Document:

Exhibit 10.5

 

RESTRICTED STOCK UNIT AGREEMENT

 

This Restricted Stock Unit
Agreement (this “Agreement”), entered into as of ___ __, 20__, sets forth the terms and conditions of an award (this
“Award”) of restricted stock units (“Units”) granted by usell.com, Inc., a Delaware corporation (the “Company”),
to _______ (the “Recipient”).

 

1.          Definition
and Incorporation of Certain Terms. This Award is not made pursuant to the Company’s 2008 Equity Incentive Plan (the
“Plan”) and the equity award granted hereunder shall not be made from the pool of equity awards authorized under the
Plan. However, the terms of the Plan are otherwise incorporated in this Agreement. Capitalized terms used in this Agreement that
are not defined in this Agreement have the meanings as used or defined in the Plan. The Recipient hereby acknowledges receipt of
the Plan.

 

2.          Award.
Effective on the _______ __, ____ the Recipient was granted ________ Units.

 

3.          Vesting/Forfeiture.

 

(a)          The
Units shall vest annually in three approximately equal annual increments with the first vesting date being ______ __, _____, subject
to the Recipient continuing to perform services for the Company as a director or committee member on each applicable vesting date.
Vested Units shall be paid out in the form of shares of the Company’s common stock (“Common Stock”) with delivery
of the Common Stock to take place on ______ __, _____. If any fractional Units vest, the number of Units vesting shall initially
be rounded up to the nearest whole number and then rounded down to the nearest whole number for all subsequent vesting. The Units
shall fully vest upon a Change of Control as defined in the Plan, with delivery of the shares of Common Stock to be issued immediately
upon the occurrence of such Change in Control.

 

(b)          Notwithstanding
any other provision of this Agreement, upon resolution of the Board, all Units and shares of Common Stock subject to this Agreement,
whether vested or unvested, will be immediately forfeited if any of the events specified in Section 25 of the Plan occur.

 

4.          Profits
on the Sale of Certain Shares; Cancellation. If any of the events specified in Section 25 of the Plan occur within one year
following the date the Recipient last performed services as a director of the Company (the “Termination Date”) (or
such longer period required by any written employment agreement), all profits earned from the Recipient’s sale of the Company’s
Common Stock during the two-year period commencing one year prior to the Termination Date shall be forfeited and forthwith paid
by the Recipient to the Company. Further, in such event, the Company may at its option cancel the Unit and/or the Common Stock
granted under this Agreement. The Company’s rights under this Section do not lapse one year from the Termination Date but
are a contract right subject to any appropriate statutory limitation period.

 

    	 

    	 

    

 

5.           Rights.
The Recipient will receive no benefit or adjustment to the Units with respect to any cash or stock dividend, or other distributions
except as provided for in the Plan. Further, the Recipient will have no voting rights with respect to the Units until the shares
of Common Stock are issued.

 

6.          Restriction
on Transfer. The Recipient shall not sell, transfer, pledge, hypothecate or otherwise dispose of any Units prior to the applicable
vesting date.

 

7.           Reservation
of Right to Terminate Relationship. Nothing contained in this Agreement shall restrict the right of the Company to terminate
the relationship of the Recipient at any time, with or without cause.

 

8.           Securities.
 In order to enable the Company to comply with the Securities Act of 1933 (the “Securities Act”) and relevant state
law, the Company may require the Recipient, the Recipient’s estate, or any permitted transferee as a condition of issuing
the Common Stock, to give written assurance satisfactory to the Company that the shares subject to the Units are being acquired
for such person’s own account, for investment only, with no view to the distribution of same, and that any subsequent resale
of any such shares either shall be made pursuant to a registration statement under the Securities Act and applicable state law
which has become effective and is current with regard to the shares being sold, or shall be pursuant to an exemption from registration
under the Securities Act and applicable state law.

 

The Units and the underlying
shares of Common Stock are further subject to the requirement that, if at any time the Board shall determine, in its discretion,
that the listing, registration, or qualification of the shares of Common Stock underlying the Units upon any securities exchange
or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition
of, or in connection with the issuance of the Common Stock, the Common Stock will not be issued unless such listing, registration,
qualification, consent or approval shall have been effected.

 

9.          Tax
Withholding. The Recipient acknowledges and agrees that the Company may require the Recipient to pay, or may withhold from
sums owed by the Company to the Recipient, any amount necessary to comply with the minimum applicable withholding requirements
that the Company deems necessary to comply with any federal, state or local withholding requirements for income and employment
tax purposes.

 

10.         No
Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences of this Award to the Recipient
and will not be liable to the Recipient for any adverse tax consequences arising in connection with this Award.  The Recipient
has been advised to consult with his own personal tax, financial and/or legal advisors regarding the tax consequences of this Award.

 

11.         409A
Compliance. The provisions of this Agreement and the issuance of the shares of Common Stock in respect of the Units is intended
to comply with the short-term deferral exception as specified in Treas. Reg. § 1.409A-l(b)(4).

 

    	 

    	 

    

 

12.         Notices
and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing,
and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, as follows:

 

	The Recipient:	To the Recipient at the address on the signature page
	 	of this Agreement
	 	 
	The Company:	usell.com, Inc.
	 	33 East 33rd Street, Suite 1101
	 	New York, NY 10016
	 	Attention: Chief Executive Officer
	 	 
	with a copy to:	Michael D. Harris, Esq.
	 	Nason, Yeager, Gerson, White & Lioce, P.A.
	 	1645 Palm Beach Lakes Boulevard, Suite 1200
	 	West Palm Beach, Florida 33401
	 	Facsimile:  (561) 686-5442

 

or to such other address as either of them,
by notice to the other may designate from time to time.

 

13.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.

 

14.         Attorney’s
Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation,
breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing
party shall be entitled to a reasonable attorney’s fee, costs and expenses.

 

15.         Severability.
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement, and such term or condition except to such extent or in such application, shall not be affected hereby and each
and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application
permitted by law.

 

16.         Entire
Agreement. This Agreement represents the entire agreement and understanding between the parties and supersedes all prior negotiations,
understandings, representations (if any), and agreements made by and between the parties. Each party specifically acknowledges,
represents and warrants that they have not been induced to sign this Agreement.

 

17.          Governing
Law. This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided therein or performance shall be governed or interpreted according to the
internal laws of the State of Delaware without regard to choice of law considerations.

 

    	 

    	 

    

 

18.          Headings.
The headings in this Agreement are for the purpose of convenience only and are not intended to define or limit the construction
of the provisions hereof.

 

19.         Arbitration.
Any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation, application, implementation,
breach or enforcement which the parties are unable to resolve by mutual agreement, except to the extent a party is seeking equitable
relief, shall be settled by submission by either party of the controversy, claim or dispute to binding arbitration in New York,
New York (unless the parties agree in writing to a different location), before a single arbitrator in accordance with the rules
of the American Arbitration Association then in effect. The decision and award made by the arbitrator shall be final, binding and
conclusive on all parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.

 

[Signature Page to Follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Agreement to be duly executed and delivered as of the date aforesaid.

 

	WITNESSES:	 	USELL.COM, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	Nikhil Raman
	 	 	 	Chief Executive Officer
	 	 	 	 
	 	 	RECIPIENT
	 	 	 
	 	 	 
	 	 	Address:Exhibit 10.12

 

BUSINESS CONSULTING SERVICES AGREEMENT

 

 

This Business Consulting
Services Agreement (the “Agreement”) is entered into effective as of November ______, 2014 (the “Effective Date”)
by and between usell.com, Inc., a Delaware corporation (the “Company”) and Sunder Raman (the “Consultant”).
Each of the Company and the Consultant are hereinafter a “Party” and collectively the “Parties.”

 

WHEREAS,
the Company desires to retain the services of the Consultant and the Consultant is desirous and willing to accept such service
arrangement and render such services, all upon and subject to the terms and conditions contained in this Agreement,

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants set forth in this Agreement, and intending to be
legally bound, the Company and the Consultant agree as follows:

 

1.Engagement. The
Company hereby engages and retains the Consultant and the Consultant hereby agrees to render services upon the terms and conditions
hereinafter set forth.

 

2.Term.
This Agreement shall be for a term commencing on the Effective Date and terminating 36 months after the Effective Date (the
“Term”), unless sooner terminated in accordance with the provisions of Section 6.

 

3.Services. During
the Term, the Consultant shall act as a strategic advisor to the Company providing recommendations on organizational structure,
recruiting, and general business strategy (the “Services”). The Consultant shall devote up to 20 hours per month. The
Consultant shall use its best efforts to perform the Services pursuant to this Agreement competently, carefully, faithfully and
shall devote sufficient time and energies necessary to perform the Services. The Consultant’s Services shall be performed
on a non-exclusive basis, but may not be performed during the Term, whether directly or indirectly, for any direct competitor of
the Company or its subsidiary. For the avoidance of doubt, a direct competitor shall be deemed to be any online marketplace.

 

4.Compensation/Expenses.

 

(a)Equity Compensation.
The Consultant shall be issued 35,000 Restricted Stock Units (“RSUs”), vesting in equal increments every three months
(with fractions rounded up initially and then down) over a 36-month period, subject to the Consultant providing services on each
applicable vesting date. Provided, however, if there is a Change of Control of the Company as defined by the 2008
Equity Incentive Plan, all RSUs shall immediately vest. The RSUs shall be delivered on the earlier of (i) April 10, 2019 or (ii)
a Change of Control of the Company.

 

(b)Expenses. In addition
to any compensation received under this Section 4, the Company shall reimburse the Consultant for all reasonable travel, lodging,
meals, and other prior approved out-of-pocket expenses incurred or paid by the Consultant in connection with the performance of
its Services under this Agreement; provided, however, any such expenses over $500 shall be approved by the Company
in writing in advance. All other expenditures shall be the sole responsibility of the Consultant.

 

    	 

    	 

    

 

5.Independent
Contractor Relationship; Appointment to Board of Directors.

 

(a)The Consultant
acknowledges that it is an independent contractor and that no employee of the Consultant shall be considered an employee of the
Company. The Consultant acknowledges that it is not the legal representative or agent of the Company, nor does it have the power
to obligate the Company, for any purpose other than specifically provided in this Agreement.

 

(b)The Company
shall carry no worker’s compensation insurance or any health or accident insurance to cover the Consultant or his employees
(if any). The Company shall not pay contributions to social security, unemployment insurance, federal or state withholding taxes,
nor provide any other contributions or benefits, which might be expected in an employer-employee relationship. Neither the Consultant
nor his employees (if any) shall be entitled to medical coverage, life insurance or to participation in any current or future Company
pension plan.

 

(c)The Company shall
issue the Consultant a Form 1099 for all payments made hereunder. All taxes, withholding and the like on any and all amounts paid
under this Agreement shall be the Consultant’s responsibility. The Consultant agrees that it shall indemnify and hold the
Company, its affiliates, and agents, harmless from and against any judgments, fines, costs, or fees associated with such payments
hereunder.

 

6.Termination.

 

(a)In the event
of a material default under this Agreement by either party, the other party may terminate this Agreement if such default is not
cured within 10 days following delivery of written notice specifying and detailing the default complained of and demanding its
cure. Notwithstanding the preceding, in the event of a violation by the Consultant of Section 7, the Company may terminate this
Agreement immediately upon written notice to the Consultant.

 

(b)Upon termination
of this Agreement, the Company shall reimburse the Consultant for any reasonable expenses previously incurred for which the Consultant
had not been reimbursed prior to the effective date of termination, provided that the requirements of Section 4(c) have been satisfied.
Any and all other rights granted to the Consultant under this Agreement shall terminate as of the date of such termination.

 

7.Non-Disclosure of
Confidential Information.

 

(a)Confidential
Information. Confidential Information includes, but is not limited to, trade secrets as defined by the common law and statutes
in New York or any future New York statute, processes, policies, procedures, techniques including recruiting techniques, designs,
drawings, know-how, show-how, technical information, specifications, computer software and source code, information and data relating
to the development, research, testing, costs, marketing and uses of the Company’s products and services, the Company’s
budgets and strategic plans, databases, data, all technology relating to the Company’s businesses, systems, methods of operation,
information, solicitation leads, marketing and advertising materials, methods and manuals and forms, all of which pertain to the
activities or operations of the Company, names, home addresses and all telephone numbers and e-mail addresses of the Company’s
employees, former employees, clients and former clients. For purposes of this Agreement, the following will not constitute Confidential
Information (i) information which is or subsequently becomes generally available to the public through no act or omission of the
Consultant, (ii) information set forth in the written records of the Consultant prior to disclosure to the Consultant by or on
behalf of the Company, which information is given to the Company in writing as of or prior to the date of this Agreement, and (iii)
information which is lawfully obtained by the Consultant in writing from a third party (excluding any affiliates of the Consultant)
who was legally entitled to disclose the information.

 

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(b)Legitimate
Business Interests. The Consultant recognizes that the Company has legitimate business interests to protect and as a consequence,
the Consultant agrees to the restrictions contained in this Agreement because they further the Company’s legitimate business
interests. These legitimate business interests include, but are not limited to (i) trade secrets and valuable confidential business
or professional information that otherwise does not qualify as trade secrets, including all Confidential Information; (ii) substantial
relationships with specific prospective or existing customers; (iii) goodwill associated with the Company’s business; and
(iv) specialized training relating to the Company’s business, technology, methods and procedures.

 

(c)Confidentiality.
The Confidential Information shall be held by the Consultant in the strictest confidence and shall not, without the prior written
consent of the Company, be disclosed to any person other than in connection with the Consultant’s Services to the Company.
The Consultant further acknowledges that such Confidential Information as is acquired and used by the Company is a special, valuable
and unique asset. The Consultant shall exercise all due and diligence precautions to protect the integrity of the Company’s
Confidential Information and to keep it confidential whether it is in written form, on electronic media or oral. The Consultant
shall not copy any Confidential Information except to the extent necessary to perform its Services hereunder nor remove any Confidential
Information or copies thereof from the Company’s premises except to the extent necessary to provide its Services and then
only with the authorization of an officer of the Company. All records, files, materials and other Confidential Information obtained
by the Consultant in the course of its Services to the Company are confidential and proprietary and shall remain the exclusive
property of the Company. The Consultant shall not, except in connection with and as required by its performance of the Services
under this Agreement, for any reason use for his own benefit or the benefit of any person or entity with which he may be associated
or disclose any such Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose
whatsoever without the prior written consent of an officer of the Company.

 

(d)Prior
Approval. Neither Party shall issue any public statements or press release concerning this Agreement or the Parties’
relationship without the other Party’s prior approval unless otherwise required by law (including in the Company’s
filings with the Securities and Exchange Commission).

 

8.Equitable Relief.
The Company and the Consultant recognize that the Services to be rendered under this Agreement by the Consultant are special, unique
and of extraordinary character, and that in the event of the breach by the Consultant of the terms and conditions of this Agreement
or if the Consultant shall cease to provide the Services to the Company for any reason and take any action in violation of Section
7, the Company shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction to enjoin the Consultant
from breaching the provisions of Section 7. In such action, the Company shall not be required to plead or prove irreparable harm
or lack of an adequate remedy at law or post a bond or any security.

 

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9.Survival. Sections
7 through 18 shall survive termination of this Agreement.

 

10.Assignability.
The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the Company. This Agreement may not be assigned by the Consultant without the prior written consent of the Company
and any attempt to do so shall be void.

 

11.Severability.If
any provision of this Agreement otherwise is deemed to be invalid or unenforceable or is prohibited by the laws of the state or
jurisdiction where it is to be performed, this Agreement shall be considered divisible as to such provision and such provision
shall be inoperative in such state or jurisdiction and shall not be part of the consideration moving from either of the Parties
to the other. The remaining provisions of this Agreement shall be valid and binding and of like effect as though such provisions
were not included. If any restriction set forth in this Agreement is deemed unreasonable in scope, it is the Parties’ intent
that it shall be construed in such a manner as to impose only those restrictions that are reasonable in light of the circumstances
and as are necessary to assure the Company the benefits of this Agreement.

 

12.Notices and Addresses.
All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently
given if delivered to the addressees in person, by FedEx or similar overnight delivery, or electronically delivered, as follows:

 

	If to the Company:	usell.com, Inc.
	 	33 East 33rd Street, Ste. 1101
	 	New York, NY 10016
	 	Attention: Executive Chairman
	 	Email: Dan@usell.com
	 	 
	With a copy to:	Nason, Yeager, Gerson, White & Lioce, P.A.
	 	1645 Palm Beach Lakes Blvd., Suite 1200
	 	West Palm Beach, FL 33401
	 	Attention: Brian S. Bernstein, Esq.
	 	Email: bbernstein@nasonyeager.com
	 	 
	If to the Consultant:	To the location or email address provided on the signature page to this Agreement

 

or to such other address as either of them,
by notice to the other may designate from time to time. Time shall be counted to, or from, as the case may be, the delivery in
person or by mailing.

 

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13.Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. The execution of this Agreement may be by actual, facsimile or pdf signature.

 

14.Governing
Law. All claims relating to or arising out of this Agreement, or the breach thereof, whether sounding in contract, tort,
or otherwise, shall also be governed by the laws of the State of New York without regard to choice of law considerations.

 

15.Exclusive
Jurisdiction and Venue. Any action brought by either party against the other concerning the transactions contemplated by
or arising under this Agreement shall be brought only in the state or federal courts of New York and venue shall be in New York
County or the Southern District of New York. The Parties to this Agreement hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon
forum non conveniens.

 

16.Entire Agreement.
This Agreement constitutes the entire agreement between the Parties and supersedes all prior oral and written agreements between
the Parties hereto with respect to the subject matter hereof. Neither this Agreement nor any provision hereof may be changed, waived,
discharged or terminated orally, except by a statement in writing signed by the party or Parties against whom enforcement or the
change, waiver discharge or termination is sought.

 

17. Additional
Documents. The Parties hereto shall execute such additional instruments as may be reasonably required by their counsel
in order to carry out the purpose and intent of this Agreement and to fulfill the obligations of the Parties hereunder.

 

18.Section and Paragraph
Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

 

[Signature Page to Follow]

 

 

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IN WITNESS WHEREOF,
the Company and the Consultant have executed this Agreement as of the date written above.

 

	 	COMPANY:
	 	 	 
	 	USELL.COM, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Daniel Brauser, Executive Chairman
	 	 	 
	 	 	 
	 	CONSULTANT:
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Sunder Raman
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	Email:	 

  

 

[Signature Page to Consulting Agreement] 

 

 

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