Acquisition Agreement between usell.com, Inc. and EcoSquid Acquisition, Inc.
usell.com, Inc. acquired all shares of EcoSquid Acquisition, Inc. by issuing 350,000 shares of Series D preferred stock to EcoSquid's shareholders. The Series D shares have a $10.00 per share liquidation preference, carry no voting rights, and cannot be converted into common stock. Key recipients include Doug Feirstein, Daniel Brauser, Nik Raman, Michael Brauser, and another usell shareholder. The agreement was executed on April 24, 2012.
Exhibit 10.7
On April 24, 2012, usell.com, Inc. acquired 100% of EcoSquid Acquisition, Inc. (“Acquisition Corp”) by issuing 350,000 shares of Series D preferred stock to the Acquisition Corp shareholders including 90,000 shares each to Messrs. Doug Feirstein, Daniel Brauser, and Nik Raman and 25,000 shares each to Mr. Michael Brauser and another usell shareholder. The Series D shares: (i) have a liquidation preference equal to $10.00 per share, (ii) do not have voting rights and (iii) are not convertible into usell common stock.
