Document:

f8k0308ex10ii_fundcom.htm

    

      CONSULTING
AGREEMENT

       

      This
Consulting Agreement (this “Agreement”) is entered into as of March 1, 2008 by
and between Fund.com Inc. a corporation duly registered under the laws of
Delaware with registered office situated at 455 Broadway, New York, NY 10013
(“Company”), and Darren Rennick (“Rennick”) and Rennick’s consulting company,
MKL Consulting Ltd. a corporation duly registered under the laws of Antigua and
Bermuda, with registered office at AIT Management Services Limited, Hodges Bay,
St John’s, Antigua (collectively “Consultant”), with respect to the following
matters.

       

      Consultant is both an individual and a
duly authorized and validly existing company, organized under the laws of
Antigua both engaged in the business of providing various consulting
services.

       

      The parties wish to define and
delineate the various relationships with each other and the rights and duties
with respect to certain consulting services to be provided by Consultant on the
terms and conditions hereinafter set forth.

       

      NOW, THEREFORE, in consideration of the
premises and the mutual covenants set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties therefore agree as follows:

       

      1.  Term
of Agreement.

       

      Except as
otherwise set forth herein, Company hereby agrees to engage Consultant, and
Consultant hereby agrees to be engaged by Company, in accordance with the terms
and conditions of this Agreement, for the period commencing as of March 1, 2008
(the “Effective Date”) and ending on February 28, 2009 (the “Term”); provided,
however, that the Term shall be extended thereafter from year to year with
mutual written consent of Company and Consultant.

       

      If this
Agreement is extended pursuant to the foregoing provision, all terms and
conditions of this Agreement shall remain the same; save and except that the
terms of this Agreement may be modified in accordance with Section
15.

       

      2.  Title
and Duties.

       

      During
the Term of this Agreement, Consultant agrees to serve Company as an Executive
Vice President and in such other offices of Company to which he may be elected
or appointed, and to perform such other additional reasonable and appropriate
duties as may be requested of him by the Board of Directors of Company (the
“Board of Directors”), in accordance with the terms herein set forth. Mr.
Rennick currently is a Director of the Company.   Consultant
shall devote such time to the performance of his duties hereunder as he and
Company consider necessary and desirable, with the understanding that Consultant
is not currently expected to be engaged on a full time basis on behalf of
Company and that Consultant concurrently may pursue other non-competitive
business and employment interests.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

       

      3.  Consulting Fees.  

       

      (a)    Base Fee.  Except as
otherwise set forth herein, Company will pay Consultant an annual base fee of
One Hundred and Fifty Thousand Dollars ($150,000.00), commencing on the
Effective Date and adjusted to reflect any periods less than a full calendar
year; provided.  Consultant’s annual base fee may be adjusted by the
Board of Directors in its discretion; provided, however, that Consultant’s
annual base fee shall not be less than $150,000.

       

      (b)           One Time
Fee.  Consultant shall be entitled to a one time fee of Twenty
Five Thousand Dollars ($25,000.00) payable upon signing of this Agreement, for
services previously rendered to the Company.

       

      (c)           Bonus.  Consultant
shall be entitled to such bonuses and other benefits as the Board of Directors
may periodically award in their reasonable discretion.

       

      (d)           Health and Life
Insurance.  In lieu of Consultant participating in any Company
benefit plans, Consultant will be reimbursed for his cost of health and life
insurance.

       

      (e)           Expenses.  Company
will reimburse Consultant for all reasonable travel and entertainment expenses
incurred in connection with Consultant’s responsibilities upon submission of
proper vouchers in accordance with Company’s expense reimbursement
policy.

       

      4.  Non-Competition; Nondisclosure Of
Confidential Information; Non-Hire Of Company Employees; Non-Solicitation;
Relief.

       

      (a) Non-Competition.  For
the period ending twelve (12) months after the later of (i) the end of the Term
of this Agreement and (ii) Consultant ceasing to own a direct or indirect
beneficial interest in Company’s common stock (such period being, the
“Non-Competition Period”), Consultant shall not be employed elsewhere and,
except as may otherwise be set forth herein, shall not render any services to
any other person or business, or acquire any interest of any type in any other
business which is in competition with Company, provided, however, that the
foregoing shall not be deemed to prohibit Consultant from acquiring, solely as
an investment, (i) up to 10% of any securities of a partnership, trust,
corporation or other entity so long as Consultant remains a passive investor in
such entity and such entity is not, directly or indirectly, in competition with
Company or (ii) up to 10% of the outstanding equity interests of any publicly
held company.

       

      (b) Non-Disclosure.  During
the course of Consultant’s employment with Company and during the course of this
Agreement, Company has provided and will provide Consultant with access to
certain confidential information, trade secrets, and other matters which are of
a confidential or proprietary nature, including but not limited to Company’s
operational, programming, and sales information, customer lists, business and
employment contracts, representation agreements, pricing and ratings
information, production and cost data, compensation and fee information,
strategic business plans, budgets, financial statements, and other information
Company treats as confidential or proprietary (collectively the “Confidential
Information”).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      Consultant
acknowledges that such Confidential Information is confidential and proprietary,
and agrees not to disclose such Confidential Information to anyone outside
Company except to the extent that (i) Consultant deems such disclosure or use
reasonably necessary or appropriate in connection with performing his duties on
behalf of Company; (ii) Consultant is required by order of a court of competent
jurisdiction (by subpoena or similar process) to disclose or discuss any
Confidential Information, provided that in such case, Consultant shall promptly
inform Company of such event, shall cooperate with Company in attempting to
obtain a protective order or to otherwise restrict such disclosure, and shall
only disclose Confidential Information to the minimum extent necessary to comply
with any such court order; or (iii) such Confidential Information becomes
generally known to and available for use in the industries in which Company does
business, other than as a result of any action or inaction by
Consultant.  Consultant further agrees that he will not during the
Term of this Agreement and/or at any time thereafter use such Confidential
Information in competing, directly or indirectly, with Company.  At
such time as Consultant shall cease to be affiliated with Company, Consultant
will promptly deliver to Company (and will not keep in Consultant’s possession,
recreate or deliver to anyone else) all Confidential Information and any and all
devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings blueprints, sketches, materials, equipment, other
documents or property, or reproductions of any aforementioned items related to
any Invention or Work (each as defined below), or otherwise developed by
Consultant pursuant to Consultant’s employment or affiliation with Company or
otherwise belonging to Company, its successors or assigns.  This
nondisclosure covenant is binding on Consultant, as well as his heirs,
successors, and legal representatives, and will survive the termination or
expiration of this Agreement for any reason.

       

      (c) Non-Hire.  To
further preserve Company’s Confidential Information, and for the consideration
promised by Company under this Agreement, during the Non-Competition Period,
Consultant will not, directly or indirectly, (i) hire any current employee of
Company, or any subsidiary or affiliate of Company (including, without
limitation, any employee of Company within the 6-month period preceding
Consultant’s last day of affiliation with Company or within the 12-month period
of this covenant) who worked, works, or has been offered employment by Company;
(ii) solicit or  encourage any such employee to terminate their
employment with Company, or any subsidiary or affiliate of Company; or (iii)
solicit or encourage any such employee to accept employment with Consultant or
with any business, operation, corporation, partnership, association, agency, or
other person or entity with which Consultant may be associated.  If,
during the term of this non-hire covenant, Consultant learns that any such
employee has accepted employment with any business, operation, corporation,
partnership, association, agency, or other person or entity with which
Consultant may be associated (other than Company), Consultant will immediately
send notice to Company identifying such employee and certifying that Consultant
did not breach any provision of this non-hire covenant.

       

      (d) Non-Solicitation.  To
further preserve Company’s Confidential Information and for the consideration
promised by Company under this Agreement, Consultant agrees not to solicit any
of Company’s clients during the Non-Competition Period.  Specifically,
during the Non-Competition Period, regardless of the reason for the end of this
Agreement, Consultant will not, directly or indirectly, either for himself or
for any other business, operation, corporation, partnership, association,
agency, or other person or entity, call upon, compete for, solicit, divert, or
take away, or attempt to divert or take away current customers or clients of
Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      This
restriction includes, without limitation, any customer with who Company, or any
subsidiary or affiliate of Company, (i) has an existing agreement or business
relationship; or (ii) has had an agreement or business relationship within the
six-month period preceding Consultant’s last day of affiliation with
Company.  This non-solicitation agreement does not apply if Company
terminates Consultant without Cause (except during any severance payment period
as stated in Section 6(d)), or if Consultant terminates this Agreement for Good
Cause (as defined in Section 5(d)).

       

      (e) Relief.  Consultant
acknowledges that, in connection herewith Consultant has received certain
warrants or options for shares of Company’s common stock and that the provisions
of this Section 4  and the other provisions of this Agreement relating
to the enforcement of the rights granted to Company hereunder constitute a
significant portion of the consideration for the grant of such warrants or
options and that Consultant’s agreeing to be bound by such provisions were a
condition precedent to the grant of such warrants or options.  Company
and Consultant agree that the restrictions contained in this Section 4 are
reasonable in scope and duration and are necessary to protect Company’s
rights.  If any provision of this Section is adjudged by a court or
arbitrator to be unenforceable, the same will in no way affect enforceability of
the rest of this Agreement.  If any such provision is held to be
unenforceable because of the scope, duration, or geographic area, the parties
agree that the court or arbitrator shall have the power to reduce the scope
and/or duration and/or geographic area of such provision, and in its reduced
form, such provision shall then be enforceable.  Should Consultant
violate the provisions of this Section, then in addition to all other rights and
remedies available to Company at law or in equity, the duration of this covenant
shall automatically be extended for the period of time from which Consultant
began such violation until he permanently ceases such
violation.  Consultant agrees that the remedy at law for any breach by
him of this Section 4 will be inadequate and that Company shall be entitled to
injunctive relief.

       

      5.  Termination.

       

      This
Agreement may be terminated only by mutual agreement of the parties or under the
following circumstances:

       

      (a)  Death.  This
Agreement will terminate upon the death of Consultant.

       

      (b) Disability.  Company
may terminate this Agreement if, as a result of Consultant’s incapacity due to
physical or mental illness, Consultant is unable to perform the essential
functions of his position, as defined in Paragraph 2 of this Agreement, for more
than 90 days in any 12 month period, as determined by Company, subject to
applicable law.

       

      (c) Termination By Company.
Company may also terminate this Agreement for Cause.  “Cause” means
one of the following:  (i) a material act of willful misconduct by
Consultant in connection with the performance of his duties, including, without
limitation, violation of Company’s policy on sexual harassment, misappropriation
of funds or property of Company or any of its affiliates other than the
occasional, customary and de minimis use of Company property for personal
purposes;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      (ii)
material non-performance of his duties (other than by reason of Consultant’s
physical or mental illness, incapacity or disability) where such material
non-performance has continued for more than thirty (30) days following written
notice to Consultant by Company; (iii) a felony criminal or civil conviction, a
plea of nolo contendere by Consultant, or other conduct by Consultant that, as
determined in the reasonable discretion of Company, has resulted in, or would
result in if he were retained in his position with Company, material injury to
the reputation of Company, including, without limitation, conviction of fraud,
theft, embezzlement, or a crime involving moral turpitude; (iv) a material
breach by Consultant of any of the provisions of this Agreement; (v) a material
and significant violation by Consultant of Company’s key employment and
management policies; (vi) inability to consistently meet performance goals if
such inability continues for more than ninety days following written notice;
provided, however, that this clause (vi) shall be inapplicable in the event that
such failure to meet performance goals is precluded by events, actions or
omissions to act by or on behalf of Company by persons other than Consultant; or
(vii) a material breach of the confidentiality or other provisions set forth in
Section 4.  If Company elects to terminate for Cause under clauses
(c)(i), (iv), (v) or (vi) hereof, Consultant shall have thirty (30) days after
the written notice of any such breach within which to cure such breach, except
where such breach, by its nature, is not curable or the termination is based
upon a recurrence of an act previously cured by Consultant.

       

      (d) Termination By Consultant For Good
Cause.  Consultant may terminate this Agreement at any time for
“Good Cause,” which is defined as any one of the following: (i) a repeated
failure of Company to comply with a material term of this Agreement after
written notice by Consultant specifying the alleged failure. Provided, however,
that if Consultant elects to terminate for Good Cause under this Section,
Company shall have thirty (30) days after the written notice of any such breach
within which to cure such breach, except where such breach, by its nature, is
not curable or the termination is based upon a recurrence of an act previously
cured by Company; (ii) a substantial and unusual change in Consultant’s
position, duties, responsibilities, working location or authority without an
offer of additional compensation acceptable to Consultant, in Consultant’s
reasonable discretion; or (iii) a Change of Control. "Change of Control" shall
mean the satisfaction of any one or more of the following conditions (and the
"Change of Control" shall be deemed to have occurred as of the first day that
any one or more of the following conditions shall have been satisfied): (i) Any
person other than the Company or an Affiliate or an employee benefit plan of the
Company or an Affiliate, becomes the beneficial owner, directly or indirectly,
of securities of the Company representing more than 30% of the combined voting
power of the Company's then outstanding securities; (ii) The Company’s
stockholders approve a merger, consolidation or other business combination (a
"Business Combination") other than a Business Combination in which holders of
common stock of the Company immediately prior to the Business Combination have
substantially the same proportionate ownership of common stock of the surviving
corporation immediately after the Business Combination as immediately before
(iii) The Company’s stockholders approve either (a) an agreement for the sale or
disposition of all or substantially all of the Company's assets to any entity
that is not an Affiliate, or (b) a plan of complete liquidation of the Company;
or (iv) The persons who are members of the Board and constitute a majority of
the members of the Board, immediately before a tender offer by any Person other
than the Company or an Affiliate, or before a merger, consolidation or contested
election, or before any combination of such transactions, cease to constitute a
majority of the members of the Board as a result of such transaction or
transactions.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.  Compensation Upon Termination Or
Expiration.

       

      (a)           Death.  If this
Agreement is terminated by reason of Consultant’s death, Company will, within 90
days after the date of such termination, pay in a lump sum amount to such person
as Consultant shall designate in a notice filed with Company or, if no such
person is designated, to Consultant’s estate, Consultant’s accrued and unpaid
base fee and bonus, if any, and any payments to which Consultant’s spouse,
beneficiaries, or estate may be entitled under any applicable benefit plan
(according to the terms of such plans). Any warrants or options previously
granted to Consultant which have vested or are exercisable at the date of death
shall remain exercisable after the date of termination by the designated person
or Consultant’s estate for the greater of ninety days or the maximum period
allowed by applicable law or warrant, option plan or agreement.

       

      (b)           Disability.  If this
Agreement terminates by reason of Consultant’s disability, Company shall, within
90 days after the date of such termination, pay in a lump sum amount to
Consultant his accrued and unpaid base fee and bonus, if any, and any payments
to which he may be entitled under any applicable benefit plan (according to the
terms of such plans).  Any warrants or options previously granted to
Consultant which have vested or are exercisable at the date of Consultant’s
disability shall remain exercisable after the date of termination for the
greater of ninety days or the maximum period allowed by applicable law or
warrant, option plan or agreement.

       

      (c)           Termination By Company For Cause:
If this Agreement is terminated by Company for Cause, Company will,
within 90 days after the date of such termination, pay in a lump sum amount to
Consultant his accrued and unpaid base fee and any payments to which he may be
entitled under any applicable benefit plan (according to the terms of such
plans).

       

      (d)           Termination by Company Without Cause;
Termination by Consultant for Good Cause.  In the event this
Agreement is terminated by Company other than for Cause or other than pursuant
to Section 5(a) or (b) hereof by reason of death or disability or Consultant
terminates this Agreement for Good Cause pursuant to the provisions of Section
5(d) hereof, Consultant shall have no further obligations or duties under this
Agreement; provided, however, that Consultant shall continue to be bound by the
provisions of Section 4, 6, 7, 8, 9, 10, 11, 13 and 15 hereof if Company
performs its obligations under this Section 6(d).  In the event of
termination of Consultant pursuant to the preceding sentence, Company will (i)
within 30 days after the date of such termination, pay in a lump sum amount to
Consultant his accrued and unpaid base fee through the date of termination and
bonus, if any, and any payments to which he may be entitled under any applicable
benefit plan (according to the terms of such plans) and (ii) shall continue to
pay Consultant the entire compensation and other benefits otherwise payable to
him under the provisions of Section 3 hereof for the otherwise remaining Term of
this Agreement; provided, however that Consultant shall have a duty to mitigate
such compensation and other benefits by seeking other engagements (including
mitigating payments for any benefits for which Consultant is being paid by
Company).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      

       

      (e) Effect of Compliance with
Compensation Upon Termination Provisions.  Upon complying with
Subparagraphs 6(a) through 6(d) above, as applicable, Company will have no
further obligations to Consultant except as otherwise expressly provided under
this Agreement or under the terms of any warrant, option plan or agreement or
any benefit plan of Company.

       

      7.  Inventions and Original Works of
Authorship.  

       

      (a)    Prior Inventions and Original Works
of Authorship.  Attached hereto, as Exhibit A, is a list
describing all inventions, original works of authorship, developments,
improvements, and trade secrets which were made by Consultant prior to
Consultant’s affiliation with Company (collectively referred to as “Prior
Inventions and Works”), which belong to Consultant, which relate to Company’s
proposed business, products or research and development, and which are not
assigned to Company hereunder; or, if no such list is attached, Consultant
represents that there are no such Prior Inventions and Works.  If, in
the course of Consultant’s affiliation with Company, Consultant incorporates or
embodies any such Prior Inventions and Works into a Company product (including,
without limitation, software code), process or machine, or into an Invention (as
defined below) or Work (as defined below), Consultant hereby grants and agrees
to grant to Company and its designee a nonexclusive, royalty-free, fully-paid,
irrevocable, perpetual, worldwide license to make, have made, use, sell, offer
to sell, copy, publish, and/or modify (including creating derivative works
therefrom) any such Prior Inventions and Works as so incorporated or
embodied.

       

      (b)    Consultant
agrees to disclose promptly and fully to Company in writing any and all
inventions, discoveries, improvements, concepts or ideas, whether or not
patentable and whether or not reduced to practice, conceived or made by
Consultant, whether alone or with others, during the term of Consultant’s
affiliation with Company and related in the sole judgment of Company to the
business or activities of the Company (“Inventions”).  In addition,
and except as provided in Section 7(c) below, Consultant hereby assigns and
agrees to assign to Company or its designee all right, title and interest in and
to the Inventions.  Consultant also agrees that all copyrightable
works created by Consultant or under Consultant’s direction in connection with
Company’s business (“Works”) will be deemed “works made for hire” within the
meaning of applicable copyright laws , and that all such Works shall be the sole
and complete property of Company and any and all copyrights in and to such Works
shall belong to Company.  To the extent that any of the Works are not
deemed to be “works made for hire” for Company, Consultant hereby assigns and
agrees to assign to Company all proprietary rights, title and interest therein,
in perpetuity throughout the universe in all languages and formats, and in any
and all media, whether now known or hereafter devised, without further
compensation.  Company and Consultant are aware and hereby acknowledge
that new rights to the Works may come into being and/or be recognized in the
future, under the law and/or in equity (the “New Exploitation Rights”), and
Consultant hereby intends to and does hereby grant and convey to Company any and
all such new Exploitation Rights in and to the Works and any other results or
proceeds thereof pursuant to this Section.

       

      (c)    Consultant
agrees to keep and maintain adequate and current written records of all
Inventions and Works made by Consultant (solely or jointly with others) during
the term of Consultant’s affiliation with Company.  The records will
be in the form of notes, sketches, drawings, and any other format that may be
specified by Company and will be available to and remain the sole property of
Company at all times.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      (d)    Consultant
hereby agrees to execute any documents and do any other acts consistent herewith
as may be reasonably required by Company or its designees or licensees to
further evidence or effectuate Company’s rights as set forth in this Section 7
or as may be necessary, useful or convenient for the purposes of securing to
Company or to its designee any patent, trademark, copyright, mask work, trade
secret or copyright protection in and to the Inventions or the Works throughout
the universe.  Consultant hereby appoints Company as Consultant’s
attorney-in-fact (which appointment is irrevocable and coupled with an
interest), with full power of substitution and delegation, to execute any and
all such documents and to do any and all such other acts consistent herewith
that Consultant fails to do promptly after request
therefore.  Consultant further agrees that the obligations undertaken
by Consultant pursuant to this Section 7(e) shall survive the termination of
Consultant’s affiliation with Company.

       

      8.  Parties Benefited;
Assignments.  

       

      This
Agreement shall be binding upon Consultant, his heirs and his personal
representative or representatives, and upon Company and its respective
successors and assigns.  Neither this Agreement nor any rights or
obligations hereunder may be assigned by Consultant.

       

      9.  Governing Law.  

       

      This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York without giving effect to any choice of law or conflict
provisions or rule (whether of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than New
York.  Consultant hereby expressly consents to the personal
jurisdiction of the courts located in New York for any lawsuit arising from or
relating to this Agreement.

       

      10.  Litigation And Regulatory
Cooperation.

       

      During
and after the Term of this Agreement, Consultant shall reasonably cooperate with
Company in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of Company which
relate to events or occurrences that transpired while Consultant was employed by
or affiliated with Company.  Consultant’s cooperation in connection
with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as a
witness at the request of Company at mutually convenient
times.  During and after the Term of this Agreement, Consultant also
shall cooperate fully with Company in connection with any investigation or
review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while
Consultant was employed by or affiliated with Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

       

      11.  Indemnification And Insurance; Legal
Expenses.

       

      Company
shall defend and indemnify Consultant to the fullest extent permitted by law in
effect at the time of the subject act or omission, for acts committed in the
course and scope of this Agreement Consultant will be entitled to the protection
of any insurance policies that Company may elect to maintain generally for the
benefit of similarly situated persons to cover costs, charges and expenses
incurred or sustained by him in connection with any action, suit or proceeding
to which he may be made a party by reason of his being or having been an
officer, director, agent or employee of Company.  If the Company fails
or neglects to defend said action promptly, Consultant, without limiting any of
his rights hereunder, may defend the same and any cost or expense, including
without limitation attorneys’ fees, which he may pay or incur in defending such
action and any settlement or judgment he shall pay shall be repaid by the
Company on demand.

       

      12.  Arbitration.

       

      The
parties agree that any dispute, controversy or claim, whether based on contract,
tort, statute, discrimination, retaliation, or otherwise, relating to, arising
from or connected in any manner to this Agreement, or to the alleged breach of
this Agreement, or arising out of or relating to Consultant’s affiliation with
Company or termination of such affiliation, shall, upon timely written request
of either party be submitted to and resolved by binding
arbitration.  The arbitration shall be conducted in New York, New
York.  The arbitration shall be conducted before one arbitrator in
accordance with the Commercial Rules of the American Arbitration Association
(“AAA”) in effect at the time the claim or dispute arises, unless other rules
are agreed upon by the parties.  Any claims received after the
applicable/relevant statute of limitations period has passed shall be deemed
null and void.  The award of the arbitrator shall be a reasoned award
with findings of fact and conclusions of law.  Company will pay the
actual AAA costs of arbitration.  Each party will pay its own
attorneys’ fees and other expenses.

       

      13.  Representations And Warranties Of
Consultant.

       

      Consultant
represents and warrants to Company that all terms and conditions of this
Agreement shall be kept strictly confidential.  Consultant represents
and warrants to Company that he is under no contractual or other restriction
which is inconsistent with the execution of this Agreement, the performance of
his duties hereunder or the other rights of Company
hereunder.  Consultant also represents and warrants to Company that he
is under no physical or mental disability that would hinder the performance of
his duties under this Agreement.

       

      14.  Miscellaneous.

       

      This
Agreement contains the entire agreement of the parties relating to the subject
matter hereof.  This Agreement supersedes any prior written or oral
agreements or understandings between the parties relating to the subject matter
hereof.  No modification or amendment of this Agreement shall be valid
unless in writing and signed by or on behalf of the parties
hereto.  The failure of a party to require performance of any
provision of this Agreement shall in no manner affect the right of such party at
a later time to enforce any provision of this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      A waiver
of the breach of any term or condition of this Agreement shall not be deemed to
constitute a waiver of any subsequent breach of the same or any other term or
condition.  This Agreement is intended to be performed in accordance
with, and only to the extent permitted by, all applicable laws, ordinances,
rules and regulations.  If any provision of this Agreement, or the
application thereof to any person or circumstance, shall, for any reason and to
any extent, be held invalid or unenforceable, such invalidity and
unenforceability shall not affect the remaining provisions hereof or the
application of such provisions to other persons or circumstances, all of which
shall be enforced to the greatest extent permitted by law.  The
headings in this Agreement are inserted for convenience of reference only and
shall not be a part of or control or affect the meaning of any provision
hereof.  This Agreement may be executed in one or more counterparts,
all of which taken together shall constitute one and the same instrument and any
of the parties hereto may execute this Agreement by signing any such
counterpart.  This Agreement may be executed by facsimile or digital
signature and any such signature shall be deemed to be an original for all
purposes hereof.

       

       

       

       

       

       

       

       

      [SIGNATURE
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      IN
WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as
of the date first written above.

       

      MKL
Consulting Ltd.

      

      

      By:  /s/ Darren
Rennick

      Darren
Rennick, Its President

      

      CONSULTANT:

      

      DARREN
RENNICK

      

      

      By:  /s/ Darren
Rennick

      

      

      FUND.COM
INC.

      

      

      By: /s/ Raymond
Lang

      Raymond
Lang, Its CEOf8k0308ex10iii_fundcom.htm

    

      LICENSE
AGREEMENT

      

            LICENSE
AGREEMENT, dated as March 7, 2008 (the "Commencement Date") by and between
Fund.com Managed Products Inc., a subsidiary of Fund.com Inc.("LICENSEE"), a
Delaware corporation, having an office at 455 Broadway, New York, NY 10012, and
Equities Global Communications, Inc.("LICENSOR"), having an office at 2118
Wilshire Boulevard #722, Santa Monica, CA 90403.

      

            WHEREAS,
LICENSOR compiles, calculates, maintains and owns rights in and to the EQUITIES®
Hedge Fund Index and to the proprietary data therein contained (such rights
being hereinafter individually and collectively referred to as the "Equities
Index"); and

      

              WHEREAS,
the LICENSOR uses in commerce and has trade name and trademark license rights to
the designations ”EQUITIES®" and "EQUITIES® Hedge Fund Index", in
connection with the Equities Index (such rights being hereinafter individually
and collectively referred to as the "Equities Marks"); and

      

             WHEREAS,
LICENSEE wishes to license the use of the Equities Index and the Equities Marks
in connection with the use, marketing and/or promotion of the Equities Index
under applicable law, rules and regulations; and

      

           WHEREAS,
LICENSEE wishes to obtain LICENSOR's authorization to sub-license the Equities
Index and the Equities Marks pursuant to the terms and conditions hereinafter
set forth.

      

      NOW,
THEREFORE, the parties hereto agree as follows:

      

      1.      Grant
of License.

      

      (a)              Subject
to the terms and conditions of this Agreement, LICENSOR hereby grants to
LICENSEE a perpetual exclusive license, (i) to use the Equities Index as a
component of, as the basis of the investment strategies of, and otherwise in
connection with the making, issuance, purchase, sale, market quotation,
marketing, promotion, trading or other distribution of investment products and
(ii) to use and refer to the Equities Marks in connection with the distribution
of investment products and in connection with making such disclosure about such
investment products as LICENSEE deems necessary or desirable under any
applicable law, rules or regulations, but, in each case, only to the extent
necessary to indicate the source of the
Equities  Index.  LICENSOR agrees that LICENSEE shall have
the right and authority to sublicense the rights and licenses granted hereunder
for use in investment products and to third parties who require (in LICENSEE’s
reasonable opinion) such license in connection with the distribution of
investment products.

      

      (b)              LICENSEE
shall have the right of first refusal to enter into an arrangement concerning
the licensing of any index owned or developed by LICENSOR for use in the making,
issuance, purchase, sale, market quotation, marketing, promotion, trading or
other distribution of any investment product.  LICENSOR shall have the
right to enter into such an arrangement with a third-party only (i) after
LICENSEE has refused such arrangement and (ii) if such third-party arrangement
is substantially upon the same terms and conditions offered to and refused by
LICENSEE.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      (c)              Each
of LICENSEE and LICENSOR shall use reasonable efforts to protect the goodwill
and reputation of the Equities Index and of the Equities Marks in connection
with the use of the Equities Index and the Equities Marks under this
Agreement.

      

      2.      Term.

      

                   The
term of this Agreement shall commence on the Commencement Date and shall
continue in effect thereafter until it is terminated in accordance with its
terms.

      

      3.      License
Fees.

      

                    (a)                      The
LICENSEE shall pay to LICENSOR 5% of all sub-license fees collected by
the LICENSEE from all sub-licensees of the Equity Index (the “License
Fees”). For any use of the Equities Index by the Licensee or an affiliate,
license fees to be paid to the LICENSOR shall be determined upon agreement by
the parties.        

      

                   (b)                        During
the term of this Agreement and for a period of one (1) year after its
termination, LICENSOR shall have the right, during normal business hours and
upon reasonable notice to Licensee, to audit on a confidential basis the
relevant books and records of LICENSEE to determine that License Fees have been
accurately determined. The costs of such audit shall be borne by LICENSOR unless
it determines that it has been underpaid by five percent (5%) or more; in such
case, costs of the audit shall be paid by Licensee. Unless required by law, a
court or a regulatory agency, LICENSOR and its agents shall maintain as
confidential and not disclose information and documents received or reviewed in
connection with the audit.

      

      4.      Termination.

      

                   (a)                         At
any time during the term of this Agreement, either party may give the other
party sixty (60) days prior written notice of termination if the terminating
party believes in good faith that material damage or harm is occurring to the
reputation or goodwill of that party by reason of its continued performance
hereunder, and such notice shall be effective on the date specified therein of
such termination, unless the other party shall correct the condition causing
such damage or harm within the notice period.

      

                   (b)                       
In the case of breach of any of the material terms or conditions of this
Agreement by either party, the other party may terminate this Agreement by
giving sixty (60) days prior written notice of its intent to terminate, and such
notice shall be effective on the date specified therein for such termination
unless the breaching party shall correct such breach within the notice
period.

      

                  
(c)                        LICENSOR
shall have the right, in its sole discretion, to cease compilation and
publication of the Equities Index and, in such event, to terminate this
Agreement if LICENSOR does not offer a replacement or substitute index. In the
event that LICENSOR intends to discontinue the Equities Index, LICENSOR shall
give LICENSEE at least six months (6) month’s written notice prior to such
discontinuance, which notice shall specify whether a replacement or substitute
index will be made available.

      

                     LICENSEE
shall have the option hereunder within sixty (60) days after receiving such
written notice from LICENSOR to notify LICENSOR in writing of its election to
publish, compile, calculate, maintain and license the Equities Index itself or
of its intent to use the replacement or substitute index, if any, under the
terms of this Agreement. In the event that LICENSEE does not exercise such
options or no substitute or replacement index is made available, this Agreement
shall be terminated as of the date specified in the LICENSOR notice and the
License Fees to the date of such termination shall be computed as provided in
Subsection 4(f).

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

                    (d)              
LICENSEE may terminate this Agreement upon ninety (90) days prior written
notice to LICENSOR if (i) LICENSEE is informed of the final adoption of any
legislation or regulation or the issuance of any interpretation that in
LICENSEE's reasonable judgment materially impairs LICENSEE's ability to market
and/or promote product using the Equities Index; (ii) any material litigation or
regulatory proceeding regarding any products using the Equities Index is
threatened or commenced; or (iii) LICENSEE in its sole discretion chooses to
cease use of the Equities Marks and the Equities Index. In such event the
License Fees to the date of such termination shall be computed as provided in
Subsection 4(f).

      

                    (e)                       LICENSOR
may terminate this Agreement upon ninety (90) days (or upon such lesser
period of time if required pursuant to a court order) prior written notice
to LICENSEE if (i) LICENSOR is informed of the final adoption of any legislation
or regulation or the issuance of any interpretation that in LICENSOR's
reasonable judgment materially impairs LICENSOR's ability to license and provide
the Equities Index and Equities Marks under this Agreement; or (ii) any
litigation or proceeding is threatened or commenced and LICENSOR reasonably
believes that such litigation or proceeding would have a material
and adverse effect upon the Equities Marks and/or the Equities Index or
upon the ability of LICENSOR to perform under this Agreement. In such event the
License Fees to the date of such termination shall be computed as provided
in Subsection 4(f).

      

                  
 (f)                       
In the event of termination of this Agreement as provided in Subsections
4(a), (b), (c), (d) or (e), the License Fees to the date of such
termination shall be computed by prorating the amount of the applicable
 License Fees on the basis of the number of elapsed days in the current
term. Any excess License Fees amount paid by LICENSEE for the current term shall
be refunded by LICENSOR.

      

                    (g)                       Upon
termination of this Agreement, LICENSEE shall cease to sub-license the
Equities Index and the Equities Marks; provided that LICENSEE may continue to
utilize any previously printed materials which contain the Equities Marks for a
period of ninety (90) days following such termination.

      

      5.      LICENSOR's
Obligations.

      

                    (a)                      
LICENSEE shall have no responsibility for ensuring that LICENSOR employees
comply with  LICENSOR policies and applicable rules and regulations.
LICENSOR shall have no liability to the LICENSEE with respect to its
employees' adherence or failure to adhere to its policies and applicable rules
and regulations.

      

                     (b)                      LICENSOR
shall not and is in no way obliged to engage in any marketing or
promotional activities in connection with the Product or in making any
representation or statement to investors or prospective investors in connection
with the promotion by LICENSEE of any investment products using the Equities
Index.

      

                     (c)                      LICENSOR
agrees to provide reasonable support for LICENSEE's development, marketing
and educational efforts with respect to investment products using the
Equities Index as follows: (i) LICENSOR shall provide LICENSEE, upon request but
subject to any agreements of confidentiality with respect thereto, copies of the
results of any marketing research conducted by or on behalf of LICENSOR with
respect to the Equities Index; and (ii) LICENSOR shall respond in a timely
fashion to any reasonable requests for information by LICENSEE regarding the
Equities Index.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

                      (d)                     LICENSOR
or its agent shall calculate and disseminate the Equities  Index at
least once each fifteen (15) seconds in accordance with its
current procedures, which procedures may be modified by
LICENSOR.

      

                     
(e)                    LICENSOR
shall promptly correct or instruct its agent to correct any mathematical
errors made in LICENSOR's computations of the Equities Index  which are
brought to LICENSOR's attention by LICENSEE, provided that nothing in this
Section 5 shall give LICENSEE the right to exercise any judgment or require any
changes with respect to LICENSOR's method of composing, calculating or
determining the Equities Index; and, provided further, that nothing herein shall
be deemed to modify the provisions of Section 9 of this
Agreement.

      

      6.      Informational
Materials.

      

                     LICENSEE
shall use its best efforts to protect the goodwill and reputation of
LICENSOR and of the Equities Marks in connection with its use of the Equities
Marks under this Agreement. LICENSEE shall review and approve all informational
materials pertaining to and to be used in connection with any product using the
Equities Index, including, where applicable, all prospectuses, plans,
registration statements, application forms, contracts, videos, internet sites,
electronic commerce, advertisements, brochures and promotional and any other
similar informational materials (including documents required to be filed with
governmental or regulatory agencies) that in any way use or refer to LICENSOR,
the Equities Index, or the Equities Marks (the "Informational
Materials").

      

      7.      Protection
of Value of License.

      

                  (a)                         During
the term of this Agreement, LICENSOR shall use its best efforts to maintain
in full force and effect federal registrations for "EQUITIES (R)", and "EQUITIES® Hedge Fund
Index". LICENSOR shall at LICENSOR's own expense and sole discretion
exercise LICENSOR's common law and statutory rights against infringement of the
Equities Marks, copyrights and other proprietary rights.

      

                  (b)                         LICENSEE
shall cooperate with LICENSOR in the maintenance of such rights and
registrations and shall take such actions and execute such instruments as
LICENSOR may from time to time reasonably request, and shall use the following
notice when referring to the Equities Index or the Equities Marks in any
Informational Material:

      

      8.      Proprietary
Rights.

      

                 
(a)                        
LICENSEE acknowledges that the Equities Index is selected, coordinated,
arranged and prepared by LICENSOR through the application of methods and
standards of judgment used and developed through the expenditure of considerable
work, time and money by LICENSOR. LICENSEE also acknowledges that
the  Equities Index and the Equities Marks are the exclusive property
of LICENSOR, that LICENSOR has and retains all proprietary rights therein
(including, but not limited to trademarks and copyrights) and that the Equities
Index and its compilation and composition and changes therein are in the control
and discretion of LICENSOR.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

                  (b)                        
LICENSOR reserves all rights with respect to the Equities Index and the Equities
Marks except those expressly licensed to LICENSEE hereunder.

      

                  (c)                         Each
party shall treat as confidential and shall not disclose or transmit to any
third party any documentation or other written materials that are marked as
"Confidential and
Proprietary" by the providing party ("Confidential Information").
Confidential Information shall not include (i) any information that is available
to the public or to the receiving party hereunder from sources other than the
providing party (provided that such source is not subject to a
confidentiality agreement with regard to such information) or (ii) any
information that is independently developed by the receiving party without use
of or reference to information from the providing party. Notwithstanding the
foregoing, either party may reveal Confidential Information to any
regulatory agency or court of competent jurisdiction if such information to be
disclosed is (a) approved in writing by the other party for disclosure or
(b) required by law, regulatory agency or court order to be disclosed by a
party, provided, if permitted by law, that prior written notice of such
required disclosure is given to the other party and provided further
that the providing party shall cooperate with the other party to limit the
extent of such disclosure. The provisions of this Subsection 8(c) shall survive
any termination of this Agreement for a period of five (5) years from
disclosure by either party to the other of the last item of such
Confidential Information.

      

      9.      Warranties;
Disclaimers.

      

                   (a)                        LICENSOR
represents and warrants that LICENSOR has the right to grant the rights
granted to LICENSEE herein and that the license granted herein shall not
infringe any trademark, copyright or other proprietary right of any person not a
party to this Agreement.

      

                   (b)                       
LICENSOR further warrants and represents to LICENSEE that the Equities Marks and
the Equities Index are the exclusive property of LICENSOR, that LICENSOR
has and retains all proprietary rights therein (including, but not limited
to trademarks and copyrights), that the Equities Index and its compilation
and composition and changes therein are in the control and discretion of
LICENSOR, and that the Equities Index and Equities Marks do not infringe the
rights of any third party.

      

                   (c)                        Each
party represents and warrants to the other that it has the authority to
enter into this Agreement according to its terms and that its performance does
not violate any laws, regulations or agreements applicable to it.

      

                   (d)                        Neither
party shall have any liability for lost profits or indirect, punitive,
special, or consequential damages arising out of this Agreement, even if
notified of the possibility of such damages. In no event shall the cumulative
liability of LICENSOR to LICENSEE exceed the average annual License Fees
actually paid to LICENSOR hereunder.

      

                   (e)                        
The provisions of this Section 9 shall survive any termination of this
Agreement.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      10.     Indemnification.

      

                 (a)                         
LICENSEE shall indemnify and hold harmless LICENSOR, its affiliates and
their officers, directors, employees and agents against any and all
judgments, damages, costs or losses of any kind (including reasonable
attorneys' and experts' fees) as a result of any third-party claim, action, or
proceeding that arises out of or relates to this Agreement, except
insofar as it relates to a breach by LICENSOR of its representations or
warranties hereunder, however, that LICENSOR notifies LICENSEE promptly of
any such claim, action or proceeding. LICENSEE shall periodically reimburse
LICENSOR for its reasonable expenses incurred under this Subsection 10(a).
LICENSOR shall have the right, at its own expense, to participate in the
defense of any claim, action or proceeding against which it is indemnified
hereunder; provided, however, it shall have no right to control the defense,
consent to judgment, or agree to settle any such claim, action or proceeding
without the written consent of LICENSEE without waiving the indemnity
hereunder. LICENSEE, in the defense of any such claim, action or
proceeding except with the written consent of LICENSOR, shall not consent to
entry of any judgment or enter into any settlement which either (a) does not
include, as an unconditional term, the grant by the claimant to LICENSOR of
a release of all liabilities in respect of such claims or (b) otherwise
adversely affects the rights of LICENSOR. This provision shall
survive the termination or expiration of this Agreement.

      

                  (b)                        
LICENSOR shall indemnify and hold harmless LICENSEE, its affiliates and
their officers, directors, employees and agents against any and all judgments,
damages, costs or losses of any kind (including reasonable attorneys' and
experts' fees) as a result of any third-party claim, action, or proceeding
that arises out of or relates to any breach by LICENSOR of its representations
or warranties under this Agreement; provided, however, that (a) LICENSEE
notifies LICENSOR promptly of any such claim, action or proceeding; (b) LICENSEE
grants LICENSOR control of its defense and/or settlement; and (c) LICENSEE
cooperates with LICENSOR in the defense thereof. LICENSOR shall periodically
reimburse LICENSEE for its reasonable expenses incurred under this Subsection
10(b). LICENSEE shall have the right, at its own expense, to participate in the
defense of any claim, action or proceeding against which it is indemnified
hereunder; provided, however, it shall have no right to control the defense,
consent to judgment, or agree to settle any such claim, action or proceeding
without the written consent of LICENSOR without waiving the indemnity
hereunder. LICENSOR, in the defense of any such claim, action or proceeding,
except with the written consent of LICENSEE, shall not consent to entry of
any judgment or enter into any settlement which either (a) does not include, as
an unconditional term, the grant by the claimant to LICENSEE of a release of all
liabilities in respect of such claims or (b) otherwise adversely affects
the rights of LICENSEE. This provision shall survive the termination or
expiration of this Agreement.

      

      11.     Suspension
of Performance.

      

                     Neither
LICENSOR nor LICENSEE shall bear responsibility or liability for any losses
arising out of any delay in or interruptions of their respective performance of
their obligations under this Agreement due to any act of God, act of
governmental authority, act of the public enemy or due to war, the
outbreak or escalation of hostilities, riot, fire, flood, civil commotion,
insurrection, labor difficulty (including, without limitation, any strike, or
other work stoppage or slow down), severe or adverse weather conditions,
communications line failure, or other similar cause beyond the reasonable
control of the party so affected.

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      12.     Other
Matters.

      

                  (a)                         This
Agreement is solely and exclusively between the parties hereto and shall
not be assigned or transferred by either party, without prior written
consent of the other party, and any attempt to so assign or transfer this
Agreement without such written consent shall be null and void.

      

                  (b)                         This
Agreement constitutes the entire agreement of the parties hereto with
respect to its subject matter and may be amended or modified only by a
writing signed by duly authorized officers of both parties. This Agreement
supersedes all previous agreements between the parties with respect to the
subject matter of this Agreement. There are no oral or written collateral
representations, agreements, or understandings except as provided
herein.

      

                
(c)                          No
breach, default, or threatened breach of this Agreement by either party
shall relieve the other party of its obligations or liabilities under this
Agreement with respect to the protection of the property or proprietary nature
of any property which is the subject of this Agreement.

      

                 (d)                          Except
as set forth in Section 6 hereof with respect to Informational Materials,
all notices and other communications under this Agreement shall be (i) in
writing, (ii) delivered by hand, by registered or certified mail, return receipt
requested, or by facsimile transmission to the address or facsimile number set
forth below or such address or facsimile number as either party shall specify by
a written notice to the other and (iii) deemed given upon receipt.

      

      Notice to
LICENSOR:

      

      Equities
Global Communications, Inc.

      2118
Wilshire Boulevard #722

      Santa
Monica, CA 90403

      Attn:
David Bernard

               
Chief Executive Officer

      Fax #:
310-207-8198

      Email:
DBernard@equitiesmagazine.com

      

      Notice to
LICENSEE:

      

      Fund.com
Managed Products Inc.

      455
Broadway, 4th
Floor

      New York,
NY 10012

      Attn:
Raymond Lang

               
Chief Executive Officer

      Fax
#: 212-625-3594

      Email:
rlang@fund.com

      

                (f)           This
Agreement shall be interpreted, construed and enforced in accordance with the
laws of the State of New York.

      

               (g)                           Each
party agrees that in connection with any legal action or proceeding arising with
respect to this Agreement, they will bring such action or proceeding only in the
United States District Court for the District of New York or in the Supreme
Court of the State of New York in and for the First Judicial Department and each
party agrees to submit to the jurisdiction of such court and venue in such court
and to waive any claim that such court is an inconvenient forum.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the
date first set forth above.

      

       Equities
Global Communications,
Inc.                                                  Fund.com
Managed Products Inc.

                     a
subsidiary of Fund.com Inc.

      
 

      

      By: /s/ David
Bernard                                                                              
By:  /s/
Raymond Lang

      

      Name:
David
Bernard                                                                               
Name:  Raymond
Lang

      

      Title:
Chief Executive
Officer                                                                    Title:  Chief Executive
Officer

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