Notice of Termination of Desktop and Mobile Advertising Agreements between MeetMe and Beanstock Media, Inc.
This letter from MeetMe notifies Beanstock Media, Inc. that both their Desktop Media Publisher Agreement (dated September 23, 2013) and their Mobile Advertising Agreement (dated December 23, 2014, as amended) are terminated effective immediately. MeetMe will issue final invoices for both agreements, with the Mobile Agreement invoice including $4,000,000 in liquidated damages. The termination of the Mobile Agreement is for cause, as defined in that agreement.
Exhibit 10.1
June 2, 2015
By Email
Jim Waltz
Chief Executive Officer
Beanstock Media, Inc.
530 Howard Street, Suite 210
San Francisco, CA 94105
Re: Notice of Termination
Dear Jim:
Effective immediately, we hereby terminate our Desktop Agreement and our Mobile Advertising Agreement as follows:
| 1. | Desktop Agreement. Effective immediately, we hereby terminate our Media Publisher Agreement dated as of September 23, 2013 (the “Desktop Agreement”). We will send a final invoice with respect to the Desktop Agreement separately in accordance with its terms. |
| 2. | Mobile Agreement. Effective immediately, we hereby terminate our Advertising Agreement dated as of December 23, 2014 (as amended, the “Mobile Agreement”) for “Cause” (as defined in the “Term and Termination” section thereof). We will send a final invoice with respect to the Mobile Agreement separately in accordance with its terms, which will include $4,000,000 in “MeetMe Liquidated Damages” as defined in the “Liquidated Damages” section of the Mobile Agreement as amended March 26, 2015. |
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| Sincerely, |
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| /s/ Fred Beckley |
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| Fred Beckley |
cc: Joe Lyons, Omar Akram
