Document:

EX-10.3

 Exhibit 10.3 

KARYOPHARM THERAPEUTICS INC. 

NONSTATUTORY STOCK OPTION AGREEMENT 

Inducement Grant 

Karyopharm Therapeutics Inc. (the “Company”) hereby grants the following stock option. The terms and conditions attached
hereto are also a part hereof. 
 Notice of Grant 
  

			
	Name of optionee (the “Participant”):	  	PARTICIPANT
	Date of this option grant:	  	GRANT DATE
	Number of shares of the Company’s Common Stock subject to this option (“Shares”):	  	SHARES
	Option exercise price per Share:	  	EXERCISE PRICE
	Number, if any, of Shares that vest immediately on the grant date:	  	None
	Shares that are subject to vesting schedule:	  	SHARES
	Vesting Start Date:	  	VESTING START DATE
	Final Exercise Date:	  	FINAL EXERCISE DATE

 Vesting Schedule: 
  

			
	One Year from Vesting Start Date:	  	25% of the Shares
	Each Successive month thereafter:	  	an additional 2.0833% of the Shares
	All vesting is dependent on the Participant remaining an Eligible Participant, as provided herein.

 This option satisfies in full all commitments that the Company has to the Participant with respect to the
issuance of stock, stock options or other equity securities. 
  

			
		  	KARYOPHARM THERAPEUTICS INC.
	                                      
                      	  	
	Signature of Participant	  	
		
	                                      
                      	  	
	Street Address	  	
By:                         
                           

      Name of Officer:

		
	                                      
                      	  	
	City/State/Zip Code	  	

 KARYOPHARM THERAPEUTICS INC. 

Nonstatutory Stock Option Agreement 

Incorporated Terms and Conditions 
  

	1.	Grant of Option. 

 This agreement evidences the grant by the Company, on the grant
date (the “Grant Date”) set forth in the Notice of Grant that forms part of this agreement (the “Notice of Grant”) to the Participant of an option to purchase, in whole or in part, on the terms provided
herein, the number of Shares set forth in the Notice of Grant of common stock, $0.0001 par value per share, of the Company (“Common Stock”) at the exercise price per Share set forth in the Notice of Grant. Unless
earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the Final Exercise Date set forth in the Notice of Grant (the “Final Exercise Date”). 

The option evidence by this agreement was granted to the Participant pursuant to the inducement grant exception under NASDAQ Stock Market Rule
5635(c)(4), and not pursuant to the Company’s 2013 Stock Incentive Plan (the “Plan”) or any other equity incentive plan of the Company, as an inducement that is material to the Participant entering into employment with the Company.

 It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to
include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	Vesting Schedule. 

 This option will become exercisable (“vest”) in
accordance with the vesting schedule set forth on the cover page of this agreement (the “Vesting Schedule”). Notwithstanding the foregoing, to the extent that the Participant is a party to an employment agreement or other agreement
with the Company that provides vesting terms that differ from the Vesting Schedule, the terms set forth in such employment agreement or other agreement shall prevail. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof. 

 

	3.	Exercise of Option. 

 (a)    Form of Exercise. Each election
to exercise this option shall be in writing, in the form of the Stock Option Exercise Notice attached as Annex A, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, and payment as
follows: 

  
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 (1)    in cash or by check, payable to the order of the Company; 

(2)    except as may otherwise be approved by the Board of Directors of the Company (the “Board”), in
its sole discretion, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery
by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 

(3)    to the extent approved by the Board, in its sole discretion, by delivery (either by actual delivery or
attestation) of shares of Common Stock owned by the Participant valued at their fair market value per share of Common Stock as determined by (or in a manner approved by) the Board, provided (i) such method of payment is then permitted under
applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant for such minimum period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock is not
subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; 
 (4)    to the extent
approved by the Board in its sole discretion, by delivery of a notice of “net exercise” to the Company, as a result of which the Participant would receive (i) the number of shares underlying the portion of this option being exercised,
less (ii) such number of shares as is equal to (A) the aggregate exercise price for the portion of this option being exercised divided by (B) the fair market value (determined by (or in a manner approved by) the Board) on the date of
exercise; 
 (5)     to the extent permitted by applicable law and approved by the Board, in its sole discretion, by
payment of such other lawful consideration as the Board may determine; or 
 (6)    by any combination of the above
permitted forms of payment. 
 The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option
may be for any fractional share. 
 (b)    Continuous Relationship with the Company Required. Except as otherwise
provided in this Section 3, this option may not be exercised unless the Participant, at the time he exercises this option, is, and has been at all times since the Grant Date, an employee, director or officer of, or consultant or advisor to, the
Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 

(c)    Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for
any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event 

  
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after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and
nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation. 

(d)    Exercise Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of
Section 22(e)(3) of the Code) prior to the Final Exercise Date while he is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be
exercisable, within the period of 180 days following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to
the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 

(e)    Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other
relationship with the Company is terminated by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination. If the Participant is party to an employment or
severance agreement with the Company that contains a definition of “cause” for termination of employment or other relationship with the Company, “Cause” shall have the meaning ascribed to such term in such
agreement. Otherwise, “Cause” shall have the same meaning as defined in Section 7(c)(1) below. 
  

	4.	Withholding. 

 No Shares will be issued pursuant to the exercise of this option unless
and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. The Participant must satisfy all
applicable federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under this option. The Company may decide to satisfy
the withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or
have a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will issue any shares on exercise of this option or at the same time as payment of the exercise price, unless
the Company determines otherwise. If approved by the Board in its sole discretion, a Participant may satisfy such tax obligations in whole or in part by delivery (either by actual delivery or attestation) of shares of Common Stock underlying this
option valued at their fair market value (determined by (or in a manner approved by) the Board); provided, however, except as otherwise provided by the Board, that the total tax withholding where stock is being used to satisfy such tax obligations
cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable

  
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income), except that, to the extent that the Company is able to retain shares of Common Stock having a fair market value (determined by (or in a manner approved by) the Company) that exceeds the
statutory minimum applicable withholding tax without financial accounting implications or the Company is withholding in a jurisdiction that does not have a statutory minimum withholding tax, the Company may retain such number of shares of Common
Stock (up to the number of shares having a fair market value equal to the maximum individual statutory rate of tax (determined by (or in a manner approved by) the Company)) as the Company shall determine in its sole discretion to satisfy the tax
liability associated with this option. Shares used to satisfy tax withholding requirements cannot be subject to any forfeiture, unfulfilled vesting or other similar requirements. 

 

	5.	Reporting. 

 The Participant acknowledges and agrees to comply with all necessary
reporting obligations in the Participant’s jurisdiction in relation to all taxes, social security contributions and any other similar charges which arise in relation to this option. 

 

	6.	Transfer Restrictions. 

 This option may not be sold, assigned, transferred, pledged or
otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.  
  

	7.	Adjustments for Changes in Common Stock and Certain Other Events. 

(a)    Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders of Common Stock other than an
ordinary cash dividend, the number and class of securities and exercise price per share of this option shall be equitably adjusted by the Company in the manner determined by the Board. Without limiting the generality of the foregoing, in the
event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number of shares subject to this option are adjusted as of the date of the distribution of the dividend (rather than as of the
record date for such dividend), then the Participant, if he exercises this option between the record date and the distribution date for such stock dividend, shall be entitled to receive, on the distribution date, the stock dividend with respect to
the shares of Common Stock acquired upon exercise of this option, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock dividend. 

(b)    Reorganization Events.

(1)    A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company
with or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any transfer or disposition of all of the
Common Stock of the Company for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company.

  
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 (2)    In connection with a Reorganization Event, the Board may take any one
or more of the following actions with respect to this option (or any portion thereof) on such terms as the Board determines: (i) provide that this option shall be assumed, or substantially equivalent option shall be substituted, by the
acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to the Participant, provide that the unvested and/ or unexercised portion of this option will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the Participant within a specified period following the date of such notice, (iii) provide that this option shall become exercisable, realizable, or deliverable, or restrictions applicable to this option
shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share
surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to the Participant with respect to this option equal to (A) the number of shares of Common Stock subject to the vested
portion of this option (after giving effect to any acceleration of vesting that occurs upon or immediately prior to such Reorganization Event) multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise
price of this option and any applicable tax withholdings, in exchange for the termination of this option, (v) provide that, in connection with a liquidation or dissolution of the Company, this option shall convert into the right to receive
liquidation proceeds (net of the exercise price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. 

(3)    For purposes of clause 7(b)(2)(i) above, this option shall be considered assumed if, following consummation
of the Reorganization Event, this option confers the right to purchase, for each share of Common Stock subject to this option immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other
property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or
succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of this option to consist solely of such number of shares
of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share consideration
received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 
 (c)    Change
in Control Events. 
 (1)    Definitions. 

A “Change in Control Event” shall mean:

  
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	 	(A)	the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a
“Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) 50% or more of the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this subsection (A), the following acquisitions shall not constitute a Change in Control Event: (1) any acquisition directly from the Company or (2) any acquisition by any corporation pursuant to a Business Combination (as
defined below) which complies with clauses (x) and (y) of subsection (C) of this definition; or 

  

	 	(B)	such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term
“Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the date of the grant of this option or (y) who was nominated or elected subsequent to such date by at least a majority of
the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election; or 

  

	 	(C)	 the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the
Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied:
(x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of
the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation

  
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which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring
corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Voting Securities immediately prior to such Business Combination and (y) no
Person beneficially owns, directly or indirectly, 50% or more of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership
existed prior to the Business Combination); or 

  

	 	(D)	the liquidation or dissolution of the Company. 

 “Good Reason” shall mean the
occurrence of any of the following without the Participant’s prior written consent: (A) any change in the Participant’s position, title or reporting relationship with the Company from and after such Reorganization Event or Change
in Control Event that diminishes in any material respect the authority, duties or responsibilities of the Participant as in effect immediately preceding the Reorganization Event or Change in Control Event, as the case may be; provided, however, that
a change in the Participant’s title or reporting relationship solely due to the Company becoming a division, subsidiary or other similar part of a larger organization following a Reorganization Event or Change in Control Event shall not by
itself constitute Good Reason; or (B) any material reduction in the Participant’s annual base compensation from and after such Reorganization Event or Change in Control Event, as the case may be. Notwithstanding the foregoing,
“Good Reason” shall not be deemed to have occurred unless (x) the Participant provides the Company with written notice that the Participant intends to terminate employment for one of the grounds set forth in subsections (A) or
(B) within sixty (60) days of such ground(s) arising, (y) if such ground is capable of being cured, the Company has failed to cure such ground within a period of thirty (30) days from the date of such written notice, and
(z) the Participant terminates employment within six (6) months from the date that Good Reason first occurs. 

“Cause” shall, for purposes of Section 7 of this agreement, mean the occurrence of any of the
following: (A) the Participant’s willful failure to perform in any material respect the Participant’s material duties or responsibilities for the Company, which is not cured within thirty (30) days of written notice thereof
to the Participant from the Company; (B) repeated unexplained or unjustified absence from the Company inconsistent with the Participant’s duties and responsibilities for the 

  
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Company, which continues without explanation or justification after written notice thereof to the Participant from the Company; (C) the Participant’s willful misconduct that causes
material and demonstrable monetary or reputational injury to the Company, including, but not limited to, misappropriation or conversion of assets of the Company (other than non-material assets); or
(D) the conviction of the Participant of, or the entry of a plea of guilty or nolo contendere by the Participant to, any crime involving moral turpitude or any felony. 

(2)    Notwithstanding the provisions of Section 7(b), this option shall be immediately exercisable in full if, on
or prior to the first anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is
terminated without Cause by the Company or the acquiring or succeeding corporation. 
  

	8.	Miscellaneous. 

 (a)    No Right To Employment or Other
Status. The grant of this option shall not be construed as giving the Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or
otherwise terminate its relationship with the Participant free from any liability or claim hereunder, except as otherwise expressly provided herein or provided for in the Letter Agreement. 

(b)    No Rights As Stockholder. Subject to the provisions of this option, the Participant shall not have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to this option until becoming the record holder of such shares. 

(c)    Amendment. The Board may amend, modify or terminate this agreement, including but not limited to,
substituting another option of the same or a different type and changing the date of exercise or realization. Notwithstanding the foregoing, the Participant’s consent to such action shall be required unless (i) the Board determines
that the action, taking into account any related action, would not materially and adversely affect the Participant, or (ii) the change is permitted under Section 7 and the Letter Agreement. 

(d)    Acceleration. The Board may at any time provide that this option shall become immediately exercisable
in whole or in part, free of some or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be. 

(e)    Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common
Stock pursuant to this agreement until (i) all conditions of this agreement have been met to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and
delivery of such shares have been satisfied, including any applicable securities laws and regulations and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the
Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 

  
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 (f)     Administration by Board. The Board will administer
this agreement and may construe and interpret the terms hereof. Subject to the terms and provisions of the Letter Agreement, the Board may correct any defect, supply any omission or reconcile any inconsistency in this agreement in the manner
and to the extent it shall deem expedient to carry the Agreement into effect and it shall be the sole and final judge of such expediency. No director or person acting pursuant to the authority delegated by the Board shall be liable for any
action or determination relating to or under this agreement made in good faith. 
 (g)     Appointment of
Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers hereunder to one or more committees or subcommittees of the Board (a “Committee”). All references herein to the
“Board” shall mean the Board or a Committee to the extent that the Board’s powers or authority hereunder have been delegated to such Committee. 

(h)     Governing Law. This agreement shall be governed by and interpreted in accordance with the laws of
the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than the State
of Delaware. 

  
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 ANNEX A 

KARYOPHARM THERAPEUTICS INC. 

Stock Option Exercise Notice 
 Karyopharm
Therapeutics Inc. 
 85 Wells Ave 
 Newton, MA 02459 

Dear Sir or Madam: 
 I,
                                        
(the “Participant”), hereby irrevocably exercise the right to purchase                  shares of the Common Stock, $.0001 par value per share
(the “Shares”), of Karyopharm Therapeutics Inc. (the “Company”) at $         per share and a stock option agreement with the Company
dated                     (the “Option Agreement”). Enclosed herewith is a payment of
$            , the aggregate purchase price for the Shares. The certificate for the Shares should be registered in my name as it appears below or, if so indicated below, jointly in
my name and the name of the person designated below, with right of survivorship. 
  

	
	Dated:
                                         
           
	
	                                      
                          
	Signature
	Print Name:
	    
	Address:
	                                      
                          
	                                      
                          

 Name and address of persons in whose name the Shares are to be jointly registered (if applicable): 

 

                          
                                       

  
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10.1

 

FORBEARANCE
AND THIRD AMENDMENT AGREEMENT

 

This
Forbearance and Third Amendment Agreement (this “Amendment Agreement”), effective as of May 4, 2018, by and
among uSell.com, Inc., a Delaware corporation (“USELL”), BST Distribution, Inc., a New York corporation (“BST”),
We Sell Cellular LLC, a Delaware limited liability company (“WE SELL” together with uSell and BST, each a “Company”
and collectively the “Companies”), the Purchaser party hereto (the “Purchaser”) and ______________________,
a Delaware limited liability company, as agent for the Purchaser and the other Purchasers from time to time party to the Note
Purchase Agreement (as hereafter defined) (the “Agent” and together with such Purchasers, the “Creditor
Parties”).

 

WHEREAS,
the Companies and Creditor Parties are parties to a Note Purchase Agreement dated as of January 13, 2017 (as amended from time
to time, the “Purchase Agreement”).

 

WHEREAS,
an Event of Default (as defined in the Note) occurred on April 1, 2018 and is now existing based on Companies’ failure to
comply with the “Operating Margin” covenant set forth in Section 8.23(a) of the Purchase Agreement for the fiscal
quarter period ending March 31, 2018 (the “Designated Default”) by reason of which Creditor Parties have the
full legal right to exercise their rights and remedies against Companies under the Purchase Agreement, the Related Agreements
(as defined in the Purchase Agreement) and applicable law.

 

WHEREAS,
Companies have requested that Creditor Parties (a) forbear for a period of time from exercising rights and remedies based on the
occurrence of the Designated Default and (b) amend the Purchase Agreement and the Related Agreements on the terms and subject
to the conditions set forth herein, and Creditor Parties are prepared to establish a period of forbearance and amend the Purchase
Agreement, in each case, on the terms and conditions set forth below.

 

NOW,
THEREFORE, in consideration of the foregoing, and of other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the parties hereto agree as follows:

 

1.       Capitalized
Terms. Capitalized terms not otherwise defined in this Amendment Agreement shall have the meaning ascribed to them in the
Purchase Agreement.

 

2.       Acknowledgment
of Liabilities.

 

  (a)       Each
Company hereby acknowledges that it is unconditionally liable to Creditor Parties under the Purchase Agreement and the Related
Agreements to which it is a party for the payment of all Liabilities, and no Company has any defenses, counterclaims, deductions,
credits, claims or rights of setoff or recoupment with respect to the Liabilities.

 

  (b)       Each
Company hereby ratifies and confirms its obligations under the Purchase Agreement and the Related Agreements to which it is a
party and hereby acknowledges and agrees that the Purchase Agreement and the Related Agreements to which it is a party remain
in full force and effect.

 

     

     

    

 

3.       Forbearance.

 

  (a)       Each
Company hereby acknowledges that the Designated Default has occurred on April 1, 2018 and is continuing which entitles the Creditor
Parties to exercise their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law. No Creditor
Party has waived, presently does not intend to waive and may never waive such Designated Default and nothing contained herein
or the transactions contemplated hereby shall be deemed to constitute in any manner whatsoever any such waiver. Each Company hereby
acknowledges that Creditor Parties have the presently exercisable right to declare the Liabilities to be immediately due and payable
under the terms of the Purchase Agreement and the Related Agreements.

 

  (b)       Subject
to satisfaction of the conditions of effectiveness set forth in Section 8 of this Amendment Agreement, during the period (the
“Forbearance Period”) commencing on the date hereof and ending on the earlier to occur of (a) June 30, 2018
and (b) the occurrence of any Forbearance Default (as defined in Section 3(d) of this Amendment Agreement), Creditor Parties will
forbear from exercising their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law solely
in respect of the Designated Default. Notwithstanding the foregoing, nothing contained herein shall impair in any manner whatsoever
Creditor Parties’ rights to administer the credit facility and/or to collect, receive and/or apply proceeds of each Company’s
accounts receivable and/or any other collateral to the Liabilities, in each case, in accordance with the terms of the Purchase
Agreement and the Related Agreements. The Creditor Parties may consider extending the expiration date of the Forbearance Period,
but any such extension will be determined by the Creditor Parties in their sole and absolute discretion and, if provided at all,
shall only be made on terms and conditions satisfactory to the Creditor Parties in their sole and absolute discretion. Among other
factors which the Creditor Parties may consider in determining whether to extend the expiration date of the Forbearance Period
are the Companies’ financial performance, the Companies’ compliance with the June 30, 2018 “Operating Margin”
financial covenant under Section 8.23(a), the occurrence of no Events of Default (other than the Designated Default) and the Creditor
Parties’ receipt of evidence satisfactory in all respects to the Creditor Parties demonstrating that satisfactory progress
(as determined by the Creditor Parties in their sole and absolute discretion) has been made by the Companies in connection with
their diligent and good faith efforts to refinance the Liabilities by June 30, 2018. No such extension, if provided at all, shall
be effective unless in a writing executed by the Creditor Parties and the Companies, and acknowledged and agreed to by the Guarantors.

 

  (c)       Upon
the termination of the Forbearance Period, the agreement of Creditor Parties to forbear with respect to the Designated Default
shall automatically and without further action terminate and be of no further force and effect, it being expressly agreed that
the effect of such termination will be to permit Creditor Parties to (i) exercise such rights and remedies immediately without
any further notice, passage of time or forbearance of any kind and (ii) charge the Default Interest Rate (as defined in Section
1.7 of the Note) retroactively to April 1, 2018, which such Default Interest Rate charges shall be due and payable on the next
Interest Payment Date (as defined in the Note).

 

    2 

     

    

 

(d)       The
occurrence of any Event of Default (other than the Designated Default) shall constitute a Forbearance Default. As of the date
hereof, neither the Companies nor the Creditor Parties have any actual knowledge of any Events of Default other than the Designated
Default.

 

(e)       Subject
only to Section 3(b) of this Amendment Agreement, Creditor Parties reserve the right, in their sole discretion, to exercise any
or all of their rights and remedies under the Purchase Agreement , the Related Agreements and applicable law as a result of any
Event of Default (other than the Designated Default), and no Creditor Party has waived any of such rights or remedies, and nothing
in this Amendment Agreement, and no delay on their part in exercising any such rights or remedies, should be construed as a waiver
of any such rights or remedies.

 

4.     Amendments.
Subject to satisfaction of the conditions of effectiveness set forth in Section 8 of this Amendment Agreement:

 

(a)       The
definition of “Applicable Net Debt” set forth in Section 8.23(b) of the Purchase Agreement is hereby amended and restated
in its entirety to provide as follows:

 

 “Applicable
Net Debt” means, at the date of determination, the outstanding principal amount of the Notes less (Y) cash and cash
equivalents on deposit in the Agent Controlled Account plus (Z) $230,000.”

 

(b)       Notwithstanding
anything contained in the Purchase Agreement or any Related Agreement to the contrary, so long as (a) no Event of Default (other
than the Designated Default) shall occur and be continuing and (b) all Liabilities are paid in full in cash prior to the expiration
of the Forbearance Period, the occurrence of the Designated Default shall not result in the imposition of the Default Interest
Rate (as defined in the Note); provided that in the event all Liabilities are not paid in full prior to the expiration of the
Forbearance Period and in the event (i) Companies fail to be in compliance with the “Operating Margin” covenant under
Section 8.23(a) of the Purchase Agreement for the fiscal quarter ending June 30, 2018 or (ii) fail to provide Creditor Parties
evidence satisfactory in all respects to the Creditor Parties demonstrating that satisfactory progress (as determined by the Creditor
Parties in their sole and absolute discretion) has been made by the Companies in connection with their diligent and good faith
efforts to refinance the Liabilities by June 30, 2018, then all Liabilities shall automatically bear interest at the Default Interest
Rate (as defined in the Note) on a retroactive basis from the date of the first occurrence of the Designated Default.

 

(c)       Notwithstanding
anything contained in Section 1.4 of the Note to the contrary, (a) Companies shall, as a condition to effectiveness of this Amendment
Agreement, redeem a portion of the outstanding principal balance of the Note in an aggregate amount equal to Three Million Three
Hundred Thousand Dollars ($3,300,000) (the “Specified Redemption”) at a prepayment price equal to Three Million
Three Hundred Thousand Dollars ($3,300,000) plus the accrued but unpaid interest on such principal amount through and including
the date of such prepayment (the “Specified Redemption Amount”) and (b) solely in connection with Companies’
election to make the Specified Redemption, Creditor Parties hereby waive the fifteen (15) day prior written redemption notice
requirement and the prepayment premium under Section 1.4 of the Note. The Specified Redemption shall be made in accordance with
the terms of Section 5 of this Amendment Agreement. Immediately after giving effect to the Specified Redemption, the outstanding
principal balance of the Note shall be automatically reduced to Five Million Three Hundred Sixty Thousand Dollars ($5,360,000)
without further action on the part of Creditor Parties or any Company.

 

    3 

     

    

 

5.     Specified
Redemption. Companies hereby direct the Agent to (a) release Specified Redemption Amount from the Agent Controlled Account
and (b) utilize the proceeds thereof to cause the Specified Redemption to be made.

 

6.     Representations
and Warranties. Each Company hereby represents and warrants to Purchasers and Agent that:

 

(a)       The
execution, delivery and performance of this Amendment Agreement (i) have been duly authorized by each Company, (ii) are not in
contravention of the certificate of incorporation, bylaws, certificate of formation or operating agreement of any Company or of
any indenture, agreement or undertaking to which any Company is a party or by which any Company is bound and (iii) are within
each Company’s powers.

 

(b)       This
Amendment Agreement is the legal, valid and binding obligation of each Company, enforceable in accordance with its terms, except
as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to creditors’ rights generally
or by equitable principles.

 

(c)       The
representations and warranties of each Company contained in the Purchase Agreement and the Related Agreements are and will be
true, correct and complete in all respects on and as of the date hereof to the same extent as though made on and as of such date,
except to the extent that such representations and warranties specifically relate to an earlier date, in which case they were
true, correct and complete as of such earlier date.

 

7.     General
Release. Each Company and each Guarantor (by its acknowledgment set forth below) hereby releases, waives and forever relinquishes
all claims, demands, obligations, liabilities and causes of action of whatever kind or nature, whether known or unknown, which
it has, may have, or might assert now or in the future against any Creditor Party and/or its, officers, directors, employees,
agents, attorneys, accountants, consultants, successors and assigns, directly or indirectly, arising out of, based upon, or in
any manner connected with any transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether
known or unknown, which occurred, existed, or was taken or permitted prior to the date hereof. The inclusion of this paragraph
in this Amendment Agreement, and the execution of this Amendment Agreement by Creditor Parties, does not constitute an acknowledgment
or admission by any Creditor Party of liability for any matter, or a precedent upon which any liability may be asserted.

 

    4 

     

    

 

8.     Conditions
of Effectiveness. This Amendment Agreement shall become effective upon receipt by Agent (unless waived by Agent in writing)
of the following, each in form and substance satisfactory to Agent in its sole discretion: (a) this Amendment Agreement executed
by each Company and each Guarantor, (b) an original executed Second Amended and Restated Secured Term Note in the form attached
hereto as Exhibit A, (c) corporate resolutions for each Company authorizing the transactions contemplated by this Amendment
Agreement and (d) payment by Companies of all fees and expenses incurred by Agent (i) in connection with the transactions contemplated
by this Amendment Agreement, including, without limitation, the fees of “-----------”, counsel to Agent and Purchasers and
(ii) for matters described in Section 8.32 of the Purchase Agreement.

 

9.     Effect
on Note Purchase Agreement.

 

(a)       Upon
the effectiveness of this Amendment Agreement, each reference in the Purchase Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean and be a reference to the Purchase Agreement as
amended hereby.

 

(b)       Except
as specifically amended herein, the Agreement and all other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c)       The
execution, delivery and effectiveness of this Amendment Agreement shall not operate as a waiver of any right, power or remedy
of Agent, nor constitute a waiver of any provision of the Purchase Agreement, or any other documents, instruments or agreements
executed and/or delivered under or in connection therewith.

 

10.   Miscellaneous.
Section 13 of the Purchase Agreement is incorporated by reference into this Amendment Agreement without the necessity of fully
repeating it.

 

    5 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to be duly executed and delivered by their duly authorized
officers as of the date first set forth above.

	 	 	 
	 	COMPANIES:
	 	 
	 	USELL.COM,
                                         INC.

	 	 	 
		By:	 
	 	 	Name: Nikhil
                                         Raman

                                         Title:  Chief Executive Officer

	 	 	 
	 	BST
                                         DISTRIBUTION, INC.
	 	 	 
		By:	 
	 	 	Name:
                                         Brian Tepfer

                                         Title:  Chief Executive Officer

	 	 	 
	 	WE
                                         SELL CELLULAR LLC
	 	 	 
		By:	 
	 	 	Name: Nikhil
                                         Raman

                                         Title:  Manager

 

SIGNATURE
PAGE TO

FORBEARANCE AND THIRD 

AMENDMENT AGREEMENT

 

     

     

    

	 	 	 
	 	PURCHASER:
	 	___________________________
	 	 	 
		By:	 
	 	 	Name:
                                         _____________________

                                         Title: ________________

	 	 	 
	 	AGENT:
	 	___________________________
	 	 	 
		By:	 
	 	 	Name:
                                         _____________________

                                         Title: ________________

 

SIGNATURE
PAGE TO

FORBEARANCE AND THIRD 

AMENDMENT AGREEMENT

 

     

     

    

 

GUARANTOR
ACKNOWLEDGEMENT AND AGREEMENT:

	 	 
	___________________________________

                                         a _____________________________
	 	 
	By:	 
	 	Name:
                                         _____________________

                                         Title: ________________

	 	 
	___________________________________

                                         a _____________________________
	 	 
	By:	 
	 	Name:
                                         _____________________

                                         Title: ________________

 

	___________________________________

                                         a _____________________________
	 	 
	By:	 
	 	Name:
                                         _____________________

                                         Title: ________________

 

SIGNATURE
PAGE TO

FORBEARANCE AND THIRD 

AMENDMENT AGREEMENT

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