Document:

Employment Agreement dated January 10, 2005...Paul Peteik

 Exhibit 10.10 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”), made this 10th day of January, 2005 (the “Effective
Date”) is entered into by IBuyDigital.com, Inc., a Delaware corporation (the “Company”), and Paul Peterik (the “Executive”). 
  
 WHEREAS, the Company desires to employ the Executive, and the Executive desires to be employed by the Company. 
  
 WHEREAS, the Company desires to provide the Executive with proper
incentives for him to perform duties as the Company’s Chief Financial Officer. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties agree as follows: 
  
 1. Term of
Agreement. The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment with the Company, upon the terms set forth in this Agreement, for the period commencing on the Effective Date and ending on the third
anniversary thereof (the “Term”), unless sooner terminated in accordance with the provisions of Sections 5 and 6. 
  
 2. Title; Capacity. The Executive shall serve as Chief Financial Officer or in a position at least commensurate therewith in all material respects.
The Executive’s duties hereunder shall be those which shall be prescribed from time to time by the Board of Directors (the “Board”) in accordance with the bylaws of the Company and shall include such executive duties, powers and
responsibilities as customarily attend the office of Chief Financial Officer of a company of the size, type and nature of the Company. The Executive will hold, in addition to the office of Chief Financial Officer of the Company, such other executive
offices in the Company and its subsidiaries to which he may be elected, appointed or assigned by the Board from time to time and will discharge such executive duties in connection therewith. 

 3. Services and Best Efforts. The Executive shall devote his full working time, energy and skill
(reasonable absences for vacations and illness excepted), to the business of the Company in order to perform such duties faithfully and diligently; provided, however, that notwithstanding any provision in this Agreement to the
contrary, the Executive shall be permitted to serve as a member of the boards of directors of non-profit organizations, so long as such memberships or activities do not unreasonably interfere with the performance of his duties hereunder. The
Executive shall also be permitted to serve as a member of the boards of directors of other for-profit organizations, so long as such memberships or activities do not interfere with the performance of the Executive’s duties hereunder, and so
long as the Board of Directors approves of such memberships, such approval not to be unreasonably withheld. Notwithstanding the above, the Company agrees that the Executive shall have the right to provide minor transitional tasks for and assistance
to Integrated Leasing Corp. and services for Greystone Consulting LLC, provided that such tasks and services do not interfere with the performance of the Executive’s duties under this Agreement. 
  
 4. Compensation and Benefits. 
  
 (a) Salary. The Company shall pay the Executive a minimum annual base
salary at the annualized rate of $150,000.00 (the “Base Salary”), payable in installments in accordance with the Company’s normal payroll schedule but no less often than monthly. Such salary shall be reviewed annually and subject to
increase as determined by the Board or a Compensation Committee thereof its sole discretion. 
  

 - 2 - 

 (b) Bonus. The Executive may be eligible for bonuses during the term of his employment. Bonuses,
if any, shall be determined by the Board in its sole discretion. If during the term of the Executive’s employment, the Company consummates an initial public offering of its common stock, the Company shall pay the Executive an additional bonus
in the amount of $18,000, such bonus to be received by the Executive no later than the fiscal year end. 
  
 (c) Fringe Benefits. The Executive shall be entitled to participate in all benefit programs that the Company establishes and makes available to its
employees, if any, to the extent that the Executive’s position, tenure, salary, age, health and other qualifications make him eligible to participate. The Company may alter, modify, add to or delete its benefit plans at any time as the Company
or its Board may determine, in its sole judgment, to be appropriate. The Executive shall also be entitled to an automobile allowance in the amount of $650 per month. 
  
 (d) Paid Time Off. The Executive shall be eligible to accrue paid time off pursuant to the Company’s normal
policies and procedures governing vacation time or other paid time off. The Executive shall be entitled to three weeks of vacation time per year. 
  
 (e) Reimbursement of Expenses. The Company shall reimburse the Executive for all necessary travel, entertainment and other business expenses
incurred or paid by the Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, upon presentation by the Executive of reasonable documentation, expense statements, vouchers
and/or such other supporting information as the Company may request, in accordance with the Company’s reimbursement policies, as such may be adopted or amended from time to time. 
  

 - 3 - 

 (f) Deductions. The Company shall deduct from any pay to the Executive all taxes or other
withholdings required by law or otherwise properly authorized by the Executive. 
  
 (g) Stock Options. Subject to approval of the Board, the Company will grant, as of the date (the “Grant Date”) of the closing of the Company’s initial public offering of its common stock (the
“IPO”), to the Executive a stock option (the “Option”) under the Company’s 2004 Stock Incentive Plan (the “2004 Plan”) for the purchase of an aggregate of 40,000 shares of common stock of the Company. The Option
exercise price shall be the price of the Company’s common stock at the time of the closing of its IPO. Such option shall become immediately exercisable as to 100% of the original number of shares underlying the option on the Grant Date. Such
Option shall be subject to all terms, limitations, restrictions and termination provisions set forth in the 2004 Plan. 
  
 5. Termination. The Term of this Agreement shall terminate upon the occurrence of any of the following: 
  
 (a) Expiration of the Term in accordance with Section 1, after a party has
given notice of its intent not to renew the Agreement; 
  
 (b) At
the election of the Company, for Cause, upon written notice by the Company to the Executive. For the purposes of this Agreement, “Cause” for termination shall be deemed to exist upon: (i) a finding by the Company of failure of the
Executive to perform his assigned duties for the Company, to adhere to the terms of this Agreement, or to follow Company policies and procedures; (ii) the Executive’s commission of dishonesty, gross negligence or misconduct, in connection with
the Executive’s responsibilities in his position with the Company; (iii) the Executive’s commission of any act or conduct that subjects the Company to public disrespect or ridicule or injures the reputation of the Company; or (iv) the
conviction of the Executive of, or the entry of a pleading of guilty or nolo contendere by the Executive to, any crime involving moral turpitude or any felony; 
  

 - 4 - 

 (c) Upon the death or disability of the Executive. As used in this Agreement, the term
“disability” shall mean the inability of the Executive with reasonable accommodation as may be required by State or Federal law, due to a physical or mental disability, for a period of one hundred eighty (180) days, whether or not
consecutive, during any 360-day period to perform the services contemplated under this Agreement. A determination of disability shall be made by a physician satisfactory to both the Executive and the Company, provided that if the
Executive and the Company do not agree on a physician, the Executive and the Company shall each select a physician and these two together shall select a third physician, whose determination as to disability shall be binding on all parties.

  
 (d) At the election of the Executive, without Good Reason,
upon not less than thirty (30) days’ prior written notice of termination; 
  
 (e) At the election of the Executive, for Good Reason, upon thirty (30) days written notice by the Executive to the Company. For the purposes of this Agreement, “Good Reason” shall be deemed to exist upon a
determination by the Executive, without the Executive’s consent, the Company: 
  
 (i) fails to maintain the Executive in a position commensurate with that referred to in Section 2 of this Agreement; 
  
 (ii) fails to pay the salary or provide the benefits stated in section 4 of this Agreement; 
  
 (iii) requires the Executive to relocate his office (reasonable travel excluded) more than twenty-five miles from Brooklyn,
New York; 
  

 - 5 - 

 (f) At the election of the Company, without cause, immediately upon written notice by the Company to the
Executive. 
  
 6. Effect of Termination. Upon termination
of the Agreement, the only remuneration to which the Executive will be entitled shall be as follows: 
  
 (a) For Cause or at Election of the Executive without Good Reason. In the event the Executive’s employment is terminated for Cause pursuant to
Section 5(b), or at the election of the Executive without Good Reason pursuant to Section 5(d), the Company shall pay to the Executive the compensation and benefits otherwise payable to him/her under Section 4 through the last day of his actual
employment by the Company. 
  
 (b) Termination for Death or
Disability. If the Executive’s employment is terminated by death or because of disability pursuant to Section 5(c), the Company shall pay to the estate of the Executive or to the Executive, as the case may be, the compensation that would
otherwise be payable to the Executive up to the end of the month in which the termination of his employment because of death or disability occurs.  
  
 (c) Termination Without Cause by the Company or at the Election of the Executive for Good Reason. (i) If the Executive’s employment is
terminated by the Executive for Good Reason pursuant to Section 5(e), the Company shall pay and provide the Executive, for a period of nine months: (x) continued payment of his then current base salary; (y) an immediate lump sum payment equal to the
maximum bonus he could have earned under this Agreement for such nine month period; and (z) reimbursement for continuation of his medical benefits for the Executive and all dependents. 
  
 (ii) If the Executive’s employment is terminated by the Company without Cause pursuant to Section 5(f), the Company
shall pay and provide the Executive, for a period of nine 

  

 - 6 - 

 
months: (x) continued payment of his then current base salary; (y) an immediate lump sum payment equal to the maximum bonus he could have earned under this
Agreement for such nine month period; and (z) reimbursement for continuation of his medical benefits for the Executive and all dependents. 
  
 (iii) Notwithstanding clauses (i) and (ii) above, the Company shall have the right to terminate this Agreement at any time through the first year of the
Term, upon 30 days prior written notice to the Executive (such notice to be given prior to the expiration of the first year of the Term). If the Executive’s employment is terminated pursuant to this clause (iii), the Company shall pay and
provide the Executive, for a period of three months: (x) continued payment of his then current base salary; (y) an immediate lump sum payment equal to the maximum bonus he could have earned under this Agreement for such three month period; and (z)
reimbursement for continuation of his medical benefits for the Executive and all dependents. 
  
 (iv) In addition to the foregoing benefits, upon a termination under this section, the obligations contained in section 7 hereof shall immediately lapse and be of no further force or effect. The executive will have no
obligation to mitigate any of the payments provided pursuant to this section. The payments under this section shall be made only after the Executive and the Company enter into a commercially reasonable mutual general release of claims. 

 
 (d) Survival. The provisions of Sections 7 through 10 shall survive
the termination of this Agreement. 
  
 7. Non-Compete.
 
  
 (a) During the term of the Executive’s
employment with the Company (whether or not such employment extends passed the expiration of the Term) and for a period of twelve (12) months after the termination thereof, the Executive will not directly or indirectly, as 

  

 - 7 - 

 
an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, or in any other capacity whatsoever (other
than as the holder of not more than one percent (1%) of the total outstanding stock of a publicly held company), engage in the business of online sales of consumer electronics. 
  
 (b) If any restriction set forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable
because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it
may be enforceable. 
  
 (c) The restrictions contained in this
Section 7 are necessary for the protection of the business and goodwill of the Company and are considered by the Executive to be reasonable for such purpose. The Executive agrees that any breach of this Section 7 will cause the Company substantial
and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief. 
  
 8. Proprietary Information. 
  
 (a) The Executive agrees that all information and know-how, whether or not
in writing, of a private, secret or confidential nature concerning the Company’s business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company. By way of illustration,
but not limitation, Proprietary Information may include inventions, products, processes, methods, techniques, formulas, compositions, compounds, projects, developments, plans, research data, clinical data, financial data, personnel data, computer
programs, and customer and supplier lists. The Executive will not disclose any 

  

 - 8 - 

 
Proprietary Information to others outside the Company or use the same for any unauthorized purposes without written approval by an officer of the Company,
either during or after his employment, unless and until such Proprietary Information has become public knowledge without fault by the Executive. 
  
 (b) The Executive agrees that all files, letters, memoranda, reports, records, data, sketches, drawings, laboratory notebooks, program listings, or other
written, photographic, or other tangible material containing Proprietary Information, whether created by the Executive or others, which shall come into his custody or possession, shall be and are the exclusive property of the Company to be used by
the Executive only in the performance of his duties for the Company. 
  
 (c) The Executive agrees that his obligation not to disclose or use information, know-how and records of the types set forth in paragraphs (a) and (b) above, also extends to such types of information, know-how, records and tangible property
of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Executive in the course of the Company’s business. 
  
 9. Developments. 
  
 (a) The Executive will make full and prompt disclosure to the Company of all
inventions, improvements, discoveries, methods, developments, software, and works of authorship, whether patentable or not, which are created, made, conceived or reduced to practice by the Executive or under his direction or jointly with others
during his employment by the Company, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as “Developments”). 
  

 - 9 - 

 (b) The Executive agrees to assign and does hereby assign to the Company (or any person or entity
designated by the Company) all his right, title and interest in and to all Developments and all related patents, patent applications, copyrights and copyright applications. However, this Section 9(b) shall not apply to Developments which meet each
of the following criteria: (i) they do not in any way relate to the present or planned business or research and development of the Company; and (ii) they are made and conceived by the Executive not during normal working hours, not on the
Company’s premises and not using the Company’s tools, devices, equipment or Proprietary Information. 
  
 (c) The Executive agrees to cooperate fully with the Company, both during and after his employment with the Company, with respect to the procurement,
maintenance and enforcement of copyrights and patents (both in the United States and foreign countries) relating to Developments. The Executive shall sign all papers, including, without limitation, copyright applications, patent applications,
declarations, oaths, formal assignments, assignment of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Development. 
  
 10. Other Agreements. The Executive hereby represents that he/she is
not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his employment with the Company or to refrain from
competing, directly or indirectly, with the business of such previous employer or any other party. The Executive further represents that his performance of all the terms of this Agreement and as an employee of the Company does not and will not
breach any agreement to keep in confidence proprietary information, knowledge or data acquired by him/her in confidence or in trust prior to his employment with the Company. 
  

 - 10 - 

 11. Indemnification. 
  
 (a) The Company agrees to indemnify the Executive to the extent provided in the Company’s bylaws or as otherwise
required by law. This indemnification shall extend to all actions or inactions by the Executive in his capacity as officer, director, employee, agent, fiduciary or otherwise for the Company, its affiliates, subsidiaries, benefit plans or otherwise.

  
 12. Notices. All notices required or permitted under
this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or
at such other address or addresses as either party shall designate to the other in accordance with this Section 12. 
  
 13. Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 
  
 14. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this
Agreement. This Agreement shall not alter any of the Executive’s rights under any equity grant which had been memorialized in an agreement with the Company and authorized by the Board prior to the Effective Date. 
  
 15. Amendment. This Agreement may be amended or modified only by a
written instrument executed by both a properly authorized executive officer or director of the Company and the Executive. 
  
 16. Governing Law and Jurisdiction. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of
Delaware. The parties agree that any 
  

 - 11 - 

 
disputes arising under this Agreement or otherwise related to the employment of the Executive by the Company shall be brought exclusively in the state and
federal courts located in the State of New York and the parties hereby waive the defense of lack of personal jurisdiction in any such action. 
  
 17. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and
assigns, including any corporation with which or into which the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Executive are personal and shall not be assigned by him. 

 
 18. Acknowledgment. The Executive states and represents that he has
had an opportunity to fully discuss and review the terms of this agreement with an attorney. The Executive further states and represents that he has carefully read this Agreement, fully understands the contents herein, freely and voluntarily assents
to all of the terms and conditions hereof, and signs his name of his own free act. 
  
 19. No Wavier. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion
shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 
  
 20. Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope
or substance of any section of this Agreement. 
  

 - 12 - 

 21. Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise
unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
  
 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall
constitute one in the same Agreement. 
  

 - 13 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth
above. 
  

					
	IBUYDIGITAL, INC.	 	EXECUTIVE
			
	By:	 	 /s/ Elliot Antebi

	 	 /s/ Paul Peterik

	Name:	 	Elliot Antebi	 	Paul Peterik
	Title:	 	 President and
 Chief Executive Officer
	 	 
		
	Dated: January 10, 2005	 	Dated: January 10, 2005

  

 - 14 -Consulting Agreement dated December 14, 2004...Mark Antebi

  
 Exhibit 10.11

  
 CONSULTING AGREEMENT 
  
 THIS CONSULTING SERVICES AGREEMENT (the “Agreement”), is entered
into as of this 14th day of December, 2004 (the “Effective Date”) by and between IBuyDigital, Inc. (the “Company”), and Mark Antebi (“Consultant”). 
  
 BACKGROUND 
  
 The Company wishes to obtain the services of Consultant for certain purposes, and Consultant wishes to provide such services, all subject to the terms and
condition of this Agreement. 
  
 It is a condition precedent to
the Company entering into this Agreement that Consultant enter into the Confidentiality, Non-Competition and Non-Solicitation Agreement attached as Exhibit A. 
  

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, and intending to be legally bound hereby, the Company and Consultant
hereby agree as follows: 
  
 1. Services to be
Provided. During the term of this Agreement, Consultant shall perform for the Company consulting services in such manner as shall be reasonably requested by the Company from time to time (the “Services”). 
  
 2. Term. The initial term of this Agreement shall begin on the
Effective Date and shall continue until the first anniversary of the Effective Date, unless terminated prior thereto pursuant to paragraph 7 below. This Agreement may be renewed for one additional year at the option of the Consultant. 
  
 3. Compensation; No Benefits.  
  
 (a) As compensation for Consultant’s performance of the
services to be performed by him under this Agreement, Company shall pay Consultant $85,000 per year, payable in equal monthly installments, for which Consultant shall perform consulting duties in accordance with the terms of this Agreement.
Consultant shall be reimbursed for all expenses incurred in connection with the performance of the Services, including travel, hotel and meal expenses. Expenses, individually or related expenses in the aggregate, that exceed $500 shall be approved
by the Company in advance. The Consultant shall provide reasonable documentation relating to all expenses as required by the Company. 
  
 (b) Consultant is not an employee of Company and will not be entitled to participate in or receive any benefit or right as a Company
employee under any Company employee benefit and welfare plans, including, without limitation, employee insurance, pension, savings and security plans as a result of his entering into this Agreement. 
  

 4. Independent Contractor Status. For purposes of this Agreement and all Services to be
provided hereunder, Consultant shall not be considered a partner, co-venturer, agent, employee, or representative of the Company, but shall remain in all respects an independent contractor, and neither party shall have any right or authority to make
or undertake any promise, warranty or representation, to execute any contract, or otherwise to assume any obligation or responsibility in the name of or on behalf of the other party. 
  
 5. Non-Competition, Confidentiality and Non-Solicitation. Consultant hereby acknowledges that,
during and solely as a result of providing the Services to the Company, Consultant will receive special training and education with respect to the operation of the Company’s business and other related matters, and access to confidential
information and business and professional contacts. In consideration of Consultant’s association and relationship with the Company and in consideration of the special and unique opportunities afforded by the Company to Consultant as a result of
Consultant’s relationship and association with the Company, Consultant hereby agrees to execute and abide by the terms of the agreement attached as Exhibit A. 
  
 6. Ownership of Results. 
  
 (a) Assignment of Inventions. Consultant agrees that Consultant will promptly make full written
disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and hereby assigns, transfers and conveys to the Company, or its designee, all of Consultant’s worldwide right, title, and interest in and to any and
all inventions, original works of authorship, findings, conclusions, data, discoveries, developments, concepts, improvements, trade secrets, techniques, processes and know-how, whether or not patentable or registrable under copyright or similar
laws, which Consultant may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, in the performance of the Services or which result, to any extent, from use of the Company’s
premises or property (collectively, the “Inventions”), including any and all moral rights and intellectual property rights inherent in the Inventions and appurtenant thereto including, without limitation, all patent rights, copyrights,
trademarks, know-how and trade secrets (collectively, “Intellectual Property Rights”). Consultant further acknowledges and agrees that all original works of authorship which are made by Consultant (solely or jointly with others) in the
performance of the Services and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. However, to the extent that any such work may not, by operation of any applicable
law, be a work made for hire, Consultant hereby assigns, transfers and conveys to the Company all of its worldwide right, title and interest in and to such work, including all Intellectual Property Rights therein and appurtenant thereto.
Notwithstanding the above, Consultant shall not be prohibited from engaging in other activities beyond the scope of this Agreement and any restriction herein shall not apply to such activities. 
  
 (b) Further Assurances. Upon the request and at the
expense of the Company, Consultant shall execute and deliver any and all instruments and documents and take such other acts as may be necessary or desirable to document the assignment and transfer described in paragraph 6(a) above or to enable the
Company to secure its rights in the Inventions, the Intellectual Property Rights and any patents, trademarks, copyrights or other intellectual property rights relating thereto in any and all jurisdictions, or to apply for, prosecute and enforce

  

 2 

 
patents, trademark registrations, copyrights or other intellectual property rights in any and all jurisdictions with respect to any Inventions or the
Intellectual Property Rights or to obtain any extension, validation, re-issue, continuance or renewal of any such intellectual property right. Without limiting the foregoing, Consultant shall disclose to the Company all pertinent information and
data with respect thereto and shall execute all applications, specifications, oaths and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company the
sole and exclusive right, title and interest in and to such Inventions, Intellectual Property Rights, and any patents, copyrights, trademarks or other intellectual property rights relating thereto. Consultant further agrees that Consultant’s
obligation to execute or cause to be executed, when it is in Consultant’s power to do so, any such instrument or papers shall continue after the termination of the term of this Agreement. If the Company is unable for any other reason to secure
Consultant’s signature to apply for or to pursue any application for any United States or foreign patent, trademark, copyright or other registration covering Inventions or Intellectual Property Rights assigned to the Company as above, then
Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney in fact, to act for and in Consultant’s behalf and stead to execute and file any such
applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters or patent, trademark, copyright or other registrations thereon with the same legal force and effect as if executed by Consultant. 

 
 7. Termination. 
  
 (a) Notwithstanding the provisions of paragraph 2, either
party may terminate the term of this Agreement for any reason whatsoever upon 30 days’ prior written notice to the other party. In the event of any termination of the term of this Agreement by the Consultant, the Company shall be responsible
for any portion of the compensation owed to Consultant under paragraph 3 for any Services rendered prior to the effective date of such termination. In the event of any termination of the term of this Agreement by the Company, the Company shall be
responsible for any portion of the compensation owed to Consultant under paragraph 3 for any Services rendered prior to the effective date of such termination together with continued payment of the compensation under paragraph 3 for the remainder of
the term set forth under paragraph 2. Within five days after any termination of the term of this Agreement, Consultant shall deliver to the Company all work product resulting from the performance of the Services. 
  
 (b) Notwithstanding any expiration or sooner termination of
the term of this Agreement, the provisions of paragraph 6 hereof and Exhibit A hereto shall survive such expiration or sooner termination. 
  
 8. No Conflicting Agreements; Non-Exclusive Engagement. 
  
 (a) Consultant represents that Consultant is not a party to any existing agreement which would prevent
Consultant from entering into and performing this Agreement. Consultant will not enter into any other agreement that is in conflict with Consultant’s obligations under this Agreement. Subject to the foregoing, Consultant may from time to time
act as a consultant to, perform professional services for, or enter into agreements similar to this 

  

 3 

 
Agreement with other persons or entities without the necessity of obtaining approval from the Company. Any such work product from such activities shall be
the sole and exclusive property of Consultant. 
  
 (b) The Company may from time to time (i) engage other persons and entities to act as consultants to the Company and perform services for the Company, including services that are similar to the Services, and (ii) enter into agreements
similar to this Agreement with other persons or entities, in all cases without the necessity of obtaining approval from Consultant. 
  
 9. Return of Company Property. Promptly upon the expiration or sooner termination of the term of this Agreement, and earlier if requested by
the Company at any time, Consultant shall deliver to the Company (and will not keep in Consultant’s possession or deliver to anyone else) all Confidential Information (as defined in Exhibit A) of the Company and all software,
documentation devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items developed by
Consultant as part of or in connection with the Services or otherwise belonging to the Company. Consultant shall not remove any of the Company property from the Company premises without written authorization from the Company. 
  
 10. Equitable Relief. Consultant agrees that it would be
impossible or inadequate to measure and calculate the Company’s damages from any breach of the covenants set forth in paragraphs 5, 6 and 9 of this Agreement. Accordingly, Consultant agrees that if Consultant breaches any of such covenants, the
Company will have available, in addition to any other right or remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision
of this Agreement. 
  
 11. Entire Agreement, Amendment and
Assignment. This Agreement (including Exhibit A hereto) is the sole agreement between Consultant and the Company with respect to the Services to be performed hereunder and it supersedes all prior agreements and understandings with
respect thereto, whether oral or written. No modification to any provision of this Agreement shall be binding unless in writing and signed by both Consultant and the Company. No waiver of any rights under this Agreement will be effective unless in
writing signed by the party to be charged. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors
and assigns of the parties hereto, except that the duties and responsibilities of Consultant hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Consultant. 
  
 12. Governing Law. This Agreement shall be governed by and
interpreted in accordance with laws of the state of Delaware without giving effect to any conflict of laws provisions. 
  
 13. Notices. All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be
in writing and shall be 

  

 4 

 
deemed to have been given when hand delivered, sent by facsimile or mailed by registered or certified mail, as follows (provided that notice of change of
address shall be deemed given only when received): 
  
 If to the
Company, to: 
  
 Elliot Antebi 
 President and Chief Executive Officer 
 IBuyDigital, Inc. 
 252 Conover Street 
 Brooklyn, New York 11231 
  
 If to
Consultant, to: 
  
 Mark Antebi 
 IBuyDigital, Inc. 
 252 Conover Street

 Brooklyn, New York 11231 
  
 or to such other names or addresses as the Company or Consultant, as the case may be, shall designate by notice to each other person entitled to receive
notices in the manner specified in this paragraph. 
  
 14.
Counterparts. This Agreement shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures of Consultant and the Company. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, but all of which together shall constitute but one and the same instrument. 
  
 15. Severability. If any provision of this Agreement or
application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given
effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. 
  
 16. Social Security Number. Consultant certifies that it will supply its correct Social Security Number to
Company. Consultant acknowledges that Company will rely upon the foregoing certification in filing certain documents and instruments required by law in connection with this Agreement including, without limitation, Form 1099 under the Internal
Revenue Code of 1986, as amended (or any successor form). 
  

 5 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Agreement as
of the date first above written. 
  

			
	IBUYDIGITAL, INC.
		
	 By:
	 	/s/    ELLIOT ANTEBI        
	 Name:
	 	Elliot Antebi
	 Title:
	 	President and Chief Executive Officer

  

			
	CONSULTANT:
		
	 By:
	 	/s/    MARK ANTEBI        
	 Name:
	 	Mark Antebi

  

 6 

  
 Exhibit A 

 
 CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION 
 AGREEMENT 
  

  
 CONFIDENTIALITY,
NON-COMPETITION AND NON-SOLICITATION 
 AGREEMENT 
  
 In consideration of my being engaged as a consultant by IBuyDigital, Inc., any of its subsidiaries, or any of their
respective successors or assigns (collectively, the “Company”), I agree, intending to be legally bound, to the following: 
  

	1.	Confidential Information. 

  
 (a) Company Information. I agree at all times during the term of my consulting engagement and at all times thereafter, to hold in strictest
confidence, and not to use, except for the benefit of the Company, and not to disclose to any person or entity without written authorization of the Board of Directors of the Company, any Confidential Information of the Company. I understand that
“Confidential Information” means any Company proprietary or confidential information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer lists and customers
(including, but not limited to, customers of the Company on whom I call or with whom I become acquainted during the term of my employment), markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
marketing, distribution and sales methods and systems, sales and profit figures, finances and other business information disclosed to me by the Company, either directly or indirectly in writing, orally or by drawings or inspection of documents or
other tangible property. I further understand that Confidential Information does not include any of the foregoing items which has become publicly known and made generally available through no wrongful act of mine. 
  
 (b) Former Employer Information. I agree that I will not, during my
employment with the Company, improperly use or disclose any proprietary business information or trade secrets of any former employer or other person or entity with whom I have an agreement or duty to keep such information or secrets confidential, if
any, and that I will not bring onto the premises of the Company any unpublished document or proprietary business information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.

  
 (c) Third Party Information. I recognize that the
Company has received, and in the future will receive, from third parties their confidential or proprietary business information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for
certain limited purposes. I agree to hold all such confidential or proprietary business information in the strictest confidence and not to disclose it to any person or entity or to use it except as necessary in carrying out my work for the Company,
consistent with the Company’s agreement with such third party. 
  

	2.	Non-Competition. 

  
 2.1. I agree that during my consulting engagement by the Company and for a period ending one (1) year after the last date on which I last perform services
for the 

  

 A-1 

 
Company (whether or not such services are rendered pursuant to this Agreement), I shall not, directly engage in (as principal, partner, employee, consultant,
owner, independent contractor or otherwise, with or without compensation) in any business that constitutes a competing business operating as defined below. 
  
 2.2. As used in this Section, a “competing business” shall be defined as any business involved in the sale of online consumer electronics.

  
 2.3 I further agree that, should a court determine that any
provision, term or condition set forth in Section 2 is invalid, the court may alter or modify any such provision, term or condition in a manner so as to protect the Company’s legitimate business interests. 
  

	3.	Solicitation of Employees. 

  
 (a) In consideration for the mutual obligations set forth herein and my consulting engagement with the Company, I agree that I shall not, for a period of
one (1) year immediately following the termination of my relationship with the Company for any reason, either directly or indirectly, on my own behalf or in the service or on behalf of others, solicit, recruit or attempt to persuade any person to
terminate such person’s employment with the Company, whether or not such person is a full-time employee or whether or not such employment is pursuant to a written agreement or is at-will. 
  
 (b) I further agree that, should a court determine that any provision, term
or condition set forth in Section 3 is invalid, the court may alter or modify any such provision, term or condition in a manner so as to protect the Company’s legitimate business interests. 
  

	4.	Solicitation of Customers. 

  
 (a) In consideration for the mutual obligations set forth herein and my consulting engagement with the Company, I agree that I shall not, for a period of
one (1) year immediately following the termination of my relationship with the Company for any reason, either directly or indirectly, on my own behalf or in the service or on behalf of others, solicit, contact or persuade any customer of the
Company, or prospective customer contacted by me within six (6) months immediately preceding the termination of my relationship with the Company, to alter such customer’s or prospective customer’s relationship with the Company, or to
engage any company competitive with the Company to perform services which can be performed by the Company in the ordinary course of its business. For purposes of this section, the term “business,” shall be construed and defined as that of
the term “competing business,” as defined in Section 2.2 herein. 
  
 (b) I agree that this limitation on my ability to solicit the Company’s customers and prospective customers is reasonably necessary to protect the Company’s 

  

 A-2 

 
legitimate business interests. I acknowledge that such limitations on my ability to compete with the Company will not constitute or cause me any undue
hardship. 
  
 (c) I further agree that, should a court determine
that any provision, term or condition set forth in Section 4 is invalid, the court may alter or modify any such provision, term or condition in a manner so as to protect the Company’s legitimate business interests. 
  

	5.	Equitable Relief. 

  
 (a) Jurisdiction. I agree that any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of
this Agreement may be brought in the United States District Court in New Jersey, or if such court does not accept jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in the State of New Jersey. 
  
 (b) Equitable Remedies. I agree that it would be impossible or
inadequate to measure and calculate the Company’s damages from any breach of the covenants set forth in Sections 1, 2, 3 and 4 of this Agreement, and that a breach of such covenants could cause serious and irreparable injury to the Company.
Accordingly, I agree that if I breach any of such covenants, the Company will have available, in addition to any other right or remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or
threatened breach and to specific performance of any such provision of this Agreement. I further agree that no bond or other security shall be required in obtaining such equitable relief and I hereby consent to the issuance of such injunction and to
the ordering of specific performance. 
  
 (c) I agree that I will
provide, and that the Company may similarly provide, a copy of Sections 1, 2, 3 and 4 of this Agreement to any business or enterprise (i) which I may directly or indirectly own, manage, operate, finance, join, participate in the ownership,
management, operation, financing, control or control of, or (ii) with which I may be connected with as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise, or in connection with which I may use or
permit my name to be used. 
  

	6.	General Provisions 

  
 (a) Governing Law. This Agreement shall be governed by and interpreted in accordance with laws of the State of Delaware, without giving effect to
any conflict of laws provisions. 
  
 (b) Severability. If
any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of
this Agreement which can be given effect without the invalid or 

  

 A-3 

 
unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. 

 
 (c) Successors and Assigns. This Agreement will be binding upon my
heirs, executors, administrators and other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. 
  

					
			
	 Date: December 14, 2004
	 	 	 	/s/    MARK ANTEBI        
	 	 	 Name:
	 	Mark Antebi

  

 A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]