Document:

EXHIBIT 10.7

 

AGENT
REFERRAL AGREEMENT

 

 

This Agent Referral
Agreement (this “Agreement”) is made and entered into as of August 1, 2012, by and between Payventures,
LLC (”Payventures”), with an address of 750 Park of Commerce Boulevard, Suite 310, Boca Raton, FL 33487, and 800
COMMERCE Inc., a Florida company (“AGENT”), with an address of 477 South Rosemary Avenue Suite 203, West Palm
Beach, FL 33401.

 

 

RECITALS:

 

WHEREAS, Payventures
provides credit and debit card transaction processing, merchant processing and network services (collectively, the “Services”)
through its affiliations with banks, financial institutions and other persons and entities that provide Services (collectively,
the “Providers”);

 

WHEREAS, AGENT
desires to refer customers requiring Services to Payventures, pursuant to the terms and conditions of this Agreement.

 

NOW THEREFORE,
in consideration of the foregoing mutual promises set out herein, the parties hereby agree as follows:

 

 

    	(1)

    	 

    

 

ARTICLE
ONE:

AGENT’S
DUTIES

 

1.01Sales
& Marketing.AGENT will market the Services to third parties only after approval of each such third party by Payventures.
Payventures shall have the right to accept or reject any third party for any or no reason. AGENT will take such other actions
as Payventures may reasonably request to assist Payventures in evaluating such third parties and the proposed Services, and having
such third parties enter into agreements for Services with Payventures or its Providers (a third party referred by AGENT which
enters into an agreement for Services with Payventures or its Providers is referred to as “AGENT’s Customer”).

 

1.02AGENT
Status.It is hereby expressly acknowledged and understood by AGENT that it is acting as an independent contractor, subject
to the provisions set forth in this Agreement. AGENT acknowledges that it shall not be treated as an employee for federal tax
purposes and accordingly will be responsible for payment of its related tax liability. AGENT has power and authority to enter
into this Agreement and is not subject to any violations of any other agreements by entering into this Agreement.

 

1.03Exclusive
Provider. AGENT agrees that Payventures is its exclusive provider of the Services. AGENT shall not, directly or indirectly, for
itself or any affiliate, integrate or endorse any credit and debit card transaction processing, merchant processing, network services
or other product services or products similar to the Services, or any banking partners, nor will it permit any such competing
services or products to be offered to its customers.

 

1.04Compensation.Payventures
shall pay AGENT compensation in accordance with Schedule A attached hereto. Compensation to be paid to any employees, agents,
brokers or other third parties claiming by, through or under AGENT will be paid from AGENT’s Commission (as defined in Schedule
“A”).

 

1.05Solicitation.AGENT
agrees that all representatives of AGENT who are soliciting any third party for Services shall comply with the requirements of
Payventures and the Providers as communicated to AGENT by Payventures from time to time.

 

 

ARTICLE
TWO:

OBLIGATIONS
OF AGENT

 

2.01Consent.Payventures hereby consents
to the use by AGENT of Payventures’ name, logos, trademarks and service marks in all materials generated by AGENT, subject
to Payventures prior approval in its sole discretion.

 

2.02Information.AGENT shall promptly
notify Payventures upon receipt of any information regarding any disputes, claims or problems related to AGENT, AGENT’s Customers,
Payventures or its Services, or any third party interested in the Services.

 

2.03Representation.Except as specifically
authorized in writing, AGENT shall make no representations to AGENT’s Customers or third parties, nor shall AGENT bind Payventures
to any contractual terms. AGENT may not claim to be a representative of Payventures’ Providers.

 

2.04Right of Offset.AGENT will be responsible
for one hundred percent (100%) of all fines assessed by Providers for rules infractions caused by AGENT or any of AGENT’s
contractors. If AGENT or any of it’s representatives implement changes to AGENT’s Customers software, equipment and/or
coding, then AGENT assumes one hundred percent (100%) of the liability (costs and/or losses) due to improper implementation of
such software, equipment and/or coding, except in cases where AGENT was acting in accordance with the instructions, policies or
procedures of Payventures or the Providers.

 

2.05Indemnification.The parties will
indemnify and hold each other harmless from and against any and all claims, demands, loss (financial or otherwise), damage, liabilities,
costs, fees, increased taxes or expenses (including without limitation, court costs and reasonable attorney’s fees), which
may be incurred or which may be claimed by any person or entity (collectively, the “Indemnified Liabilities”) as a
result of: (A) acts or omissions of that party, it’s directors, officers, contractors, employees or agents relating to the
exercise of, or the failure to exercise, it’s obligations; or (B) any breach of this Agreement or any other agreement between
AGENT and Payventures, except in cases where that party was acting in accordance with the written instructions, policies or procedures
of the other party. In addition, AGENT will indemnify and hold Payventures harmless from and against any Indemnified Liabilities
arising from or related to any representation by AGENT, it’s directors, officers, contractors, agents, salespeople, employees
or contractors (collectively the “AGENT Parties”), and the obligation to reimburse Payventures for any fines assessed
by the Providers for rules infractions caused by AGENT, AGENT Parties or AGENT’s Customers.

 

2.06Expenses.AGENT shall be responsible
for its own expenses. Any expenses incurred by Payventures for any travel, training, sales support, technical support, sales and
marketing, or for any reason for AGENT, AGENT Parties or AGENT’s Customers shall be reimbursed to Payventures by AGENT.

 

2.07Upfront Fees.AGENT agrees not to
charge any upfront, application, programming, or any other fees to third parties unless approved in advance by Payventures.

 

2.08Relationship of Parties.AGENT
acknowledges and agrees that AGENT is an independent contractor. Nothing in this Agreement or in the working relationship being
established and developed hereunder shall be deemed, nor shall it cause, Payventures and AGENT to be treated as partners, joint
venturers, or otherwise as joint associates for profit. Payventures shall report all sums paid to AGENT under this Agreement on
form 1099, and AGENT shall be responsible for the payment of all taxes, fees, levies or other governmental impositions thereon.

 

ARTICLE
THREE:

NON-SOLICITATION
AND NON-DISCLOSURE

 

3.01Non-Solicitation.AGENT agrees that,
during the Term hereof, so long as AGENT is receiving fees hereunder and for a period of two (2) years thereafter neither it nor
any of its affiliates will directly or indirectly permit or assist itself or any third party, as an employee, employer, consultant,
agent, principal, partner, stockholder, corporate officer, director, or in any other individual or representative capacity, to
call on, solicit, take away, or attempt to call on, solicit, or take away any of the merchants, customers, banks, contacts or referrals
of Payventures, whether referred by AGENT or not. During such time, AGENT shall also not (a) entice, induce or in any manner influence
any person or entity who is, or shall be in the direct or indirect service of Payventures to leave the same for the purpose of
engaging in a business or being employed by or associated with any other business; or (b) engage or participate in any business
that is in competition in any manner whatsoever with the business and/or contractual relationships of Payventures.

 

3.02Confidentiality.Payventures and
AGENT each agrees that during the Term and at all times thereafter (and regardless of the reason for any termination of this Agreement),
the receiving party (“Receiving Party”) shall not divulge or appropriate to his or her own use or to the use of any
other person or entity any Confidential Information of the disclosing party (“Disclosing Party”) without the prior
written consent of the Disclosing Party unless required under applicable law or necessary to perform the Receiving Party’s
obligations under this Agreement. “Confidential information” shall mean any secret, confidential or proprietary information
of any kind or character pertaining in any way to the Disclosing Party or its business or acquired by the Disclosing Party from
other persons or entities (including without limitation information provided under confidentiality or similar agreements). Confidential
Information shall include, without limitation the following (in each case whether in printed, computer, electronic or other form):
trade secrets; know-how; customer, customer prospect and Provider lists; names, addresses, contact persons and other information
concerning customers, potential customers and Providers; information regarding the needs and preferences of customers, prospective
customers and Providers or the terms on which they may be willing to accept or provide services or goods; business, operational
and marketing methods, plans and strategies; information about markets and key personnel; financial data, including information
about pricing, costs and profits; computer programs; contracts and information concerning the terms of contracts; and other information
not readily available to the public. Confidential Information also includes all analyses, compilations, studies, reports, manuals,
notes, correspondence and other documents and materials that contain or are based in whole or in part upon any Confidential Information,
and all copies thereof, whether in printed, computer, electronic or other form, and whether prepared in whole or part by the Payventures,
the AGENT or any other person or entity. Confidential Information does not include any information that (i) is or becomes generally
available to and known by the public (other than as a result of any breach of this Agreement directly or indirectly by the Receiving
Party), (ii) becomes available to the Receiving Party from a source that after due inquiry is reasonably not believed to be prohibited
from disclosing such information to the Receiving Party, or (iii) the Disclosing Party otherwise approves the disclosure in writing.
Upon the request of the Disclosing Party, Receiving Party shall immediately return to the Disclosing Party (and shall not retain)
any and all items of the Disclosing Party’s property and Confidential Information.

 

 

    	(2)

    	 

    

 

ARTICLE
FOUR:

TERM
AND TERMINATION

 

4.01.Term.The term of this agreement
shall be for two years and automatically renew for each year thereafter (the “Term”) unless 60 days prior written notice
is given by either party.

 

4.02.Termination.This Agreement may
be terminated prior to the conclusion of the Term upon giving written notice of termination:

 

A.           
By either party as a result of a default by the other party under
this Agreement and failure to cure said default within thirty (30) days after notice of said default is given.

B.           
By either party immediately in the event of insolvency, receivership,
voluntary or involuntary bankruptcy, or an assignment for the benefit of creditors of the other party.

 

4.03Effect of Termination. Upon termination
of this Agreement for any reason, AGENT shall promptly return to Payventures all forms, literature, materials, equipment and products
provided by or related to Payventures then in the possession of AGENT or AGENT Parties. All compensation earned by AGENT pursuant
to the terms of this Agreement as of the date of termination shall be promptly paid by Payventures to AGENT in accordance with
Schedule A. In the event of termination for reasons defined in Section 4.02 above, AGENT will not receive any compensation for
any AGENT’s Customers after the date of termination. Otherwise, Payventures agrees to continue paying AGENT compensation
pursuant to Schedule A so long as AGENT’s Customers are active and generate income as defined in Schedule A.

 

 

ARTICLE
FIVE:

REPRESENTATIONS
OF AGENT

 

5.01Representations.
AGENT hereby represents and warrants to Payventures as follows:

 

A.           
Except as previously disclosed in writing, AGENT is not subject to any exclusivity restriction or
non-competition covenant pursuant to a previous contract in favor of any other entity that provides Services.

B.           
AGENT has the legal right and power to enter into this Agreement, and will not be in violation or breach of the terms of any other
agreement to which AGENT is a party.

C.           
All information provided by AGENT is true, correct and complete.

 

 

ARTICLE
SIX:

MISCELLANEOUS

 

6.01Notices.All
notices required hereunder shall be in writing and delivered in person, by certified or registered mail, return receipt requested,
postage prepaid, or by a recognized prepaid courier service providing a delivery receipt (such as Fedex, UPS or USPS) to the address
of the party as set forth in the first paragraph of this Agreement, as such address may be changed by notice to the other party.
A notice shall be deemed to be delivered upon delivery or refusal as noted on the delivery receipt.

 

6.02Amendment;
Waiver. Except as otherwise provided herein, this Agreement and any Schedules hereto may not be amended, altered or modified
except by a writing executed by all parties hereto. The provisions of this Agreement may not be waived
unless such waiver is set forth in a writing signed by the party sought to be bound. No failure or delay by either party
in exercising any right or remedy under this Agreement will waive any provision of this Agreement, nor will any single or partial
exercise by either party of any right or remedy under this Agreement preclude such party from otherwise or further exercising
these rights or remedies or any other rights or remedies.

 

6.03Benefit
and Assignment.This Agreement shall inure to the benefit of the parties and their respective authorized assigns and successors.
The rights and obligations hereunder may not be assigned by AGENT without the prior written consent of Payventures, which consent
may not be unreasonably withheld. Payventures shall provide thirty (30) days prior notice to AGENT of any assignment of this Agreement
by Payventures.

 

6.04Governing
Law; Venue; Attorneys Fees.This Agreement shall be governed by, construed and interpreted under the laws of the State of Florida.
Payventures and AGENT each agree that venue for any action under or related to this Agreement shall be in the state or federal
courts located in Palm Beach County, Florida, and Payventures and AGENT each waive any claim that same is an inconvenient forum.
The party prevailing in any action under or related to this Agreement shall be entitled, in addition to such other relief as may
be granted, to recover from non-prevailing party its reasonable attorneys' fees and costs (at all tribunals and levels, including
on appeal, in mediation or bankruptcy, and pre-trial or post trial), including those associated with establishing such entitlement
and the amount thereof.

 

6.05Waiver
of Jury Trial. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND ALL RIGHT THAT PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LEGAL PROCEEDING or LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH, OR IN RESPECT OF ANY COURSE OF CONDUCT, STATEMENTS (WHETHER ORAL OR WRITTEN),
OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT.

 

6.06Severability.In
case any provision of this Agreement shall be invalid, illegal or unenforceable, it shall, to the extent possible, be modified
in such manner as to be valid, legal and enforceable but so as to most nearly retain the intent of the parties, and if such modification
is not possible, such provision shall be severed from this Agreement, and in either case the illegality, invalidity or unenforceability
of any provision of this Agreement shall not affect the remainder of this Agreement.

 

6.07Construction.The
headings in this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. The
parties hereto agree that they and their legal counsel have participated or been provided with the opportunity to participate
equally in the drafting of this Agreement, and that there shall be no unfavorable principle of contractual construction applied
from having drafted this Agreement or any provision of this Agreement.

 

6.08Counterparts.This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

6.09Regulatory
Examinations and Financial Information.Each Party agrees to submit to any examination which may be required by any Regulatory
Authority or System with audit and examination authority over Payventures or its Providers, to the fullest extent required by
such Regulatory Authority or System. Each Party shall also provide any information, including financial information and information
related to any third party consultants or contractors, which may be required by any Regulatory Authority or System in connection
with their audit or review of the Payventures or its Providers, and shall reasonably cooperate with such Regulatory Authority
or System in connection with any audit or review.

6.10Survival.All
representations, warranties, and covenants contained herein shall survive any termination or expiration of this Agreement.

 

6.09Entire
Agreement.This Agreement and the Schedules attached hereto contains the entire understanding of the parties hereto and
supersedes all prior agreements with respect to the subject of this Agreement. Each party acknowledges and agrees that the other
party has not made any representations, warranties or agreements of any kind, except as expressly set forth herein. This Agreement
may not be modified or amended except by an instrument or instruments in writing signed by the Party against whom enforcement
of any such modification or amendment is sought.

 

    	(3)

    	 

    
 

 

EXECUTED
as of the day and date set forth in the first paragraph of this Agreement.

 

PAYVENTURES,
LLC

 

By:
Michael G. Park

Michael G. Park, President

 

 

 

AGENT:

 

800
COMMERCE Inc.

 

By:
B. Michael Friedman

Name:
B. Michael Friedman

Title: CEO

 

 

    	(4)

    	 

    

 

SCHEDULE A

COMPENSATION

 

 

A.1PAYMENT
OF COMMISSIONS AND BONUSES

 

Payventures
shall pay to AGENT a commission (“Commission”) equal to FIFTY (50%) percent of the net revenue realized by
Payventures from each AGENT Customer. “Net revenue realized from each AGENT Customer” means the gross revenue actually
received by Payventures attributable to each AGENT Customer, less expenses charged to Payventures by Providers for transactions
made upon AGENT Customer’s transactions, expenses charged by Providers for setup and maintenance of AGENT Customer accounts,
and any agreed third party commissions or other agreed third party out-of pocket costs. Any and all consulting fees, retainers,
draws, advances or costs or expenses paid or reimbursed by Payventures to or for the benefit of AGENT will be deducted from the
AGENT Commissions. Payventures shall be entitled to offset or set off any amounts owed to AGENT, whether or not yet due and whether
under this Agreement or otherwise, from any Commissions owed to the AGENT. For the sake of clarity, Payventures and AGENT will
realize the same net dollar amounts from revenue earned from AGENT Customers.

 

A.2TIME
OF PAYMENTS

 

Payventures
will pay Commissions to AGENT on all AGENT Customers within twenty-five (25) days after the end of each month.

 

A.3RECEIPT
OF PAYMENTS; REPORTING REQUIREMENTS

 

All
Commissions are subject to receipt by Payventures of net revenue from AGENT Customers’ transactions. Payventures will provide
AGENT with a monthly summary of the revenue collected from AGENT Customers’ transactions, and the calculation of the Commissions
and any adjustments thereto by the 25th day after the end of such month.EXHIBIT 10.8

 

 

Hosted Platform
License & Services Agreement 

This
Hosted Platform License & Services Agreement (“Agreement”) is entered into and made effective as of August
1, 2012 (“Effective Date”) between Payventures Tech LLC, a Florida limited liability company, having
a principal place of business at 750 Park
of Commerce Blvd., Suite 310, Boca Raton, FL 33487 (“PVTech” or “we” or “us”) and 800
Commerce Inc., a Florida corporation, having a principal place of business at
(“you” or “your” or “Agency”). PVTech agrees to provide you the Services (as defined
below) subject to the following terms and conditions:

1.          
Services.   PVTech will provide you with access to certain of its hosted ecommerce and processing platform products 
(“Products”) as well as applicable related services and support (“Services”) as are more
particularly described in Exhibit A attached hereto, which identifies functionality, features, options and fees related to the
Products and Services you have elected to receive.  To assist us in the delivery of the Products and Services, you agree to
provide us with certain information requested by us relating to your organization.  Any and all software or hardware specified
in Exhibit A and provided under this Agreement as part of the Products are deemed delivered F.O.B. origin.

2.License to Intellectual Property/Promotion.

a)PVTech shall retain all right, title and interest in and to its Products and any underlying
software, patents, copyrights, trademarks, database right, service marks, logos and trade names worldwide (“Intellectual
Property”) subject to the limited license provided by this Agreement.  You shall use the Intellectual Property only
as expressly permitted by this Agreement, and shall not alter the Intellectual Property in any way, or act or permit action in
any way that would impair PVTech’s rights in its Intellectual Property. You acknowledge that your use of the Intellectual
Property shall not create in you or any other person any right, title or interest in or to such Intellectual Property.  Any
goodwill accruing from the use of the Intellectual Property shall inure solely to the benefit of PVTech.      
 

b)PVTech hereby grants
to you a limited, non-exclusive, non-transferable license (i) to use the Products and Services solely in accordance with PVTech’s
specifications, and (ii) to display, reproduce, distribute and transmit in digital form PVTech’s name and logo in connection
with promotion of the Products and/or Services as communicated to you by PVTech.   You hereby grant to PVTech a limited
non-transferable, worldwide license to use, display, reproduce, distribute, modify and transmit in digital or printed form information
provided by you relating to your organization, including your organization’s name, trademarks, service marks and logo, in
connection with the implementation and promotion of the Services and the promotion of your organization.  You will make reasonable
efforts to promote and encourage adoption of the Products and Services, including displaying PVTech’s name and logo in any
websites, newsletters, forms or mailings provided by you to prospective participants.

c)You agree to promote
PVTech as the preferred and exclusive provider of the Products and Services for your organization.  You shall display PVTech’s
name and logo in any newsletters, marketing materials, forms, mailings and websites provided by you to prospective Participants. 

3.Information Security.  

(a) PVTech may collect certain
information, including names, addresses, credit card information and other information required by you and for the delivery of
the Products and Services, from you or your customers.  Such information shall be stored on a secure remote server. 
In accordance with applicable laws and regulations, PVTech will make available such information to you from our servers or other
reasonable means upon request. You will be responsible for protecting the privacy and security of any information that you retrieve
from our servers and shall prevent any unauthorized or illegal use or dissemination of such information.  All information
collected by PVTech shall be jointly owned by PVTech and you.

(b) PVTech's use of the collected
information shall further include the right to: (i) use the information in an aggregated form for purposes of  analysis
of PVTech's products and services; and (ii) distribute the information for use by PVTech’s contracted third parties
and vendors that provide additional products and services that are required to be delivered under this Agreement or as are requested
by you or your clients.

4.Privacy.  

(a) Each party shall comply
with all applicable laws, regulations and guidelines governing online privacy, including PVTech’s privacy policy as published
on its website, in fulfilling its obligations hereunder and in collecting and using personal information about users of the hosted
website. 

(b) In this section, "User
Data" is defined as 'personal data' (as that term is defined in the Data Protection Act 1998) of you or your clients. 

(c) Each Party will: (i)
obtain and maintain all appropriate registrations and consents under the Data Protection Act 1998 in order to allow that party
to perform its obligations under this Agreement; (ii) process User Data in accordance with the Data Protection Act 1998; and (iii)
use its reasonable efforts to make sure that no act or omission by it, its employees, contractors or agents results in a breach
of the obligations of either party under the Data Protection Act 1998.

(d) Where PVTech acts as
a 'Data Processor' (as defined in the Data Protection Act 1998) of User Data, PVTech will: (i) ensure that the User Data is kept
confidential and reasonably secure in accordance with this Agreement; (ii) only process User Data for the purposes of performing
its obligations under this Agreement and in accordance with the terms of this Agreement, subject to PVTech's rights under section
3 of this Agreement; and (iii) ensure that the User Data is not disclosed to any unauthorised third parties. (e) You will ensure
that you obtain all necessary consents from the relevant individuals before transferring User Data to PVTech.

 

    	(1)

    	 

    
 

5.Fees.   

a)     The
license to use the PVTech Products and Services is provided in exchange for a monthly license fee, as set forth on Exhibit A. All
fees due to PVTech as consideration for its Products and Services are non-refundable.  PVTech also has the right to charge
fees owed to it by you if your organization is not meeting its agreed volume commitments throughout each year and may collect those
funds via invoice, or directly by netting them from any account balance you maintain with PVTech.   All fees and prices
listed on Exhibit A are in U.S. dollars unless otherwise specified. The prices listed are for the current version of the Products
and Services. 

b)    Products
and Services prices may change for any new Products and Services as well as significant upgrades and updates that are not deemed
by PVTech as supported version enhancements.

c)    Unless
you provide PVTech with a valid and applicable exemption certificate for your Agency, you will be solely responsible for, and will
pay, any and all use, excise, sales or privilege taxes, duties, value added taxes, fees, assessments or similar liabilities however
denominated chargeable by a governmental authority as a result of any service or deliverable provided under this Agreement, exclusive
of taxes on PVTech’s net income.

d)    In the
event you are entering into this Agreement and seeking the Products or Services for the benefit of a third-party (“Third
Party Beneficiary”), you agree that you shall indemnify us for any claims, loss or expenses (including legal fees) brought
by the Third Party Beneficiary that relate to or arise from your negligence, wrongdoing or lack of authority to act on behalf of
such third party.

6.Support and Service Fees. 

 

Applicable support, training and professional services fees are more specifically described in Exhibit A.  All Fees set forth
in this Agreement and in Exhibit A that are not included in the monthly license fee will be due from you within 30 days of invoice
date.  Any Fees rendered later than this deadline shall accrue interest at the annual rate of 18% per annum.  In the
event of delay in paying a Fee, you shall reimburse PVTech for any legal fees incurred by PVTech in its collection efforts.  

7.Disclaimer of Warranty/Limitation
of Liability.  

(A) PVTech EXPRESSLY DISCLAIMS
ANY WARRANTY THAT THE USE OF ITS PRODUCTS OR SERVICES WILL BE UNINTERRUPTED OR ERROR FREE OR THAT THE SPECIFICATIONS WILL MEET
YOUR REQUIREMENTS.  SUBJECT TO CLAUSES 7(C) AND 9, ALL PRODUCTS AND SERVICES OF PVTech ARE PROVIDED TO YOU ON AN “AS-IS”
BASIS WITHOUT WARRANTIES, REPRESENTATIONS, CONDITIONS OR OTHER TERMS OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT
LIMITATION WARRANTIES OF SATISFACTORY QUALITY, MERCHANTABILITY, CONFORMANCE WITH DESCRIPTION OR FITNESS FOR A PARTICULAR PURPOSE.  
SUBJECT TO CLAUSE 7(C) PVTech SHALL NOT BE LIABLE (IN CONTRACT, TORT INCLUDING NEGLIGENCE, MISREPRESENTATION OR OTHERWISE) FOR
(I) INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, OR (II) LOST PROFIT DAMAGES.  

(B) SUBJECT TO CLAUSE 7(C),
PVTech’S TOTAL LIABILITY (IN CONTRACT, TORT INCLUDING NEGLIGENCE, MISREPRESENTATION OR OTHERWISE) FOR ANY MATTER ARISING
FROM OR RELATED TO THIS AGREEMENT IS LIMITED TO:

(I) THE AMOUNT OF MONTHLY
RETAINERS PAID BY YOU AS CONSIDERATION FOR THE PRODUCTS AND SERVICES DURING THE SIX MONTHS PRECEDING THE LAST INCIDENT GIVING RISE
TO THE LIABILITY; OR

(II) IF THE AMOUNT REFERRED
TO IN (I) CANNOT BE CALCULATED ACCURATELY AT THE TIME THE RELEVANT LIABILITY IS TO BE ASSESSED, OR IF IT IS LESS THAN $10,000,
TO $10,000.

 

(C) NEITHER PARTY'S LIABILITY
IS EXCLUDED OR LIMITED BY THIS AGREEMENT, NOTWITHSTANDING ANY OTHER TERM OF THIS AGREEMENT TO THE CONTRARY:

(I)    
FOR DEATH OR PERSONAL INJURY RESULTING FROM ITS NEGLIGENCE
OR THAT OF ITS SERVANTS OR AGENTS;

(II)  
FOR FRAUDULENT MISREPRESENTATION; OR

(III)
IN RELATION TO ANY IMPLIED TERM AS
TO TITLE OR QUIET ENJOYMENT IN RELATION TO ANY GOODS SUPPLIED UNDER THIS AGREEMENT,.

8.Term and Termination. 

 

Unless expressly provided to the contrary in Exhibit A
attached hereto, the term of this Agreement shall be for 1 year, with automatic renewals for 1 year terms thereafter (each a “Renewal
Term”) until either party gives written notice to terminate this Agreement no less than 3 calendar months prior to the commencement
of a Renewal Term.  Either party may terminate this Agreement:  (a) upon a material breach by the other party if such
breach is not cured within thirty (30) days following written notice to the breaching party; or (b) where the other party is subject
to a filed bankruptcy petition or formal insolvency proceeding that is not dismissed within thirty (30) days.

 

    	(2)

    	 

    

9.Representations and Warranties. 

 

Each party represents and warrants that it has the necessary and full right, power, authority and capability to enter into this
Agreement and to perform its obligations hereunder; that it owns or controls the rights granted or licensed to the other party
herein; that the execution and performance of its obligations under this Agreement will not violate any known rights of any third
party, any contractual commitments or any applicable federal, state and local law or regulation; and that to its knowledge the
marks, logos and intellectual property licensed to the other party herein do not violate the proprietary rights of a third party. 
PVTech’s sole obligation and liability hereunder with respect to any failure of the Products will be to use reasonable efforts
to remedy any falure which is reported to PVTech in writing by Agency. 

10.Exclusivity. 

 

PVTech will
be the sole and exclusive provider of products providing substantially similar functionality to the Products and of services substantially
similar to the Services for the term of this Agreement.  You further grant PVTech a right of first refusal to match or better
any offer of similar products or services as provided by PVTech hereunder and if PVTech elects to exercise such option, you agree
to procure such products or services from PVTech.    

11.Indemnification. 

 

PVTech
agrees to indemnify you against all damages and costs (including reasonable legal fees) finally awarded against you (or finally
settled upon) and arising from any claim brought against you by a third party alleging that the Product(s) directly infringe(s)
any patent, copyright, trademark or other intellectual property right or misappropriates any trade secret.   If any claim
that PVTech is obligated to defend has occurred or, in PVTech's opinion, is likely to occur, PVTech may, at its option and expense
either (1) obtain for you the right to continue to use the applicable Product(s), (2) replace or modify the Product(s) so it becomes
non-infringing, without materially adversely affecting the Product’s specified functionality, or (3) refund a pro-rata portion
of the fees paid by you based on your lost use and terminate this Agreement. PVTech’s indemnification obligations hereunder
are conditioned upon (A) prompt written notice by you of the existence of a claim, suit, action or proceeding (each a "Claim");
(B) sole control over the defense or settlement of such claim by PVTech; (C) the provision of assistance by you at PVTech’s
request to the extent reasonably necessary for the defense of such claim; and (D) Agency not admitting liability or otherwise prejudicing
the defense of the claim. 

12.Dispute Resolution.

 

The parties
shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement by negotiation between executives
who have authority to settle the dispute.  Any party may give the other party written notice of any dispute not resolved in
the normal course of business.  Within ten (10) business days after delivery of the notice, the receiving party shall submit
to the other a written response. The notice and the response shall include (i) a statement of each party’s position and a
summary of arguments supporting that position, and (ii) the name and title of the executive who will represent that party and of
any other person who will accompany the executive.  Within five (5) business days after delivery of the disputing party’s
notice, the executives of both parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably
deem necessary, to attempt to resolve the dispute.  All reasonable requests for information made by one party to the other
will be honored.  The foregoing procedure shall not apply to either party’s attempt to obtain provisional equitable
relief in the form of an injunction or specific performance. 

13.Notice.

 

Any notice relating to this Agreement shall be in writing, shall be deemed given when actually delivered or refused, and shall
be sent by nationally recognized prepaid overnight courier providing proof of delivery
or refusal, to the following addresses:

 

IF TO LICENSOR:IF TO LICENSEE:

 

800 Commerce Inc.Payventures Tech, LLC

Attn: B. Michael FriedmanAttn: Michael
G. Park

477 South Rosemary Avenue, Suite 203750
Park of Commerce Blvd., Suite 310

West Palm Beach, FL 33401 Boca Raton,
Fl 33487

 

    	(3)

    	 

    

 

14.Relationship:

 

Nothing herein contained shall be construed to imply a joint venture, partnership or principal-agent relationship between
Licensor and Licensee, and neither party shall have the right, power or authority to obligate or bind the other in any manner whatsoever,
except as otherwise specifically agreed to in writing.

 

15.Applicable
Law and Venue.

 

This Agreement shall be governed by the law of the State of Florida, without reference to its conflicts of
law principles. The U.N. Convention on Contracts for the International Sale of Goods shall not apply. This Agreement, including
the Exhibits hereto, shall be construed without the aid of any canon or rule of law requiring interpretation against the party
drafting or causing the drafting of an Agreement or the portions of an Agreement in question, it being agreed that all parties
hereto have participated in the preparation of this Agreement. Each Party agrees that venue for any action under or related to
this Agreement shall be in the state or federal courts located in Palm Beach County, Florida, and the Parties each waive any claim
that same is an inconvenient forum. The Party prevailing in any action under or related to this Agreement shall be entitled, in
addition to such other relief as may be granted, to recover from non-prevailing Party its reasonable attorneys' fees and costs
(at all tribunals and levels, including on appeal, in mediation or bankruptcy, and pre-trial or post trial), including those associated
with establishing such entitlement and the amount thereof. A Party shall not be liable to the other Party for any special, consequential,
punitive, or derivative damages, including loss of business, profits or goodwill, even if advised of the likelihood of such damages.
THE PARTIES EACH HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT.

 

16.Counterparts.

 

This Agreement may be executed
in any number of 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. Signatures on this Agreement transmitted by facsimile or electronic
means shall be deemed valid.

 

17.Miscellaneous. 

 

This Agreement
is non-assignable without the consent of the other party, except that PVTech may without consent assign: (i) its rights to receive
payments; or (ii) the Agreement in connection with any sale of or any other transaction involving the transfer of more than fifty
percent of its voting securities or assets.  Sections 2, 7, 9, 11, 12, 13, 14, 15 and 17 of this Agreement shall survive any
termination or expiration of this Agreement.  If one or more of the provisions of this Agreement for any reason shall be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provision of this Agreement and this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never
been contained in this Agreement.  Neither this Agreement nor any attachment may be modified or amended except by the mutual
written agreement of the parties.  No waiver of any provision of this Agreement or any attachment shall be effective unless
it is in writing and signed by the party against which it is sought to be enforced.  Neither party will be deemed to be in
default hereunder, or will be liable to the other, for failure to perform any of its obligations under this Agreement for any period
and to the extent that such failure results from any event or circumstance beyond that party’s reasonable control, including
acts or omissions of the other party or third parties, natural disasters, riots, war, civil disorder, court orders, acts or regulations
of governmental bodies, labor disputes or failures or fluctuations in electrical power, heat, light, air conditioning or telecommunications
equipment or lines, or other equipment failure. This Agreement contains the entire understanding of the parties regarding the subject
matter, and can only be modified by a subsequent written agreement executed by both parties. 

 

 

    	(4)

    	 

    
 

IN WITNESS WHEREOF, the Parties have caused this Agreement
to be executed by their duly authorized representatives.

 

 

	Payventures LLC		 800 Commerce Inc.
	 	 	 
	By: Michael G. Park	 	By: B. Michael Friedman
	Name: Michael G. Park	 	Name: B. Michael Friedman
	Title: CEO	 	Title: CEO
	 	 	 

 

    	(5)

    	 

    

EXHIBIT A

 

Product: PVTech
payment and billing gateway platform.

 

Monthly License Fee: $2,500.00

(due at the beginning of each month, regardless of transaction volume)

 

Transaction Fees: $0.07 per transaction

 

Minimum Transaction Fees: $2,500.00 per month, commencing in month 7.

 

Support, Training and Professional Services
Fees: Billed per instance at PVTech’s then standard hourly rates.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]