Document:

Exhibit 10.1

 

ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP
INTEREST

(PROJECT HOLLYWOOD LLC) AND WAIVER

 

THIS ASSIGNMENT AND
ASSUMPTION OF MEMBERSHIP INTEREST AND WAIVER (“Assignment”) is made as of August 28, 2012, by HOLLYWOOD MEDIA
CORP., a Florida corporation (“Assignor”), in favor of BASELINE HOLDINGS LLC, a Delaware limited liability company
(“Assignee”).

 

RECITALS:

 

A.           PROJECT
HOLLYWOOD LLC, a Delaware limited liability company (the “Company”) is a limited liability company formed and
existing under the Delaware Limited Liability Company Act, 6 Del. C. § 18-101 et seq. Pursuant to the Amended
and Restated Limited Liability Company Agreement of the Company dated as of December 1, 2011 (the “Company LLC Agreement”),
Assignor is the owner of a membership interest in the Company and, as a “Class A Member” of the Company, holds 125
“Class A Units” of membership interest, each as defined in the Company LLC Agreement.

 

B.           Assignor
desires to assign to Assignee 100% of Assignor's membership interest in the Company, including without limitation (i) all capital
of Assignor in the Company, (ii) all rights of Assignor to distributions and other payments under the Company LLC Agreement, and
(iii) all rights, powers and privileges of Assignor as holder of the above-referenced Class A Units and otherwise under the Company
LLC Agreement (collectively, the “Membership Interest”).

 

NOW, THEREFORE,
in consideration of the foregoing premises, of the mutual covenants set forth in this Assignment, and of other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Assignor and Assignee agree as follows:

 

1. Assignment of Interest.

 

1.1           The
Assignor owns, beneficially and of record, the Membership Interest free and clear of any lien or encumbrance (other than any lien
or encumbrance imposed by the Company LLC Agreement). The Assignor has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder and thereunder. The Assignor has duly executed and delivered this Agreement, which constitutes
a valid and legally binding obligation of the Assignor, enforceable in accordance with its terms and conditions

 

1.2           For
consideration consisting of One Million Eight Hundred Thousand Dollars ($1,800,000), payable as set forth on Schedule A (the “Purchase
Price”), the receipt and sufficiency of which is hereby acknowledged, Assignor hereby absolutely and unconditionally
assigns, transfers, conveys and delivers all of Assignor’s Membership Interest to Assignee, free and clear of any lien or
encumbrance effective on August 28, 2012. Assignee hereby accepts the foregoing assignment of the Membership Interest and hereby
assumes and agrees to be bound by all of the obligations and liabilities of Assignor with respect to the Membership Interest that
arise out of or relate to events occurring on or after the date hereof.

 

    	 

    	2

    

 

2. Withdrawal and
Admission. By reason of the assignment of the Membership Interest effected pursuant to Section 1 above, (i) Assignee is hereby
entitled to exercise all rights, powers and privileges and is hereby obligated to perform all of the duties and obligations which
may hereinafter exist with respect to the Membership Interest and (ii) Assignor hereby fully and completely withdraws as a Member
of the Company and Assignor shall not have any further rights, powers, privileges, duties and/or obligations with respect to the
Membership Interest or any interest whatsoever in the Company or the business of the Company. The Company shall not dissolve as
a result of the foregoing withdrawal (or any other event described in this Assignment); on the contrary, the business of the Company
shall continue without any break or interruption in continuity. Assignor, Assignee and the Company hereby waive any right under
the Company LLC Agreement to advance notice of the purchase of the Membership Interest as described herein or to participate in
such purchase except as described herein, and the Company hereby consents to the purchase of the Membership Interest as described
herein.

 

3. Release and Waiver

 

3.1           The
Assignor hereby acknowledges and agrees that the Purchase Price constitutes the entire and full amount to which such Assignor is
entitled in respect of its Membership Interest pursuant to the terms of this Agreement or otherwise. The Assignor hereby waives
any claim or right that it may have to receive any amount greater than or in addition to the Purchase Price, whether pursuant to
the Company LLC Agreement or otherwise.

 

3.2           For
and in consideration of the Purchase Price and other valuable consideration, the Assignor, on behalf of itself, and its successors
and assigns, and all persons claiming by, or through it, jointly and severally (the “Related Persons”), hereby
unconditionally, irrevocably and forever: (i) waives any claims that it or any Related Person has or may have in the future against
the Assignee, the Company and their respective Affiliates, directors, officers, members, managers, shareholders, successors, predecessors,
assigns, principals, employees, agents, attorneys and representatives (collectively, the “Released Parties”)
with respect to any matter relating to or arising out of any matter related to Assignor’s interest in the Company and/or
status as a member of the Company; and (ii) releases, discharges and agrees to indemnify and hold harmless the Released Parties
from any and all claims, demands, proceedings, agreements (express or implied) obligations, liabilities and causes of action whatsoever,
whether known or unknown, whether arising under common law, in equity or under statute, which the Assignor or any Related Persons
now has, has ever had or may hereafter have against the Released Parties relating to or arising out of any matter related to Assignor’s
interest in the Company and/or status as a member of the Company

 

3.3           The
Assignor hereby agrees that this Agreement shall be binding on the Assignor, all Related Persons, and all persons claiming any
right, benefit, or interest with respect to the Assignor’s Membership Interest and shall inure to the benefit of the Released
Parties and their successors and assigns.

 

4.            Miscellaneous.

 

4.1 The obligations
of the parties hereto shall be continuing, absolute and unconditional and shall remain in full force and effect.

 

    	 

    	3

    

 

4.2 Promptly upon
request of any other party, each party hereto shall each execute and deliver such further assurances and take such further actions
as may be reasonably required or appropriate to perfect the assignment and assumption of the Membership Interest and otherwise
carry out the intent and purpose of this Assignment.

 

4.3 This Assignment
shall be binding upon and inure to the benefit of Assignor, Assignee and their respective successors and assigns.

 

4.4 Any controversy
or claim arising out of or relating to this Assignment, or the breach thereof, shall be settled by arbitration in accordance with
the Commercial Arbitration Rules of the American Arbitration Association, or any successor thereof, and judgment upon the award
rendered by the Arbitrators may be entered in any Court having jurisdiction thereof. Venue of the arbitration shall in Palm Beach
County, Florida. Any controversy or claim shall be submitted to three arbitrators selected from the panels of the Arbitrators of
the American Arbitration Association. Each party shall bear the costs of its own counsel and presentation of evidence, and each
party shall share equally the cost of such arbitration proceeding. Any award made hereunder may be docketed in a court of competent
jurisdiction in Palm Beach County, Florida, and all parties hereby consent to the personal jurisdiction of such court for purposes
of the enforcement of the arbitration award.

 

4.5 This Assignment
may be executed in any number of counterparts which, when taken together, shall constitute a single binding instrument. Execution
and delivery of this Assignment by facsimile, or by e-mail in the form of a scanned attachment, shall be sufficient for all purposes
and shall be binding on any person who so executes.

 

5. Interpretation.

 

5.1 This
Assignment shall be governed by and construed in accordance with the laws of the State of Delaware (without reference to conflict
of laws principles).

 

5.2 Captions, numbering
and headings of Sections in this Assignment are for convenience of reference only and shall not be considered in the interpretation
of this Assignment.

 

5.3 Whenever required
by the context, the singular shall include the plural, the neuter gender shall include the male gender and female gender, and vice
versa.

 

5.4 No modification
of this Assignment shall be valid or effective unless the same is in writing and signed by the parties hereto. No purported waiver
of any of the provisions of this Assignment shall be valid or effective unless the same is in writing and signed by the party against
whom it is sought to be enforced.

 

[signatures appear
on following page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Assignor, Assignee, and the Company have executed this Assignment as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	HOLLYWOOD MEDIA CORP.,
	 	a Florida corporation
	 	 	 
	 	By :	/s/ Robert D. Epstein
	 	 	Robert D. Epstein
	 	 	Chairman, Special Committee of Directors, on behalf 

of Special Committee, as Authorized 

Representative of Hollywood Media Corp.
	 	 	 
	 	ASSIGNEE:
	 	 
	 	BASELINE HOLDINGS LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Mitchell Rubenstein
	 	 	Mitchell Rubenstein, member
	 	 	 
	 	By:	/s/ Laurie S. Silvers
	 	 	Laurie S. Silvers, member
	 	 	 
	 	THE COMPANY:
	 	 	 
	 	PROJECT HOLLYWOOD LLC,
	 	a Delaware limited liability company
	 	(solely as to Section 2)
	 	 	 
	 	By:	Baseline Holdings LLC, Managing Member
	 	 	 	 
	 	 	By: 	/s/ Mitchell Rubenstein
	 	 	 	Name: Mitchell Rubenstein
	 	 	 	Title:   Managing Member
	 	 	 
	 	/s/ Mitchell Rubenstein
	 	Mitchell Rubenstein
	 	(solely as to Section 2(i) of attached Schedule A)
	 	 
	 	/s/ Laurie S. Silvers
	 	Laurie S. Silvers
	 	(solely as to Section 2(ii) of attached Schedule A)

 

Signature Page - Assignment from Hollywood Media Corp.
to Baseline Holdings LLC

 

    	 

    	 

    

 

SCHEDULE A

 

The Purchase Price shall be paid as follows:

 

		1.	$1,230,500 in cash by Assignee to Assignor within two (2) business days following the date hereof;

 

		2.	$569,500 as follows:

 

		i.	Mitchell Rubenstein, an equity holder of Assignee, hereby waives his right to receive any principal and interest received after
the date of this Agreement by Assignor on account of the Second Lien Credit, Security and Pledge Agreement, dated as of December
15, 2010, pursuant to which Key Brand Entertainment Inc. is obligated to pay to Assignor $8,500,000 of principal plus interest
(the “Theatre Direct Credit Agreement”) (as of the date hereof, Mr. Rubenstein has the right to receive 4.76%
of the principal, or $404,600, and interest on account of the Theatre Direct Credit Agreement); and

 

		ii.	Laurie S. Silvers, an equity holder of Assignee, hereby waives her right to receive any principal and interest received after
the date of this Agreement by Assignor on account of the Theatre Direct Credit Agreement (as of the date hereof, Ms. Silvers has
the right to receive 1.94% of the principal, or $164,900, and interest on account of the Theatre Direct Credit Agreement).Exhibit 10.2

 

AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made and effective as of August 28, 2012 (the “Effective Date”), by and between R&S Investments,
LLC, a Delaware limited liability company (“Purchaser”), and Hollywood Media Corp., a Florida corporation (“Hollywood
Media”). Purchaser and Hollywood Media are each referred to in this Agreement as a “Party” and are
collectively referred to in this Agreement as the “Parties”.

 

RECITALS

 

A.           Purchaser
and Hollywood Media are parties to that certain Purchase Agreement dated as of August 21, 2008, as amended (the “Purchase
Agreement”);

 

B.           Pursuant
to the Purchase Agreement, Hollywood Media sold, and Purchaser purchased, 100% of the membership interests (collectively, the “Purchased
Interest”) in each of HOLLYWOOD.COM, LLC, a Delaware limited liability company, and Totally Hollywood TV, LLC, a Delaware
limited liability company;

 

C.           Upon
the terms and subject to the conditions set forth in Section 3.3 of the Purchase Agreement, Purchaser may be obligated to pay Hollywood
Media certain Additional Consideration (as such term is defined in the Purchase Agreement) in respect of the Purchased Interest;
and

 

D.           Upon
the terms and subject to the conditions set forth in this Agreement, in exchange for Purchaser paying Hollywood Media Two Million
Nine Hundred Fifty Thousand Dollars ($2,950,000.00) (the “Buyout Amount”), the Parties desire to terminate the
Purchaser’s obligation to pay any Additional Consideration or Earnout Payment (each as defined in the Purchase Agreement).

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.          Satisfaction
of Obligation to Pay Additional Consideration. On the Effective Date, (i) Purchaser shall pay to Hollywood Media the
Buyout Amount by wire transfer of immediately available funds into the account designated by Hollywood Media within two business
days from the date hereof and (ii) upon execution of this Agreement, Purchaser shall have automatically and without further
action completely and fully satisfied all of Purchaser’s obligations and/or liabilities under Article III of the Purchase
Agreement (including Purchaser’s obligation to pay the Purchase Price under Section 3.1 of the Purchase Agreement and any
Additional Consideration or Earnout Payment under Section 3.3 of the Purchase Agreement), and Purchaser shall have no further obligations
and/or liabilities (and Hollywood Media shall no have further rights and/or remedies) under Article III of the Purchase Agreement
or otherwise. For the avoidance of doubt, neither Purchaser nor any of Purchaser’s affiliates or successors will have any
liability for payment or otherwise to Hollywood Media under the Purchase Agreement. Section 7.7 of the Purchase Agreement shall
have no further force or effect.

 

2.          Miscellaneous.

 

(a)          Except
as modified by this Agreement, the Purchase Agreement remains unaltered and in full force and effect. This Agreement constitutes
the entire and final agreement among the Parties with respect to the subject matter hereof and there are no agreements, understandings,
warranties or representations among the Parties with respect to the subject matter hereof except as set forth herein.

 

    	 

    	 

    

 

(b)          Neither
this Agreement nor any of the provisions hereof can be amended, changed, waived, discharged, or terminated, except by an instrument
in writing signed by the Party or Parties against whom enforcement of the amendment, change, waiver, discharge, or termination
is sought. No action taken pursuant to this Agreement, including any investigation by or on behalf of any Party, shall be deemed
to constitute a waiver by the Party taking such action of compliance with any representation, warranty, covenant or agreement contained
herein. The waiver by any Party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further
or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.

 

(c)          Neither
Party may assign, transfer or otherwise encumber this Agreement or their respective rights or obligations hereunder, in whole or
in part, whether voluntarily or by operation of law, without the prior written consent of the other Party. This Agreement shall
be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Any corporation
or other entity succeeding to the interests of Hollywood Media shall be treated as Hollywood Media hereunder. Nothing in this Agreement
shall create or be deemed to create any third party beneficiary rights in any person or entity not a party to this Agreement except
as expressly stated herein. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

 

(d)          This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made
and performed in such State without giving effect to the choice of law principles of such state that would require or permit the
application of the laws of another jurisdiction.

 

(e)          For
purposes of this Agreement, (a) the words “including”, “include” and “includes” shall be deemed
to be followed by the words “without limitation”, (b) the word “or” is not exclusive (and shall be construed
in the inclusive sense of “and/or”), (c) the words “herein,” “hereof,” “hereby,”
“hereto” or “hereunder” refer to this Agreement as a whole, (d) each defined term used in this Agreement
shall have a comparable meaning when used in its plural or singular form, and (e) whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. To the extent any term or provision of this Agreement conflicts
with any term or provision of the Purchase Agreement, the terms and provisions of this Agreement shall control.

 

(f)          Each
Party shall at any time and from time to time execute and deliver to the other Party such further instruments and agreements, and
take such further action as the other Party may reasonably request, in each case further to effect the purposes of this Agreement
and the transactions contemplated by this Agreement.

 

(g)          The
provisions of Sections 9.3, 9.7 and 9.8(d) and (e) of the Purchase Agreement are hereby incorporated by reference into this Agreement,
mutatis mutandis, and shall be deemed to be a part of this Agreement as if restated in this Agreement in their entirety.

 

(h)          Any
controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in accordance
with the Commercial Arbitration Rules of the American Arbitration Association, or any successor thereof, and judgment upon the
award rendered by the Arbitrators may be entered in any Court having jurisdiction thereof. Venue of the arbitration shall in Palm
Beach County, Florida. Any controversy or claim shall be submitted to three arbitrators selected from the panels of the Arbitrators
of the American Arbitration Association. Each party shall bear the costs of its own counsel and presentation of evidence, and each
party shall share equally the cost of such arbitration proceeding. Any award made hereunder may be docketed in a court of competent
jurisdiction in Palm Beach County, Florida, and all parties hereby consent to the personal jurisdiction of such court for purposes
of the enforcement of the arbitration award.

 

(i)          This
Agreement may be executed in any number of counterparts, each of which will be deemed an original document, but all of which will
constitute a single document. A facsimile or email (in .pdf format) of any Party’s signature to this Agreement shall be treated
as an original signature for all purposes of this Agreement and shall be fully effective to bind such Party to the terms of this
Agreement.

 

    	2

    	 

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.

 

	 	hollywood media:
	 	 
	 	hollywood media corp.
	 	 	 
	 	By:	/s/ Robert D. Epstein
	 	Name:	Robert D. Epstein
	 	Title:	Chairman, Special Committee of Directors, on
 behalf of Special Committee, as Authorized 
 Representative of Hollywood Media Corp.
	 	 	 
	 	PURCHASER:
	 	 
	 	R&S INVESTMENTS, LLC
	 	 	 
	 	By:	/s/ Mitchell Rubenstein
	 	Name:	Mitchell Rubenstein
	 	Title:	Managing Member

 

    	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}]]