OPTION AGREEMENT
THIS
AGREEMENT is dated as of the 11th
day of
March, 2008 between Cord Xxxxxx and Xxxxx Xxxx (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]
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SELLERS
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By:
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R.
Cord Xxxxxx
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By:
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Xxxxx
Xxxx
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BUYER
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ZAGG,
INC.
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By:
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Its:
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