SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported) November 9, 2012
|(Exact name of registrant as specified in its charter)|
|(State or other jurisdiction of incorporation)
||(Commission File Number)
||(IRS Employer Identification No.)|
|22900 Shaw Road, Suite 111, Sterling, Virginia
|(Address of principal executive offices)
|Registrant's telephone number, including area code
|(Former name or former address, if changed since last report)|
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
|o||Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
|o||Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On November 2, 2012 IceWEB, Inc. entered
into a Loan Agreement with IWEB Growth Fund, LLC, a Virginia limited liability company (“IWEB Growth Fund”) which was
recently established by Messrs. Compton, Bush, Carosi, Pirtle and Stavish and General Soyster, our independent directors. Ms. My
Le Phuong, an employee of our company, serves as manager of the IWEB Growth Fund. Under the terms of the Loan Agreement, IWEB Growth
Fund agreed to make one or more loans to us up to the total principal amount of $1.5 million. The lending of any amounts under
the Loan Agreement is conditioned upon the negotiation of notes and related loan documents which contain terms and conditions that
are acceptable to the lender to be determined at the time of the loans. We agreed to grant IWEB Growth Fund a security interest
in our assets as collateral for these loans, which such security interest is subordinate to the interest of our primary lender
Sand Hill Finance, LLC. In the event we should default under the terms of the Loan Agreement, IWEB Growth Fund is entitled to declare
all amounts advanced under the various notes immediately due and payable. An event of default includes a breach by us of any covenant,
representation or warranty in the Loan Agreement or a default under any note entered into with the lender.
Between November 9, 2012 and November 13,
2012, IWEB Growth Fund lent us an aggregate of $111,000.00 under the terms of 6 separate Confession of Judgment Promissory Notes.
These notes, which are identical in their terms other than the dates and principal amounts, are for a one year term and bear interest
at 12% per annum payable at maturity. Embodied in each of the notes is a confession of judgment which means that should we default
upon the payment of the note, we have agreed to permit IWEB Growth Fund to enter a judgment against us in the appropriate court
in Virginia before filing suit against us for collection of the amounts. Pursuant to the terms of the Loan Agreement, we paid IWEB
Growth Fund’s expenses of $1,500 for the preparation of the Loan Agreement and related documents. We are using the net proceeds
from these initial loans for general working capital.
The foregoing descriptions of the Loan Agreement
and Confession of Judgment Promissory Notes are qualified in their entirety by reference to the agreements which are filed as Exhibits
10.31 and 10.32, respectively, to this report.
Item 7.01 Regulation FD Disclosure.
On November 13, 2012, IceWEB, Inc. issued
a press release announcing the IWEB Growth Fund Loan Agreement as described in Item 1.01 of this report. A copy of this press release
is included as Exhibit 99.1 to this report.
Pursuant to General Instruction B.2 of Form
8-K, the information in this Item 7.01 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise be subject to the liabilities of that section,
nor is it incorporated by reference into any filing of IceWEB, Inc. under the Securities Act of 1933 or the Securities Exchange
Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
||Loan Agreement dated November 2, 2012 by and between IceWEB, Inc. and IWEB Growth Fund, LLC|
||Form of Confession of Judgment Promissory Note|
||Press release dated November 13, 2012|
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: November 13, 2012
||/s/ Robert M. Howe, III|
||Robert M. Howe, III, Chief Executive Officer|