Document:

Exhibit 10.20

 

 

SATISFACTION AND RELEASE AGREEMENT

 

 

This SATISFACTION AND
RELEASE AGREEMENT (this “Agreement”), dated as of December 27, 2017, effective as of January 1, 2018, is entered
into by the undersigned, DANCING BEAR INVESTMENTS, INC., a Florida corporation (the “Creditor”), and THEGLOBE.COM,
INC., a Delaware corporation (the “Company”),

 

WHEREAS, Michael
S. Egan (“Egan”) is the sole owner of the Creditor;

 

WHEREAS, Egan
and the Creditor are entering into a Common Stock Purchase Agreement of even date herewith to sell his majority stockholder interest
in the Company to Delfin Midstream, LLC (the “Purchase Transaction”); and

 

WHEREAS, as
a condition precedent to the closing of the Purchase Transaction, Egan and the Creditor have agreed to cancel its Promissory Notes
with the Company, and waive any and all defaults, accrued and unpaid interest, fees, late charges, penalties or other claims arising
therefrom;

 

WHEREAS, as
a condition precedent to the closing of the Purchase Transaction, Egan and the Creditor have agreed to terminate the Revolving
Loan Agreement with the Company and waive any and all indebtedness owed to the Creditor under such Revolving Loan Agreement, as
well as waive any and all defaults, accrued and unpaid interest, fees, late charges, penalties or other claims arising therefrom;

 

NOW, THEREFORE,
in consideration of the foregoing and intending to be legally bound, hereby the parties agree as follows:

 

1.       Satisfaction
of Notes; Purchase of Shares.

 

(a)       Payment
Amount. Effective upon payment to the Creditor (the “Effective Date”) of the sum of One Dollar ($1.00) (the
“Payment Amount”), the Creditor hereby acknowledges, affirms and agrees the Payment Amount shall in be full
satisfaction of the Promissory Note from the Company in favor of the Creditor, a copy of which is attached hereto as Exhibit
A (the “Note”).

 

(b)       Cancellation
of Note; Acquisition of Shares. The Creditor unconditionally acknowledges, affirms and agrees that as of the Effective Date,
the Notes shall be deemed satisfied, canceled, null and void, and the Company shall have no further obligation under the Notes.

 

2.       Release
and Waiver by Creditor. On the Effective Date, the Creditor on behalf of himself/herself/itself and each of his/her/its heirs,
successors, subsidiaries, affiliates, agents, attorneys and personal representatives (a “Creditor Party”), hereby
fully and completely releases and forever discharges the Company and its subsidiaries, and each of the respective current, future
and former officers, employees, directors, managers, members, stockholders, agents, attorneys, affiliates, predecessors, successors
and assigns and representatives of the foregoing and their respective heirs and agents (collectively, the “Company Released
Parties”) from any and all claims, demands, proceedings, causes of action, orders, obligations, contracts, agreements,
liens, encumbrances, security interest (whether statutory or contractual), attachments, debts and liabilities whatsoever, whether
known or unknown, suspected or unsuspected, foreseen or unforeseen, liquidated or unliquidated, both at law and in equity related
directly or indirectly to the relationship between the Creditor and the Company (a “Claim”), that the Creditor
Party now has, has ever had or may hereafter have against the respective Company Released Parties, arising contemporaneously with,
or prior to the date hereof (the “Release Date”).

 

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3.       Representations
and Warranties of Creditor. The Creditor hereby represents and warrants that:

 

(a)Authority, Approval and Enforceability.
This Agreement has been duly executed and delivered by the Creditor, and the Creditor has all requisite power and legal capacity
to execute and deliver this Agreement and any other agreements executed and delivered or to be executed and delivered in connection
with the transactions contemplated hereby, and to perform their obligations hereunder. This Agreement, upon execution and delivery,
will constitute the legal, valid and binding obligation of the Creditor, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights generally and to general principles of equity. The Creditor is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform
any of its obligations under this Agreement..

 

4.       Entire
Agreement; Assignment. This Agreement represents the entire agreement between the parties hereto with respect to the subject
matter hereof and may be amended only by a writing executed by both parties. Neither the Company nor the Creditor have relied on
any representations not contained or referred to in this Agreement and the documents delivered herewith.

 

5.       Consequences;
Survival. The Creditor understands the meaning and legal consequences of representations and warranties contained in this Agreement
and certifies that each of the representations and warranties is true and correct as of the date hereof, shall be true and correct
as of the Effective Date. The representations and warranties of the Creditor contained in this Agreement shall survive the execution
hereof until the second anniversary of the date of payment of the Payment Amount.

 

6.       Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

 

7.       Governing
Law. This Agreement shall be governed by and construed according to the laws of the State of Florida. Each party hereby consents
that any and all actions or controversies arising under this Agreement shall be subject to the exclusive jurisdiction of the state
and federal courts located in Palm Beach County, Florida.

 

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8.       Further
Assurances. The Creditor agrees to execute and deliver or cause to be executed and delivered from time to time such additional
instruments, documents and agreements as the Company and its successors or assigns may reasonably request from time to time to
carry out the terms of this Agreement.

 

9.       Subheadings.
Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this
Agreement for any other purpose.

 

10.       Jury
Trial Waiver. EACH OF THE PARTIES HERETO WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION TO ENFORCE, DEFEND, INTERPRET OR
OTHERWISE CONCERNING THIS AGREEMENT.

 

 

[Signature Pages
Follow]

 

     3

     

    

IN WITNESS WHEREOF, the undersigned has
duly executed this Satisfaction and Release Agreement as of the date first written above.

 

	 	 	 	CREDITOR:	 
	 	 	 	 	 	 
	 	 	 	Dancing Bear Investments, Inc.,	 
	 	 	 	a Florida corporation	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	     /s/ Michael S. Egan	 
		 	 	 	     Michael S. Egan, President	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	AGREED TO AND ACCEPTED:	 	 	 	 
	 	 	 	 	 	 
	Theglobe.com, Inc.	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By: 	     /s/ Robin S. Lebowitz	 	 	 	 
	 	     Robin Lebowitz	 	 	 	 
	 	     Vice President of Finance	 	 	 	 

 

 

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Exhibit A

 

Notes/Lost Note Affidavit

 

 

     5Exhibit 10.21

 

 

 

 

[DANCING BEAR LETTERHEAD]

 

December 31, 2017

 

theglobe.com, inc.

1500 Cordova Road, Suite 302

Fort Lauderdale, Florida 33316

 

 

		Re:	Termination of Master Services Agreement

 

Dear Mr. Cespedes:

 

Reference is made to
that certain (a) Master Services Agreement, entered into in September 29, 2008 (the “Services Agreement”), by
and between Dancing Bear Investments, Inc. (“Dancing Bear”) and theglobe.com, inc. (“theglobe”),
and (b) Stock Purchase Agreement, dated as of December 31, 2017 (the Purchase Agreement”) by and among Delfin Midstream,
LLC (the “Purchaser”) and Michael S. Egan, Jacqueline Egan, Dancing Bear, E&C Capital Partners, LLP, E&C
Capital Partners II, LLLP, the Registry Management Company, LLC, and certain Grantor Retained Annuity Trusts with Michael S. Egan
as Grantor (collectively, the “Sellers”). Capitalized terms used herein and not otherwise defined shall have
the meaning given to such terms in the Purchase Agreement.

 

By executing this termination
agreement (this “Termination Agreement”), the parties hereto acknowledge and agree as follows:

 

(1)       Effective
as of December 31, 2017 (the “Effective Date”) (a) all provisions of the Services Agreement shall be terminated
and shall be null and void and of no further force or effect, (b) no party thereto shall have any rights, liabilities or obligations
thereunder and (c) all amounts due and outstanding under the Services Agreement, which was a total of approximately $949,570.00
as of September 30, 2017, as of immediately prior to the Effective Date, shall be deemed satisfied in full, discharged, terminated
and released, in all respects.

 

(2)       Dancing
Bear and theglobe each agree to take such further actions and execute and deliver such other documents and agreements as may be
reasonably required to further evidence the termination of the Services Agreement or effect the intent and purpose of this Termination
Agreement.

 

(3)       In
consideration of the Purchase Price (as defined in the Purchase Agreement) to be paid to Sellers under the Purchase Agreement,
Dancing Bear hereby releases and forever discharges all claims, demands, debts, obligations, and liabilities of any kind or character
whatsoever that Dancing Bear ever had, now has, or might hereafter have against theglobe and each of its respective subsidiaries,
affiliates, agents, shareholders, partners, members, employees, officers, directors, attorneys and representatives, as well as
the successors and assigns of any and all of them, and anyone claiming through or under any of them (collectively, the “Released
Parties”), arising from or by reason of any matter, act, omission, cause or thing whatsoever occurring, without regard
to the present, actual knowledge of such acts, omissions, breaches or events, on or prior to the date of this Termination Agreement,
that relate to the Services Agreement or any other transaction, document, contract, instrument, representation, understanding or
agreement between Dancing Bear and any Released Party, in whole or in part, directly or indirectly (collectively, the “Dancing
Bear Released Claims”). Dancing Bear intends that this release shall be a full and final settlement of and bar to any
and all claims and/or causes of action against the Released Parties relating to the Dancing Bear Released Claims.

 

     

     

    

 

(4)       This
Termination Agreement (a) shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns and is not intended to confer upon any other person any rights or remedies hereunder, (b) may be executed
in any number of counterparts, each of which shall be an original but all of which taken together shall constitute one and the
same instrument and (c) shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware
without regard to its rules of conflict of laws.

 

(5)       Each
party shall bear its own costs and expenses in connection with entering into this Termination Agreement. In the event that it becomes
necessary for any party to bring suit to enforce the terms of this Termination Agreement or in connection with a breach of this
Termination Agreement, then the prevailing party shall be entitled to recover all reasonable costs, including attorneys' fees,
incurred in connection with such litigation (including appellate proceedings) against the non-prevailing party.

 

(6)       This
Termination Agreement constitutes the entire agreement between the parties with respect to the subject matter contained herein
and any and all previous agreements and understandings, written or oral, express or implied with respect to the subject matter
hereof are hereby terminated and canceled.

 

 

[Signatures appear
on following page]

 

 

     

     

    

 

If
the foregoing properly sets forth our agreement kindly execute a copy of this Termination Agreement where indicated below and return
the same to the undersigned.

 

	 	Very Truly Yours,	 
	 	 	 	 
	 	Dancing Bear Investments, Inc.	 
	 	 	 	 
	 	By:	/s/ Michael S. Egan	 
	 	Name:  	Michael S. Egan	 
	 	Title:	President	 

 

Acknowledged, accepted and agreed, this 31st day of December,
2017:

 

theglobe.com, inc.

1500 Cordova Road, Suite 302

Fort Lauderdale, Florida 33316

 

	By:	/s/ Robin S. Lebowitz	 	 
	Name:	Robin S. Lebowitz

	 	 
	Title:	Vice President of Finance	 	 

 

 

 

 

[Signature Page to Termination Agreement
– Services]

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