Document:

ex10-3.htm

Exhibit 10.3

 

ASSET PURCHASE AGREEMENT

 

ASSET PURCHASE AGREEMENT, effective as of January 1, 2010 (the “Effective Date”), by Augme Technologies, Inc., f/k/a Modavox, Inc., a Delaware corporation (the “Seller”), and World Talk Radio, LLC, doing business as Voice America, an Arizona limited liability company (the “Buyer”) (the “Agreement”).  Seller and Buyer are collectively referred to herein as the Parties.

 

WHEREAS, the Seller, prior to the Effective Date, operated an Internet Radio business featuring certain technical platforms, brand and trade names and other property (the “iRadio Division”); and

 

WHEREAS, upon the terms and subject to the conditions set forth in this Agreement, which terms and conditions further memorialize the transaction described in the Parties’ Binding Letter of Intent entered into as of December 31, 2009, the Buyer desires to purchase from the Seller, and the Seller desires to sell to the Buyer, certain designated assets of the Seller related to Seller’s iRadio Division, as specifically described herein, in consideration for the payments and promises from the Buyer as set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I.

 

 

PURCHASE AND SALE OF ASSETS

 

Section 1.01.Purchase and Sale of Assets.  Upon the terms and subject to the conditions set forth herein, on the Closing Date (as defined below), the Seller shall sell, convey, transfer, assign and deliver to the Buyer, and the Buyer shall purchase, acquire and accept from the Seller, free and clear of all liens, claims, charges and encumbrances (collectively, “Liens”), all of the Seller’s right, title and interest in and to the tangible and intangible assets identified in Exhibit A hereto, which assets relate to historic and current operation of Seller’s iRadio Division (the “Business”) and which assets are being transferred to Buyer for the purpose of transferring to Buyer the ongoing operations of the Business (each an “Asset” and collectively, the “Assets”).

 

Section 1.02. ­Excluded Assets.  Notwithstanding anything to the contrary in this Agreement, the Seller shall retain and shall not sell, transfer, convey or assign to the Buyer, and the Buyer shall not purchase or acquire, any asset or property not specifically listed in Exhibit A hereto.

 

Section 1.03. Liabilities. As consideration for the Assets identified and transferred hereunder, and in addition to the consideration to be paid to Seller under the revenue sharing arrangement described below, Buyer agrees to assume full responsibility for certain designated operational liabilities commencing as of the Effective Date, as follows:

 

  

-1-

  

(a)         As of the Effective Date, Buyer agrees to assume certain liabilities related to designated employees of Seller who became employees of Buyer as of the Effective Date, including the following (i) Buyer agrees to hire certain individuals who were employed by the Business prior to the Effective Date, a list of whom is attached hereto as Exhibit E (“Transferred Employees”); and (ii) Buyer agrees to assume all liabilities associated with the ongoing employment of such Transferred Employees commencing as of the Effective Date (including recognizing the accrued/unused vacation of Transferred Employees).

 

(b)         The Parties agree that any and all liabilities accrued by Buyer commencing on the Effective Date, including with respect to any agreements to be transferred to Buyer per Exhibits B through E of this Agreement, or with respect to any Transferred Employees, will be the sole responsibility of Buyer.

 

(c)         Buyer has informed clients, partners and vendors of the Business, as in existence on the Effective Date, about the transaction contemplated by this Agreement and the transfer of business operations from Seller to Buyer as of the Effective Date, and Buyer has obtained written assignments to Buyer of any agreements previously entered into between Seller and such clients/partners/vendors related to the Business, transferring the rights and duties of Seller to Buyer.  Buyer understands the historical revenue generated from these clients. Transferred client contracts are described in Exhibit B, attached hereto (“Transferred Clients”), transferred partner agreements are described in Exhibit C, attached hereto (“Transferred Partners”) and transferred vendor agreements are described in Exhibit D attached hereto (“Transferred Vendors”).

 

(d)         In addition to the foregoing, Buyer agrees to assume all operational liabilities associated with the Business, commencing as of the Effective Date, as described in Exhibit F hereto.

 

Section 1.04. ­Purchase Price.  Upon the terms and subject to the conditions of this Agreement, and in consideration of the sale, conveyance, assignment, transfer and delivery of the Assets, the Buyer shall assume the Liabilities described in Section 1.03 above as of the Effective Date, and Buyer shall pay to Seller certain on-going revenue sharing payments:

 

(a)         For as long as Buyer is in the business of providing Internet-based radio services, Buyer will pay to Seller a commission based on Buyer Gross Revenue according to the following graded schedule, which schedule is intended to be discounted for two calendar quarters to assist Buyer with start-up costs:

 

	
  

	
(i)

	
January 1, 2010 through March 31, 2010 – 5% of Gross Revenue

 

	
  

	
(ii)

	
April 1, 2010 through June 30, 2010 – 10% of Gross Revenue

	
  

	
(iii)

	
July 1, 2010 through June 30, 2015 – 15% of Gross Revenue

	
  

	
(iii)

	
July 1, 2016 and after – 5% of Gross Revenue

  

-2-

  

(b)         For purposes of the revenue sharing arrangement described in Section 1.04(a), Gross Revenue is defined as: (i) all cash collections received by Buyer; and (ii) the value of any non-cash consideration received by Buyer (determined based upon the value of the services provided for such non-cash consideration).  Such commissions are to be paid monthly no later than the tenth (10th) day of each calendar month following receipt, with late payments accruing interest at the rate of one percent per month.  Notwithstanding the foregoing, the payment for January, 2010, will be due no later than the tenth (10th) day after the Closing Date. If Seller provides any services to Buyer (including the Transition Assistance described in Section 1.05 below), Buyer is not required to pay to Seller revenue commissions based on the value of the services received by Seller.

 

(c)         Upon ten (10) days’ prior written notice to Buyer and no more than one (1) time per calendar quarter, Seller or a firm selected by the Seller may audit Buyer’s books and records to ensure Buyer’s compliance with its obligations, including its payment obligations, under this Agreement.  To the extent such an audit indicates underpayment of the Revenue Sharing Fee, Buyer will promptly remit such underpayment (and applicable late payment interest) to Seller and, if the underpayment exceeds five percent (5%) of the previously paid fees, Buyer will pay Seller’s reasonable costs and expenses of such audit/review.

 

Section 1.05.  Transition Assistance.  As of the Closing Date, Seller has assisted Buyer with certain business transition matters, including those specific items listed in Exhibit G hereto (“Transition Assistance”).

 

Section 1.06.  Closing Date.  The Closing Date for this transaction shall be the last date on which both Parties execute this Agreement.

 

ARTICLE II.

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

The Seller represents and warrants to the Buyer as follows:

 

Section 2.01.Organization and Standing.  The Seller is a Delaware corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

 

Section 2.02. Authorization; Validity.  The Seller has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Seller and no other corporate proceedings on the part of the Seller are necessary to authorize this Agreement or to consummate the transactions so contemplated.  This Agreement has been duly executed and delivered by Seller and, assuming this Agreement constitutes a valid and binding obligation of the Buyer, constitutes a valid and binding obligation of Seller enforceable against Seller in accordance with its terms.

 

  

-3-

  

Section 2.03.  Consents and Approvals; No Violations.  No consent of any other party is required in connection with the execution, delivery and performance of this Agreement by the Seller.  Neither the execution, delivery or performance of this Agreement by Seller nor the consummation of the transactions contemplated hereby nor compliance with any of the provisions hereof will (i) conflict with or result in any breach of any provision of the charter or by-laws of the Seller, (ii) to Seller’s knowledge, require any filing with, or permit, authorization, consent or approval of any governmental entity,  (iii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, license, contract, agreement or other instrument or obligation to which the Seller is a party or by which any of the Seller’s properties or assets may be bound or (iv) to Seller’s knowledge, violate any federal, state, local, regional, municipal or foreign laws, statutes, rules, regulations, ordinances, codes, decrees, judgments, injunctions, writs, orders, guidance documents, standards or other legal requirements (“Laws”).

 

Section 2.04.  Compliance with Laws.  To Seller’s knowledge, the conduct of the Business, including the ownership of the Assets, has not violated, and as presently conducted does not violate, any Laws or any industry standards, nor has Seller received a notice of any such violation.

 

Section 2.05.Title to Properties; Liens.  The Seller has good, valid, legal, equitable and marketable title to all of the Assets, free and clear of any Liens.  The Seller is hereby conveying to the Buyer good, valid, legal, equitable and marketable title to the Assets, free and clear of any Liens.

 

ARTICLE III.

 

 

REPRESENTATIONS AND WARRANTIES OF BUYER

 

The Buyer hereby represents and warrants to the Seller as follows:

 

Section 3.01.  Organization and Standing.  The Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Arizona.

 

Section 3.02.  Authorization; Validity.  The Buyer has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Buyer and no other corporate proceedings on the part of the Buyer are necessary to authorize this Agreement or to consummate the transactions so contemplated.  This Agreement has been duly executed and delivered by the Buyer and, assuming this Agreement constitutes a valid and binding obligation of the Seller, constitutes a valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms.

 

  

-4-

  

Section 3.03.  ­Consents and Approvals; No Violations.  Neither the execution, delivery or performance of this Agreement or any of the agreements and instruments to be delivered pursuant to the terms hereof by the Buyer nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the provisions hereof will (i) conflict with or result in any breach of any provision of the certificate of formation or operating agreement of the Buyer, (ii) require any filing with, or permit, authorization, consent or approval of any governmental entity,  (iii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, license, contract, agreement or other instrument or obligation to which the Buyer is a party or by which any of its properties or assets may be bound or (iv) violate any Laws.

 

ARTICLE IV.

 

COVENANTS

 

Section 4.01. ­Cooperation.  Seller agrees to cooperate with Buyer and provide reasonable assistance to Buyer in retaining the customers of the Business.

 

Section 4.02.Assignment of Agreements.  Buyer agrees that it will perform any and all tasks and execute any documents required to ensure the assignment of agreements, and the transfer of liabilities, as contemplated by this Agreement, whether before or after the Closing Date.

 

ARTICLE V.

 

SURVIVAL OF REPRESENTATIONS, WARRANTIES,

 

COVENANTS AND AGREEMENTS

 

Except as otherwise specifically provided for herein, the representations, warranties, covenants and agreements of the Buyer and the Seller included or provided for herein, or in other instruments or agreements in connection herewith, and the obligation of the Buyer and Seller to indemnify on account of a breach or violation thereof shall survive for a period of thirty-six (36) months following the date hereof (or such longer period as set forth in the succeeding sentences).  Similarly, the obligation of Seller to indemnify the Buyer with respect to any liability of Seller, shall survive until such liability or claim is fully paid and discharged.  There shall be no limit on the survival of the indemnification obligations of Seller for breaches of the representations or warranties made by Seller as to the transfer of legal and valid title to the Assets.  Notwithstanding anything herein to the contrary, if, prior to the expiration of any indemnification period, the Buyer, or Seller, as the case may be, shall have been notified of a claim for indemnity hereunder and such claim shall not have been finally resolved before the expiration of such period, any representation, warranty, covenant or agreement that is the basis for such claim shall continue to survive and shall remain a basis for indemnity as to such claim until such claim is finally resolved.  All statements contained herein or to consummate the transactions as contemplated shall be deemed representations and warranties for all purposes of this Agreement. The respective representations and warranties of Seller and the Buyer contained herein or in any other documents covered in the preceding sentence shall not be deemed waived or otherwise affected by any investigation made by any party hereto or any amendment or supplement to the schedules or exhibits hereto occurring after the signing of this Agreement.

 

  

-5-

  

ARTICLE VI.

 

INDEMNIFICATION

 

Section 6.01.  General Indemnity.

 

Subject to the limitations and other provisions of Articles V and this Article VI, the Seller agrees to indemnify and hold harmless the Buyer from, against and in respect of any and all liabilities (whether accrued, contingent or otherwise), damages, deficiencies, costs, claims, judgments, amounts paid in settlement, interest, penalties, assessments, out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) or losses resulting from, incurred in connection with or arising out of (i) any breach of any representation, warranty, covenant or agreement of the Seller, (ii) any litigation to which the Buyer is or becomes subject relating to the conduct of the Business on or prior to the Effective Date, and (iii) liabilities of the Seller and related Liens (“Losses”).  The Buyer shall indemnify and hold harmless the Seller, its Affiliates and their successors and assigns, from, against and in respect of any and all liabilities (whether accrued, contingent or otherwise), damages, deficiencies, costs, claims, judgments, amounts paid in settlement, interest, penalties, assessments, out-of-pocket expenses (including reasonable attorneys’ fees and disbursements) or losses resulting from, incurred in connection with or arising out of (a) any breach of any representation, warranty, covenant or agreement of the Buyer and any claim, actual action or proceeding in connection therewith, (b) any liabilities related to any Transferred Client, Transferred Partner, Transferred Vendor, Transferred Employee, or Transferred Liability, as described herein, or (c) the operation of the Business on or after the Effective Date.  The party or parties being indemnified are referred to herein as the “Indemnitee” and the indemnifying party is referred to herein as the “Indemnitor”.  The term “Affiliate” or “Affiliated” or any similar term shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, a specified person.

 

Section 6.02.Indemnification Procedure.

 

(a)         Any party who receives notice of a potential claim that may, in the judgment of such party, result in a Loss shall use all reasonable efforts to provide the parties hereto written notice (a “Notice”) thereof stating the nature and basis of such claim, provided that failure or delay or alleged delay in providing such notice shall not adversely affect such party’s right to indemnification hereunder.  In the case of Losses arising by reason of any third party claim, the Notice shall be given within fifteen (15) days of the filing or other written assertion of any such claim against the Indemnitee, but the failure of the Indemnitee to give the Notice within such time period shall not relieve the Indemnitor of any liability that the Indemnitor may have to the Indemnitee.

 

  

-6-

  

(b)         In the case of third party claims for which indemnification is sought, the Indemnitor shall have the option (i) to conduct any proceedings or negotiations in connection therewith, (ii) to take all other steps to settle or defend any such claim (provided that the Indemnitor shall not settle any such claim without the consent of the Indemnitee which consent shall not be unreasonably withheld) and (iii) to employ counsel to contest any such claim or liability in the name of the Indemnitee or otherwise.  In any event, the Indemnitee shall be entitled to participate at its own expense and by its own counsel in any proceedings relating to any third party claim.  The Indemnitor shall, within ten (10) days of receipt of the Notice, notify the Indemnitee of its intention to assume the defense of such claim.  If (i) the Indemnitor shall decline to assume the defense of any such claim, (ii) the Indemnitor shall fail to notify the Indemnitee within ten (10) days after receipt of the Notice of the Indemnitor’s election to defend such claim or (iii) the Indemnitee shall have reasonably concluded that there may be defenses available to it which are different from or in addition to those available to the Indemnitor or a conflict exists between the Indemnitor and the Indemnitee (in which case the Indemnitor shall not have the right to direct the defense of such action on behalf of the Indemnitee), the Indemnitee shall defend against such claim and the Indemnitee may settle such claim without the consent of the Indemnitor, and Indemnitor may not challenge the reasonableness of any such settlement.  The expenses of all proceedings, contests or lawsuits in respect of such claims shall be borne and paid by the Indemnitor and the Indemnitor shall pay the Indemnitee, in immediately available funds, the amount of any Losses, as such Losses are incurred.  Regardless of which party shall assume the defense of the claim, the parties agree to cooperate fully with one another in connection therewith.  In the event that any Losses incurred by the Indemnitee do not involve payment by the Indemnitee of a third party claim, then, the Indemnitor shall within 10 days after agreement on the amount of Losses or the occurrence of a final non-appealable determination of such amount pay to the Indemnitee, in immediately available funds, the amount of such Losses.  Anything in this Article VI to the contrary notwithstanding, the Indemnitor shall not, without the Indemnitee’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on the Indemnitee or which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnitee, a release from all liability in respect of such claim.

 

(c)         The remedies provided for in this Agreement shall not be exclusive of any other rights or remedies available to one party against the other, either at law or in equity.

 

ARTICLE VII.

 

MISCELLANEOUS.

 

Section 7.01.Publicity.  Neither party shall make any notices to third parties or other publicity or public announcements concerning the transactions contemplated by this Agreement except as agreed to by the Buyer and Seller.  Each of the Buyer and the Seller shall keep confidential the price and terms of this Agreement unless, and to the extent, required by law.

 

Section 7.02.  Costs.  Each of the Buyer and the Seller represents to the other that it has not used a broker in connection with the transactions contemplated by this Agreement.  Each of the Buyer and the Seller shall each pay its own costs and expenses incurred by it in negotiating and preparing this Agreement and in closing and carrying out the transactions contemplated by this Agreement, except as otherwise provided in this Agreement.

 

  

-7-

  

Section 7.03.Headings.  Subject headings are included for convenience only and shall not affect the interpretation of any provisions of this Agreement.

 

Section 7.04. ­Notices.  Any notice, demand, request, waiver, or other communication under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if personally served or sent by telecopy, and on the third day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered, return receipt requested, postage prepaid and addressed as follows:

 

If to the Seller, to:

Attention: Mr. Jeff Spenard

World Talk Radio, LLC (Voice America)

1900 W. University Drive, Suite 231

Tempe, AZ 85281

If to the Buyer, to:

Attention: Legal Department

Augme Technologies, Inc.

43 West 24th Street, Suite 11B

New York, NY 10001

Section 7.05.  Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties.

 

Section 7.06.Governing Law; Forum; Process.  This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York as applied to contracts made and to be performed entirely in the State of New York without regard to principles of conflicts of law.  Each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any court of the State of New York or any federal court sitting in the State of New York for purposes of any suit, action or other proceeding arising out of this Agreement (and agrees not to commence any action, suit or proceedings relating hereto except in such courts).  Each of the parties hereto agrees that service of any process, summons, notice or document by U.S. registered mail at its address set forth herein shall be effective service of process for any action, suit or proceeding brought against it in any such court.  Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, which is brought by or against it, in the courts of the State of New York or any federal court sitting in the State of New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

  

-8-

  

Section 7.07. Entire Agreement.  This Agreement, including the Schedules and Exhibits hereto, sets forth the entire understanding and agreement and supersedes any and all other understandings, negotiations or agreements between the Seller and the Buyer relating to the sale and purchase of the Assets, including the Parties’ Binding Letter of Intent entered into as of December 31, 2009.

 

Section 7.08.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute a single agreement.

 

Section 7.09.Severability.  In the event that any one or more of the immaterial provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the same shall not affect any other provision of this Agreement, but this Agreement shall be construed in a manner which, as nearly as possible, reflects the original intent of the parties.

 

Section 7.10.  No Prejudice.  This Agreement has been jointly prepared by the parties hereto and the terms hereof shall not be construed in favor of or against any party on account of its participation in such preparation.

 

Section 7.11.  Words in Singular and Plural Form.  Words used in the singular form in this Agreement shall be deemed to import the plural, and vice versa, as the sense may require.

 

Section 7.12.Parties in Interest.  Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give to any person, firm or corporation other than the parties hereto any rights or remedies under or by reason of this Agreement or any transaction contemplated hereby.

 

Section 7.13.  Amendment and Modification.  This Agreement may be amended or modified only by written agreement executed by all parties hereto.

 

  

-9-

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

 

	  	
Augme Technologies, Inc.

	  	  
	  	  
	  	
By: /s/ Mark Severini

	  	
Name: Mark Severini

	  	
Title:  Chief Executive Officer

	  	
Date: February 24, 2010

	  	  
	  	  
	  	
World Talk Radio, LLC (Voice America)

	  	  
	  	  
	  	
By:_________________________________

	  	

Name: Jeff Spenard

Title:  President

	  	
Date: ____________________________

  

-10-

  

Exhibit A

Transferred Assets

Fixed Assets:

See Schedule A-1 (“12-29-09 Fixed Asset Roll Forward”)

Domain Names:

 

VoiceAmerica.Com

WorldTalkRadio.Com

VoiceAmericaBusiness.Com

7thWaveNetwork.Com

VoiceAmericaSports.Com

VoiceAmericaHealth.Com

VoiceAmericaGreen.Com

 

Platform:

 

RadioPilot – Internet-Based Radio Platform for the delivery of iRadio programs, as used by the Business prior to the Effective Date, including content management system for self publishing host content, advertising, and images (the “Platform”).   For avoidance of doubt, the Platform does not include Seller’s patents or other intellectual property not expressly listed in this Exhibit A.

 

Logos:

 

VoiceAmerica

VoiceAmerica Business

VoiceAmerica Health & Wellness

VoiceAmerica Sports

VoiceAmerica Green

7th Wave Network

 

Trademarks:

 

World Talk Radio TM

VoiceAmerica TM

RadioPilot TM

Accounts Receivable:

The Parties agree that Accounts Receivable on the books of Seller related to the operation of the Business prior to the Effective Date will be transferred to Buyer (excluding AR previously sent to any outside agency for collections purposes), which transferred AR is attached hereto as Schedule A-2.  The Parties further agree that monies received by Seller prior to the Effective Date, attributable to payment for services of the Business following the Effective Date, will remain the property of Seller.

Intangible Assets:

Any library/archives of prior iRadio broadcasts, including archived/back-up discs, as in existence on the Effective Date.

  

-11-

  

Exhibit B

Transferred Clients

All clients of (and client agreements with) the Business as of December 31, 2009, will be transferred from Seller to Buyer as described in Section 1.03 of the Agreement.  Such clients/agreements include:

[See accompanying Excel document entitled “Exhibit B - Clientlist.xls”]

 

 

 

 

 

 

 

  

-12-

  

Exhibit C

Transferred Partners

All partners of (and partner agreements with) the Business as of December 31, 2009, will be transferred from Seller to Buyer as described in Section 1.03 of the Agreement.

 

 

 

 

 

 

 

 

 

  

-13-

  

Exhibit D

Transferred Vendors

All vendors of (and vendor agreements with) the Business as of December 31, 2009, will be transferred from Seller to Buyer as described in Section 1.03 of the Agreement..

Such vendor agreements include:

Aweber Communications: Email marketing software used for Iradio Newsletters. Billing, admin contact, and login access have been turned over to Buyer. http://www.aweber.com/

Godaddy.com – World Talk Radio’s Godaddy account has been signed over to Buyer. Billing, admin contact, and login access have been turned over to Buyer.

See Schedule D-1 (“Account Assignments”) which contains a list of accounts/vendor agreements to be assigned (or already assigned) from Seller to Buyer.

 

 

 

 

 

 

 

 

 

  

-14-

  

Exhibit E

Transferred Employees

	
Employee

	
Title

	
Audrey Gubik

	
Executive Producer

	
Brandy Jackson

	
Corporat Trainer/Network Director

	
Chad Wagner

	
Engingeer

	
David Dimmick

	
iRadio Quality Control

	
Frank Interdonato

	
Executive Producer

	
Jeffrey Gerstl

	
Host Services Director

	
Jeffrey Spenard

	
President of iRadio

	
Jon Cabrera

	
Executive Producer

	
Jon Missall

	
Executive Producer

	
Jose Lagarda

	
Executive Producer

	
Justin Jackman

	
Radio Board Operator

	
Karen Dana

	
Executive Producer

	
Mark Pace

	
Executive Producer

	
Melissa Schmitz

	
Network Director and Senior EP

	
Melissa Smith

	
Executive Assistant to President

	
Michael Mitchell

	
AM Radio Board Operator

	
Randall Libero

	
Executive Producer

	
Ray Ellis

	
Network Director - Sports

	
Ronald Jackman

	
Host Services/AV Production

	
Ruben Colombe

	
iRadio Program Director

	
Ryan Treasure

	
A/V Production Operation  Manager

	
Scott Duffy

	
Executive Producer

	
Scott Halvorsen

	
Research Assistant

	
Stephan Jacob

	
Executive Producer

	
Tacy Trump

	
Senior Executive Producer

	
Tony Tomko

	
Executive Producer

	
William Lowe

	
Video Operations

	  	  
	  	  
	  	  

 

  

-15-

  

Exhibit F

Transferred Liabilities

(1)           All liabilities under the agreements listed in Exhibits B, C and D above.

(2)           Lease obligations for 1900 W. University Drive, Suite 231, Tempe AZ 85281, including lease payment obligations of approximately $11,299.00 per month for the duration of the lease term) for the period commencing on the LOI Date.  The Lease Agreement between Modavox, Inc. and MSC Tempe, LLC will be assigned from Seller to Buyer with the effective date of such assignment being the Effective Date, per Buyer’s duties under Section 1.03 of this Agreement.  See Schedule F-1 herewith (“Regents Lease Schedule”), which includes a list of lease payment obligations to be assumed by Buyer as of the Effective Date. The Parties agree that (a) Seller paid Buyer’s rent pursuant to the Lease Agreement attributable to January, 2010, and Buyer agrees to re-pay Seller for such January rent, which re-payment will be made with the Revenue Share payment for January, 2010, as described in Section 1.04(b) of the Agreeemnt; and (b) Buyer will make all monthly rent payments under the Lease Agreement until the Lease Agreement is assigned to Seller.

(3)           Phone lease obligation with NEC Financial Services, LLC

(4)           See Schedule F-2 herewith (“AP Aging 12-30-2009”), which Schedule includes a list of liabilities to be assumed by Buyer as of the Effective Date, which liabilities will no longer be liabilities of Seller.

  

-16-

  

Exhibit G

Transition Assistance

Seller has/will assist Buyer with the assumption of certain business operations by providing the following the Transition Assistance:

	
  

	
·

	
Set up of Hostway Account for Buyer. Account to host primary domain, and email.

	
  

	
·

	
Set up of Voiceamerica.com domain

	
  

	
·

	
DNS setup for voiceamerica.com. Includes various subdomains used by Radiopilot Platform

	
  

	
·

	
Server migration of two Windows servers

	
  

	
·

	
Transfer of domains:

	
  

	
1.

	
bigmediausa.com

	
  

	
2.

	
gateway2media.com

	
  

	
3.

	
ideocast.com

	
  

	
4.

	
radiopilot.net

	
  

	
5.

	
talkzone.com

	
  

	
·

	
Transfer of iRadio Blog to Radiopilot Server

	
  

	
·

	
Installation of SQL server on Radiopilot Application Server

	
  

	
·

	
Support on integrating player and Live Stream with new CDN (ongoing)

	
  

	
·

	
Personnel training on Radiopilot Platform administration

	
  

	
·

	
Seller agrees to leave one Windows server active until January 15, 2010, to assist Buyer with client transition (archives server)

	
  

	
·

	
Updating and migrating of download script which is used with the MP3 download functionality of Radiopilot Platform

  

-17-ex10-4.htm

Exhibit 10.4

 

 

 

 

 

 

Dedicated Team Agreement

 

Modavox, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared for: Modavox, Inc.

 

Prepared by: Vineet Kothari, Digital Avenues Limited

 

Date: May 07, 2009

 

 

  

  

  

 

The Schedule

 

	  	  
	
Suppliers Name

	
Digital Avenues Limited (Digital Avenues)

	
Suppliers Address

	
133A Southern Avenue

Kolkata 700 029

West Bengal, India

	
Clients Name

	
Modavox, Inc.

	
Clients Address

	
1900 W. University Drive, Suite 231

Tempe, AZ 85281

	
Commencement Date

	
May 15, 2009

	
Expiry Date

	
May 14, 2010

	
Client Contact (Account Manager)

	
Sean Bradley

	
Supplier Contact (Account Manager)

	
Vineet Kothari

	
Team Size

	
8

	
Fees

	
US$ 21,000 per month (US Dollars Twenty One Thousand per month)

 

Resource Requirements

 

	
Role

	
Nos.

	
Team Member

	
Team Lead (Augme)

	
0.5

	
Biswajit Mukhopadhyay

	
Team Lead (Product Development)

	
0.5

	
Suvendu Banik

	
Sr. PHP Developer (Augme)

	
1.0

	
Subrata Mukherjee

	
Sr. PHP Developer (Augme)

	
1.0

	
Souvik Ghosh

	
Sr. ASP.Net Lead

	
1.0

	
Anshuman Roy

	
Sr. ASP.Net Developer

	
1.0

	
TBD

	
Sr. ASP.Net Developer / Flash

	
1.0

	
TBD

	
Tester

	
1.0

	
TBD

	
Creative / Design Skills

	
1.0

	
Multiple team members with the following skills:

·Logos

·Flash Design

·Website Designing

·Print

·Illustrations and 3D

·Presentation

 

	
TOTAL

	
8.0

	  

 

  

  

  

Terms and Conditions

 

General Terms

 

	
·

	
A team member may be replaced on account of the client asking for a change or the team member leaving the company or moving into a different role within the company.  If a team member has to be replaced, then Digital Avenues will in good faith replace the resource/skill set with equal or better qualifications at its own cost.

 

	
·

	
Digital Avenues will be responsible for providing Hardware and Software for the resources unless otherwise agreed in writing.

 

	
·

	
Digital Avenues will be responsible for training any additional resources.

 

	
·

	
The resources provided by Digital Avenues will be required to represent Modavox, Inc. in their communications with any Clients of Modavox and in doing so will use a Modavox email address if provided.

 

	
·

	
Access to electronic timesheet reports will be available to the client.

 

	
·

	
The skills of the team members in various roles will be as defined in Appendix A of this contract.

 

Calculation of Billable Time

 

	
·

	
Each team member will work 150 hours per month on average during the length of the contract

 

	
·

	
If a team member works for lesser hours than required in a given month on account of idle time due to insufficient work load, then the client will be billed for those hours

 

	
·

	
If a team member works for lesser hours than required in a given month on account of excess leaves / absenteeism or any other reason for which the client is not responsible, the differential will be made up in subsequent periods or adjusted against the final invoicing of the contract period.

 

Engagement Period

 

	
·

	
The engagement will begin on May 15, 2009 for a period of 1 year  (if not terminated sooner as described below) and the contract will be auto-renewed for an additional year thereafter, unless Modavox provides written notice of it’s intent not to renew prior to the expiration of the Engagement Period.

 

 

Cancellation Policy

 

	
·

	
In addition to the parties’ rights under Section 8 of the Agreement, the engagement may be cancelled by Modavox for convenience upon 3 months’ notice or upon 1 month’s notice  with an additional one month fee (which means that from the date the cancellation notice is issued, the team would be engaged for 1 month but the amount due would be for that month and an additional month).

 

 

Trial Period

 

	
·

	
The first 3 months of the contract (until Aug 15, 2009) will be a trial period with an allowed variance of 10% in terms of hours spent.  Hence if 1280 hours (160 hours x 8 resources) is the base for the 8 member team, then the team will work for a max of 1280 plus10% (128 hours) without additional billing.  Beyond that, additional billing at $20/hour would be applied.  Similarly, if the hours used is less than 1280 minus10% (128 hours), DA will still invoice MDVX for 1280 minus128 hours.

 

  

  

  

	
·

	
Beyond the trial period, the billing will be fixed at $21,000 per month for a team of 8 resources as outlined above.

 

	
·

	
If additional effort/resources are required, then a billing rate of US$20/hour will be applied.  All such overages and associated charges will have to be pre-approved in writing by the Client Contact / Account Manager.

 

	
·

	
After the 3 month testing period, client will re-assess the resource allotment and adjust as needed.  Digital Avenues will apply the excess credit to the first full month.

 

Payment Terms

 

	
·

	
Payments will be made to Digital Avenues Limited via International Wire Transfer against invoices raised by Digital Avenues on the client.

 

	
·

	
Invoices will be raised on the first of a month (or at the beginning of the work period as in the case of May 2009).  Any adjustments that need to be done will be carried forward to the next invoice.

 

	
·

	
Payments will be made by the 3rd of every month following the completed month of services rendered.  Hence for June 2009, invoice will be raised on June 1 and payable on or before July 3, 2009. May 2009 will be an exception where we would raise the invoice on May 15 and expect to be paid by June 3, 2009.

 

Late Payments and Interest

 

	
·

	
Digital Avenues reserves the right to charge interest in over-due invoices at the rate of 8% per annum.  Notwithstanding the foregoing, such interest will not apply if Client contests or requests correction of an invoice before payment is due and the parties work together to resolve the dispute as provided in Section 10.6  of the Agreement.

 

Exceptions

 

	
·

	
For new projects worked on by Digital Avenues for the period commencing May 1, 2009, and ending  May 14th, 2009, those projects will be billable under this Agreement and otherwise subject to the terms of this Agreement, and hours will be tracked and invoiced accordingly.  On May 14th, such hours worked will be calculated, DAL and MDVX will come to an agreement on the total hours and then applicable fees will be added to the  first invoice hereunder to be paid June 3, 2009 .

 

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

 

  

  

  

 

	
For and on behalf of

Digital Avenues Limited

133A Southern Avenue

Kolkata 700 029, West Bengal

India

 

	
For and on behalf of

Modavox, Inc.

1900 W. University Drive, Suite 231

Tempe, AZ 85281

USA

	
Vineet Kothari

	
Mark Severini

	
Chief Executive Officer

	
Chief Executive Officer

	  	  
	
Signed: ___________________________

	
Signed: ___________________________

	  	  
	
Dated: ___________________________

	
Dated: ___________________________

	  	  

 

TERMS AND CONDITIONS

 

1.           Definitions

1.1           In this agreement:

“Agreement” means the agreement between the Client and the Supplier constituted by these Terms and Conditions and the Schedule;

“Client” means the person, firm or company requiring the Service Provider’s services which for the purpose of this contract will be “Modavox, Inc.” or “MDVX”;

“Commencement Date” means the date on which this Agreement is to commence as specified in the ‘Schedule’;

“Confidential Information” means all designs, drawings, data, specifications, processes, procedures, Intellectual Property, trade secrets, reports, records, including details of customers, suppliers and similar databases and all other technical, financial, business or other information relating to the Services and/or to MDVX and/or to DAL and obtained or created by the Supplier at any time, whether or not such information is reduced to a tangible form or expressly stated to be ‘confidential’;

"Event of Force Majeure" any cause or causes beyond either party's reasonable control including, but not limited to, acts of God, terrorism, war, fire, flood, earthquake, explosion, strike or civil commotion;

“Fees” means the fees for the provision of the Services by the Supplier to the Client as detailed in the Schedule or otherwise mutually agreed;

"Intellectual Property" means any and all patents, trade marks, service marks, registered designs, utility models, design rights, copyrights (including but not limited to copyright in computer software), database rights, inventions, technical information, know-how, business or trade names, goodwill and all other intellectual property and rights of a similar or corresponding nature in any part of the world, whether registered, registrable or not or capable of registration or not and including all applications and the right to apply for any of the foregoing rights;

  

  

  

"Mutually Agreed" means mutually agreed in writing between the authorized representatives of the Client and the Supplier at any time after the date of this Agreement;

“Nominated Staff” means that employee of the Supplier who has been specifically identified to provide Services to the Client, either individually or as a part of the group;

“Payment Terms” means the terms agreed for the payment;

“Pre-existing work” means any code / snippet / system, whether or not developed / modified by the Supplier, not in connection with this Agreement, to which the Supplier may have royalty free access;

“Schedule” means the schedule forming part of this Agreement;

“Service Provider” or “Supplier” means the person, firm or company providing the services which for the purpose of this contract will be “Digital Avenues Limited” or “DAL”;

“Services” mean the Services which the Supplier has agreed to supply to the Client as set out in the Schedule;

"Special Conditions" means the provisions (if any) specified as such in the Schedule;

“Term” means the Engagement Period as described in the Schedule.

1.2              The headings in this Agreement are inserted only for convenience and shall not affect its construction.

1.3              Reference to a person shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) or one or more of the foregoing.

 

1.4              References to the singular include the plural and references to the masculine include the feminine and vice versa.

2.           These Terms

2.1              These Terms and Conditions form part of the Agreement. Where these Terms and Conditions are inconsistent with any terms set out in the Schedule the latter shall apply to the extent of such inconsistency.

2.2              No variation or amendment to these Terms and Conditions shall be valid unless Mutually Agreed to in writing by the Client and the Supplier.

  

  

  

3.           The Services - General Obligations

3.1             The Supplier shall provide the Services in accordance with the timetable or other targets for progress as set out in the Schedule or otherwise Mutually Agreed.

3.2             The Supplier will perform and undertake the Services in accordance with the terms set out in the Schedule using the highest standards of workmanship and exercising all proper care and skill. The Supplier will act at all times in the best interests of the Client and their Clients. To the extent that the Supplier acts in breach of these obligations, the Client may require the Supplier to correct any defects arising from poor workmanship and Client will not be billed for such work.

 

3.3             The Supplier shall provide the Services at such locations as shall be nominated by the Client from time to time and shall ensure that the Supplier's employees, agents or subcontractors, whilst providing the Services at such locations, comply with such health and safety and other procedures and policies as may be notified to them from time to time by the Client. The Client will be required to reimburse the Supplier for all reasonable travel expenses incurred by the Supplier where it is necessary for the Supplier to provide the services at an alternative location than agreed to.

 

3.4             The Supplier shall be deemed to have satisfied itself as regards the nature and extent of the Services, the supply of and conditions affecting labour and the equipment necessary for the performance of the Services, and shall provide and maintain an organisation having the necessary facilities and resources to undertake the Services.

 

3.5             The Supplier shall:

 

3.5.1           without prejudice to the generality of Clause 3.4 above provide, at all times, the number of staff required to fulfil its obligations under the Agreement and shall ensure that all such staff have appropriate qualifications, experience and competence and are in all respects acceptable to the Client;

3.5.2           take all reasonable steps, as far as possible, to avoid changes of staff assigned to and accepted for the work under the Agreement;

3.5.3           give at least two week’s written notice of proposals to change Nominated Staff.

 

3.6              Unless otherwise stated in the Schedule or Mutually Agreed, the Supplier shall supply at its own cost any equipment or other items required in the course of providing the Services. Insofar as the Client does provide the Supplier from time to time in connection with the Services with any property (of whatever kind, whether equipment, software, paper materials or any other items) which is owned or rented by or licensed to the Client:

3.6.1           the Supplier shall only use such property for the purposes of providing the Services and in accordance with any instructions for use and/or any hire or licence terms made known to the Supplier by the Client;

3.6.2           such property shall remain the property of the Client (as between the Client and the Supplier) and the Supplier shall not sell, assign, mortgage, hire or part with possession of that property or otherwise do or permit or cause to be done anything which might prejudicially affect the Client's rights to such property;

 

  

  

  

3.6.3           the Supplier shall keep such property safe and secure and, if requested to do so by the Client at any time, return it immediately to the Client.

 

3.7             The Client may from time to time designate a "Contract Manager" to be responsible for liaising with and overseeing the work carried out by the Supplier under the Agreement, in which case:

3.7.1           the Contract Manager shall be the Supplier's first point of contact with the Client on all issues connected with the Services;

3.7.2           the Supplier shall ensure that the Contract Manager is advised of all meetings between the Supplier and the Client in connection with the Services.

 

3.8             The Supplier shall be responsible for monitoring its performance of the Agreement (including the performance of any sub-Suppliers) and shall notify the Client immediately and provide full particulars if there is any risk that any requirements of the Agreement may not be met.

3.9             Where progress reports are required by the Client under the Agreement, the Supplier shall render those reports at such time and in such form as may be specified by the Client from time to time.

 

3.10           The Supplier shall keep detailed records of all things done by it in relation to the provision of the Services (including, but not limited to, proper accounts, records and vouchers for all expenditure referable to the Services) and shall:

 

3.10.1         provide such explanations as the Client or its agents or auditors may request in connection with such records;

3.10.2         keep all such records available for at least one year following termination of the Agreement.

 

3.11           The Supplier shall permit representatives of the Client to inspect and examine the provision of the Services by the Supplier.

3.12           The Supplier shall conform in every material respect to its equal opportunities and valuing diversity policies and shall not, in any dealings with its own employees or prospective employees or with any other person in connection with this Agreement, discriminate on the grounds of age, disability, sex, sexual orientation, color, race, ethnic or national origin or religion.

 

3.13           The Supplier shall not solicit or accept any gratuity, tip, reward, collection or other form of money taking, or make any charge for any part of the Services, save for the Fees payable by the Client and any other sums expressly approved by the Client in writing.

 

3.14           The Supplier warrants and represents to the Client that it is an independent Supplier and as such shall be responsible for making appropriate deductions for tax from the remuneration it pays its staff as well as for providing for contribution towards retirement benefits for them.

 

  

  

  

3.15           Nothing in the Agreement shall be construed as creating a partnership or a relationship of employer and employee or principal and agent between the Client and the Supplier.

 

3.16           The Supplier shall have no authority to incur any expenditure or enter into any contracts in the name of the Client.

3.17           Both parties (the Supplier and the Client) undertake to the other (the Client and the Supplier respectively) that they will not during the term of the contract nor during the period 12 months immediately following the date of termination of the contract, either on their own account, or on behalf of any other person, firm, company or other organization, directly or indirectly solicit or induce or endeavor to solicit or induce any person who on the Termination Date was a developer, manager, director or consultant of either party with whom they had dealings during the currency of this Agreement, to cease working for the other party, whether or not such person would commit any breach of contract by reason of leaving such other party.

3.18           The Supplier also undertakes not to entice away from the Client or solicit the customer or business of, any person, firm, company or other organization who at any time during the 6 months preceding the Termination Date have been a customer of, or in negotiations with, the Client in respect of Restricted Business and with whom the Supplier has had personal dealings during its employment or with whom any employee who was under its direct or indirect supervision had personal dealings during the course of the Agreement.

4.           The Services

4.1             The Supplier will only be paid for the Services actually undertaken or performed in accordance with the Schedule. The Client is only obliged to pay for days worked in accordance with the Schedule. There is no obligation to make any payment, for days when the Supplier is not providing the Services. The Client will not pay the Supplier in relation to any periods where the assigned resources are ill or otherwise incapacitated nor for holidays which the assigned resource may choose to take. The Supplier reserves the right to substitute a resource in the event that the current resource is ill, incapacitated or on leave so long as the replacement is of equivalent skill / experience and it does not affect the current work or scheduled deadlines. The Supplier also reserves the right to have resources work on ‘off-days’ in lieu of holidays or in lieu of days when the assigned resources were ill or otherwise incapacitated.

5.           Fees and Payment

5.1             The Supplier will be paid the Fees for the Services provided as set out in the Schedule.

5.2             Save where specifically included in the Schedule, the Client shall have no obligation to pay or reimburse any costs or expenses incurred in performing the Services. To the extent that the Client is obliged to pay or reimburse the Supplier for any such expenses the details will be set out in the Schedule. As a condition of making any such reimbursement, the Client will be entitled to receive receipts or other documentary evidence that such costs or expenses have been properly incurred.

 

  

  

  

5.3             All fees or other sums agreed between the Supplier and the Client are (unless otherwise stated in the Schedule) exclusive of any taxes payable. (Taxes, if applicable, shall be paid to the Supplier by the Client, subject to the receipt of a proper tax invoice).

 

5.4             The Supplier shall be paid the Fees as set out in the Schedule in full, net off any withholdings.

 

5.5             Both parties will each use their respective reasonable endeavours to resolve a dispute arising in relation to any statement or invoice submitted as soon as possible after submission thereof.

 

6.           Security and Data Protection

6.1             All Client or Client-provided data (“Data”) shall belong (as between the Client and the Supplier) to the Client.

6.2             The Supplier shall only use Data in connection with the provision of the Services and shall comply at all times with any directions or guidelines given or issued by the Client from time to time in relation to the processing of Data.

6.3             Without prejudice to the generality of the foregoing parts of this Clause 6:

6.3.1           the Supplier shall take appropriate technical and organizational measures against unauthorized or unlawful disclosure of Data and against accidental loss or destruction of, or damage to, Data;

 

6.3.2           The Supplier shall adhere to the Clients security policy and the Client shall ensure that the Supplier is made aware of the security policy;

 

6.3.3           the Supplier shall permit the Client to carry out spot checks on a pre-arranged basis and, on request, the Supplier shall provide such information as the Client may reasonably request to confirm that the Supplier is acting in compliance with its obligations under this Agreement with respect to the protection of Data.

 

7.           Intellectual Property

7.1             For all Intellectual Property conceived or made by the Supplier in the course of providing the Services including but not limited to the entire copyright whether vested contingent or future and all other Intellectual Property rights of whatever nature in and to any material whether now known or in the future created shall, subject to all outstanding payments for invoices raised by the Supplier for Services rendered as per the Schedule being made to the Supplier, belong to the Client, and the Supplier with full title guarantee hereby irrevocably assigns and agrees to assign all its interest in such Intellectual Property to the Client.  Supplier agrees to sign, execute and acknowledge or cause to be signed, executed or acknowledged without cost, but at the expense of Client, any and all documents and to perform such acts as may be necessary, useful or convenient for the purpose of perfecting the foregoing assignment and obtaining, enforcing and defending intellectual property rights in any and all countries with respect to the Intellectual Property assigned herein.  It is understood and agreed that Client or Client’s designee shall have the sole right, but not the obligation, to prepare, file, prosecute and maintain patent applications and patents worldwide with respect to such Intellectual Property.

  

  

  

7.2              For Pre-existing work owned by the Supplier and which has been used for the purpose of delivery to the Client, the Supplier shall grant world-wide, royalty-free right to the Client to be used only for the purposes for which it was delivered to them.

7.3.            The Supplier warrants and represents that:

 

7.3.1           deliverables shall comprise of Supplier's original work and may include royalty-free publicly available code / snippets or pre-existing code owned by the Supplier  and that use of the deliverables and exercise by the Client of the rights assigned to it by Clause 7.1 above will not infringe the rights (including Intellectual Property rights) of any third party;

7.3.2           it will be the exclusive legal and beneficial owner of the entire right title and interest in and to any Intellectual Property conceived, originated or made by the Supplier during the course of the provision of the Services and that the Supplier will be free to assign such Intellectual Property to the Client pursuant hereto without any third party claims liens charges or encumbrances of any kind and that the Supplier is free of any duties or obligations to third parties which may conflict with the terms of this Agreement;

7.3.3           the deliverables will not contain anything that is libelous, defamatory or indecent or which would otherwise infringe the statutory or common law rights of any third parties;

 

7.3.4           the Supplier will not do anything that may threaten or endanger any Intellectual Property subsisting in the Materials or otherwise owned by the Client.

 

7.5             The Supplier will take all reasonable steps to ensure that any documents or other materials and data or other information which are supplied to them by the Client or the Client's Client (whether in connection with the Agreement of otherwise) remain confidential to the person, firm or company supplying the same. Such information documents or other materials and data will not be made available to any third parties.

 

7.6             The Client will take all reasonable steps to ensure that any documents or other materials and data or other information which are supplied to them by the Supplier or the Supplier's Client (whether in connection with the Agreement of otherwise) remain confidential to the person, firm or company supplying the same. Such information documents or other materials and data will not be made available to any third parties.

 

7.7             This obligation of confidentiality will remain in force beyond the cessation or other termination of this Agreement.

 

7.8             The Supplier agrees to ensure that any information which is received from either the Client or their Clients in connection with the Agreement will only be used for the purposes of carrying out the Services.

  

  

  

7.9             The Supplier will not at any time make any copy, abstract, summary or précis of any document or other material belonging to a Client except when required to do so in the course of providing the Services (or for routine back-up purposes) in which event any such item shall belong to the Client absolutely and shall be left with or delivered up to the Client during the course of or at the end of the Term.

 

7.10           The provisions of Clauses 7.7 to Clause 7.9 shall not apply to any Confidential Information to the extent that it:

 

7.10.1         is or becomes publicly available otherwise than by breach by the Supplier of this Agreement or any other obligation of confidentiality;

7.10.2         is required to be disclosed by law to a proper authority, provided that the Client is given prior notification of the intended disclosure.

8.           Duration and Termination of the Agreement

8.1             The Agreement shall begin on the Commencement Date set out in the Schedule and (except where detailed in these Terms and Conditions) shall remain in force until the expiry of the Term (without any need for either party to give to the other any prior notice of such expiry).

8.2             Either the Client or the Supplier may terminate the Agreement by giving to the other the requisite period of notice set out in the Schedule.

8.3             Either party may terminate the Agreement by notice if the other party materially breaches this Agreement, goes into liquidation, or (in the case of an individual or firm) becomes bankrupt, makes voluntary arrangement with his or its creditors or has a receiver or administrator appointed.

8.4             Upon termination of this Agreement, or upon Client’s earlier requests upon satisfaction of Section 5 of this Agreement, Supplier will deliver to Client all property relating to, and all tangible embodiments of, the Intellectual Property assigned herein in Supplier’s possession or control.

 

9.           Warranty

9.1             The Supplier warrants to the Client as follows:

9.1.1           that all information provided to the Client (whether in relation to previous projects undertaken and/or the qualifications, skills and experiences) is true and accurate in all respects; and

9.1.2           the Supplier is not subject to any restrictions which may otherwise prevent it from undertaking or performing the Services for the Client or their client/s.

9.1.3           there is no action, suit, proceeding or material claim or investigation pending or threatened against Supplier in any court, or by or before any governmental department, commission or instrumentality, foreign or domestic, or before an arbitrator of any kind, which if adversely determined, might adversely affect the Deliverables or Intellectual Property assigned hereunder, or restrict Supplier’s ability to consummate this Agreement.

  

  

  

10.           General

10.1           These Terms and Conditions together with the terms set out in the Schedule represent the entire agreement between the parties relating to the provision of the Services by the Supplier and supersede any previous representations or agreements whether in writing or otherwise.

10.2           The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with other provisions of this Agreement.

 

10.3           The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof.

 

10.4           Either party’s liability, including attorney’s fee, on the said Agreement is not to exceed higher of the value received under this Agreement or US$ 100,000; provided that such limitation will not apply with respect to any liability caused by a party’s gross negligence or material breach of this Agreement.

10.5           The parties agree that the Agreement will be governed by and construed according to the laws of the Republic of India.

 

10.6           Any controversy or claim arising out of or relating to the Agreement, or the breach thereof, shall be the subject of resolution efforts by the Chief Executive Officers / Managing Partners and General Counsels of each Party for at least 30 days prior to any action being commenced. Any unresolved disputes shall be settled exclusively by arbitration. Such arbitration shall be conducted before a single arbitrator in accordance with the provisions of ‘The Arbitration and Conciliation Act, 1996’ (India) then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction, and the parties irrevocably consent to the jurisdiction of the honourable courts of Kolkata for that purpose. All decisions of the arbitrator shall be final and binding on the Parties. Each Party shall bear its own legal fees in any dispute. The arbitrator may grant injunctive or other relief.

 

10.7           This Agreement, along with the Schedule hereto contains the entire Agreement between the parties hereto with respect to the matters specified herein. This Agreement shall not be amended except by a written amendment executed by the parties hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorised officers as of the date first above written.

	
For and on behalf of

Digital Avenues Limited

133A Southern Avenue

Kolkata 700 029, West Bengal

India

 

	
For and on behalf of

Modavox, Inc.

1900 W. University Drive, Suite 231

Tempe, AZ 85281

USA

	
Vineet Kothari

	
Mark Severini

	
Chief Executive Officer

	
Chief Executive Officer

	  	  
	
Signed: ___________________________

	
Signed: ___________________________

	  	  
	
Dated: ___________________________

	
Dated: ___________________________

	  	  

 

  

  

  

Appendix A

 

Biswajit Mukhopadhyay (Team Lead – Augme)

 

	
·

	
Total Experience: 10+ years (5.5 years with Digital Avenues)

 

	
·

	
Head of Process Engineering Group at Digital Avenues

 

	
·

	
Microsoft Certified Solution Developer

 

	
·

	
Technology Experience: C#, ASP.Net, SQL Server, Oracle 9i

 

	
·

	
Significant Project Experience:

 

	 	
o

	
Asset Tracking through Radio Frequency Identification – handling large amounts of data in real-time scenarios, customizing and generalizing asset tracking rules to make the system respond effectively to a wide range of business policies

 

	
 

	o	
Database Architect for enterprise level Ad-platform

 

Suvendu Banik (Team Lead – MDVX Product Development)

 

	
·

	
Total Experience: 10+ years (5 years with Digital Avenues)

 

	
·

	
Microsoft Certified Solution Developer

 

	
·

	
Technology Experience: C#, ASP.Net, SQL Server, AJAX

 

	
·

	
Significant Project Experience:

 

	 	
o

	

Asset Tracking through Radio Frequency Identification – handling large amounts of data in real-time scenarios, customizing and generalizing asset tracking rules to make the system respond effectively to a wide range of business policies

 

	 	
o

	

Asset Tracking through Radio Frequency Identification – handling large amounts of data in real-time scenarios, customizing and generalizing asset tracking rules to make the system respond effectively to a wide range of business policies

 

 

	
o

	
Office Management System – an enterprise level web-based service application for corporate formation, maintenance and document management. The application is designed for professionals, business owners and individuals who wish to create and maintain a thriving business from inception to exit.

 

  

  

  

Anshuman Roy (Lead Developer)

 

	
·

	
Total Experience: 4.5 years (3.5 years with Digital Avenues)

 

	
·

	
Microsoft Certified Application Developer

 

	
·

	
Technology Experience: C#, ASP.Net, SQL Server, AJAX

 

 

Typical Skillset for Sr. ASP.Net Developer

 

	
Skill

	
Level

	
.NET Framework Concepts

	
Expert

	
ADO.net

	
Expert

	
ASP.net

	
Expert

	
C#

	
Expert

	
SQL

	
Expert

	
AJAX

	
Practiced

	
CSS

	
Practiced

	
XHTML

	
Practiced

	
Javascript

	
Practiced

	
Object Oriented Principles

	
Practiced

	
RDBMS Concepts

	
Practiced

	
Sharepoint Services

	
Practiced

	
Web Services

	
Practiced

	
Windows Services

	
Practiced

	
CMMi model

	
Trained

	
Concepts - SDLC Models

	
Trained

	
DAL QMS

	
Trained

	
UML

	
Trained

	
XML

	
Trained

	
Dundas Controls

	
Novice

 

Typical Skillset for Sr. PHP Developer

 

	
Skill

	
Level

	
PHP

	
Expert

	
CakePHP Framework

	
Expert

	
MySQL

	
Expert

	
AJAX

	
Practiced

	
CSS

	
Practiced

	
XHTML

	
Practiced

	
Javascript

	
Practiced

	
Object Oriented Principles

	
Practiced

	
RDBMS Concepts

	
Practiced

	
Web Services

	
Practiced

	
Windows Services

	
Practiced

	
CMMi model

	
Trained

	
Concepts - SDLC Models

	
Trained

	
DAL QMS

	
Trained

	
UML

	
Trained

	
XML

	
Trained

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]