Common Contracts

SETTLEMENT AND FORBEARANCE AGREEMENT

Settlement and Forbearance Agreement • December 15th, 2015 • New York

• Contract Type
  Settlement and Forbearance Agreement
• Filed
  December 15th, 2015
• Jurisdiction
  New York

This Settlement and Forbearance Agreement (the “Agreement”) is entered into as of December 11, 2015 (the “Effective Date”) by and between Dr. Joseph Nemeth, as Trustee of the Joseph Nemeth Living Trust (the “Trust”), on the one hand, and Global Apparel Network US, Inc. (“GAN US”), Global Apparel Network Ltd. (“GAN Ltd.”), Joseph Shohfi (“Shohfi”), and Danette Gorman (“Gorman,” collectively with GAN US, GAN Ltd., and Shohfi, the “Global Apparel Parties”), on the other hand.