Document:

Exhibit
10.08

 

June 23, 2003

 

 

 

Dear Richard:

 

I am pleased to present you with an offer letter of
understanding regarding a position at IGN Entertainment, Inc. as Vice
President, Business Development.  In this capacity, you will report to the
CEO.  Your start date is scheduled to be July 10, 2003, or earlier if such
date is mutually agreeable.  Your compensation package is as follows:

 

	
  Base Salary:

  	
  $150,000

  
	
   

  	
   

  
	
  Bonus:

  	
  You will be eligible to
  receive a bonus of up to $10,000 per quarter dependent upon your achievement
  of mutually agreed upon objectives which will be set forth by the CEO within
  30 days of your employment.  This bonus plan will reviewed on at
  least semiannual basis.

  
	
   

  	
   

  
	
  Benefits:

  	
  The Company offers
  benefits including medical, dental and vision coverage for you and your
  eligible dependents. In addition, we will provide life insurance, a short
  term and long-term disability plan, vacation and paid holidays.

  
	
   

  	
   

  

 

On the first day of hire, please bring evidence of
your legal right to work in the U.S.  We are required by federal law
to examine documentation of your employment eligibility within three business
days of your start date.  You will also, on your first day, be asked to
sign an employee proprietary information and inventions agreement as a
condition of employment.

 

Please plan to attend the New Employee Orientation,
which will take place on your first day of employment.  This meeting is
mandatory as important information will be shared and distributed to you.

 

The working relationship between you and the Company
will be that of “at will” employment, meaning either the employee or the
Company can terminate the relationship with or without cause, with or
without notice.

 

The employment terms in this letter supercede any
other agreements or promises made to you by anyone, whether oral or written.

 

This employment offer expires at the end of the day on
July 7, 2003.  By signing below and returning the original copy to the
Human Resources department by the expiration date, you

 

 

Richard Jalichandra

June 23, 2003

Page 2

 

 

acknowledge that you understand and are in agreement
with all the terms and conditions of this agreement.  On behalf of the
entire IGN team, I look forward to you coming aboard.

 

Sincerely,

 

	
  /s/ Mark Jung

  	
   

  	
   

  
	
  Mark Jung

  	
  /s/ Richard
  Jalichandra

  	
   

  
	
  CEO

  	
  Richard
  Jalichandra

  	
   

  
	
  IGN
  Entertainment, Inc.

  	
  6-25-03Exhibit 10.09

 

December 22, 2004

 

 

Mr. Dale W. Strang

 

Dear Dale:

 

The purpose of this letter is to outline the general
terms and conditions of IGN Entertainment Inc.’s (“The Company”) offer of
employment to you.  This offer is
conditioned upon the satisfactory resolution of the Company due diligence and
reference checks. The terms of your employment are subject to the Company’s
then current standard policies and agreements.

 

Position:                   Your
initial position with the Company will be Executive Vice President and General
Manager, Media Division reporting to Mark Jung, CEO.

 

Start Date:               Unless
otherwise agreed, your first day of employment will be on or before December
31, 2004.

 

Salary:                      The
Company will pay you a salary at a twice monthly rate of $12,500.00, subject to
periodic review and adjustment at the discretion of the Company in accordance
with its policies governing salary and compensation for employees with similar
responsibilities to your own.

 

Sign-on Bonus:       You will
receive a one time sign-on bonus in the amount of $50,000 (“Sign-on Bonus”)
payable in the first paycheck after you begin employment with the Company.  Should you voluntarily leave at any time
prior to the first anniversary of your employment start-date, you agree that
you would repay the Company within 30 days of your departure a pro rata share
of the Sign-on Bonus.  For purposes of
illustration, if you were to leave on the six month anniversary of your
start-date, you would repay the Company $25,000.

 

Annual Bonus:        You will be eligible to receive an annual
performance bonus.  The actual bonus will
be subject to the Company’s assessment of your performance.  The bonus will also be subject to your
employment for the full period covered by the bonus, approval by and adjustment
at the discretion of the Company’s Compensation Committee of the Board of
Directors and the terms of any applicable bonus plan.  The Company will review your job performance
on an 

 

 

 

Mr. Dale W. Strang

December 22, 2004

Page 2

 

 

annual basis and will
discuss with you the criteria which the Company will use to assess your
performance for bonus purposes.  The
Company’s Compensation Committee of the Board of Directors may also make
adjustments in the targeted amount of your annual performance bonus.  For 2005, your target bonus award is $125,000
at plan, not to exceed $375,000 in total for above plan performance and,
subject to your being employed at the end of the year.

 

Benefits:                   As
of your first day of employment, you will be eligible to participate in The
Company’s employee benefits and insurance programs.  These programs include vacation, health,
life, disability and dental insurance. 
Details of these benefits programs will be made available to you when
you start.

 

Stock Options:        You will
be eligible to participate in the Company’s stock option program, subject to
approval by the Board of Directors.  We
will recommend to the Board of Directors after you join the Company that you be
granted an option to purchase 150,000 shares of the Company’s common stock at
the stock’s then fair market value, which we expect will be $5.50 per
share.  Your eligibility for stock
options will be governed by the 2003 Stock Option and Grant Plan and any associated
stock option agreement required to be entered into by you and the Company.  In addition, and to summarize, your stock
options will (a) allow you to exercise unvested options and convert them
into restricted stock, (b) vest monthly over four years commencing with the
date of your employment, (c) terminate or forfeit as to any unvested
options or shares in the event you are terminated for any reason, and (d) provide
for accelerated vesting in the event both (1) the Company is sold (with
50% of unvested shares vesting if the Company is sold within one year of your
employment and 100% of unvested shares vesting if the Company is sold after the
first anniversary of your employment), AND (2) you do not terminate your
employment within one year of the sale (not including a termination by you following
a reduction in your responsibilities) OR you are terminated by the acquiring
company for any reason other than for cause (to be narrowly defined).  “Unvested Shares” in this context is defined
as the number of shares that are not vested as of date of termination.

 

Other Terms:          Your employment with the Company shall be
on an at-will basis.  In other words, you
or the Company may terminate employment for any reason and at any time.  Similarly, the terms of employment outlined
in this letter are subject to change at any time.  You will also be required to sign the
Company’s standard Employee Agreement as a condition of your employment.  A copy of that Agreement is enclosed.

 

This offer requires confirmation that your existing
employment agreement does not prohibit employment at The Company as specified.

 

Please confirm your acceptance of this offer by
returning an executed copy of this offer letter to me no later than 5 p.m.
PST on or before December 24, 2004. 
I am excited about the opportunity to work with you and let me know if
you need any further information prior to your start date.

 

Mr. Dale W. Strang

December 22, 2004

Page 3

 

 

Very truly yours,

 

/s/ Mark Jung

 

Mark Jung

President and Chief Executive Officer

 

 

	
  /s/ Dale W. Strang

  	
   

  	
  12/24/04

  	
   

  
	
  Dale W. Strang

  	
   

  	
  DateExhibit
10.11

 

Restricted
Stock Agreement

under
the GHP Acquisition Corp.

2003
Stock Option and Grant Plan

 

	
  Name
  of Grantee:

  	
   

  	
  Mark Jung (the
  “Grantee”)

  
	
   

  	
   

  	
   

  
	
  No. of
  Shares:

  	
   

  	
  101,000 Shares of
  Common Stock

  
	
   

  	
   

  	
   

  
	
  Grant
  Date:

  	
   

  	
  August 28, 2003 (the “Grant
  Date”)

  
	
   

  	
   

  	
   

  
	
  Per
  Share Purchase Price:

  	
   

  	
  $.01 (the “Per Share
  Purchase Price”)

  

 

Pursuant to the GHP
Acquisition Corp. 2003 Stock Option and Grant Plan (the “Plan”), GHP
Acquisition Corp., a Delaware corporation (together with its successors, the “Company”),
hereby grants, sells and issues to the individual named above, who is an
officer, employee, director, consultant or other key person of the Company or
any of the Subsidiaries, the Shares (as defined below) at the Per Share
Purchase Price, which represents the fair market value per share on the Grant
Date, subject to the terms and conditions set forth herein and in the
Plan.  The Grantee agrees to the provisions set forth herein and
acknowledges that each such provision is a material condition of the Company’s
agreement to issue and sell the Shares to him or her.  The Company hereby
acknowledges receipt of $1,010 in full payment for the Shares.  All
references to share prices and amounts herein shall be equitably adjusted to
reflect stock splits, stock dividends, recapitalizations, mergers,
reorganizations and similar changes affecting the capital stock of the Company,
and any shares of capital stock of the Company received on or in respect of
Shares in connection with any such event (including any shares of capital stock
or any right, option or warrant to receive the same or any security convertible
into or exchangeable for any such shares or received upon conversion of any
such shares) shall be subject to this Agreement on the same basis and extent at
the relevant time as the Shares in respect of which they were issued, and shall
be deemed Shares as if and to the same extent they were issued at the date
hereof.

 

1.                                     
Definitions.  For the purposes of this
Agreement, the following terms shall have the following respective
meanings.  All capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Plan.

 

An “Affiliate” of
any Person means a Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with the
first mentioned Person.  A Person shall be deemed to control another
Person if such first Person possesses directly or indirectly the power to direct,
or cause the direction of, the management and policies of the second Person,
whether through the ownership of voting securities, by contract or otherwise.

 

 

“Bankruptcy” shall
mean (i) the filing of a voluntary petition under any bankruptcy or insolvency
law, or a petition for the appointment of a receiver or the making of an
assignment for the benefit of creditors, with respect to the Grantee or any
Permitted Transferee, or (ii) the Grantee or any Permitted Transferee being
subjected involuntarily to such a petition or assignment or to an attachment or
other legal or equitable interest with respect to the Grantee’s or the
Permitted Transferee’s assets, which involuntary petition or assignment or
attachment is not discharged within 60 days after its date, and (iii) the
Grantee or any Permitted Transferee being subject to a transfer of Shares by
operation of law (including by divorce, even if not insolvent), except by
reason of death.

 

“Common Stock”
shall mean the Company’s Common Stock, par value $0.01 per share, together with
any shares into which Common Stock may be converted or exchanged, as provided
above and herein.

 

“Employment Agreement”
shall mean the employment agreement dated as of the date hereof by and between
the Company and the Grantee.

 

“Permitted Transferees”
shall mean any of the following to whom the Grantee may transfer Shares
hereunder (as set forth in Section 4):  the Grantee’s spouse,
children (natural or adopted), stepchildren or a trust for their sole benefit
of which the Grantee is the settlor; provided, however, that any
such trust does not require or permit distribution of any Shares during the
term of this Agreement unless subject to its terms.  Upon the death of the
Grantee (or a Permitted Transferee to whom shares have been transferred
hereunder), the term Permitted Transferees shall also include such deceased
Grantee’s (or such deceased Permitted Transferee’s) estate, executions,
administrations, personal representations, heirs, legatees and distributees, as
the case may be.

 

“Person” shall
mean any individual, corporation, partnership (limited or general), limited
liability company, limited liability partnership, association, trust, joint
venture, unincorporated organization or any similar entity.

 

“Restricted Shares”
shall initially mean 80,000 Shares being purchased by the Grantee on the date
hereof, provided that on each of the dates listed below, the respective
number of Shares indicated below shall become Vested Shares if Grantee remains
an employee on each such date.  Twenty-one Thousand (21,000) Shares shall
be Vested Shares as of the date hereof and not subject to the restrictions of
Restricted Shares.

 

	
  Vesting
  Date

  	
   

  	
  Number
  of Shares Becoming

  Vested

  	
   

  	
  Cumulative

  Number Vested

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  August 28, 2004

  	
   

  	
  20,000

  	
   

  	
  41,000

  
	
  August 28, 2005

  	
   

  	
  20,000

  	
   

  	
  61,000

  
	
  August 28, 2006

  	
   

  	
  20,000

  	
   

  	
  81,000

  
	
  August 28, 2007

  	
   

  	
  20,000

  	
   

  	
  101,000

  

 

2

 

Notwithstanding the foregoing, as of the effective
date of any Sale Event (as defined in the Stockholders Agreement), the
remainder of the Restricted Shares listed above which is then unvested shall
vest and be deemed Vested Shares.

 

“Shares” shall
mean the number of shares of Common Stock being purchased by the Grantee on the
date hereof and any additional shares of Common Stock or other securities
received in respect of the Shares, as a dividend on, or otherwise on account
of, the Shares.

 

“Termination Event”
shall mean the termination of the Grantee’s employment with the Company and its
subsidiaries for any reason whatsoever, except for a termination of Grantee’s
employment with the Company with or without Cause (as defined in the Employment
Agreement) or a Constructive Termination (as defined in the Employment
Agreement).

 

“Vested Shares”
shall mean all Shares which are not Restricted Shares.

 

2.                                     
Purchase and Sale
of Shares; Investment Representations.

 

(a)                                 
Purchase
and Sale.  On the date hereof, the Company hereby sells to the
Grantee, and the Grantee hereby purchases from the Company, the number of
Shares set forth above for the Per Share Purchase Price.

 

(b)                                
Investment
Representations.  In connection with the purchase and sale of the
Shares contemplated by Section 2(a) above, the Grantee hereby represents
and warrants to the Company as follows:

 

(i)                                    
The
Grantee is purchasing the Shares for the Grantee’s own account for investment
only, and not for resale or with a view to the distribution thereof.

 

(ii)                                 
The
Grantee has had such an opportunity as he or she has deemed adequate to obtain
from the Company such information as is necessary to permit him or her to evaluate
the merits and risks of the Grantee’s investment in the Company and has
consulted with the Grantee’s own advisers with respect to the Grantee’s
investment in the Company.

 

(iii)                              
The
Grantee has sufficient experience in business, financial and investment matters
to be able to evaluate the risks involved in the purchase of the Shares and to
make an informed investment decision with respect to such purchase.

 

(iv)                             
The
Grantee can afford a complete loss of the value of the Shares and is able to
bear the economic risk of holding such Shares for an indefinite period.

 

(v)                                
The
Grantee understands that the Shares are not registered under the Act (it being
understood that the Shares are being issued and sold in reliance on the
exemption provided in Rule 701 thereunder) or any applicable state securities
or “blue sky” laws and may not be sold or otherwise transferred or disposed of
in the absence of an effective registration statement under the Act and under
any applicable state securities or “blue sky” laws (or exemptions from the
registration requirements thereof).  The

 

3

 

Grantee further acknowledges that certificates representing
the Shares will bear restrictive legends reflecting the foregoing.

 

3.                                     
Repurchase Right.

 

(a)                                 
Termination
Event.  Upon the occurrence of a Termination Event, the Company or its
assigns shall have the right and option to repurchase all or any portion of the
Restricted Shares held by the Grantee or any Permitted Transferee as of the
date of such Termination Event.  The per share purchase price of the
Restricted Shares subject to repurchase in accordance with this
Section 3(a) shall be the Per Share Purchase Price.

 

(b)                                
Bankruptcy
of the Grantee.  Upon the occurrence of a Bankruptcy of the Grantee,
the Company or its assigns shall have the right and option to repurchase all or
any portion of the Shares held by the Grantee or any Permitted Transferee as of
the date of such Bankruptcy.  In addition, upon the Bankruptcy of any of
the Grantee’s Permitted Transferees, the Company or its assigns shall have the
right and option to repurchase all or any portion of the Shares held by such
Permitted Transferee as of the date of such Bankruptcy.  The per share
purchase price of the Shares subject to repurchase in accordance with this
Section 3(b) shall be the fair market value of the Shares.

 

(c)                                 
Constructive
Termination and Termination Without Cause.  Upon the termination of the
Grantee’s employment with the Company (i) without Cause (as defined in the
Employment Agreement), or (ii) as a result of a Constructive Termination (as
defined in the Employment Agreement), the Company or its assigns shall have the
right and option to repurchase all or any portion of the Restricted Shares held
by the Grantee or any Permitted Transferees as of the date of such
termination.  The per share purchase price of the Restricted Shares
subject to repurchase in accordance with this Section 3(c) shall be the
Per Share Purchase Price.

 

(d)                                
Termination
With Cause.  Upon the termination of the Grantee’s employment
with the Company with Cause the Company or its assigns shall have the right and
option to repurchase all or any portion of the Shares held by the Grantee or
any Permitted Transferees as of the date of such termination.  The per
share purchase price of the Shares subject to repurchase in accordance with
this Section 3(d) shall be the Per Share Purchase Price.

 

(e)                                 
Closing
Procedure.  The Company or its assigns shall effect the
Repurchase (if so elected) by delivering or mailing to the Grantee (and/or, if
applicable, any Permitted Transferees) written notice within six (6) months
after the Termination Event or Bankruptcy, specifying a date within such
six-month period in which the Repurchase shall be effected.  Upon such
notification, the Grantee and any Permitted Transferees shall promptly
surrender to the Company any certificates representing the Shares being
purchased, together with a duly executed stock power for the transfer of such
Shares to the Company or the Company’s assignee or assignees.  Upon the
Company’s or its assignee’s receipt of the certificates from the Grantee or any
Permitted Transferees, the Company or its assignee or assignees shall deliver
to him, her or them a check for the Repurchase Price of the Shares being
purchased, provided, however, that the Company may pay the
Repurchase Price for such shares by offsetting and canceling any indebtedness
then owed by the Grantee to the Company.  At such time, the

 

4

 

Grantee and/or any holder of the
Shares shall deliver to the Company the certificate or certificates
representing the Shares so repurchased, duly endorsed for transfer, free and
clear of any liens or encumbrances.  The Repurchase right specified herein
shall survive and remain in effect as to Restricted Shares following and
notwithstanding any public offering by or merger or other transaction involving
the Company and certificates representing such Restricted Shares shall bear
legends to such effect, subject to Section 10(b) below.

 

4.                                     
Restrictions on
Transfer of Shares.  The Grantee and
each Permitted Transferee, as applicable, and the Shares owned by the Grantee
and each Permitted Transferee, as applicable, shall be subject to the
restrictions on transfer of the Shares set forth in Section III of that
certain Stockholders Agreement, dated as of the date hereof, by and among the
Company, the Grantee and the parties named therein (the “Stockholders
Agreement”).

 

5.                                     
Drag Along Right.  The Grantee and each Permitted
Transferee, as applicable, and the Shares owned by the Grantee and each
Permitted Transferee, as applicable, shall be subject to the Drag-Along
obligation set forth in Section 4.1 of the Stockholders Agreement.

 

6.                                     
Legend.  Any certificate(s) representing the
Shares shall carry substantially the following legend:

 

“The transferability of this certificate and the
shares of stock represented hereby are subject to the restrictions, terms and
conditions (including repurchase and restrictions against transfers) contained
in a certain Restricted Stock Agreement dated August 28, 2003 between the Company
and the holder of this certificate (a copy of which is available at the offices
of the Company for examination).”

 

“The shares represented by this certificate have not
been registered under the Securities Act of 1933 or the securities laws of any state. 
The shares may not be sold or transferred in the absence of such registration
or an exemption from registration.”

 

7.                                     
Escrow Arrangement.

 

(a)                                 
Escrow.  In order to
carry out the provisions of Sections 3, 4 and 5 of this Agreement more
effectively, the Company shall hold the Shares in escrow together with separate
stock powers executed by the Grantee in blank for transfer, and any Permitted
Transferee shall, as an additional condition to any transfer of Shares, execute
a like stock power as to such Shares.  The Company shall not dispose of
the Shares except as otherwise provided in this Agreement.  In the event
of any repurchase by the Company (or any of its assigns), the Company is hereby
authorized by the Grantee and any Permitted Transferee, as the Grantee’s and
each such Permitted Transferee’s attorney-in-fact, to date and complete the
stock powers necessary for the transfer of the Shares being purchased and to
transfer such Shares in accordance with the terms hereof.  At such time as
any Shares are no longer subject to the Company’s repurchase, first refusal and
drag along rights, the Company shall, at the written request of the Grantee,
deliver to

 

5

 

the Grantee (or the relevant
Permitted Transferee) a certificate representing such Shares with the balance
of the Shares (if any) to be held in escrow pursuant to this Section 7.

 

(b)                                
Remedy.  Without
limitation of any other provision of this Agreement or other rights, in the
event that the Grantee, any Permitted Transferees or any other person or entity
is required to sell the Grantee’s Shares pursuant to the provisions of
Section 3, 4 and 5 of this Agreement and in the further event that he or
she refuses or for any reason fails to deliver to the designated purchaser of
such Shares the certificate or certificates evidencing such Shares together
with a related stock power, such designated purchaser may deposit the
applicable purchase price for such Shares with a bank designated by the
Company, or with the Company’s independent public accounting firm, as agent or
trustee, or in escrow, for the Grantee, any Permitted Transferees or other
person or entity, to be held by such bank or accounting firm for the benefit of
and for delivery to him, her, them or it, and/or, in its discretion, pay such
purchase price by offsetting any indebtedness then owed by the Grantee as
provided above.  Upon any such deposit and/or offset by the designated
purchaser of such amount and upon notice to the person or entity who was
required to sell the Shares to be sold pursuant to the provisions of
Section 3, 4 and 5, such Shares shall at such time be deemed to have been
sold, assigned, transferred and conveyed to such purchaser, the holder thereof
shall have no further rights thereto (other than the right to withdraw the
payment thereof held in escrow, if applicable), and the Company shall record
such transfer in its stock transfer book or in any appropriate manner.

 

8.                                     
Withholding Taxes.  The Grantee acknowledges and agrees
that the Company or any of its Subsidiaries have the right to deduct from
payments of any kind otherwise due to the Grantee, or from the Shares held
pursuant to Section 7 hereof, the minimum federal, state or local taxes of
any kind required by law to be withheld with respect to the purchase of the
Shares by the Grantee.  In furtherance of the foregoing the Grantee agrees
to elect, in accordance with Section 83(b) of the Internal Revenue Code of
1986, as amended, to recognize ordinary income in the year of acquisition of
the Shares, and to pay to the Company all withholding taxes shown as due on his
or her Section 83(b) election form, or otherwise ultimately determined to
be due with respect to such election, based on the excess, if any, of the fair
market value of such Shares as of the date of the purchase of such Shares by
the Grantee over the purchase price for such Shares.

 

9.                                     
Assignment.  At the discretion of the
Board, the Company shall have the right to assign the right to exercise its
rights with respect to the Repurchase or pursuant to Section 4(c) to any
Person or Persons, in whole or in part in any particular instance, upon the
same terms and conditions applicable to the exercise thereof by the Company,
and such assignee or assignees of the Company shall then take and hold any
Shares so acquired subject to such terms as may be specified by the Company in
connection with any such assignment.

 

10.                              
Miscellaneous
Provisions.

 

(a)                                 
Lockup
provision.  The Grantee and each Permitted Transferee agree, to
be bound by the lockup provision of Section 12 of that certain
Registration Rights Agreement, dated as of the date hereof, by and among the
Company, the Grantee and the parties named therein (the “Registration Rights
Agreement”) as if such Grantee or Permitted Transferee, as applicable, were a
Stockholder (as defined in the “Registration Rights Agreement”).

 

6

 

(b)                                
Termination.  The Company’s
repurchase right with respect to Vested Shares under Section 3, the
restrictions on transfer of Shares under Section 4 and the Grantee’s Drag
Along obligations under Section 5 shall terminate upon the closing of the
Company’s Initial Public Offering or upon consummation of any Sale Event (as defined
in the Stockholders Agreement), in either case as a result of which shares of
the Company (or successor entity) of the same class as the Shares are
registered under Section 12 of the Exchange Act of 1934 and publicly
traded on NASDAQ/NMS or any national security exchange; provided, however,
that all other provisions shall remain in effect following the same until all
of the Shares have become Vested Shares.

 

(c)                                 
Record
Owner; Dividends.  The Grantee and any Permitted Transferees, during
the duration of this Agreement, shall be considered the record owners of and
shall be entitled to vote the Shares if and to the extent the Shares are
entitled to voting rights.  The Grantee and any Permitted Transferees
shall be entitled to receive all dividends and any other distributions declared
on the Shares; provided, however, that the Company is under no
duty to declare any such dividends or to make any such distribution.

 

(d)                                
Equitable
Relief.  The parties hereto agree and declare that legal remedies are
inadequate to enforce the provisions of this Agreement and that equitable
relief, including specific performance and injunctive relief, may be used to
enforce the provisions of this Agreement.

 

(e)                                 
Change
and Modifications.  This Agreement may not be orally changed, modified
or terminated, nor shall any oral waiver of any of its terms be effective. This
Agreement may be changed, modified or terminated only by an agreement in
writing signed by the Company and the Grantee.

 

(f)                                   
Governing
Law.  This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflict of law
principles.

 

(g)                                
Headings.  The headings
are intended only for convenience in finding the subject matter and do not
constitute part of the text of this Agreement and shall not be considered in
the interpretation of this Agreement.

 

(h)                                
Saving
Clause.  If any provision(s) of this Agreement shall be determined to be
illegal or unenforceable, such determination shall in no manner affect the
legality or enforceability of any other provision hereof.

 

(i)                                    
Notices.  All notices,
requests, consents and other communications shall be in writing and be deemed
given when delivered personally, by telex or facsimile transmission or when
received if mailed by first class registered or certified mail, postage
prepaid.  Notices to the Company or the Grantee shall be addressed as set
forth underneath their signatures below, or to such other address or addresses
as may have been furnished by such party in writing to the other.  Notices
to any holder of the Shares other than the Grantee shall be addressed to the
address furnished by such holder to the Company.

 

7

 

(j)                                    
Benefit
and Binding Effect.  This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto, their respective successors,
assigns, and legal representatives.  Without limitation of the foregoing,
upon any stock-for-stock merger in which the Company is not the surviving entity,
shares of the Company’s successor issued in respect of the Shares shall remain
subject to vesting and the Repurchase right of first refusal hereunder. 
The Company has the right to assign this Agreement, and such assignee shall
become entitled to all the rights of the Company hereunder to the extent of
such assignment.

 

(k)                                 
Dispute
Resolution.  Except as provided below, any dispute arising out
of or relating to this Agreement or the breach, termination or validity hereof
shall be finally settled by binding arbitration conducted expeditiously in
accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and
Procedures (the “J.A.M.S. Rules”).  The arbitration shall be governed by
the United States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award
rendered by the arbitrators may be entered by any court having jurisdiction
thereof.  The place of arbitration shall be Delaware.

 

The parties covenant and
agree that the arbitration shall commence within 60 days of the date on which a
written demand for arbitration is filed by any party hereto.  In
connection with the arbitration proceeding, the arbitrator shall have the power
to order the production of documents by each party and any third-party witnesses. 
In addition, each party may take up to three depositions as of right, and the
arbitrator may in his or her discretion allow additional depositions upon good
cause shown by the moving party.  However, the arbitrator shall not have
the power to order the answering of interrogatories or the response to requests
for admission.  In connection with any arbitration, each party shall
provide to the other, no later than seven (7) business days before the date of
the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witness or expert.  The
arbitrator’s decision and award shall be made and delivered within six (6)
months of the selection of the arbitrator.  The arbitrator’s decision
shall set forth a reasoned basis for any award of damages or finding of
liability.  The arbitrator shall not have power to award damages in excess
of actual compensatory damages and shall not multiply actual damages or award
punitive damages or any other damages that are specifically excluded under this
Agreement, and each party hereby irrevocably waives any claim to such damages.

 

The parties covenant and
agree that they will participate in the arbitration in good faith.  This
Section 10(k) applies equally to requests for temporary, preliminary or
permanent injunctive relief, except that in the case of temporary or
preliminary injunctive relief any party may proceed in court without prior
arbitration for the limited purpose of avoiding immediate and irreparable harm.

 

Each of the parties
hereto (i) hereby irrevocably submits to the jurisdiction of any United States
District Court of competent jurisdiction for the purpose of enforcing the award
or decision in any such proceeding, (ii) hereby waives, and agrees not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action
or proceeding, any claim that it is not subject personally to the jurisdiction
of the above-named courts, that its property is exempt or immune from
attachment or execution (except as protected by applicable law), that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding

 

8

 

is improper or that this Agreement or the subject
matter hereof may not be enforced in or by such court, and hereby waives and
agrees not to seek any review by any court of any other jurisdiction which may
be called upon to grant an enforcement of the judgment of any such court. 
Each of the parties hereto hereby consents to service of process by registered
mail at the address to which notices are to be given.  Each of the parties
hereto agrees that its, his or her submission to jurisdiction and its, his or
her consent to service of process by mail is made for the express benefit of
the other parties hereto.  Final judgment against any party hereto in any
such action, suit or proceeding may be enforced in other jurisdictions by suit,
action or proceeding on the judgment, or in any other manner provided by or
pursuant to the laws of such other jurisdiction.

 

(l)                                    
Counterparts.  For the
convenience of the parties and to facilitate execution, this Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all
of which shall constitute one and the same document.

 

[SIGNATURE PAGE
FOLLOWS]

 

9

 

IN WITNESS WHEREOF, the
Company and the Grantee have executed this Restricted Stock Agreement as of the
date first above written.

 

 

	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
  GHP ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CHRISTOPHER S.
  GAFFNEY

  	
   

  
	
   

  	
   

  	
  Name: Christopher S.
  Gaffney

  	
   

  
	
   

  	
   

  	
  Title: President

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ MARK JUNG

  	
   

  
	
   

  	
  Name: Mark Jung

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  12720 Dianne Drive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Los Altos Hills, CA
  94022

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  SPOUSE’S CONSENT

  	
   

  
	
  I acknowledge that I
  have read the

  	
   

  
	
  foregoing Restricted
  Stock Agreement

  	
   

  
	
  and understand the
  contents thereof.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ KAREN JUNG

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

10

 

STOCK
REPURCHASE AGREEMENT

 

This Stock Repurchase Agreement (the “Agreement”) is
entered into as of June 29, 2004 by and among IGN Entertainment, Inc., a
Delaware corporation (the “Company”),
and Mark Jung (“Seller”).

 

RECITALS

 

WHEREAS, the Seller purchased from the Company, and
the Company issued to the Seller, 2,020,000 shares of the Company’s Common
Stock, as adjusted for a twenty-to-one stock split, of which 1,600,000 remain
unvested (the “Repurchased
Shares”) pursuant to that certain Restricted Stock Agreement
dated August 28, 2003 by and between the Company and the Seller (the “Purchase Agreement”);
and

 

WHEREAS, Seller wishes to sell to the Company, and the
Company wishes to purchase from Seller, the Repurchased Shares.

 

NOW, THEREFORE, in consideration of the foregoing and
the agreements set forth below, the parties hereby agree as follows:

 

1.                                      
Purchase and Sale
of Repurchased Shares.

 

1.1                                
Purchase. Seller hereby sells, transfers, assigns
and delivers to the Company, and the Company hereby purchases from Seller, the
Repurchased Shares free and clear of all liens, encumbrances, security
interests, equities, claims, options, licenses, charges and assessments, for
the Purchased Price.  The per share purchase price of the Repurchased
Shares is $0.0005 (the “Per
Share Price”).  The Company shall deliver concurrently
herewith to Seller the aggregate purchase price of the Repurchased Shares in
the amount of $800.00 (the “Purchase Price”) in cash by check or by wire
transfer.  Seller shall deliver concurrently herewith to the Company the
stock certificate representing the Repurchased Shares together with the stock
power and assignment separate from certificate attached hereto as Exhibit A,
duly executed by Seller.  The stock certificate representing the
Repurchased Shares shall be duly canceled by the Company, and the Company shall
issue to Seller a stock certificate for any shares represented by such canceled
stock certificate in excess of the Repurchased Shares.

 

2.                                      
Consideration.

 

2.1                                
Full Consideration.  The parties agree that the full
consideration for the transfer and sale hereunder of the Repurchased Shares is
the delivery of the Purchase Price by the Company to Seller.

 

2.2                                
No Additional
Consideration. 
Except for the Purchase Price, Seller acknowledges and agrees that Seller is
neither owed nor entitled to any additional compensation or consideration from
the Company or its officers, agents, representatives or shareholders with
respect to the purchase and sale of the Repurchased Shares.

 

 

3.                                      
Representations
and Warranties of Seller.  Seller hereby represents and warrants to the Company as
follows:

 

3.1                                
Ownership of the
Repurchased Shares. 
Seller is the lawful record and beneficial owner of, and has good and
marketable title to, the Repurchased Shares.  The Repurchased Shares are
owned by Seller free and clear of all liens, encumbrances, security interests,
equities, claims, options, licenses, charges and assessments, and are subject
to no restrictions with respect to transferability by Seller to the Company
except compliance with applicable securities laws.  Pursuant to this
Agreement, Seller shall convey to the Company good and marketable title in and
to the Repurchased Shares.

 

3.2                                
Authority. Seller represents that this Agreement
is a legal, valid and binding obligation of Seller enforceable in accordance
with its terms, except as may be limited by (i) applicable bankruptcy,
insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally and (ii) the effect of
rules of law governing the availability of equitable remedies.  The
execution and delivery of, and the performance of the obligations under, this
Agreement by Seller do not and will not contravene or result in any breach of
any law or of any regulation, order, writ, injunction or decree of any court,
tribunal, governmental body, authority, agency or instrumentality applicable to
Seller or the Repurchased Shares, nor do or will such execution, delivery or
performance violate, conflict with or result in (or with notice or lapse of
time or both result in) a breach of or default under any term or provision of
any agreement or contract, oral or written, to which Seller is a party or is
bound or to which the Repurchased Shares are subject.

 

3.3                                
Access to
Information. 
Seller has had an opportunity to seek the advice of, and has sought and
consulted with, legal counsel and such other advisors, including investment
experts, as he deems appropriate with regard to the sale of the Repurchased
Shares and with regard to the other terms of this Agreement.  Seller has
had access to all information regarding the Company and its present and
prospective business, assets, liabilities and financial condition that Seller
reasonably considers important in making the decision to sell the Repurchased
Shares, and Seller and Seller’s advisors have had ample opportunity to ask
questions of the Company’s representatives and to obtain from the Company
additional information, to the extent possessed by the Company or obtainable by
the Company without unreasonable effort or expense.  To the best of
Seller’s knowledge and belief all information requested has been provided to
the full satisfaction of Seller.

 

3.4                                
Brokers.  No broker, finder or other person
is entitled to any broker’s, finder’s or other fee or commission in connection
with this Agreement or the transactions contemplated hereby by reason of any
claim arising by, through or under Seller.

 

3.5                                
Adequacy of
Consideration. 
The consideration Seller is receiving in exchange for the consideration Seller
is giving under this Agreement is fair, just and reasonable.  Seller
believes that the Company’s business is subject to high risks and Seller is
aware that the value of the Repurchased Shares is subject to considerable
potential fluctuation and may now, or in the future, have an actual value
substantially above, or below, the valuation ascribed to such Repurchased
Shares by the parties under this Agreement and it is possible that Seller might
realize a higher value for the Repurchased Shares if he held them for an
additional period.  In making Seller’s determination to enter into this
Agreement Seller has relied on Seller’s own advisors and their judgments and
diligence, and on the representations and warranties of the

 

2

 

Company
contained herein and not on any advice or other information provided by the
Company or its advisors.

 

3.6                                
No Public Market,
Differing Valuations. 
Seller understands and acknowledges that no public market now exists for the
Repurchased Shares and that Seller and the Company may have differing views of
the current and likely future value of the Repurchased Shares.  Seller
further acknowledges that, except for the representations and warranties
explicitly set forth herein, the Company is not and has not made any statement,
representation or warranty to Seller concerning:  (i) the fairness or
adequacy of the consideration given or received under this Agreement; (ii) the
current or likely future value of the Repurchased Shares; (iii) the markets,
business, products, management, technical or marketing capabilities, financial affairs
or prospects of the Company; or (iv) any other matter that has been relied upon
by Seller or Seller’s legal counsel or advisors in assessing the value of the
Repurchased Shares or determining whether to enter into this Agreement upon the
terms and conditions set forth herein.

 

3.7                                
Miscellaneous
Representations.

 

(a)                                 
Seller has a
preexisting business relationship with the Company sufficient to make Seller
aware of the character, business acumen and general business and financial
circumstances of the Company and/or its officers and directors.  By reason
of Seller’s business or financial experience, Seller is capable of evaluating
the merits and risks of the sale of the Repurchased Shares and has the ability
to protect Seller’s own interests in this transaction.

 

(b)                                
Seller and his
advisors have such knowledge and experience in financial, tax, legal and
business matters to enable Seller to evaluate the merits and risks of the
transactions contemplated hereunder and to make an informed decision with
respect thereto to assess the value of the Repurchased Shares and the
consideration he is receiving hereunder and the advisability of such
transactions.

 

(c)                                 
Seller understands
that the tax and accounting consequences to Seller of the transactions
contemplated hereunder depends on his own circumstances and Seller has
consulted Seller’s own legal counsel and accountants with respect thereto and
has not received or relied on any advice from the Company or its agents or
representatives.

 

4.                                      
Representations
and Warranties of the Company.  The Company hereby represents and warrants to
Seller as follows:

 

4.1                                
Authority.  The Company represents and
warrants that all action, corporate or otherwise, required by the Company,
including by its directors, shareholders and officers, necessary for the
authorization, execution, delivery of and performance of all obligations of the
Company under this Agreement, has been taken or will have been taken by the
date hereof.  The Company further represents that this Agreement is a
legal, valid and binding obligation of the Company enforceable in accordance
with its terms, except as may be limited by (i) applicable bankruptcy,
insolvency, reorganization or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally and (ii) the effect of
rules of law governing the availability of equitable remedies.  The
execution and delivery of, and the performance of the obligations under, this
Agreement by the Company do not and will not contravene or result in any breach
of any law or of any regulation, order, writ, injunction or

 

3

 

decree
of any court, tribunal, governmental body, authority, agency or instrumentality
applicable to, the Company, nor do or will such execution, delivery or
performance violate, conflict with or result in (or with notice or lapse of
time or both result in) a breach of or default under any term or provision of
any agreement or contract, oral or written, to which the Company is a party or
is bound.

 

4.2                                
Brokers.  No broker, finder or other person
is entitled to any broker’s, finder’s or other fee or commission in connection
with this Agreement or the transactions contemplated hereby by reason of any
claim arising by, through or under the Company.

 

4.3                                
Organization, Good
Standing and Qualification.  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware.

 

5.                                      
Mutual Release.  The Seller and the Company each
hereby releases and forever discharges the other party, and such other party’s
directors, officers, employees, affiliates, stockholders, predecessors, heirs,
successors and assigns (collectively the “Released Parties”), of and from any and all
claims, demands, actions, losses, costs, expenses, causes of action,
obligations, liabilities, suits, debts, sums of money, accounts, bonds, bills,
covenants, contracts, controversies, agreements, promises, damages, judgments
of every nature, kind and description whatsoever, state or federal, in law or
in equity, asserted or unasserted, whether or not now known or ascertained,
which heretofore do or may exist (collectively, “Claims”) which such party may now have
or claim to have against the Released Parties, for, upon, or by reason of any
matter, event, cause or thing whatsoever arising out of, based in whole or in
part upon, relating to, or existing by reason of the facts, circumstances,
transactions, events, occurrences, acts, omissions, or failures to act, of
whatever kind or character whatsoever with respect to any and all matters that
were asserted or could have been asserted in connection with the offer, issue
and sale of the Repurchased Shares, or with the Purchase Agreement, including
but not limited to any alleged violation of state or federal securities laws
and any Claims relating to tax liability (the “Released Matters”), provided, however,
that this release does not release or discharge either party from its
warranties, representations or obligations under this Agreement.  The
Seller and the Company each hereby acknowledge that it is aware that it may
hereafter discover claims or facts in addition to or different from those that
it now knows or believes to exist with respect to the Released Matters, but that
it is each party’s intention hereby to fully, finally and forever settle and
release all of the Claims against the Released Parties, without regard to the
subsequent discovery or existence of different or additional facts. The Seller
and the Company each further covenants not to sue or otherwise institute or
cause to be instituted or in any way participate or assist in legal or
administrative proceedings against the Released Parties regarding any Released
Matter.  The Seller and the Company each expressly waives and releases any
and all rights and benefits under Section 1542 of the Civil Code of the
State of California, or any analogous law of any other state, country or
jurisdiction, which reads as follows:

 

“SECTION 1542. 
(GENERAL RELEASE - CLAIMS EXTINGUISHED.)  A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN
HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

4

 

6.                                      
Miscellaneous.

 

6.1                                
Notices.  All notices, demands, requests or
other communications referred to or required herein or permitted pursuant
hereto to a party shall be in writing, shall specifically reference this
Agreement and shall be given by personal delivery, telecopier (with
confirmation) or certified or registered U.S. mail, return receipt requested,
with postage prepaid.  All such notices, demands, requests or
communications shall be deemed delivered and received (a) in the case of
personal delivery or telecopier on the date of such delivery and (b) in the
case of mailing on the third business day following the mailing, except that
notice of a change of address shall be effective upon receipt.

 

6.2                                
Legal Advice and
Construction of Agreement.  Each party represents that such party has received independent
legal advice with respect to the advisability of entering into this Agreement
and neither has been entitled to rely upon or has in fact relied upon the legal
or other advice of the other party or such other party’s counsel in entering
into this Agreement.  Each party has participated in the drafting and
preparation of this Agreement, and accordingly, in any construction or
interpretation of this Agreement, the same shall not be construed against any
party by reason of the source of drafting.

 

6.3                                
Parties’
Understanding. 
Each party represents that such party has carefully read this Agreement, that
such party fully understands this Agreement’s final and binding effect, that
the only promises made to such party to sign this Agreement are those stated
above, and that such party is signing this Agreement voluntarily.

 

6.4                                
Section Headings.  Captions and
section headings are used herein for convenience only, are no part of this
Agreement and shall not be used in interpreting or construing it.

 

6.5                                
Entire Agreement.  This Agreement constitutes a
single integrated contract expressing the entire agreement of the parties with
respect to the subject matter hereof and supersedes all prior and
contemporaneous oral and written agreements and discussions with respect to the
subject matter hereof, and, except as specifically set forth herein, there are
no other agreements, representations, promises or inducements, written or oral,
express or implied, between the parties hereto with respect to the subject
matter hereof.

 

6.6                                
California Law.  This Agreement was negotiated,
executed and delivered within the State of California, and the rights and
obligations of the parties hereto shall be construed and enforced in accordance
with and governed by the internal laws (and not the conflict of laws) of the
State of California applicable to the construction and enforcement of contracts
between parties resident in California which are entered into and fully
performed in California.

 

6.7                                
Counterparts.  This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

6.8                                
Successors and Assigns.  This Agreement shall be binding
upon and inure to the benefit of each of the parties hereto and their
respective legal successors and assigns.

 

5

 

6.9                                
Survival.  The definitions, representations
and warranties herein shall survive the execution and delivery of this
Agreement and each party hereto is estopped from making a claim which conflicts
with its respective representations and warranties hereunder.

 

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date set forth above.

 

 

	
  IGN ENTERTAINMENT, INC.,

  	
  MARK JUNG

  
	
  a Delaware corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Michael J. Sheridan

  	
   

  	
  By:

  	
  /s/ Mark A. Jung

  	
   

  
	
   

  	
    Michael J. Sheridan

  	
   

  
	
  Its:

  	
    Chief Financial Officer

  	
  Name:

  	
  Mark A. Jung

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

6

 

EXHIBIT
A

 

Stock Power

 

 

STOCK
POWER AND ASSIGNMENT

 

SEPARATE
FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant to that certain Stock
Repurchase Agreement dated as of June 29, 2004 (the “Agreement”), the
undersigned hereby sells, transfers, assigns and delivers unto IGN
Entertainment, Inc., a Delaware corporation (the “Company”) 1,600,000 shares of the Common
Stock of the Company standing in the undersigned’s name on the books of the
Company represented by Certificate No.
            
delivered herewith, and does hereby irrevocably constitute and appoint the
Secretary of the Company as the undersigned’s attorney-in-fact, with full power
of substitution, to transfer said stock on the books of the Company.

 

	
  Dated:

  	
        8/3/04

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARK JUNG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Mark A. Jung

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   Mark A. Jung

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   CEO

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