SEC Contract Filing

Filing Date: 2019-10-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SETTLEMENT
AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Settlement Agreement (this &ldquo;<U>Agreement</U>&rdquo;), dated as of October 1, 2019 (&ldquo;<U>Effective Date</U>&rdquo;),
is entered into between GlassBridge Enterprises Inc. (&ldquo;<U>GlassBridge</U>&rdquo;) and the Pension Benefit Guaranty Corporation
(&ldquo;<U>PBGC</U>&rdquo;, and collectively with GlassBridge, the &ldquo;<U>Parties</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Recitals</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
PBGC is a wholly-owned United States government corporation and agency established under 29 U.S.C. &sect; 1302(a) to administer
the pension plan termination insurance program created by Title IV of the Employee Retirement Income Security Act of 1974, as
amended, 29 U.S.C. &sect;&sect; 1301-1461 (2012 &amp; Supp. V 2017) (&ldquo;<U>ERISA</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
GlassBridge is located in New York and sponsored the GlassBridge Enterprises Cash Balance Pension Plan (the &ldquo;<U>Plan</U>&rdquo;),
which is a single-employer defined benefit pension plan covered by Title IV of ERISA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
On May 13, 2019, GlassBridge and PBGC entered into an agreement (1) terminating the Plan under 29 U.S.C. &sect; 1342(c), (2) establishing
April 30, 2019, as the Plan&rsquo;s termination date under 29 U.S.C. &sect; 1348 (the &ldquo;<U>DOPT</U>&rdquo;), and (3) appointing
PBGC as statutory trustee of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
GlassBridge and any other members of GlassBridge&rsquo;s controlled group (within the meaning of 29 U.S.C. &sect; 1301(a)(14))
(collectively, with GlassBridge, the &ldquo;<U>Controlled Group Members</U>&rdquo;) are jointly and severally liable to PBGC for
all liabilities under Title IV of ERISA in connection with the Plan&rsquo;s termination (the &ldquo;<U>Title IV Liabilities</U>&rdquo;),
including unfunded benefit liabilities, due and unpaid Plan contributions, premiums, and interest on each of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
GlassBridge failed to make minimum funding contributions to the Plan, as a result of which a lien in favor of the Plan, on all
property of each Controlled Group Member, arose under 26 U.S.C. &sect; 430(k) and 29 U.S.C. &sect; 1083(k) (&ldquo;<U>Liens</U>&rdquo;);
and was perfected by PBGC filing Notices of Federal Lien under 26 U.S.C. &sect; 430(k) (&ldquo;<U>Lien Notices</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parties have reached an understanding to settle the Title IV Liabilities and accordingly agree as follows:</FONT></P>

<P STYLE="font: 10pt Times