Option Agreement between Cord Beatty, Roger Lund, and Zagg, Inc. for Purchase of Brighton Partners, L.L.C. Equity
Summary
This agreement, dated March 11, 2008, is between Cord Beatty and Roger Lund (the Sellers) and Zagg, Inc. (the Buyer). The Sellers grant Zagg, Inc. an option to purchase 10% of the equity in Brighton Partners, L.L.C. for $10. The option can be exercised after repayment of a related promissory note and must be exercised by June 30, 2008, or it will terminate. The Buyer must provide written notice to exercise the option.
EX-10.5 6 v107231_ex10-5.htm
OPTION AGREEMENT
THIS AGREEMENT is dated as of the 11th day of March, 2008 between Cord Beatty and Roger Lund (hereinafter called the “Sellers”) and Zagg, Inc. (hereinafter together called the “Buyer”)
WHEREAS, the Sellers are desirous of granting an option to the Buyer;
WHEREAS, the Sellers are the owners of Brighton Partners, L.L.C.;
WHEREAS, the Buyer is desirous to obtain an option to purchase the Shares as described below from the Sellers;
IN CONSIDERATION of the representations, warranties, covenants and agreements set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
| 1.1 | Option |
The Sellers grant to Buyer an option (the “Option”) to purchase 10% of the equity (including all outstanding member units) of Brighton Partners, L.L.C. (the “Shares”).
| 1.2 | Term and Exercise |
Unless the Option is sooner terminated pursuant to paragraph 1.3 below, at any time after the repayment of the promissory note by and between Buyer and Brighton Partners of even date, Buyer may exercise the Option at any time to purchase the Shares at the price of $10. The Buyer shall, in turn, give Sellers written notice of its intention to exercise the Option.
| 1.3 | Termination |
The Option and all rights hereunder shall immediately terminate on June 30, 2008.
[signature page follows]
| SELLERS | ||
| By: | | |
| R. Cord Beatty | ||
| By: | | |
| Roger Lund | ||
| BUYER | ||
| ZAGG, INC. | ||
| By: | | |
| Its: | | |
2
