Document:

Exhibit 10.57

Exhibit 10.57

EXECUTION COPY

AGREEMENT

This Agreement, is dated as of December 17, 2009, by and between Mapstead Trust, created on April 16, 2002, having an address at c/o Lars Mapstead, 180 Horizon Way, Aptos, CA 95003 (“Mapstead Trust”) and FriendFinder Networks Inc, having an address at 6800 Broken Sound Parkway, Boca Raton, FL 33487 (the “Company”).

WHEREAS, Mapstead Trust is a holder of that certain Senior Class B Note issued under that certain Securities Purchase Agreement, dated as of December 6, 2007, that certain Subordinated Secured Note due 2011 issued under the Sellers’ Securities Agreement, dated as of December 6, 2007 and that certain 6% Subordinated Convertible Note due 2011, dated as of December 6, 2007 (collectively, the “Notes”); and 

WHEREAS, in order to induce Mapstead Trust to execute certain agreements in connection with the restructuring of the Notes and the waiver of certain defaults under the Notes, the Company will pay Mapstead Trust a fee pursuant to the terms and conditions provided herein.  

NOW THEREFORE, in consideration of the foregoing, other good and value consideration and the mutual terms and covenants contained herein, the parties hereto agree as follows: 

	1.

After (a) payment in full of all of the issued and outstanding notes of (i) the Company issued under the Securities Purchase Agreement, dated as of August 17, 2005, as amended and the Securities Purchase Agreement, dated as of August 28, 2006, as amended and (ii) Interactive Network, Inc. issued under the Securities Purchase Agreement dated as of December 6, 2007, as amended and (b) the closing of a public or private offering of any of the equity or debt securities of the Company, which is consummated after an initial public offering of FFN Stock (the “IPO”), the Company shall pay Mapstead Trust a consent fee (the “Consent Fee”) equal to the product of (x) (i) Three and three hundred seventy-five thousandths percent (3.375%) of (ii) the initial per share offering price of FFN Stock at the IPO (“IPO Price”) times (y) 22,959,263 (the “Initial Shares”), such number of shares being subject to any adjustments due to an FFN Stock Event (as defined in Section 2(e) below) that may occur prior to the IPO.  

	2.

The Company agrees to pay Mapstead Trust the Consent Fee as follows:

	a.

On the first Business Day (as defined in this Section 2(a)) of the first full calendar quarter following the date upon which the conditions in Section 1 of this Agreement shall have been satisfied, the Company will pay Mapstead Trust one-third (1/3) of the Consent Fee in immediately available funds but only if the Per Share Trading Price of FFN Stock (as defined in Section 2(d) below) on such proposed payment date is equal to or greater than fifty percent (50%) of the IPO Price.  If the aforementioned payment is not paid because the Per Share Trading Price of FFN Stock on the aforementioned proposed payment date is not equal to or greater than fifty percent (50%) of the IPO Price, the Company will make such payment on the first Business Day of such subsequent calendar quarter when the Per Share Trading Price of FFN Stock first equals, or is greater than, fifty percent (50%) of the IPO Price.  Business Day, as used in this Section 2(a) and elsewhere throughout this Agreement, shall mean a day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required to close.

	b.

After the first Consent Fee payment is made pursuant to Section 2(a) above, the Company will pay Mapstead Trust one-third (1/3) of the Consent Fee in immediately available funds, until the Consent Fee is paid in full, on the first Business Day of each of the next two calendar quarters when the Per Share Trading Price of FFN Stock on each such proposed payment date is equal to or greater than fifty percent (50%) of the IPO Price of FFN Stock.  For the avoidance of doubt, the Company will not be required to (i) make any payments due under this Agreement unless the Per Share Trading Price of FFN Stock is equal to or greater than fifty percent (50%) of the IPO Price of FFN Stock and (ii) make more than one (1) payment of one-third (1/3) of the Consent Fee during any one (1) calendar quarter and (iii) pay interest on any Consent Fee payable under this Agreement.  

	c.

In the event that there is an FFN Stock Event (as defined in Section 2(e) below) after the IPO, the IPO Price in Sections 2(a) – 2(b) will be adjusted pursuant to Section 2(e) of this Agreement.

	d.

For all purposes under this Agreement, the Per Share Trading Price of FFN Stock on a proposed payment date shall mean the average of FFN Stock’s closing price on its principal trading market for the ten (10) consecutive trading days ending at the close of business on the fifth (5th) trading day immediately prior to a proposed payment date under this Agreement.

	e.

In the event of a subdivision or combination of FFN Stock, including without limitation, a stock split or reverse stock split, or the payment of a stock dividend by the Company consisting of FFN Stock (each an “FFN Stock Event”) prior to, or concurrent with, the IPO, the number of Initial Shares shall be proportionately adjusted upwards or downwards, as applicable.  In the event of an FFN Stock Event after the IPO, the IPO Price used to determine whether a payment is required to be made pursuant to Section 2(a) and Section 2(b) shall be proportionately adjusted upwards or downwards, as applicable, as determined in the sole discretion of the Company’s Compensation Committee, which determination shall be final.  

	3.

In the event that the Company’s Board of Directors shall declare it advisable to sell or convey all or substantially all of the Company’s property and assets, consolidate or merge into any non-affiliated company or accept any tender offer for a majority of shares of FFN Stock (each of the foregoing a “Change of Control Event”), the Company will, within ten (10) Business Days of a Change of Control Event, pay Mapstead Trust in immediately available funds any Consent Fee that remains outstanding on such payment date.

	4.

The undersigned parties understand and agree to treat for U.S. federal income tax purposes the cash payments to Mapstead Trust in a consistent manner and agree that the Company will treat such cash payments as deductible ordinary and necessary business expenses on its Federal Income Tax return in the year that such cash payments are made and the recipients of such cash payments will report a current income inclusion on their Federal Income Tax returns in the year that such cash payments are made.

	5.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

[signature page follows]

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IN WITNESS WHEREFORE, the parties have caused this Agreement to be executed as of the date first written above.

FRIENDFINDER NETWORKS INC.

By: /s/ Ezra Shashoua                                   

Name: Ezra Shashoua

Title: Chief Financial Officer

MAPSTEAD TRUST,

CREATED ON APRIL 16, 2002

By:  /s/ Lars Mapstead                                  

Lars Mapstead, Trustee

By:  /s/ Marin A. Mapstead                          

Marin A. Mapstead, Trustee

[Signature Page to Lars Mapstead Compensatory Agreement]PURCHASE-SALE CONTRACT No HLU 0701

Exhibit 10.1

CONTRACT No 01

           China, Hangzhou

                                    

    June 20, 2009

Advento sanitary ware (Hangzhou) Co., Ltd, hereinafter referred to as the Seller, on the one part, and Rodon, Inc., hereinafter referred to as the Buyer, on the other part, have concluded the present Contract as follows.

The Seller

Advento sanitary ware (Hangzhou) Co., ltd

Address: No.258 Kanshan Road ,Kanshan Town , Xiaoshan ,Hangzhou City,Zhejiang Province, China. Postcode: 311243

Tel:  (011) 86-571-82519751 Fax:  (011) 86-571-82519751 

The Buyer

Rodon, Inc.

North Jianguo Street, 707 building, 1 section, 1204 room, 

Hangzhou city, Zhejiang province, China 310004

Tel: (011) 86-136-00516915, Fax: (011) 86-571-86496119 

1. THE SUBJECT OF THE CONTRACT

1.1. The Seller will sell and Buyer will buy porcelain stoneware tile in quantity and assortment according to Proforma Invoices which will be made out on each batch of the Goods separately, are assured by signatures of the Parties, and are an integral part of the Contract.

The goods under the given Contract will be put to Shanghai , China on FOB SHANGHAI terms.

2. THE PRICE 

2.1. The Prices for the Goods sold under the present contract, are fixed in price-lists in US dollars, understood FOB SHANGHAI and are specified in Proforma Invoice and Commercial invoice accompanying each batch of the Goods. Packing, normal marks, loading, export customs charges are included into the price of the Goods.

Currency of the Contract - US dollars.

3. DELIVERY TERMS

3.1. Delivery of the Goods is carried out by separate batches, according to the Proforma Invoice. The Seller undertakes to deliver each batch of the Goods under the present contract not later than 30 days since the moment of reception of an advance payment. 

The goods should be delivered by 24 or 40 feet containers.

3.2. Within 24 hours after shipment of Goods the Seller undertakes to inform the Buyer by fax/EMAIL about date of shipment. The date of delivery and date of passing the property right is considered to be the date of loads goods on board.

4. PAYMENT TERMS

Currency of payment is US dollars. Payment of the Goods delivered under the present Contract, is carried out by the Buyer in US dollars, through bank transaction to the account of the Seller, according to Proforma Invoice. The advance payment for the goods is 30 % and is transacted according to Proforma Invoice. 

 The rest of the payment - 70 % for each batch of the Goods is carried out during 7 days after the container was loaded and left sea port. Originals of documents are sent to the Buyer after accepting 100% of payment for the Goods within 5 days by express-mail, the Seller bears the charges.

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 5. PACKING, QUALITY OF THE GOODS AND THE GUARANTEE OF THE SELLER

5.1. The Goods should be shipped in the standard packing providing safety of the goods. The Seller bears the responsibility for the losses connected to damage of a cargo as a result of his wrong packing.

5.2.Acceptance of the goods by amount is made by transfer of the goods of the transport organization Carrying out delivery of the goods for the Buyer. Acceptance of the goods on quality is made within 20 days from the moment of reception of the goods in a warehouse of the Buyer.

5.3. In case of delivery of the poor-quality goods within 45 days from shipping date or at time of opening the container the Seller undertakes to replace the poor-quality goods qualitative, thus the transport and other charges connected with replacement of the poor-quality goods are carried by the Seller.

5.4. The Seller guarantees, that the quantity of the put Goods will correspond to the quantity specified in the Contract. The Seller guarantees, that the quality of the goods will be as the samples, which was transferred by the Seller to the Buyer.

6. THE PENALTY SANCTIONS

6.1. If the Seller does not provide delivery of the Goods in time unreasonably, specified in the order, and does not notify properly the Buyer it (he) pays the penalty at a rate of 0.1 % from the sum of the Contract US dollars per every day of delay.

6.2. In case of incomplete delivery of the Goods. The Seller is obliged to provide delivery the Goods in the terms coordinated by the parties (sides) or to compensate shortage in money’s worth.

6.3. In case of infringement of term of payment for the Goods, the Buyer pays to the Seller the fine of 0,1 % from the sum of the Contract per every day of delay, but not more than 3 % of the sum of the Contract.

6.4. In case of impossibility of delivery of the goods during 40 days from the moment of realization of payment, the Seller undertakes to return an advance payment in the full size, in time, thus having paid to the Buyer 0.1 % from the sum of the Contract per every day of a delay, but not more than 3 % of the sum of the Contract.

7. DOCUMENTS REQUIRED

1.Sales contract (original);

2.Bill of lading (Sea bills)

3.Packing list ;

4.Commercial Invoice.

8. FORCE-MAJEUR

The Parties are released from responsibility for partial or complete non-fulfillment of their liabilities under the present Contract, if this non-fulfillment was caused by the circumstances of Force-majeur, namely: fire, flood, earthquake, provided the circumstances have directly affected the execution of the present Contract. In this case the time of fulfillment of the Contract obligations is extended for the period equal to that during which such circumstance last. The Party, for which it became impossible to meet obligations under the Contract, is to notify in written form the other Party of the beginning and cessation of the above circumstances immediately, but in any case not later than ten days of the moment of their beginning. The notification of Force Majeure circumstances not made within 15 days deprives the corresponding Party of the right to refer to such circumstances in future. The written evidence issued by the respective Chambers of Commerce will be a sufficient proof of the existence and duration of the above Indicated circumstances. If these circumstances last longer than six months, then each Party will be entitled to cancel the whole Contract or any part of it and in this case neither Party shall have the right to demand any compensation of eventual losses from the other Party. The Seller undertake in this case immediately to return all the goods paid lately under the present Contract.

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9. ARBITRATION

9.1.All disputes and the disagreements, able to arise from the present contract or in connection with it, will be whenever possible to be solved by negotiations (peace talks) between the Parties.

9.2. In case the Parties will not come to the agreement business is subject to the China International Economic and Trade Arbitration Commission (Beijing) according to the related international law. The decision of arbitration Court is final and obligatory for both Parties.

10. OTHER TERMS

The contract comes into legal force since the date of its signing and operates till December 31, 2010. The contract can be changed, terminates only under the mutual agreement of the parties. The Сontract can be prolonged till one year, according to the mutual agreement of the sides. Any of the parties has no right to transfer the third party of the right and the obligation under the present contract without the written approval of other Party. All additions and changes for the present contract, signed by the parties are his integral part. The contract or additions to the contract, transferred on channels of facsimile communication, have validity. 

11. INSURANCE

The Buyer is responsible to cover expenses for insurance of the goods.

12. LEGAL ADDRESSES OF THE PARTIES

	                         The Buyer

Rodon, Inc.

North Jianguo Street, 707 building, 1 section, 1204 room, Hangzhou city, Zhejiang province, China 310004

Tel: (011) 86-136-00516915

Fax: (011) 86-571-86496119 

THE BUYER

	The Seller

Advento sanitary ware (Hangzhou) Co., Ltd

Address: No.258 Kanshan Road, Kanshan Town, Xiaoshan, Hangzhou City, Zhejiang Province, China 311243

Tel:  (011) 86-571-82519751

 Fax:  (011) 86-571-82519751 

THE SELLER

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