EXHIBIT 10.2
SETTLEMENT AGREEMENT AND GENERAL
RELEASE
This SETTLEMENT
AGREEMENT AND GENERAL RELEASE (the “Settlement
Agreement”) is entered into as of March 29, 2007, by and
between PlanetLink Communications, Inc., a Georgia corporation (the
“Company”) and Sean Fulda (the "Holder").
WHEREAS, Holder is the owner of record of
1,041,667 shares of PlanetLink Communications, Inc. Series A
Preferred Stock (the “Preferred Shares”);
WHEREAS, the
Company has determined that it would be in the best interest of
PlanetLink Communication, Inc. to cancel the Preferred
Shares;
WHEREAS, the parties desire to cancel the
Preferred Shares in consideration for $100,000 paid to the Holder
and the Holder’s release of any and all claims, if any,
against the Company subject to the terms and conditions
hereof;
NOW THEREFORE,
in consideration of the premises and the undertakings set forth
herein, and intending to be fully bound hereby, the parties
agree:
1. Effective as
of the date hereof, any and all agreements of whatever kind between
the Company and the Holder are hereby cancelled and terminated and
shall have no further force or effect. Neither the Company nor the
Holder shall have any further rights or obligations under any such
agreements with respect to payment or other obligations. Upon the
payment of all amounts set out in Section 2 below, the Holder shall
deliver all certificates representing the Preferred Shares to
Trombly Business Law at 1320 Centre Street, Suite 202, Newton, MA
02459.
2. In
satisfaction of any claims by or obligations to the Holder,
including attorneys fees or costs, and for termination of the
Agreement and delivery of Preferred Share certificates, the Company
hereby agrees to pay to the Holder a total of $100,000 (the
“Settlement Payment”) within 3 business days of receipt
by the Company of this executed Settlement Agreement and upon
receipt by the Company of the following:
2.1
Written confirmation that the
Holder will deliver Preferred Share certificates to Trombly
Business Law at 1320 Centre Street, Suite 202, Newton, MA 02459;
and
2.2
Written confirmation that the
Holder has not pledged, promised, loaned, hedged, hypothecated or otherwise granted rights
in the Preferred Shares to any other party; and
2.3
A signed settlement agreement from
Michael Fulda in substantially the same form as this Settlement
Agreement.
2.4
Additionally, the Holder shall
deliver all Preferred Share certificates to the Company so that the
Company may cancel the Preferred Shares.
3. Within 30
calendar days from the date of execution of this Agreement, the
Company will transfer to the Holder, all rights in the coin wash
subsidiary including all of the assets and liabilities at the date
of transfer. The Company represents that, in the time after
execution of this Agreement and prior to and including the day of
transfer, the Company will not assume any liabilities other than in
the
