Term Sheet for Asset Acquisition Between Digital Donations Technologies, Inc. and Digital Processing Solutions, Inc.
This non-binding term sheet outlines a proposed transaction where Digital Donations Technologies, Inc. would acquire the logo, trade name, and trademark of Digital Processing Solutions, Inc. In exchange, Digital Processing would receive shares of Digital Donations' common stock. The agreement is subject to negotiation, approval, and execution of definitive documents by both parties, and either party may end negotiations at any time without liability. The closing date and final terms will be determined by mutual agreement.
Exhibit 10.8
TERM SHEET FOR
PROPOSED TRANSACTION
BETWEEN
DIGITAL DONATIONS TECHNOLOGIES, INC.
AND
DIGITAL PROCESSING SOLUTIONS, INC.
Dated: ______________, 2017
Non-Binding
The intent of this document is to describe, for negotiation purposes only, some key terms of the proposed business relationship between Digital Donations Technologies, Inc., a Delaware corporation (“Digital Donations”), and Digital Processing Solutions, Inc., a Texas corporation (“Digital Processing”). This document is not intended to be a binding agreement between Digital Donations and Digital Processing with respect to the subject matter hereof. A binding agreement will not occur unless and until all necessary Digital Donations and Digital Processing approvals have been obtained and the parties have negotiated, approved, executed and delivered the appropriate definitive agreements. Until the execution and delivery of such definitive agreements, each party shall have the absolute right to terminate all negotiations for any reason, without liability therefor.
SUMMARY OF PROPOSED TRANSACTIONS
Parties: | Digital Donations Technologies, Inc. a Delaware corporation. |
Digital Processing Solutions, Inc., a Texas corporation. | |
| Asset Acquisition: | Digital Donations shall acquire the logo, trade name and trade mark of Digital Processing and, in consideration thereof, Digital Processing shall receive ___________ shares of the common stock of Digital Donations. |
| Closing Date: | The Closing of the transactions contemplated herein shall take place on ____________________ or as otherwise determined by the mutual agreement of the parties. |
| Documentation: | The following documents, and such other documents and instruments as may be required, shall be prepared by counsel to Digital Donations, and shall be satisfactory to each party, in form and substance: |
| (1) | Asset Purchase Agreement among Digital Donations and Digital Processing and ancillary documents thereto |
| DIGITAL DONATIONS TECHNOLOGIES, INC., | DIGITAL PROCESSING SOLUTIONS, INC.,
| |
| By: __________________________________ | By: __________________________________ | |
| Keith Orlean, Chief Executive Officer | Keith Orlean, President |
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