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anyt_ex1011.htm

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Exhibit 10.12

 

 

  

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EXHIBIT 10.13

TERMINATION AGREEMENT

This Termination Agreement is entered into as of the 18th day of April, 2011 by and between AnythingIT Inc., a Delaware corporation (the “Corporation”) with its principal place of business at 17-09 Zink Place, Unit 1, Fair Lawn, New Jersey 07410 and Forge Financial Group, Inc., a Florida corporation (“Forge”) with its principal place of business at 301 Yamato Road, Suite 4160, Boca Raton, Florida 33431.

 

WHEREAS, the Corporation and Forge are parties to that certain letter agreement dated May 11, 2010 related to the offering of units of the Corporation’s securities pursuant to the terms and conditions of its Confidential Private Offering Memorandum dated June 29, 2010 (the “2010 Unit Placement Agent Agreement”).

 

WHEREAS, the Corporation and Forge are parties to that certain letter agreement dated December, 2010 related to the offering of units of the Corporation’s securities pursuant to the terms and conditions of its Confidential Term Sheet dated January 7, 2011 (the “2011 Note Placement Agent Agreement”).

 

WHEREAS, the Corporation and Forge are parties to that certain letter agreement dated January 24, 2011 related to the offering of units of the Corporation’s securities pursuant to the terms and conditions of its Confidential Private Offering Memorandum dated February 1, 2011 (the “2011 Unit Placement Agent Agreement”).

 

WHEREAS, the Corporation and Forge are parties to that certain Independent Consulting and Advisory Agreement dated January 21, 2010 (the “Consulting Agreement”).

 

NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.           Termination of Consulting Agreement.  The Consulting Agreement is hereby terminated in its entirety.  Forge acknowledges that it has received all compensation due it, and reimbursement for all expenses, under the terms of the Consulting Agreement through the date of termination.  Forge shall have no further obligation to provide the services specified in the Consulting Agreement and the Corporation shall have no further obligation to pay Forge any additional compensation pursuant to the terms of the Consulting Agreement, either pursuant to Paragraphs 3, 4 or 5, or otherwise.

 

2.           Waiver of Fees.  Forge has received all compensation payable to it for services performed by it pursuant to the 2010 Unit Placement Agent Agreement, the 2011 Note Placement Agent Agreement and the 2011 Unit Placement Agent Agreement.  All rights and interest in and to any additional placement agent fees and/or the warrant solicitation fees payable pursuant to Paragraph 2 of each of the 2010 Unit Placement Agent Agreement, the 2011 Note Placement Agent Agreement and the 2011 Unit Placement Agent Agreement is hereby waived by Forge.

 

3.           Termination of Additional Obligations.  The obligation of the Corporation to provide continuing financial information to Forge pursuant to Paragraph 3 of each of the 2010 Unit Placement Agent Agreement, the 2011 Note Placement Agent Agreement and the 2011 Unit Placement Agent Agreement is hereby terminated.

 

4.           Amendment or Assignment.  No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is evidenced by a written instrument, executed by the party against which such modification, waiver, amendment, discharge, or change is sought.

  

  

  

5.           Notices.  All notices, demands or other communications given hereunder shall be in writing and shall be deemed to have been duly given on the day when delivered in person or transmitted by confirmed facsimile transmission or on the third calendar day after being mailed by United States registered or certified mail, return receipt requested, postage prepaid, to the addresses herein above first mentioned or to such other address as any party hereto shall designate to the other for such purpose in the manner herein set forth.

 

6.           Entire Agreement. This Agreement contains all of the understandings and agreements of the parties with respect to the subject matter discussed herein.  All prior agreements, whether written or oral, are merged herein and shall be of no force or effect.

 

7.           Severability.  The invalidity, illegality or unenforceability of any provision or provisions of this Agreement will not affect any other provision of this Agreement, which will remain in full force and effect, nor will the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.  In the event that any one or more of the provisions contained in this Agreement or any portion thereof shall for any reason be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision had never been contained herein.

 

8.           Construction and Enforcement.  This Agreement shall be construed in accordance with the laws of the State of Delaware, without and application of the principles of conflicts of laws.  Any dispute a rising out of this Agreement shall be adjudicated in the courts of the State of Delaware or in the United States District Court for the District of Delaware.  The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any judgment entered by any court in respect thereof brought in Delaware, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in Delaware has been brought in an inconvenient forum.

 

9.           Binding Nature, No Third Party Beneficiary. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns, and is made solely and specifically for their benefit.  No other person shall have any rights, interest or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third-party beneficiary or otherwise.

 

10.           Counterparts.  This Agreement may be executed in any number of counterparts, including facsimile signatures which shall be deemed as original signatures.  All executed counterparts shall constitute one Agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	 
ANYTHINGIT INC.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	 
Dave Bernstein, Chief Executive Officer

	 
	 	 	 	 
	 	 	 	 

 

	 	
FORGE FINANCIAL GROUP, INC.

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name: 	 	 
	 	 	Title:anyt_ex1014.htm

 

 

EXHIBIT 10.14

MEDITERRANEAN

SECURITIES GROUP, LLC

 

 

April 18, 2011

AnythingIT Inc.

17-09 Zink Place, Unit 1

Fair Lawn, NJ 07410

Attn:  David Bernstein, CEO

Re:  Financial and Management Advisory Agreement

Gentlemen:

This is to acknowledge and confirm our agreement concerning the engagement by AnythingIT Inc. (the “Company”) of Mediterranean Securities Group, LLC , a broker-dealer and member of FINRA (MSG”) as an Independent financial and management consultant and advisor effective April 1, 2011  through June 30, 2013 unless extended by mutual agreement (this “Agreement”), as follows:

1.           Advisory Services. MSG, in its capacity as an independent contractor, shall provide ongoing business and financial consulting and advisory services to the Company including, without limitation:

	
  

	
a. 

	
review and analysis of the financial statements and condition of the Company;

	
  

	
b. 

	
review and analysis of the business plan and model of the Company;

  

	
  

	
c.

	
consideration of alternative business strategies including strategic alliances, joint ventures and mergers and acquisitions;

	
  

	
d.

	
assistance in implementing the business plan and alternatives referred to above;

	
  

	
e.

	
consideration of alternative financing opportunities, including equity and debt, both private and public; and

	
  

	
f.

	
generally assist management of the Company in maximizing equity value.

2.           Performance by Consultant. MSG hereby promises to perform and discharge faithfully the responsibilities which may be assigned to MSG from time to time by the officers and duly authorized representatives of the Company, so long as such activities are in compliance with applicable securities laws and regulations.

3.           Advisory Compensation.  In consideration for the services to be provided to the Company by MSG hereunder, the Company shall pay to MSG a monthly fee of $5,000.  In addition, the Company shall pay MSG a Warrant Solicitation fee equal to 5% of the Warrant exercise price upon receipt of Warrant exercise proceeds from the exercise of the Company’s currently outstanding Series A and Series B Warrants issued pursuant to the terms of the Company’s Confidential Private Offering Memorandum dated June 29, 2010, its currently outstanding Series C Warrants issued pursuant to the terms of the Company’s Confidential Term Sheet dated January 7, 2011 and Series D and Series E Warrants issued pursuant to the terms of the Company’s Confidential Private Offering Memorandum dated February 1, 2011.

  

  

  

4.           Financings and Business Combinations.  In the event that MSG is responsible

for introducing the Company to sources of financing or to entities that enter into merger/acquisition, joint ventures, strategic alliances or distribution agreements, (“Business Combination”) the Company shall:

	
  

	
a. 

	
in connection with financings, pay to MSG an amount equal to 10% of funds invested in or loaned to the Company and issue to MSG or its designees five year cashless exercise warrants to purchase 10% of the equity issued or issuable to the investors exercisable at the investors purchase or exercise price; and

	
  

	
b. 

	
in connection with Business Combinations, pay to MSG an amount equal to5% of the value of the transaction payable in kind.

5.           Expenses.  The Company agrees to pay to or promptly reimburse MSG for its

expenses related to its services hereunder.

6.           Confidentiality.  MSG will not disclose to any other person, firm or Corporation, nor use for its own benefit or after the term of this agreement, any trade secrets or other confidential information designated by the Company which is acquired by MSG in the course of performing services hereunder.  (A trade secret is information not generally known to the trade, what gives the Company an advantage over its competitors.  Trade secrets can include, by the way of example, products or services under development, production methods and processes, sources of supply customer list, and marketing plans).  Any financial advice rendered by MSG pursuant to this agreement may not be disclosed publicly in any manner without the prior written approval of MSG.  At the conclusion of this engagement and upon request by the Company, MSG shall return all material deemed confidential, supplied by the Company and confirm that any and all copies of such material have been destroyed.

	
  

	
7.  Indemnification.  The Company hereby agrees to indemnify, defend and hold harmless MSG and its affiliates, the respective directors officers agents and employees of MSG and its affiliates and each other person, if any, controlling MSG or any of its affiliates from and against any losses, claims, damages or liabilities (or actions, including shareholder actions, in respect thereof) arising out of the engagement of MSG by the Company pursuant to the terms hereof or in connection therewith, and will reimburse MSG and any other party entitled to be indemnified hereunder for all expenses (including attorney’s fees) in connection to pending or threatened litigation in which MSG or any of its affiliates is a party.  The Company will not however, be responsible for any claims, liabilities, losses damages or expenses, which have resulted from MSG’s misconduct or gross negligence.  The Company also agrees that neither MSG, nor any of its affiliates, nor any person controlling MSG, or any of its affiliates, shall have any liability to the Company for or in connection with the engagement pursuant to the terms hereof, except for any such liability for losses, claims, damages, or expenses incurred by the Company that result from MSG’s misconduct or gross negligence.  The foregoing agreement shall be in addition to any rights that MSG or any indemnified party may have related to common law or otherwise, including, but not limited to, any right to contribution.  The Company hereby consents to personal jurisdiction, services of process and venue in any court in which any claim subject to this indemnification provision is brought against MSG or any other indemnified party, only with respect to any other claim that may be made against the Company.  The obligation to indemnify MSG pursuant to the terms of this paragraph shall survive and remain in full force and effect following the completion of any transaction contemplated herein or the expiration or termination of this agreement.

  

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MSG hereby agrees to indemnify, defend and hold harmless the Company and its affiliates, the directors, officers, agents and employees of the Company and its affiliates and each other person, if any, controlling the Company or its affiliates, from and against any losses, claims, damages or liabilities (or actions, including shareholder action in respect thereof) incurred as a result of claims asserted by third parties arising out of misconduct or gross negligence of MSG in connection the engagement of MSG hereunder for all expenses ( including attorneys fees) as they are incurred by the Company or any other indemnified party in connection with preparing or defending any such action or claim, whether or not in connection with  pending or threatened litigation in which the Company, or any of its affiliates is a party.  MSG agrees that neither the Company, nor any of its affiliates, nor any person for or in connection with MSG’s engagement pursuant to the terms hereof, shall have any liability to MSG for or in connection with the engagement pursuant to the terms hereof, except for any liability for losses, claims, damages, liabilities or expenses that result from the Company’s misconduct or gross negligence. The foregoing agreement shall be in addition to any rights that any indemnified party may have related to common law or otherwise including, but not limited to any right of contribution.  MSG hereby consents to personal jurisdiction, service of process and venue in any court in which any claim subject to this indemnification provisions brought against the company, or any other claim that may be bought against MSG.

MSG’s obligation to indemnify the Company and others pursuant to the terms of this paragraph to the terms of this paragraph shall survive and remain in full force and effect following the completion of any transaction contemplated herein or the expiration or termination of this agreement.  Jurisdiction and Venue of any legal proceeding shall be governed by Paragraph 8.

8.           Governing Law. The internal laws of the State of Delaware shall govern this agreement.  Any dispute arising out of this agreement shall be adjudicated in the courts of the State of Delaware or in the United States District Court for the District of Delaware.

9.           Due Authority.  The Company and MSG each represents to the other that it has due authority to enter into this agreement and that the officer executing this agreement has full authority to do so.

10.           Enforcement.  If any legal action or other proceeding is brought in connection with the interpretation or enforcement of any of the provisions of this agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees and other costs incurred in an action or proceeding in addition to any other relief to which the party may be entitled.

  

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Please confirm that the foregoing correctly sets forth our understanding by signing a copy of this letter where provided and returning it to us at your earliest convenience.

Very truly yours,                                                                Accepted and Agreed,

Mediterranean Securities Group, LLC                                                                                                AnythingIT Inc.

By: ________________________                                                                           By: ________________________________

       Andrew Garbarini, President                                                                                 David Bernstein, CEO

 

 

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