  sentence) as a result of
                  the acquisition of Shares or Voting Securities by the Company,
                  and after such share  acquisition by the Company,  the Subject
                  Person becomes the Beneficial  Owner of any additional  Shares
                  or Voting  Securities  which  increases the  percentage of the
                  then  outstanding  Shares  or Voting  Securities  Beneficially
                  Owned by the Subject  Person,  then a Change in Control  shall
                  occur.

                                       6
<PAGE>

         (d)      "Consultant" means any consultant or advisor that qualifies as
                  an  "employee"  within the meaning of the rules  applicable to
                  Form S-8,  as in effect from time to time,  of the  Securities
                  Act of 1933, as amended.

         (e)      "Continuous  Status" means the employment or relationship as a
                  Consultant  is not  interrupted  or  terminated.  The Board of
                  Directors,  in its  sole  discretion,  may  determine  whether
                  Continuous  Status  as an  Employee  or  Consultant  shall  be
                  considered  interrupted  in the  case  of:  (i) any  leave  of
                  absence  approved by the Board of  Directors,  including  sick
                  leave,  military  leave,  or any other personal leave; or (ii)
                  transfers  between  locations  of the  Company or between  the
                  Company, Affiliates or their successors.

         (f)      "Fair  Market  Value"  means as of any  particular  date,  the
                  closing  sales  prices of the Common Stock on such date on the
                  principal  national  securities  exchange on which such Common
                  Stock is listed or admitted  trading,  or, if not so listed or
                  admitted to trading,  the average of the closing bid price and
                  closing  asked  price on such date as  quoted on the  National
                  Association of Securities  Dealers Automated  Quotation System
                  or such other market in which such prices are regularly quoted
                  (including the  Over-the-Counter  Bulletin Board), or if there
                  have been no published bid or asked quotations with respect to
                  the Common Stock on such date,  Fair Market Value shall be the
                  value established by the Board of Directors in good faith.

         (g)      "Person"   means  a  natural   person   or  any   corporation,
                  partnership, limited liability company or other entity.

11. Adjustments.  In the event of a Change in Capitalization,  the Company shall
make such  adjustments  to the  number  and  class of  Shares or other  stock or
securities subject to the Option and the purchase price for such Shares or other
stock or securities as the Board of Directors, in its sole discretion,  believes
is equitably  required to prevent  dilution or enlargement of the rights granted
hereunder.

12. Withholding of Taxes. Upon exercise of the Option,  Optionee will pay to the
Company (or make arrangements satisfactory to the Company that are in compliance
with  applicable  laws),  any U.S.  federal,  state  or local  taxes of any kind
required by law to be withheld  with respect of the exercise of the Option.  The
Company and/or its Subsidiaries  shall, to the extent permitted by law, have the
right to deduct from any payment of any kind  otherwise due to Optionee any U.S.
federal,  state or local taxes of any kind  required by law to be withheld  with
respect to the exercise of the Option. The Optionee may elect to have withheld a
portion of the Shares  issuable  upon exercise of the Option having an aggregate
fair market value, on the date preceding the date of such issuance, equal to the
taxes required to be withheld.

                                       7
<PAGE>

13.  Application  of Section 16 of the  Securities  Act.  The  Optionee has been
advised  that the  Optionee  may be subject  to the  reporting  requirements  of
Section  16(a) of the  Securities  Exchange  Act of 1934 (the "`34 Act") and the
holder may be subject to insider trading restrictions and reporting requirements
on the purchase and sale of securities of the Company imposed under the `34 Act.

14. Successors and Assigns.  The Company may assign any of its rights under this
agreement to single or multiple assignees, and this Agreement shall inure to the
benefit  of  the  successors  and  assigns  of  the  Company.   Subject  to  the
restrictions on transfer herein set forth,  this agreement shall be binding upon
Optionee  and  his or  her  heirs,  executors,  administrators,  successors  and
assigns.

15.  Governing  Law;  Severability.  This  Agreement  shall be  governed  by and
constructed in accordance with the laws of the State of Delaware  excluding that
body of law  pertaining  to  conflicts  of law.  Should  any  provision  of this
agreement be  determined by a court of law to be illegal or  unenforceable,  the
other   provisions  shall   nevertheless   remain  effective  and  shall  remain
enforceable.

16.  Notices.  Any notice  required  or  permitted  hereunder  shall be given in
writing and shall be deemed  effectively  given upon  personal  delivery or upon
deposit in the United  States  mail by  certified  mail,  with  postage and fees
prepaid,  addressed  to the other party at its address  shown below  beneath its
signature,  or to such other  addresses  as such party may  designate in writing
from time to time with the other party.

17. Further  Instruments.  The parties agree to execute such further instruments
and to take such further action as may be reasonably  necessary to carry out the
purposes and intent of this Agreement.

18.  Modification  of  Agreement.  This  Agreement  may  be  modified,  amended,
suspended or terminated,  and any terms or conditions may be waived, but only by
a written instrument executed by the parties hereto.

19.  Severability.  Should any provision of this Agreement be held by a court of
competent  jurisdiction  to be  unenforceable  or invalid  for any  reason,  the
remaining provisions of this Agreement shall not be affected by such holding and
shall continue in full force in accordance with their terms.

20.  Counterparts.  This Agreement may be executed in two or more  counterparts,
each of which shall be deemed an original and all of which shall  constitute one
document.

21. Entire  Agreement.  This Agreement  represents the entire  understanding and
agreement  among the parties  with  respect to the subject  matter  hereof,  and
supersedes all other  negotiations,  understandings and representations (if any)
made by and among such parties, including without limitation the Original Option
Agreement.

                                       8
<PAGE>

         IN WITNESS  WHEREOF,  the parties have signed this  Agreement as of the
____ day of _____________, 2003.

         theglobe.com, inc.

         By:
             -------------------------------------------------

         Name:
               -----------------------------------------------

         Title:
                ----------------------------------------------

                  theglobe.com, inc.
                  110 E. Broward Blvd
                  Suite 1400
                  Fort Lauderdale, FL 33301

Optionee  hereby  accepts this Option subject to all of the terms and provisions
hereof.  Optionee has reviewed this Option in it's entirety,  had an opportunity
to  obtain  the  advice of  counsel  prior to  executing  this  Option  and full
understands  all provisions of the Option.  Optionee  hereby agrees to accept as
binding  conclusive  and final all decisions or  interpretations  of the Company
upon any questions  arising under the Option.  Optionee further agrees to notify
the Company upon any changes in the residence address indicated below.

Dated: ______________, 2003

         ------------------------------------
         Kellie L. Smythe

         Address:

         110 E. Broward Blvd, Suite 1400
         Fort Lauderdale, FL 33301

                                       9
<PAGE>
                                    EXHIBIT A

                               theglobe.com, inc.

                                 EXERCISE NOTICE

theglobe.com, inc.

Attention:  Secretary

1.  Exercise  of  Option.  Effective  as  of  today,  __________,   ______,  the
undersigned ("Optionee") hereby elects to exercise Optionee's option to purchase
_________ shares of the Common Stock (the "Shares") of  theglobe.com,  inc. (the
"Company")  under and  pursuant  to the Amended & Restated  Non-Qualified  Stock
Option Agreement dated __________, 200 __, (the "Option Agreement")

2.  Representations  of  Optionee.   Optionee  acknowledges  that  Optionee  has
received, read and understood the Option Agreement.  Optionee agrees to abide by
and be bound by their terms and conditions.

3. Rights as Stockholder.  Until the stock certificate evidencing such Shares is
issued (as evidenced by the appropriate  entry on the books of the Company or of
a duly  authorized  transfer agent of the Company),  no right to vote or receive
dividends  or any other  rights as a  stockholder  shall  exist with  respect to
Shares subject to the Option,  notwithstanding  the exercise of the Option.  The
Company  shall  issue (or cause to be issued)  such stock  certificate  promptly
after the Option is  exercised.  No  adjustment  will be made for a dividend  or
other right for which the record date is prior to the date the stock certificate
is issued, except as provided in Section IV of Article One of the Plan. Optionee
shall enjoy rights as a stockholder  until such time as Optionee disposes of the
Shares.

4. Tax Consultation.  Optionee  understands that Optionee may suffer adverse tax
consequences  as a result of Optionee's  purchase or  disposition of the Shares.
Optionee  represents  that  Optionee  has  consulted  with  any tax  consultants
Optionee deems  advisable in connection  with the purchase or disposition of the
Shares and that Optionee is not relying on the Company for any tax advice.

5. Restrictive Legends.

         (a) Legends.  Optionee  understands  and agrees that the Company  shall
cause any other legends that may be required by state or federal securities laws
to be placed upon any certificate(s) evidencing ownership of the Shares.

         (b)  Refusal to  Transfer.  The Company  shall not be  required  (i) to
transfer on its books any shares that have been sold or otherwise transferred in
violation of any of the  provisions of this  Agreement or (ii) to treat as owner
of such Shares or to accord the right to vote or pay  dividends to any purchaser
or other transferee to whom such Shares shall have been so transferred.

<PAGE>

6.  Successors and Assigns.  The Company may assign any of its rights under this
agreement to single or multiple assignees, and this Agreement shall inure to the
benefit  of  the  successors  and  assigns  of  the  Company.   Subject  to  the
restrictions on transfer herein set forth,  this agreement shall be binding upon
Optionee  and  his or  her  heirs,  executors,  administrators,  successors  and
assigns.

7.  Governing  Law;  Severability.  This  Agreement  shall  be  governed  by and
constructed in accordance with the laws of the State of Delaware  excluding that
body of law  pertaining  to  conflicts  of law.  Should  any  provision  of this
agreement be  determined by a court of law to be illegal or  unenforceable,  the
other   provisions  shall   nevertheless   remain  effective  and  shall  remain
enforceable.

8. Notices. Any notice required or permitted hereunder shall be given in writing
and shall be deemed  effectively given upon personal delivery or upon deposit in
the United  States  mail by  certified  mail,  with  postage  and fees  prepaid,
addressed to the other party at its address shown below  beneath its  signature,
or to such other  addresses as such party may  designate in writing from time to
time with the other party.

9. Further  Instruments.  The parties agree to execute such further  instruments
and to take such further action as may be reasonably  necessary to carry out the
purposes and intent of this Agreement.

10.  Delivery of  Payment.  Optionee  herewith  delivers to the Company the full
Exercise Price for the Shares, as well as any applicable withholding tax.

<PAGE>

11. Entire Agreement.  The Option Agreement is incorporated herein by reference.
This Agreement and the Option  Agreement  constitute the entire agreement if the
parties and supersede in their entirety all prior undertakings and agreements of
the Company and Optionee with respect to the subject matter hereof.

Submitted by:                       Accepted by:

Optionee:                           theglobe.com, inc.

_______________________________     By:___________________________

                                    Its:__________________________

Address:

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

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

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

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