Document:

360 Global Wine Co. Exhibit 10.1

SETTLEMENT AGREEMENT AND RELEASE

This Settlement Agreement and Release (the “Agreement”) is dated as of April 30, 2005 and is made by and between, Marks Paneth & Shron, LLP (“MPS”) and 360 Global Company, Inc. (formerly known as Knightsbridge Fine Wines, Inc. and referred to herein as “360”)

WHEREAS, MPS was formerly engaged as the independent auditor of 360 from June 5, 2003 until August 20, 2004;

WHEREAS, MPS has submitted invoices for past services to 360 in the amount of $274,931 for professional services rendered to 360 in its role as independent auditor since June 5, 2003;

WHEREAS, 360 has disputed certain elements of MPS’s invoices, including the total amount claimed by MPS as due and payable;

WHEREAS, in order to avoid further expense, costs, and time to litigate the dispute between the parties, the MPS and 360 have reached a full and final settlement of all disputes between MPS and 360; and

NOW, THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, it is hereby stipulated, consented to and agreed by and between MPS and 360 as follows:

1.

360 shall pay MPS the total sum of One Hundred and Fifty Thousand Dollars ($150,000) following receipt of the executed copy of this agreement by 360, as follows: 

(i)

Twenty Thousand Dollars ($20,000) (the “Down Payment”) immediately upon execution of this Agreement;

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(ii)

The balance of One  Hundred and Thirty Thousand Dollars ($130,000) in  accordance with the terms of that certain secured promissory note (the “Note”) attached hereto as Exhibit A, an executed copy of which shall be delivered with the Down Payment set forth above. 

Such payment (the Down Payment and the Note are referred to herein collectively as the “Settlement Payment”) to be made by check payable to “Hofheimer Gartlir & Gross, LLP, as Attorney for Marks Paneth & Shron, LLP” and, together with the executed original of this Agreement and the Note, sent to Gerald H. Morganstern, Hofheimer Gartlir & Gross, LLP, 530 5th Avenue, 9th Floor, New York, New York, 10036.

2.

(a)

Upon receipt of the Settlement Payment, MPS for itself, its successors, assigns, agents, employees, former employees, and attorneys hereby releases, acquits and forever discharges 360, their agents, attorneys, employees or former employees and successors.  This release is a general release and, except for claims for breach of this Agreement or the Note, covers all claims, which were or could have been brought by MPS against 360, including any and all statutory and tort based claims.

(b)

Upon receipt of the Settlement Payment, MPS shall render its (i) consent to 360 for the use of the financial statements for the fiscal year ended December 31, 2003, as audited by MPS, including but not limited to its audit opinion rendered pursuant to such audit, for use 360’s filings required by the Securities Act of 1933, the Securities Exchange of 1934 and any filings required by any exchange or market on which its common stock is listed or traded; and (ii) turn over any work papers or other documents reasonably requested by 360’s current independent auditors, necessary for completion of 360’s Form 10-KSB for the fiscal year ended 

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December 31, 2004.   The requirements of section 2(b)(ii) shall be continuing so long as 360 is not in default on its obligations under this Agreement or the Note.

3.

Upon receipt of the consent of MPS referenced in section 2(b)(i), 360 for itself, its successors, assigns, agents, employees, former employees, and attorneys hereby releases, acquits and forever discharges MPS, their agents, attorneys, employees or former employees and successors.  This release is a general release and, except for claims for breach of this Agreement, covers all claims, which were or could have been brought by 360 against MPS, including any and all statutory and tort based claims.

4.

The parties warrant and represent that no other person or entity has any interest in the matters released herein, and that neither of them has assigned or transferred, or purported to assign or transfer, to any person or entity all or any portion of the matters released herein.

5.

The parties understand and agree that this Agreement, including the facts and circumstances underlying the claims, shall forever be deemed confidential between the parties to this Agreement.  Except as required under the statutes, rules or regulations of any federal or state government, government agency, court of competent jurisdiction or securities industry self regulatory organization, of which either of the parties is a member, the parties shall not disclose or divulge to others the following: the facts and circumstances underlying or concerning any claims raised by MPS; and the terms or substance of this Agreement.  Notwithstanding the foregoing, 360 shall be permitted to disclose the terms of this Agreement in its filings pursuant to the Securities Act of 1933 and Securities Exchange Act of 1934, to the extent required by such laws and the regulations promulgated thereunder.

6.

Any non-disclosure provision in this agreement does not prohibit or restrict the parties (or their attorneys) from responding to any inquiry about this Agreement or its underlying 

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facts by the Securities and Exchange Commission, the NASD, or any other self-regulatory organization.

7.

All parties acknowledge and represent that: (a) they have read the Agreement; (b) they clearly understand the Agreement and each of its terms; (c) they fully and unconditionally consent to the terms of this Agreement; (d) they have had the benefit and advice of counsel of their own selection; (e) they have executed this Agreement, freely, with knowledge, and without influence or duress; (f) they have not relied upon any other representations, either written or oral, express or implied, made to them by any person; (g) the consideration received by them has been actual and adequate; and (h) the parties signing below have the authority to execute this Agreement on behalf of the respective parties.

8.

This Agreement contains the entire agreement and understanding concerning the subject matter hereof between the parties and supersedes and replaces all prior negotiations, proposed agreement and agreements, written or oral.  Each of the parties hereto acknowledges that neither any of the parties hereto, nor agents or counsel of any other party whomsoever, has made any promise, representation or warranty whatsoever, express or implied, not contained herein concerning the subject hereto, to induce it to execute this Agreement and acknowledges ands warrants that it is not executing this Agreement in reliance on any promise, representation or warranty not contained herein.

9.

This Agreement may not be modified or amended in any manner except by an instrument in writing specifically stating that it is a supplement, modification or amendment to the Agreement and signed by each of the parties hereto.

10.

Should any provision of this Agreement be declared or be determined by any court or tribunal to be illegal or invalid, the validity of the remaining parts, terms or provisions 

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shall not be affected thereby and said illegal or invalid part, term or provision shall be severed and deemed not to be part of this Agreement.

11.

This Agreement may be executed in counterparts, each of which, when all parties have executed at least one such counterpart, shall be deemed an original, with the same force and effect as if all signatures were appended to one instrument, but all of which together shall constitute one and the same Agreement.

12.

This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of New York and the laws of the United States of America. The parties hereby agree that all actions or proceedings arising directly or indirectly from or in connection with this Agreement shall be litigated only in the United States District Court for the Southern District of New York located in New York County, New York, New York. Each party consents and submits to the jurisdiction and venue of the foregoing court and consents that any process or notice of motion or other application to said court or a judge thereof may be served inside or outside the State of New York or the Southern District of New York (but such consent shall not be deemed a general consent to jurisdiction and service for any third parties) by registered mail, return receipt requested, directed to the parties at their respective addresses provided in or pursuant to the Purchase Agreement (and service so made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said court. 360 hereby waives any right to a jury trial in connection with any litigation pursuant to this Agreement.

13.

All notices (including other communications required or permitted) under this Agreement must be in writing and must be delivered (a) in person, (b) by registered or certified mail, postage prepaid, return receipt requested, (c) by a generally recognized courier or 

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messenger service that provides written acknowledgement of receipt by the addressee, or (d) by facsimile or other generally accepted means of electronic transmission with a verification of delivery.  Notices are deemed delivered when actually delivered to the address for notices as follows:

To MPS:

Marks Paneth & Shron, LLP

622 Third Avenue

Seventh Floor

New York, NY 10017

Attn: Steven Brass

With copies that will not constitute notice to:

Gerald Morganstern, Esq.

Hofheimer Gartlir & Gross, LLP

530 5th Avenue, 9th Floor

New York, NY 10036

To 360:

360 Global Company, Inc.

One Kirkland Ranch Road

Napa, CA 94558

With copies that will not constitute notice to:

Louis Taubman, Esq.

Law Offices of Louis E. Taubman, P.C.

225 Broadway, Suite 1200

New York, NY 10007

Any party may by written notice as set forth herein change the address or telephone/fax numbers to which notices or other communications to it are to be delivered or mailed.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first indicated above.

360 Global Company, Inc.

By: Joel Shapiro, CEO

_______________________________

Marks Paneth & Shron, LLP

By:____________________________, 

Managing Partner

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Exhibit A

Secured Promissory Note

8360 Global Wine Co. Exhibit 10.2

PROMISSORY NOTE

April 30, 2005

Subject to the terms and conditions of this Note and for good and valuable consideration received, 360 Global Wine Group, Inc., a Nevada Corporation (the “Borrower”), promises to pay to the order of Marks Paneth & Shron, LLP (the “Lender”), the principal amount of One Hundred and Thirty Thousand Dollars ($130,000) (the “Principal”) plus interest as set forth herein.  The Principal shall be paid by Borrower to Lender as follows:

(i)

the demand by Lender upon the occurrence of an Event of Default;

 

(ii)

on April 30, 2007; or 

(iii)

upon a Loan Liquidity Event (as defined below).

“Loan Liquidity Event” shall be defined as a transaction or a series of transactions involving Borrower, whereby Borrower or any subsidiary or affiliate receives financing from a third party(ies), including but not limited to any debt, equity, equity equivalents or other such financing activities.  Upon the occurrence of a Loan Liquidity Event, the Borrower shall pay Lender a total of ten percent (10%) of the proceeds received from such financing by Borrower, net of fees and expenses of any placement agent, underwriter or finder.

This Note may be prepaid in whole or in part at any time without premium or penalty.

1. Interest
          Rate.  Beginning on the one year anniversary of this Note,
          any unpaid Principal shall bear interest at a rate of ten percent (10%)
          per annum and shall be payable together with any Principal payments
at the date that such payments become due. 

  

 

 

 

2. Payments.

 

 

          2.1 Principal. All
                    payments of the Principal payable on or in respect of this
                    Note shall be made to Lender in U.S. dollars, by wire transfer,
                    certified check or other “immediately available” funds.
                    Borrower shall make such payments of the Principal to Lender
                    at the address of Lender set forth hereto or at such other
                    place as Lender shall have notified Borrower in writing. 

          2.2 No
                                        Set-off.  All
                    payments on or in respect of this Note shall be made to Lender
                                        without set-off or counterclaim and free
                                        and clear of and without any deductions
          of any kind.

          

          

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          2.3 Release Upon Payment In Full.  Upon
                    payment in full of the Principal and any accrued and unpaid
          interest Borrower shall be forever released from all its obligations
          and liabilities under this Note.

3.
          Event of Default.  Notwithstanding the foregoing, this
          Note shall be immediately due and payable, in the event of the occurrence
          and continuation of any of the following (each an “Event of
          Default”):

          3.1 Insolvency.
                    Borrower becomes insolvent or makes any assignment for the benefit
                    of its creditors.
          

          3.2 Bankruptcy.
                    Borrower files (or consents to the filing of) any petition
                    or complaint pursuant to federal or state bankruptcy or insolvency
                    laws seeking the appointment of a receiver or trustee for
                    any of its assets, seeking the adjudication of Borrower as
                    bankrupt or insolvent, seeking an “order
                    for relief” under
                    such statutes, or seeking a reorganization of or a plan of
                    arrangement for Borrower and such petition is not dismissed
                    within 60 days after the filing thereof, or
          

          3.3 Default. (a) Borrower materially defaults in the due observance or performance of any covenant, condition or agreement on the part of Borrower to be observed or performed pursuant to the terms of this Note, (b) Lender gives written demand to Borrower, and (c) such default or breach remains uncured ten (10) days after Borrower receives such written demand.
          

          3.4 Default
                              Interest Rate.  In the event of a
                              default hereunder, any unpaid principal and accrued
                              interest shall bear interest at a default rate
                              of lesser of 18% or the maximum amount permitted
                              by law until such time as the Note is paid in full
                              or the default is otherwise cured to the satisfaction
                              of the lender.
          

          4.
                    Security Interest.  Lender shall
                    have a security interest in the assets of the Borrower as
                    set forth in the Security Agreement, attached hereto as Exhibit
                    A, until such time as the Principal amount of this Note has
                    been repaid in full.  
          

5.   Miscellaneous.

          5.1  Notices. All
                    notices (including other communications required or permitted)
                    under this Note must be in writing and must be delivered
                    (a) in person, (b) by registered or certified mail, postage prepaid, return receipt requested, (c) by a generally recognized courier or messenger service that provides written acknowledgement of receipt by the addressee, or (d) by facsimile or other generally accepted means of electronic transmission with a verification of delivery.  Notices
                    are deemed delivered when actually delivered to the address
                    for notices as follows:To Lender:

          

          

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Marks Paneth & Shron, LLP

622 Third Avenue

Seventh Floor

New York, NY 10017

Attn: Steven Brass

With copies that will not constitute notice to:

Gerald Morganstern, Esq.

Hofheimer Gartlir & Gross, LLP

530 5th Avenue, 9th Floor

New York, NY 10036

To Borrower:

360 Global Company, Inc.

One Kirkland Ranch Road

Napa, CA 94558

With copies that will not constitute notice to:

Louis Taubman, Esq.

Law Offices of Louis E. Taubman, P.C.

225 Broadway, Suite 1200

New York, NY 10007

Any party may by written notice as set forth herein change the address or telephone/fax numbers to which notices or other communications to it are to be delivered or mailed.

          5.2 Attorneys’ Fees
                                        and Costs.  If any legal action, arbitration
                                        or other proceeding is brought to collect or enforce
                                        this Note, Lender will be entitled to recover reasonable
                                        attorneys’ fees
                                        and expenses and other costs incurred
                                        in such action, arbitration or proceeding
                                        from Borrower, in addition to any other
                                        relief, if Lender is the prevailing party.
          

          5.3 Severability.  The provisions
          of this Note are severable.  The invalidity, in whole or in part, of any provision of this Note shall not affect the validity or enforceability of any other of its provisions. If one or more provisions hereof shall be declared invalid or unenforceable, the remaining provisions shall remain in full force and effect and shall be construed in the broadest possible manner to effectuate the purposes hereof.  The
                    parties further agree to replace such void or unenforceable
          provisions of this Note with valid and enforceable provisions which 

          

          

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will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provisions.

          5.4 Headings;
                                        Exhibits; References. The headings
                                        in this Note are only for convenience
                                        and ease of reference and are not to
                                        be considered in construction or interpretation
                                        of this Note, nor as evidence of the
                                        intention of the parties hereto.  All
                                        exhibits, schedules and appendices attached
                                        to this Note are incorporated herein.
                                        Except where otherwise indicated, all
                                        references in this Note to Sections refer
                                        to Sections of this Note.
          

          5.5 Entire Agreement.  This
                    Note, together with the Settlement Agreement and Release
                    and Security Agreement, by and between the parties to this
                    Note and dates as of the same date hereof, constitutes the
                    complete and exclusive statement of agreement and understanding
                    of the parties with respect to matters herein and is a complete
                    and exclusive statement of the terms and conditions thereof.
                    No representation, statement, condition or warranty not contained
          in this Note or the aforementioned agreements is binding on the parties.
          

          5.6 Amendments.  Any provision of this Note may be amended or modified upon the written consent of all parties to this Note.
          

          5.7 Delays or Omissions.  No
                    delay or failure by any party to insist on the strict performance
                    of any provision of this Note, or to exercise any power,
                    right or remedy, will be deemed a waiver or impairment of
                    such performance, power, right or remedy or of any other
                    provision of this Note nor shall it be construed to be a
                    waiver of any breach or default, or an acquiescence therein,
          or of or in any similar breach or default thereafter occurring.
          

          5.8 Interpretation.  If
                    any claim is made by a party relating to any conflict, omission
                    or ambiguity in the provisions of this Note, no presumption
                    or burden of proof or persuasion will be implied because
                    this Note was prepared by or at the request of any party
                    or its counsel.
          

          5.9 Governing
                              Law; Venue. This Note shall be construed
                              and enforced in accordance with and governed by
                              the internal laws of the State of New York and
                              the laws of the United States of America. The parties
                              hereby agree that all actions or proceedings arising
                              directly or indirectly from or in connection with
                              this Note shall be litigated only in the United
                              States District Court for the Southern District
                              of New York located in New York County, New York,
                              New York. Each party consents and submits to the
                              jurisdiction and venue of the foregoing court and
                              consents that any process or notice of motion or
                              other application to said court or a judge thereof
                              may be served inside or outside the State of New
                              York or the Southern District of New York (but
                              such consent shall not be deemed a general consent
                              to jurisdiction and service for any third parties)
                              by registered mail, return receipt requested, directed
                              to the parties at their respective addresses provided
                              herein (and service so made shall be deemed complete
                              three (3) days after the 

                    

          

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          same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said court. 360 hereby waives any right to a jury trial in connection with any litigation pursuant to this Agreement.

          5.10 Successors
                                        and Assigns. This Note is freely
                                        assignable by Lender only, provided that
                                        the assignee agrees to be bound by the
                                        provisions hereof.  Borrower’s
                                        rights and obligations shall not be assigned or
                                        delegated without Lender’s prior
                                        written consent, given in its sole discretion,
                                        and any purported assignment or delegation
                                        without such consent shall be void and
                                        ab initio.
          

          5.11 Binding
                              Effect; Parties in Interest.  This
                              Note is binding upon and benefits only the parties
                              and their respective permitted successors and assigns.  Nothing
                              in this Note gives any rights or remedies to any
                              person other than the parties and their respective
                              permitted successors and assigns, nor does anything
                              in this Note relieve or discharge any obligation
                              or liability of any third person to any party.  No
                              provision of this Note gives any third person any
                              right of subrogation or action over or against
                              any party to this Note.
          

          5.12 Replacement of Note.  Upon
                    receipt of evidence reasonably satisfactory to Borrower of
                    the loss, theft, destruction or mutilation of this Note and
                    (in the case of loss, theft or destruction) upon delivery
                    of an indemnity agreement (with surety if reasonably required)
                    in an amount reasonably satisfactory to Borrower, or (in
                    the case of mutilation) upon surrender and cancellation of
                    this Note, Borrower will issue, in lieu thereof, a new Note
                    of like tenor.
          

          5.13  Counsel.  Each
                    party to this Note represents and warrants that it has received
                    the advice and counsel of an attorney in connection with
                    the negotiation, preparation and execution of this Agreement.
          

          5.14 Miscellaneous.  Borrower hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically provided herein, and assent to extensions of the time of payment, or forbearance or other indulgence without notice.
          

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have caused this Note to be issued as of the date first written above.

	 	 
	 	BORROWER

360 Global Wine Group, Inc.

By: 

(Signature)

Name: Joel Shapiro    

(Print Name)

Title: CEO

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