SEC Contract Filing

Filing Date: 2016-11-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>s104373_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>USELL.COM, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">171 Madison Avenue, 17<SUP>th</SUP> Floor,
PH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">New York, NY 10016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">212.213.6805</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">July __, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Brian and Scott:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement
documents our understanding regarding your Placement Rights provided under Section 7.4 of that certain Stock Purchase Agreement
among BST Distribution, Inc., each of you and uSell.com, Inc. (the &ldquo;Company&rdquo;) dated October 23, 2015 (&ldquo;SPA&rdquo;).
The Company is implementing a Management Incentive Compensation Plan (the &ldquo;Plan&rdquo;), a copy of which is attached as <U>Schedule
A</U> to this letter agreement. In consideration for each of you waiving your Placement Rights and amending your respective Employment
Agreement dated October 23, 2015 (&ldquo;Employment Agreement&rdquo;) by replacing the Bonus Target (under Section 4(b) with your
respective percentage rights under the Plan, you each will be allocated 30% of the Plan. Except for the waiver of your Placement
Rights and replacement of the Bonus Target with your rights under the Plan, you are not waiving any other rights under the SPA
or your Employment Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon execution of all
parties to this letter agreement and upon approval by the Company&rsquo;s Board of Directors, the SPA and each of your respective
Employment Agreements shall be amended solely to the extent provided in this letter agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you are agreeable
to the foregoing, please sign below.</P>

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

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 <TD STYLE="width: 40%">&nbsp;</TD>
 <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
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 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
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 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nikhil Raman, Chief Executive Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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 <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree:</FONT></TD>
 <TD>&nbsp;</TD>
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 <TD COLSPAN="2">&nbsp;</TD>
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 <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
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 <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian Tepfer</FONT></TD>
 <TD>&nbsp;</TD>
 <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott Tepfer</FONT></TD>
 <TD>&nbsp;</TD></TR>
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 <TD COLSPAN="2">&nbsp;</TD>
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 <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BST Distribution, Inc.</FONT></TD>
 <TD>&nbsp;</TD>
 <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We Sell Cellular, LLC</FONT></TD>
 <TD>&nbsp;</TD></TR>
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 <TD STYLE="width: 30%">&nbsp;</TD>
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 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
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