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TheGlobe.com CEO Leaving Company

May 21, 2002

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WASHINGTON (AP) _ TheGlobe.com Inc. said Chief Executive Officer Charles Peck will no longer be employed with the company after May 31, according to the company’s quarterly report filed Monday with the Securities and Exchange Commission.

TheGlobe.com said Peck will be paid $625,000, in accordance with the terms of his severance package. Peck was also granted options to purchase 425,000 common shares May 6, reflecting terms of his severance package.

Effective June 1, Chairman Michael Egan will assume the role of CEO, while director Edward Cespedes will become the president. Both of them will retain their original positions.

Robin Segaul, a company director, will be appointed treasurer and secretary, according to the filing.

TheGlobe.com sold a portion of its operations and fired half of its employees last August. The New York-based company continues to operate its computer games magazine, related Web site and its game distribution business.

The company said in the filing it’s continuing to explore strategic alternatives for its remaining online and offline game properties, including selling some or all of these properties and possibly entering a different line of business.

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