SETTLEMENT AGREEMENTSettlement Agreement • May 20th, 2011 • World Surveillance Group Inc. • Telephone communications (no radiotelephone) • Florida
This settlement agreement is made and entered into as of this 17th day of May 2011 (the “Settlement Agreement”), by and between Hudson Bay Fund LP (“Hudson Bay Fund”), with its principal place of business located at 120 Broadway, 40th Floor, New York, New York 10271, and Hudson Bay Master Fund Ltd. f/k/a Hudson Bay Overseas Fund, Ltd. (“Hudson Bay Master Fund” or “Hudson Bay Overseas Fund”), with its principal place of business located at 87 Mary Street, George Town, Grand Cayman, KY1-9002, Cayman Islands (together, “Hudson Bay”), and World Surveillance Group Inc. f/k/a Sanswire Corp. and Globetel Communications Corp. (“WSGI”), with its principal place of business located at State Road 405, Building M6-306A, Room 1400, Kennedy Space Center, Florida 32815 (collectively, the “Parties”).
