Document:

f8k093010ex10iii_voiceserve.htm

Exhibit 10.3

 

DIRECTOR AGREEMENT

This DIRECTOR AGREEMENT is made as of this 30th day of September, 2010 (the "Agreement"), by and between VOICESERVE, INC., a Delaware corporation (the "Company") and Andrew Millet (the “Director”).

WHEREAS, the Company appointed the Director as a member of the Board of Directors of the Company on September 30, 2010 and desires to enter into an agreement with the Director with respect to such appointment; and

WHEREAS, the Director wishes to accept such appointment and to serve the Company on the terms set forth herein, and in accordance with, the provisions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

1.           Position.  Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed as non-executive member of the Board of Directors (the “Board”) to fill an existing but now vacant directorship and the Director hereby agrees to serve the Company in that position upon the terms and conditions hereinafter set forth, provided, however, that the Director's continued service on the Board after the initial term on the Board shall be subject to any necessary approval by the Company's stockholders.

2.           Duties.  During the Directorship Term (as defined in Section 5 hereof), the Director shall serve as a member of the Board, and the Director shall make reasonable business efforts to attend all Board meetings, serve on appropriate subcommittees as reasonably requested by the Board, make himself available to the Company at mutually convenient times and places, attend external meetings and presentations, as appropriate and convenient, and perform such duties, services and responsibilities and have the authority commensurate to such position.

The Director will use his best efforts to promote the interests of the Company. The Company recognizes that the Director (i) is or may become a full-time executive employee of another entity and that his responsibilities to such entity must have priority and (ii) sits on the Board of Directors of other entities. Notwithstanding same, the Director will use reasonable business efforts to coordinate his respective commitments so as to fulfill his obligations to the Company and, in any event, will fulfill his legal obligations as a director. Other than as set forth above, the Director will not, without the prior notification to the Board, engage in any other business activity which could materially interfere with the performance of his duties, services and responsibilities hereunder or which is in violation of the reasonable policies established from time to time by the Company, provided that the foregoing shall in no way limit his activities on behalf of (i) his current employer and its affiliates or (ii) the Board of Directors of those entities on which he sits. At such time as the Board receives such notification, the Board may require the resignation of the Director if it determines that such business activity does in fact materially interfere with the performance of the Director’s duties, services and responsibilities hereunder.

 

  

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3.           Board Committees.  The Director hereby agrees to serve on or head a to-be-determined Committee of the Board at the Company’s discretion and to perform all of the duties, services and responsibilities necessary thereunder.

4.           Monetary Remuneration.

(a)  Fees and Compensation.  During the Directorship Term the Director shall receive the following compensation and benefits:

	
  

	
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A monthly retainer of $1,000.00;

The Director's status during the Directorship Term shall be that of an independent contractor and not, for any purpose, that of an employee or agent with authority to bind the Company in any respect. All payments and other consideration made or provided to the Director under Section 4 shall be made or provided without withholding or deduction of any kind, and the Director shall assume sole responsibility for discharging, all tax or other obligations associated therewith.

(b) Restricted Stock Award.  For services rendered, the Director shall receive 300,000 shares of the Company’s common stock (the “Initial Award”) upon execution of this Agreement.

The entire 300,000 shares of the Stock Award shall immediately vest and be issued to the Director in the event of: (i) a change in control of the Company resulting from a merger of the Company into or with another entity or person or any sale or transfer of the equity interests of the Company in any such case in which the equity holders of the Company immediately prior to such transaction possess less than 50% of the Company’s or the surviving entity’s issued and outstanding equity interests immediately after such transaction; (ii) the sale by the Company of all or substantially all of its assets; (iii) the Company’s market capitalization (defined as the bid price of the Company’s common stock multiplied by the number of the Company’s common stock shares outstanding) exceeds two times the Company’s market capitalization on the date of this Agreement, e.g., the Company’s market value more than doubles; (iv) the Company’s termination of the Director for any reason other than gross misconduct by the Director; or (v) the death or total incapacitation of the Director.

(c) Expense Reimbursements.  During the Directorship Term, the Company shall reimburse the Director for all reasonable out-of-pocket expenses incurred by the Director in attending any in-person meetings, provided that the Director complies with the generally applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements for allocated expenses (as compared to out-of-pocket expenses of the Director) must be approved in advance by the Company.

 

  

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5.           Directorship Term.  The "Directorship Term", as used in this Agreement, shall mean the period commencing on the date hereof and terminating on the earliest of the following to occur:

(a)  one (1) year from the date hereof, subject to a one (1) year renewal term upon re-election by a majority of the shareholders of the Company;

(b) the death of the Director ("Death");

(c) the termination of the Director from the position of member of the Board by the mutual agreement of the Company and the Director;

(d) the removal of the Director from the Board by the shareholders of the Company;

(e) the resignation by the Director from the Board if after the date hereof, the Chief Executive Officer of his current employer determines that the Director's continued service on the Board conflicts with his fiduciary obligations to his current employer (a "Fiduciary Resignation"); and

(f) the resignation by the Director from the Board if the board of directors or the Chief Executive Officer of his current employer requires the Director to resign and such resignation is not a Fiduciary Resignation.

6.           Director's Representation and Acknowledgment.  The Director represents to the Company that his execution and performance of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any person or entity, including without limitation, any prior employer. The Director hereby acknowledges and agrees that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with regard to this Agreement.

7.           Director Covenants.

(a)  Unauthorized Disclosure.  The Director agrees and understands that in the Director's position with the Company, the Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including but not limited to technical information, business and marketing plans, strategies, customer information, other information concerning the Company's products, promotions, development, financing, expansion plans, business policies and practices, and other forms of information considered by the Company to be confidential and in the nature of trade secrets. The Director agrees that during the Directorship Term and thereafter, the Director will keep such information confidential and will not disclose such information, either directly or indirectly, to any third person or entity without the prior written consent of the Company; provided, however, that (i) the Director shall have no 

 

  

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such obligation to the extent such information is or becomes publicly known or generally known in the Company's industry other than as a result of the Director's breach of his obligations hereunder and (ii) the Director may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose such information to the extent required by applicable laws or governmental regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term, the Director will promptly return to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data or any other tangible product or document which has been produced by, received by or otherwise submitted to the Director in the course or otherwise as a result of the Director's position with the Company during or prior to the Directorship Term, provided that, the Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company that the materials are necessary to his defense in the litigation, and (ii) the confidentiality of the materials is preserved to the reasonable satisfaction of the Company.

(b)  Non-Solicitation.  During the Directorship Term and for a period of three (3) years thereafter, the Director shall not interfere with the Company's relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Directorship Term, was an employee or customer of the Company or otherwise had a material business relationship with the Company.

(c)  Remedies.  The Director agrees that any breach of the terms of this Section 7 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with the Director, without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the recovery of damages from the Director. The Director acknowledges that the Company would not have entered into this Agreement had the Director not agreed to the provisions of this Section 7.

The provisions of this Section 7 shall survive any termination of the Directorship Term, and the existence of any claim or cause of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements of this Section 7.

8.           Indemnification.  The Company agrees to indemnify the Director for his activities as a director of the Company to the fullest extent permitted by law, and to cover the Director under any directors and officers liability insurance obtained by the Company. Further, the Company and the Director agree to enter into an indemnification agreement substantially in the form of agreement entered into by the Company and its other Board members.

 

  

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9.           Non-Waiver of Rights.  The failure to enforce at any time the provisions of this Agreement or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the right of either party to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

10.         Notices.  Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered or certified mail, postage prepaid, return receipt requested; to:

If to the Company:

Voiceserve, Inc.

Grosvenor House

1 High Street

Edgware, Middlesex HA8, 7TA

with a copy to:

 

 

Anslow & Jaclin, LLP

195 Route 9 South, Suite 204

Manalapan, NJ 07726

If to the Director:

Andrew Millet

Frithcote, Watford Road

Northwood, HA6 3PP

United Kingdom

Either of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant to this Section 10.

11.           Binding Effect/Assignment.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company shall assign all or any portion of this Agreement without the prior written consent of the other party.

12.           Entire Agreement.  This Agreement (together with the other agreements referred to herein) sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as to such subject matter.

 

  

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13.           Severability.  If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

14.           Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any Delaware state or federal court and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.

15.           Legal Fees.  The parties hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a "Dispute"), shall reimburse the prevailing party for reasonable attorney's fees and expenses incurred by the prevailing party in connection with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its fees and expenses incurred in connection with a Dispute, if the Director's position in such Dispute was found by the court, arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith.

16.           Modifications.  Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an instrument in writing duly signed by the party to be charged.

17.           Tense and Headings.  Whenever any words used herein are in the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.

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

[-Remainder of this Page Intentionally Left Blank-]

 

  

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IN WITNESS WHEREOF, the Company has caused this Director Agreement to be executed by authority of its Board of Directors, and the Director has hereunto set his hand, on the day and year first above written.

VOICESERVE, INC.

By:  _____________________________

Name:           Michael Bibelman

Title:           Chief Executive Officer

DIRECTOR

__________________________________

Name:           Andrew Millet

[-Signature Pare to Director Agreement-]

 

7f8k091710ex10i_mobilebit.htm

Exhibit 10.1

 

MOBILEBITS CORPORATION SHARE PURCHASE AGREEMENT

 

WHEREAS THIS AGREEMENT is made and entered into this 17th day of September, 2010, by and between MOBILEBITS CORPORATION, being incorporated pursuant to the laws of the State of Florida, having its principle place of business at 1990 Main Street, Suite 750, Sarasota, Florida 34236 (the "Seller") and Global Commodities LTD, a limited corporation  having its principle place of business at 50 Athol Street, Douglas, Isle of Man 1M1 1JB (the "Purchaser");

 

AND WHEREAS, the Seller is, the owner of shares in MobileBits Corporation (the "Company"), a corporation incorporated pursuant to the laws of the State of Florida, USA.

 

AND WHEREAS, the Purchaser (an Accredited Investor as defined in Schedule A) desires to purchase 4,000,000 shares of the company at a price of $0.50 USD per share.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby expressly acknowledged by the parties hereto, in order to consummate the purchase and the sale of the Company's Shares aforementioned, it is hereby agreed by and between the parties as follows:

 

1. PURCHASE AND SALE: Subject to the terms and conditions hereinafter set forth, at the closing of the transaction contemplated hereby ("Closing"), the Purchaser shall purchase from the Seller all of the said Shares in consideration of the purchase price set forth in this Agreement and the Seller shall convey, transfer, and deliver to the Purchaser certificates and/or cause to be electronically registered in the name of the Purchaser irrefutable evidence of ownership of 4,000,000 Shares. Closing shall take place no later than 30 days from the execution of this Agreement.

 

2. AMOUNT AND PAYMENT OF PURCHASE PRICE: The total consideration for these shares shall be $2,000,000 USD payable by check, bank wire, or bank draft (Schedule B) payable to MOBILEBITS CORPORATION at $0.50 per share USD for a total of 4,000,000 shares.

 

(a) Restrictions on Shares.

 

	
i.    

	
The Purchaser upon purchase of the shares will enter into a 1-year pooling agreement.

 

	
ii.  

	
The Seller is the lawful owner/holder of the Shares, free and clear of all security interests, liens, encumbrances, equities and/or other charges.

 

 

  

  

  

 

	
iii.  

	
There are no existing warrants, options, stock purchase agreements, redemption agreements, restrictions of any nature, calls or rights to subscribe of any character relating to the Shares, nor are there any securities of any form or kind convertible into such Shares.

 

	
  iv.   

	
The Shares are not subject to those restrictions imposed pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended, which would prevent a public resale of the Shares by Purchase. The shares may be subject to a registration statement that will be filed bY the Company.

 

3. REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER:

 

The Seller and the Purchaser hereby represent and warrant that there has been no act or omission by the Seller, the Purchaser and/or the Corporation which would give rise to any valid claim against any of the parties hereto for a brokerage commission, finder's fee, or other like payment in connection with the transaction(s) contemplated hereby.

 

4. GENERAL PROVISIONS:

 

	
(a)  

	
Entire Agreement. This Agreement (including the exhibits, schedules and attachments hereto, and any written amendments hereof executed by the parties) constitutes the entire Agreement and supersedes all prior agreements and understanding, oral and written, between the parties hereto with respect to the subject-matter hereof. Schedules are: Schedule B "Wire Instructions for MobileBits Corporation" and Schedule A "Accredited Investor Form".

 

	
(b)  

	
Sections and Other Headings. The section and other headings contained in this Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement.

 

	
 (c) 

	
Governing Law. This agreement and all transactions contemplated hereby, shall be governed by, construed and enforced in accordance with the laws of the State of Florida. In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party's reasonable legal fees and disbursements, court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be otherwise entitled.

 

 

  

  

  

 

 

IN WITNESS WHEREOF, this Agreement has been executed by each of the individual parties hereto on the date first above written.

 

Signed, sealed and delivered in the presence of:

 

MOBILEBITS CORPORATION

 

	 	 	 	 	 	 
	By: 	
/s/ Walter Kostiuk

	 	Date Signed:	
September 20, 2010

	 
	 	
Walter Kostiuk CEO

	 	 	
 

	 

 

	By: 	
Global Comomodities LTD

	 	Date Signed:	
17/09/10

	 
	 	
/s/ Authorized Representative

	 	 	
 

	 
	 	
Name: Authorized Representative

	 	 	
 

	 

 

 

  

  

  

 

Schedule "A"

 

Accredited Investor Form

 

For the purposes of the investments being offered by MobileBits Corporation, the relevant categories of Accredited Investors are:

 

	
1.  

	
Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer or general partner of a general partner of that issuer;

 

	
2.  

	
Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of his/her purchase exceeds $1,000,000;

 

	
3.  

	
Any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

 

 

	
4.  

	
Any trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase of the securities is directed by a person who has such knowledge and experience in financial and business matters that he/she is capable of evaluating the merits and risks of the prospective investment;

 

	
   5.

	
Any organization that was not formed for the purpose of acquiring the securities being sold, with total assets in excess of $5,000,000; and

 

	
6.  

	
Any entity in which all of the equity owners are Accredited investors.

 

 

I, Authorized Representative, hereby certify that I meet one or more of the criteria listed above.

 

Investor:       Global Commodities  LTD                            

Name:

 

 

  

  

  

 

 

 

Schedule "B"

 

Wire instructions

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