Document:

EXHIBIT 10.5 

 

 

 

 

ASSIGNMENT
AGREEMENT

This
Assignment Agreement (“Agreement”) is entered into as of August 1, 2012 (the “Effective Date”)
by and between 800 COMMERCE Inc., a Florida company having its principal place of business at 477 South Rosemary Avenue
Suite 203, West Palm Beach, FL 33401 (“800 Commerce”) and PAYVENTURES LLC, a Florida company having
its principal place of business at 750 Park of Commerce Blvd., Suite 310, Boca Raton, FL 33487 (“Payventures”).

WHEREAS
800 Commerce is in the business of providing merchant services (the “800 Commerce Business”) to its customers
(“Customers”);

WHEREAS
Payventures operates a business of promoting merchant services offered by certain banks, including credit and debit card transaction
processing and network services (the “Merchant Services”) to merchants;

WHEREAS
800 Commerce and Payventures would like to promote the Merchant Services to Customers through the 800 Commerce Business.

NOW,
THEREFORE this Agreement witnesseth that in consideration of the mutual covenants by each of the parties hereto, the parties
agree as follows:

1.                  
Assignment of Merchant Accounts. Payventures hereby assigns
to 800 Commerce Fifty (50%) of Payventures’ rights to receive residual payments from the TFX merchant account (the “Assigned
Customer”). Payventures shall remain the primary agent of record with all rights to deal
with the Assigned Customer. 800 Commerce shall receive its share of the monthly residuals under the Assigned Customer’s
existing merchant services contract. In exchange for assignment of the Assigned Customer, 800 Commerce shall issue 500,000 shares
of equity in 800 Commerce to Payventures or its’ designee (the “Payventures Shares”)
as of August 1, 2012. The Payventures Shares shall be registered, fully paid, non-assessable, non cancelable, and shall become
non-restricted fully trade-able shares upon completion of 800 Commerce’s public filing. 

2.                  
Term. The term of this Agreement commences on the Effective
Date and shall continue for a period of one (1) year after which it shall renew for successive one year terms automatically, unless
terminated in accordance with the terms hereof. Either party hereto shall have the right to terminate this Agreement at the end
of the then current Term, upon thirty (30) days prior written notice to the other party. Payventures may terminate this Agreement
at any time on thirty (30) days written notice to 800 Commerce, provided, however, that if such termination is without default
or other material cause by 800 Commerce, then Payventures shall continue to pay the referral fees contemplated herein despite
such termination, subject to the other provisions hereof that survive termination. In addition, Payventures may terminate the
assignment of the Assigned Customer, and any obligation to pay the share of the Assigned Customer residual to 800 Commerce, upon
thirty (30) days prior notice to 800 Commerce. Payventures may terminate the assignment of the Assigned Customer and substitute
one or more comparable Assigned Customers upon thirty (30) days prior notice to 800 Commerce. Payventures shall not be required
to replace an Assigned Customer if such Assigned Customer terminates its merchant account with Payventures.

3.                  
Default. Either party shall have the right to terminate
this Agreement at any time if the other party breaches any material provisions of this Agreement and fails to cure such breach
within thirty (30) days of its receipt of written notice thereof from the non-breaching party.

4.                  
Relationship of Parties. 800 Commerce and Payventures agree
that in performing their responsibilities pursuant to this Agreement they are in the position of independent contractors. This
Agreement is not intended to create, nor does it create and shall not be construed to create, a relationship of partnership or
joint venture or agency or any association for profit between 800 Commerce and Payventures. 800 Commerce is not authorized hereunder
to hold itself out as an agent of Payventures or any of its sponsoring institutions or suppliers or to inform or represent to
any person that 800 Commerce has authority to bind or obligate Payventures or to otherwise act on behalf of Payventures. 800 Commerce
shall not make any representation or warranty, or create any liability or potential liability on behalf of Payventures. All expenses
and disbursements, including those for travel and maintenance, entertainment, training, office, employees, source deductions,
taxes, employee taxes or remittances, clerical and general selling expenses that may be incurred by 800 Commerce in connection
with this Agreement shall be borne wholly and completely by 800 Commerce, and Payventures shall not be in any way responsible
or liable therefore. Except as otherwise provided, each party shall bear its own administrative costs and overhead expenses arising
out of its performance of this Agreement. 

5.                  
Assignment. 800 Commerce may not assign its rights or obligations
under this agreement without the prior consent of Payventures, which consent shall not be unreasonably withheld. Payventures may
assign any of its rights or obligations hereunder on notice to 800 Commerce.

    	(1)

    	 

    

6.                  
Notices. All notices and other communications required
or permitted under this Agreement shall be in writing and given by personal delivery, telecopy (confirmed by a mailed copy), or
certified, return receipt first class mail, postage prepaid, or recognized courier service providing a singed delivery receipt
(such as UPS or Fedex), postage prepaid, sent to the address for each party set forth above.

7.                  
Entire Agreement; Binding Effect. This Agreement, including
all schedules, exhibits and attachments thereto, sets forth the entire agreement and understanding of the parties hereto in respect
of the subject matter contained herein, and supersedes all prior agreements, promises, covenants, arrangements, communications,
representations or warranties, whether oral or written, by any officer, partner, employee or representative of any party hereto.

8.                  
Confidential Information. Each party acknowledges that
it may directly or indirectly disclose Confidential Information to the other party in the course of negotiation of and performance
of this Agreement. All such Confidential Information disclosed hereunder shall remain the sole property of the disclosing party
(or other third party), and the receiving party shall have no interest in, or rights with respect thereto, except as set forth
herein. Each party agrees to treat such Confidential Information with the same degree of care and security as it treats its most
confidential information. Each party may disclose such Confidential Information to employees and agents who require such knowledge
to perform services under this Agreement. Except as otherwise contemplated by this Agreement, neither party shall disclose the
Confidential Information of the other party to any third party without the prior written consent of the disclosing party, and
the duty of confidentiality created by this section shall survive any termination of the Agreement. This confidentiality provision
shall survive termination of this Agreement.

9.                  
“Confidential Information” means all
proprietary, secret or confidential information or data relating to either party and its affiliates, operations, employees, products
or services, clients, customers or potential customers. Confidential Information shall include customer lists, cardholder account
numbers, pricing information, computer access codes, instruction and/or procedural manuals, and the terms and conditions of this
Agreement. Information shall not be considered Confidential Information to the extent, but only to the extent, that such information
is: (i) already known to the receiving party free of any restriction at the time it is obtained; (ii) subsequently learned from
an independent third party free of any restriction and without breach of this Agreement; (iii) becomes publicly available through
no wrongful act of the receiving party; (iv) independently developed by the receiving party without reference to any Confidential
Information of the other; or (v) is required to be disclosed by law. Information relating to Merchant Services accounts of Customers
shall be the property of Payventures.

10.              
Indemnification. Each party agrees to indemnify, defend,
and hold harmless the other party, its employees, agents, from and against any loss, liability, damage, penalty or expense (including
reasonable attorneys’ fees and cost of defense) they may suffer or incur as a result of (i) any failure by such party or
any employee or agent of such party to comply with the terms of this Agreement; (ii) any warranty or representation made by such
party to the other party being false or misleading; or (iii) any representation, warranty or undertaking made by such party or
any employee or agent of such party to any third person other than as specifically authorized by this Agreement. Each party shall
promptly notify the other of any claim or threat of claim of which such party becomes aware and that may give rise to a demand
for indemnification under this section.

11.              
LIMITATION OF LIABILITY. UNDER NO CIRCUMSTANCES SHALL EITHER
PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES. UNDER NO CIRCUMSTANCES SHALL THE LIABILITY OF
PAYVENTURES HEREUDNER EXCEED THE AMOUNT OF RESIDUAL FEED PAID HEREUNDER DURING THE 6 (SIX) MONTH PERIOD PRIOR TO THE EVENT GIVING
RISE TO LIABILITY.

12.              
Governing Law. This Agreement shall be governed by the
laws of the State of Florida, without regard to its conflict of laws provisions. Both parties submit to the jurisdiction of the
state and federal courts located in Palm Beach County, Florida, and agree that venue for any claims or disputes under this Agreement
shall be proper only in such courts. Both parties knowingly and intentionally waive all rights for a trial or other proceeding
by jury.

    	(2)

    	 

    

IN
WITNESS WHEREOF, this Agreement is executed by duly authorized officers of the parties and shall be effective as of the Effective
Date.

 

	Payventures LLC		 800 Commerce Inc.
	 	 	 
	By: Michael G. Park	 	By: B. Michael Friedman
	Name: Michael G. Park	 	Name: B. Michael Friedman
	Title: CEO	 	Title: CEOEXHIBIT 
10.6

CONSULTING AGREEMENT

This Consulting
Agreement (“Agreement”), is entered into as of August 1, 2012 (the “Effective Date”) by 800 COMMERCE
Inc., a Florida company, with business offices at 477 South Rosemary Avenue Suite 203, West Palm Beach, FL 33401 (“Company”),
and PAYVENTURES LLC, a Florida limited liability company, with business offices at 750 Park of Commerce Blvd., Suite 310,
Boca Raton, FL 33487 (the “Consultant”). The Company and the Consultant are collectively referred to as the “Parties.”

The Company desires
to retain the services of the Consultant and the Consultant desires to perform certain services for the Company. In consideration
of the mutual covenants and promises contained herein, and other good and valuable considerations, the receipt and sufficiency
of which are hereby acknowledged by the Parties, the Parties agree as follows:

1.                 
Services. The Consultant agrees to perform such consulting, advisory and related services to and for the Company
as specified in Schedule A to this Agreement (the “Services”).

2.                 
Term. The term of this Agreement commences on the Effective Date and shall continue for a period of one (1) year,
after which it shall renew for successive one year terms automatically, unless terminated in accordance with the terms hereof
(the “Consulting Period”). Either Party hereto shall have the right to terminate this Agreement at any time
on thirty (30) days written notice.

3.                 
Compensation. Consultant shall invoice Company for Consultant’s Services at Consultant’s then standard
hourly rates. Company shall pay Consultant’s invoice within Five (5) business days. The Company shall not reimburse the Consultant
for expenses incurred or paid by the Consultant without the prior approval of the Company.

4.                 
Independent Contractor Status. Consultant will perform all services under this Agreement as an “independent
contractor” and is not an employee or agent of the Company. This Agreement is non-exclusive in all respects. The Consultant
is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the
Company or to bind the Company in any manner.

5.                 
Non-Circumvention. The Parties, including their directors, officers and employees, shall not circumvent, avoid,
bypass, or obviate each other, directly or indirectly, to avoid payment of fees, commissions, or any form of compensation in any
transaction with any person, corporation, partnership or collateral, or any other transaction involving the Services, or additions,
renewals, extensions, rollovers, amendments, new contracts, re-negotiations, parallel contracts/agreements or third party assignments
hereof.

6.                 
Cooperation. The Company shall provide such access to its information and property as may be reasonably required
in order to permit the Consultant to perform his obligations hereunder. The Consultant shall cooperate with the Company's personnel
and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property.

    	(1)

    	 

    
 

7.                 
Confidentiality. Company and Consultant each is willing to disclose Confidential Information to the other Party
in confidence solely for the limited purpose of performing obligations under this Agreement (the “Authorized Purpose”).
The Parties consider their Confidential Information valuable, and wish to provide appropriate protection for any and all Confidential
Information exchanged. The descriptions contained below are categorical, and not intended to limit the definition of Confidential
Information as set forth herein.

7.1“Confidential
Information” shall be collectively defined as any and all, present or future, tangible or intangible, technical, financial,
business or engineering information, know-how, data, designs, diagrams, plans, specifications, structures, computer codes, documents,
trade secrets, ideas, concepts, products, processes, formulas, works in process, systems, technologies, manufacturing or marketing
techniques, business or financial information, prices, vendor lists, supplier lists, employee lists, and other confidential and
proprietary information of a Party, whether in oral or written or machine-readable or any other form, in any media whatsoever,
whether acquired from a Party or by inspection of the property or facilities of a Party, and whether or not labeled or identified
as confidential or proprietary, as such is disclosed by either Party in connection with discussions concerning the business, financials,
products, devices or concepts.

7.2The
Confidential Information of a Party, in whole or in part, is a valuable and proprietary asset of such Party and shall be and remain
the sole and exclusive property of said Party at all times. The recipient Party shall use the Confidential Information of the disclosing
Party solely for the Authorized Purpose and not for any other use or purpose. The Parties each acknowledge that the Confidential
Information of a Party has independent economic value, actual or potential, from not being generally known to the public or other
persons or entities who can obtain economic value from its disclosure or use. Any material or code derived or created from the
Confidential Information shall remain the property of the disclosing Party. Neither Party makes any representation or warranty
as to the accuracy or completeness of the Confidential Information. Neither Party shall be under any obligation to provide any
particular Confidential Information to the other Party hereunder nor shall any such obligation be inferred. No Party shall reverse
engineer, compile or decompile the Confidential Information. Neither this Agreement nor any disclosure pursuant to this Agreement
shall be construed as granting the recipient any intellectual property rights or licenses to any Confidential Information revealed
by the disclosing Party. Any disclosure by a Party hereunder shall not be deemed a public use or disclosure, or sale or offer for
sale, of any product, process, system, technology or service of said Party.

7.3Each
Party shall maintain each and all of the Confidential Information of the other Party as strictly confidential and secret under
all circumstances. The recipient Party shall take commercially reasonable efforts not to disclose or cause the disclosure of any
of the Confidential Information of the disclosing Party to any third person or entity for any purpose at any time and shall undertake
all steps reasonably necessary to prevent such disclosure or other use of the Confidential Information for any purpose other than
the Authorized Purpose. The recipient Party shall be entitled solely to disclose such Confidential Information to those employees
and representatives of the recipient Party who have a specific need to use such information in the evaluation of the potential
business relationship between the Parties. All employees and representatives to whom a recipient Party shall disclose hereunder
any Confidential Information of the other Party shall be advised of the existence and scope of this Agreement and shall be subject
to legally binding nondisclosure and non-use restrictions which are at least as restrictive as the terms of this Agreement. All
Parties to this Agreement shall immediately notify, in writing, all other Parties to this Agreement upon discovery of any loss
or unauthorized disclosure of the Confidential Information.

7.4The
confidentiality restrictions of this Agreement shall not be applicable to information which (i) is or becomes generally available
to the public other than as a result of a breach or violation of the terms hereof by the recipient Party or its employees, agents
or representatives; (ii) is lawfully received by the recipient Party from third Parties, that to the knowledge of the Recipient
are not subject to restriction of confidentiality; (iii) is specifically approved for release by the prior written authorization
of the disclosing Party; (iv) is already known by the recipient at the time of disclosure and recipient advises the other Party
that the information that it has received is already within its possession from a lawful source other than the disclosing Party;
or (v) in the event a recipient of Confidential Information is required to disclose Confidential Information by a court of competent
jurisdiction or other governmental body, the recipient shall immediately inform the disclosing Party in writing so that the disclosing
Party may seek a protective order or other appropriate remedy. If, in the absence of a protective order, the recipient of Confidential
Information is nonetheless legally required to disclose Confidential Information by a court of competent jurisdiction or other
governmental body, recipient agrees to disclose only that portion of the Confidential Information legally required to be disclosed,
and to cooperate with the disclosing Party to ensure that confidential treatment is accorded to the Confidential Information.

7.5Upon
the termination of this Agreement or upon the written request of the disclosing Party at any time, the recipient Party shall immediately
return to the disclosing Party or destroy all Confidential Information and all copies or reproductions thereof without retaining
any copies or reproductions except as required to meet its legal or accounting obligations; and the recipient Party shall be prohibited
from making any use whatsoever of or disclosing any Confidential Information of the disclosing Party at any time thereafter except
as required to meet its legal or accounting obligations.

7.6Each
Party acknowledges that a monetary remedy for a breach or violation of the Confidentiality provisions of this Agreement will be
inadequate and will be impracticable and extremely difficult to prove, and that any such breach or violation would cause the non-breaching
Party irreparable harm. In the event of any breach or violation hereof, in addition to any other available rights and remedies
in law or equity, the non-breaching Party shall be entitled to temporary and permanent injunctive relief without the necessity
of posting a bond or making any undertaking in connection therewith and without the necessity of proving actual damages.

7.7The
obligations imposed on the Parties in this Section 7 shall continue with respect to all Confidential Information for two (2) years
after the Consulting Period. Company and the Consultant acknowledge and agree that, other than as set forth in this Agreement,
Consultant is not now subject to, and shall not in the future be required to be subject to, any non-competition and/or non-solicitation
agreement between Company and the Consultant that would in any manner limit or restrict Consultant’s activities.

    	(2)

    	 

    

8.                 
Miscellaneous.

8.1             
Notices. Any notice delivered under this Agreement shall be deemed duly delivered upon actual delivery or refusal
when sent by registered or certified mail, return receipt requested, postage prepaid, or via a reputable prepaid nationwide overnight
courier service, in each case to the address of the recipient set forth in the introductory paragraph hereto (or, if to the Company,
to the address of its principal executive offices). Either Party may change the address to which notices are to be delivered by
giving notice of such change to the other Party in the manner set forth in this Section 10.1.

8.2             
Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa.

8.3             
Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior
agreements and understandings, whether written or oral, relating to the subject matter of this Agreement.

8.4             
Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company
and the Consultant.

8.5             
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida without giving effect to the principles of conflicts of law thereof. Any action, suit or other legal proceeding arising
under or relating to any provision of this Agreement shall be commenced only in the state or federal courts located in Palm Beach
County, Florida, and the Company and the Consultant each consents to the jurisdiction and venue of such a court. The Company and
the Consultant each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding arising
under or relating to any provision of this Agreement. The Parties agree that this Section 10.5 will survive any termination of
this Agreement.

8.6             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and assigns, including any corporation or other entity with which or into which the Company and/or Consultant
may be merged or which may succeed to its/their assets or business. The Parties agree that this Section 10.6 will survive any termination
of this Agreement.

8.7             
Waivers. No delay or omission by the Company in exercising any right under this Agreement shall operate as a
waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that
instance and shall not be construed as a bar or waiver of any right on any other occasion.

8.8             
Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way
define, limit or affect the scope or substance of any section of this Agreement.

8.9             
Severability. In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the
validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

8.10         
Attorneys’ Fees. In the event suit is brought to enforce or interpret any part of this Agreement or the
rights or obligations of either Party to this Agreement, the prevailing Party shall be entitled to recover as an element of its
costs of suit reasonable attorneys’ fees and expenses, court costs and expert witness fees. The Parties agree that this Section
10.10 will survive any termination of this Agreement.

8.11         
Limitation of Liabilities and Warranties. Neither Party shall be liable to the other for any indirect, incidental,
consequential, punitive or exemplary damages. Each Party specifically disclaims all warranties of any kind, express or implied,
arising out of or related to this Agreement, including without limitation, any warranty of marketability, fitness for a particular
purpose or non-infringement, each of which is hereby excluded by agreement of the Parties.

8.12         
Authority to Sign. The individuals identified below warrant and represent that they have the full authority,
and have obtained all necessary approvals, to sign this Agreement on behalf of their respective companies.

8.13         
Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall
be deemed to be an original and shall together constitute one and the same instrument.

    	(3)

    	 

    

IN WITNESS WHEREOF, the Parties hereto
have executed this Agreement as of the Effective Date.

 

	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
	 	 	 

    	(4)

    	 

    

SCHEDULE
A

Services

The Services to be provided by the Consultant to the Company
shall include:

 

	Coordination of mobile messaging services and
related communications, interactions, and integrations.
	Coordination of customer contact and customer
assistance services, and related communications, interactions, and integrations.
	Coordination of merchant acquiring and processing
services, and related communications, interactions, and integrations.

 

The foregoing is not an exhaustive or
exclusive listing of the Services which may be provided by Consultant.

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