EXHIBIT 10.12
 
DUANE STREET CORP.
616 CORPORATE WAY, SUITE 2-4059
VALLEY COTTAGE, NY 10989
 
January 23, 2014
 
To Shareholders whose names are identified on the signature pages hereto
 
Re: Adjustments of Shares of Duane Street Corp.
 
Dear Shareholder:
 
Reference is hereby made to several Stock Purchase Agreements of like tenor
(each, an “SPA” and collectively, the “SPAs”), dated of even date herewith, by
and between you and certain other buyers, on the one hand (each, a “Buyer” and
collectively, the “Buyers”), and certain sellers signatory thereto, on the other
hand (each, a “Seller” and collectively, the “Sellers”), pursuant to which the
Buyers are purchasing from the Sellers an aggregate of 256,000 (4,225,000
post-split) shares (the “Shares”) of common stock, par value $0.0001 per share
(“Common Stock”), of Duane Street Corp., a Delaware corporation (the
“Company”).  Capitalized terms used but not defined herein have the meanings
given them in the SPAs.
 
You hereby acknowledge that:
 
(1)  
The  Company is currently conducting a private placement offering (the “PPO”) to
certain accredited investors and non-U.S. Persons for a minimum of $4,000,000
(the “Minimum Offering”) through the sale of approximately 242,367 (4,000,000
post-split) Units of the Company’s securities, and a maximum of $7,000,000 (the
“Maximum Offering”) through the sale of approximately 424,142 (7,000,000
post-split) Units of the Company’s securities, at an offering price of
approximately $16.50 ($1.00 post-split) per Unit, each Unit comprised of one (1)
share of the Company’s Common Stock and a warrant to purchase one (1) share of
the Company’s Common Stock (the “Units”) at an exercise price of approximately
$33.00 ($2.00 post-split) per share for five (5) years;

 
(2)  
The number of the Shares you are purchasing under the SPAs has been determined
assuming the Maximum Offering amount of $7,000,000 will be raised by the Company
in the initial closing of the PPO, resulting in the issuance of 424,142
(7,000,000 post-split) shares of the Company’s Common Stock;

 
(3)  
Concurrently with the initial closing of the PPO, the Company plans to
consummate a membership interests contribution transaction (the “Contribution”)
with Raditaz, LLC, a Connecticut limited liability company (“Raditaz”), pursuant
to which all of the outstanding Raditaz limited liability company membership
interests will be exchanged for 605,918 (10,000,000 post-split) shares of the
Company’s Common Stock; and

 
 
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(4)  
In connection with the Contribution, and pursuant to a Split-Off Agreement, the
Company plans to transfer its pre-Contribution assets and liabilities to Peretz
Yehuda Aisenstark and Yair Shofel, the Company’s pre-Contribution majority
stockholders, in exchange for their surrender and cancellation of an aggregate
of 1,500,000 (24,755,859 post-split) shares of the Company’s Common Stock (the
“Split-Off”).

 
You hereby agree that, if, at the initial closing of the PPO, less than an
aggregate of $7,000,000 is raised by the Company, resulting in the issuance of
less than 424,142 (7,000,000 post-split) shares of the Company’s Common Stock,
you will surrender to the Company for cancellation a portion of your Shares such
that the aggregate number of Shares which remain outstanding, following
cancellations by the other Buyers, will be equal to 19.9% of the total
outstanding shares of the Company upon consummation of the initial PPO, the
Contribution and the Split-Off.
 
If additional closings of the PPO occur following the initial closing of the
PPO, you will receive a proportionate number of additional shares, up to the
number of Shares you cancelled in connection herewith; provided, however, that
such additional shares shall be restricted shares of the Company.
 
Except as otherwise expressly provided herein, the provisions of the SPAs shall
remain in full force and effect.
 
This letter agreement may be executed in counterparts, each of which shall be
governed by the laws of the State of New York.

 
[THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY.
SIGNATURE PAGE FOLLOWS.]
 
 
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IN WITNESS WHEREOF, this letter has been executed by the undersigned as of the
date first set forth above.
 

 
Very Truly Yours,

DUANE STREET CORP.
           
By:
        Name: Peretz Yehuda Aisenstark       Title: Chief Executive Officer    
     

 
AGREED AND ACCEPTED:

INDIVIDUAL:
 
_____________________________________
(Signature)
 
_____________________________________
Print Name)
 
ENTITY:
 
____________________________________
(Name of Entity)
 
By:_________________________________
 
Name:_______________________________
 
Title:________________________________

ACKNOWLEDGED BY:

RADITAZ, LLC

By:_______________________________
     Name: Tom Brophy
     Title: Chief Executive Officer
 

[Signature Page to Side Letter]
 
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