SEC Contract Filing

Filing Date: 2018-10-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>s113260_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORBEARANCE AND FIFTH AMENDMENT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Forbearance and
Fifth Amendment Agreement (this &ldquo;<U>Amendment Agreement</U>&rdquo;), effective as of October 5, 2018, by and among uSell.com,
Inc., a Delaware corporation (&ldquo;<U>USELL</U>&rdquo;), BST Distribution, Inc., a New York corporation (&ldquo;<U>BST</U>&rdquo;),
We Sell Cellular LLC, a Delaware limited liability company (&ldquo;<U>WE SELL</U>&rdquo; together with uSell and BST, each a &ldquo;<U>Company</U>&rdquo;
and collectively the &ldquo;<U>Companies</U>&rdquo;), the Purchaser party hereto (the &ldquo;<U>Purchaser</U>&rdquo;) and ___________________,
a Delaware limited liability company, as agent for the Purchaser and the other Purchasers from time to time party to the Note Purchase
Agreement (as hereafter defined) (the &ldquo;<U>Agent</U>&rdquo; and together with such Purchasers, the &ldquo;<U>Creditor Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Companies
and Creditor Parties are parties to a Note Purchase Agreement dated as of January 13, 2017 (as amended from time to time, the &ldquo;<U>Purchase
Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, an Event of
Default (as defined in the Note) occurred on April 1, 2018 and is now existing based on Companies&rsquo; failure to comply with
the &ldquo;Operating Margin&rdquo; covenant set forth in Section 8.23(a) of the Purchase Agreement for the fiscal quarter period
ending March 31, 2018 (the &ldquo;<U>Designated Default</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
the terms of a Forbearance and Third Amendment Agreement dated as of May 4, 2018 by and among Company and Creditor Parties, Creditor
Parties agreed to forbear for a period of time from exercising rights and remedies based on the occurrence of the Designated Default
and amend certain provisions of the Purchase Agreement (the &ldquo;<U>May 4th Forbearance and Amendment Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
the terms of a Forbearance and Fourth Amendment Agreement dated as of July 2, 2018 by and among Company and Creditor Parties, Creditor
Parties agreed to extend the Forbearance Period provided for and as defined in the May 4th Forbearance Agreement and further amend
certain provisions of the Purchase Agreement (the &ldquo;<U>July 2nd Forbearance and Amendment Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Companies
have requested that Creditor Parties (a) extend the Forbearance Period provided for and as defined in the July 2nd Forbearance
and Amendment Agreement and (b) further amend the Purchase Agreement and the Related Agreements on the terms and subject to the
conditions set forth herein, and Creditor Parties are prepared to extend such Forbearance Period and amend the Purchase Agreement,
in each case, on the terms and conditions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the foregoing, and of other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Capitalized
Terms.</U> Capitalized terms not otherwise defined in this Amendment Agreement shall have the meaning ascribed to them in the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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