Amendment No. 1 to Common Stock Repurchase Agreement between C-Motech Co., Ltd and Franklin Wireless Corp.

Contract Categories: Business Finance › Repurchase Agreements
Summary

This amendment updates the Common Stock Repurchase Agreement between C-Motech Co., Ltd and Franklin Wireless Corp., originally dated July 27, 2010. The amendment changes the payment terms, specifying that Franklin will pay $1,626,935.30 to C-Motech by March 31, 2011 for the repurchase of 1,566,672 shares of common stock. Both parties have agreed to and signed this amendment, which is effective as of January 28, 2011.

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EX-10.2 3 franklin_10q-ex1002.htm AMENDMENT 1 TO COMMON STOCK REPURCHASE AGREEMENT franklin_10q-ex1002.htm
EXHIBIT 10.2
  
 
AMENDMENT 1
to
 COMMON STOCK REPURCHASE AGREEMENT

This Amendment 1 (“Amendment”) to the Common Stock Repurchase Agreement (the “Agreement”) is made between C-Motech Co., Ltd (“C-Motech”) and Franklin Wireless Corp. (“Franklin”) and is dated effective January 28, 2011.  C-Motech and Franklin entered into the Agreement on July 27, 2010. The parties desire to modify the Agreement as set forth in this Amendment 1.
 
The parties agree to the following:
 
1.   Section 1 c) of the Agreement shall be amended as follows:
 
c) US$1,626,935.30 (for the repurchase of 1,566,672 shares) to be paid by March 31, 2011.
 
This Amendment 1 is hereby signed by authorized representatives of C-Motech and Franklin.
 
 
FRANKLIN WIRELESS CORP.
   
   
  By:      /s/ OC Kim                                                
  Print Name:     OC Kim                                         
  Title:      President                                                
 
 
 
C-MOTECH CO. LTD.
   
   
  By:       /s/ T.S. Kim                                             
  Print Name:     T.S. Kim                                      
  Title:                CEO