Document:

EX-10.1

ASSET PURCHASE AGREEMENT

BY AND AMONG

ODIMO INCORPORATED

WORLDOFWATCHES.COM, INC.

AND

ILS HOLDINGS, LLC

1

Dated as of December 1, 2006

TABLE OF CONTENTS

Page

	 	 	 
	Article 1. THE TRANSACTION

	 
	 	 
	1.1

1.2

1.3

1.4

1.5

	 	Purchased Assets

Excluded Assets

Assumed Liabilities

Retained Liabilities

Non-Assignable Assets

	 	 	 
	Article 2. CONSIDERATION FOR TRANSFER

	 
	 	 
	2.1

2.2

	 	Purchase Price and Payment,

Allocation of Purchase Price

	 	 	 
	Article 3. CLOSING AND CLOSING DELIVERIES

	 
	 	 
	3.1

3.2

3.3

	 	Closing; Time and Place

Deliveries by Seller

Deliveries by Purchaser and Seller

	 	 	 
	Article 4. REPRESENTATIONS AND WARRANTIES OF SELLER

	 
	 	 
	4.1

4.2

4.3

4.4

4.5

4.6

4.7

4.8

4.9

4.10

4.11

4.12

4.13

4.14

4.15

4.16

4.17

4.18

4.19

4.20

4.21

4.22

4.23

4.24

4.25

4.26

4.27

4.28

4.29

4.30

4.31

4.32

	 	Organization, Good Standing, Qualification

Authority; Binding Nature of Agreements

No Conflicts; Required Consents

Subsidiaries

Financial Statements

Absence of Undisclosed Liabilities

Absence of Changes

Transactions with Affiliates

Material Contracts

Insurance

Title; Sufficiency; Condition of Assets

Reserved

Intellectual Property

Suppliers and Affiliates

Seller Products and Product Warranty

Reserved

Employees

Compliance with Laws

SEC Documents, Financial Statements

Governmental Approvals

Proceedings and Orders

Reserved

Taxes

Customers and Privacy

Brokers

Solvency

Board Approval

Third Party Consents

No Other Agreement

Product Liability

Promotions

Full Disclosure

	 	 	 
	Article 5. REPRESENTATIONS AND WARRANTIES OF PURCHASER

	 
	 	 
	5.1

5.2

5.3

5.4

	 	Organization and Good Standing

Authority; Binding Nature of Agreements

No Conflicts; Required Consents

Brokers

	 	 	 
	Article 6. post closing COVENANTS

	 
	 	 
	6.1

6.2

6.3

6.4

6.5

6.6

6.7

6.8

6.9

6.10

6.11

6.12

6.13

6.14

	 	WOW Intellectual Property.

Cooperation

Limited Power of Attorney

Return of Purchased Assets

Records and Documents

Insurance and Warranty Claims

Director and Officer Insurance

Dissolution; Restricted Payments

Bulk Sales Indemnification

Payment of Seller Supplier Accounts Payable

Publicity

Cooperation on Tax Matters.

Transition Assistance

Ice.com Covenants

	 	 	 
	Article 7. INDEMNIFICATION

	 
	 	 
	7.1

7.2

7.3

7.4

7.5

7.6

	 	Survival of Representations and Warranties

Indemnification by Seller

Procedures for Indemnification

Remedies Cumulative

Maximum Amounts

Liability of Purchaser

	 	 	 
	Article 8. MISCELLANEOUS PROVISIONS

	 
	 	 
	8.1

8.2

8.3

8.4

8.5

8.6

8.7

8.8

8.9

8.10

8.11

8.12

	 	Expenses

Notices

Interpretation

Counterparts; Facsimile Delivery

Entire Agreement; Nonassignability; Parties in Interest

Severability

Governing Law; Jurisdiction and Venue; Waiver of Jury Trial

Rules of Construction

Incorporation of Appendices, Exhibits and Schedules

Assignment

Attorneys’ Fees

Further Assurances

APPENDICES, EXHIBITS AND SCHEDULES 

	 	 	 
	Appendix 1

	 	Certain Definitions
	 
	 	 
	Exhibits

	 	

	 

	 	

	 
	 	 
	Exhibit A

Exhibit B

Exhibit C

Exhibit D

Exhibit E

	 	Persons to Enter into Confidentiality and Non-Competition

Agreements

Form of Bill of Sale for Purchased Assets

Form of Assignment and Assumption Agreement

Form of Intellectual Property Assignment

Form of Support Agreement

	 	 	 
	Schedules	 	Description
	1.1(a)

1.1(b)

1.1(c)

1.1(d)

1.1(e)

2.2

4.1

4.3

4.4

4.5(c)

4.7

4.9

4.10

4.11

4.14(a)

4.14(b)

4.14(f)

4.15

4.18

4.21

4.23

4.24

4.28

4.31

6.3

	 	Machinery and Equipment

Intellectual Property/Telephone Numbers

Transferred Contracts

Governmental Approvals

Books and Records

Allocation of Purchase Price.

Organization, Good Standing, Qualification

No Conflicts; Required Consents

Subsidiaries

Financial Statements

Absence of Changes

Material Contracts

Insurance

Title; Sufficiency; Condition of Assets

Suppliers

Contract Affiliates

Supplier Accounts Payable

Seller Products and Product Warranty

Compliance with Laws

Proceedings and Orders

Taxes

Customers and Privacy

Third Party Consents

Promotions

Limited Power of Attorney – Proceedings

2

ASSET PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is made and entered into this 1st day
of December, 2006, by and between ILS Holdings, LLC, a Florida limited liability company (the
“Purchaser”) and Odimo Incorporated, a Delaware corporation (“Odimo”), and
Worldofwatches.com, Inc., a Delaware corporation (collectively referred to herein together with
Odimo, as “Seller”). Certain capitalized terms used in this Agreement are defined on
Appendix A hereto.

RECITALS

WHEREAS, Seller owns the website www.worldofwatches.com (the “WOW Website”
together with certain data, software, furniture and equipment used in connection with the operation
of the WOW Website and on the WOW Website is engaged in the online retail sale of watches (the
“WOW Business”);

WHEREAS, Purchaser desires to purchase from Seller and Seller desires to sell to Purchaser
certain of the assets of, or related to, the WOW Business on the terms and conditions set forth
herein; and

WHEREAS, concurrent with and as a condition to the execution of this Agreement, the
individuals listed on Exhibit A will enter into confidentiality and non-competition
agreements in favor of Purchaser.

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual representations,
warranties, covenants and promises contained herein, the adequacy and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

AGREEMENT

ARTICLE 1.

THE TRANSACTION

1.1 Purchased Assets. Subject to the terms and conditions of this Agreement, at the
Closing, Seller hereby sells, transfers, conveys, assigns and delivers to Purchaser, and Purchaser
hereby purchases from Seller, all of Seller’s right, title and interest in, to and under the
following assets, properties, goodwill and rights of Seller used in the conduct of the WOW
Business, free and clear of any Encumbrances (collectively, the “Purchased Assets”):

(a) Machinery and Equipment. The machinery and equipment listed on Schedule 1.1(a)
(the “Machinery and Equipment”);

(b) Intellectual Property/Telephone Numbers. The WOW Intellectual Property and
internet domain names, databases, telephone numbers and directory listings used by Seller primarily
in the conduct of the WOW Business, as listed on Schedule 1.1(b);

(c) Transferred Contracts. All rights of Seller under Contracts listed on
Schedule 1.1(c) (the “Transferred Contracts”);

(d) Governmental Approvals. All Governmental Approvals (and pending applications
therefor), including the Governmental Approvals listed on Schedule 1.1(d);

(e) Books and Records. True and correct copies of all books, files, papers,
agreements, correspondence, databases, information systems, programs, documents, records and
documentation thereof reasonably requested by Purchaser including without limitation, customer
information and historical sale records stored as computer data bases, customer lists, price lists,
files, sales correspondence and other records, marketing information and other records, sales
literature and similar information related to the WOW Business, any of the Purchased Assets, or
used in the conduct of the WOW Business, on whatever medium (the “Books and Records”),
including but not limited to the information described on Schedule 1.1(e), which shall be
provided in forms or formats as agreed to by Seller and Purchaser;

(f) Goodwill. All goodwill related to the WOW Business including customer and
supplier lists and the goodwill associated with the WOW Intellectual Property; it being understood
that any goodwill of the business operated on the www.ashford.com website (the “Ashford
Business”) shall remain the property of Seller, it being further understood that by way of
example, to the extent both the WOW Business and the Ashford Business use the same supplier lists,
then both Purchaser and Seller shall have the respective right to use such lists (which for the
avoidance of doubt shall have both Purchaser’s and Seller’s respective right to sell or otherwise
transfer such lists).

(g) Accounts Receivable. Accounts receivable associated with sales and transactions
entered into on the WOW Website after the Transfer Time;

(h) Deposits and Advances. All performance and other bonds, security and other
deposits, advances, advance payments, prepaid credits and deferred charges (the “Deposits and
Advances”) associated with transactions entered into or orders placed on the WOW Website after
the Transfer Time;

(i) Rebates and Credits. All rights in, to and under claims for refunds, rebates or
other discounts due from suppliers or vendors and rights to offset in respect thereof (the
“Rebates and Credits”) associated with transactions entered into or orders placed with
respect to the WOW Business after the Transfer Time; and

(j) Corporate Packaging Materials. All stocks of shipping and packaging materials
used or held for use in connection with the WOW Business (the “Corporate Packaging”),
including all items of packaging, bags, boxes, wrapper and other material used in the WOW Business.

1.2 Excluded Assets. Other than as provided in Section 1.1, all other assets of
Seller (the “Excluded Assets”) shall not be included in the Purchased Assets. The Excluded Assets
shall include:

(a) Cash. Cash, cash equivalents, merchant deposits in transit, deposits with credit
card companies and marketable securities;

(b) Accounts Receivable. Accounts receivable associated with sales and transactions
entered into prior to the Transfer Time;

(c) All Debt. Any intercompany or intracompany receivable cash balances between
Seller and any of its Affiliates or between any of its Affiliates;

(d) Inventory. All Inventory of Seller Products;

(e) Corporate Documents. Corporate seals, certificates of incorporation, minute
books, stock transfer records, or other records related to the corporate organization of Seller;

(f) Insurance Policies. All insurance policies;

(g) Deposits and Advances. Deposits and Advances associated with transactions entered
into or orders placed prior to the Transfer Time;

(h) Rebates and Credits. All rights in, to and under Rebates and Credits associated
with transactions entered into or orders placed prior to the Transfer Time;

(i) Claims. All claims, choses-in-action, rights in action, rights to tender claims
or demands to Seller’s insurance companies, rights to any insurance proceeds, and other similar
claims (the “Seller Claims”); and

(j) Rights Under Certain Agreements. All rights under any Transaction Agreement.

1.3 Assumed Liabilities. Purchaser assumes no Liabilities of Seller, except at the
Closing, Purchaser shall assume and agree to pay, discharge or perform, as appropriate, only to the
extent and as provided in this Section 1.3, the following (collectively, the “Assumed
Liabilities”):

(a) the liabilities and obligations of Seller in respect of the Transferred Contracts only
with respect to those Liabilities that arise thereunder from and after the Closing Date, with no
Liabilities assumed for accrued or contingent obligations as of the Closing Date; and

(b) the obligations of Seller to honor the discount coupons and promotions listed on
Schedule 4.31 in accordance with their terms.

For clarity, Purchaser shall not assume Liability for liabilities or obligations arising out of any
breach (or alleged breach) by Seller of any provision of any agreement, Contract, commitment or
lease, including, but not limited to, liabilities or obligations arising out of Seller’s failure
(or alleged failure) to perform any agreement, Contract, commitment or lease in accordance with its
terms prior to the Closing.

1.4 Retained Liabilities. Other than the Assumed Liabilities, Purchaser shall assume
no liabilities and shall not be liable or responsible for any Liability of Seller, any direct or
indirect subsidiary of Seller (each, a “Subsidiary”) or any Affiliate of Seller (collectively, the
“Retained Liabilities”). Without limiting the foregoing, the Retained Liabilities shall include,
and Purchaser shall not be obligated to assume, and does not assume, and hereby disclaims any of
the following Liabilities of Seller, its Subsidiaries or its Affiliates:

(a) Any Liability attributable to any assets, properties or Contracts that are not included in
the Purchased Assets, except Liabilities attributable to Non-Assignable Assets, for which Seller
and Purchaser have reached a mutually acceptable arrangement pursuant to Section 1.5(b);

(b) Any Liability for breaches of any Transferred Contract on or prior to the Closing Date and
for breaches of any other Transferred Contract or any Liability for payments or amounts due under
any Contract on or prior to the Closing Date and for payments or amounts due under any other
contract;

(c) Any Liability to GSI Commerce, Inc. under the Asset Purchase Agreement by and between
Seller and Ashford.com dated December 6, 2002 or any Liability to Ice.com, Inc. or Ice Diamond, LLC
or their respective successors or assigns, under the Asset Purchase Agreement by and among Seller,
Ice.com, Inc. and Ice Diamond, LLC, dated May 11, 2006 (the “Ice Agreement”), or any of the
agreements entered into in connection therewith;

(d) Any Liability for Taxes attributable to or imposed upon Seller or its Affiliates for any
period, or attributable to or imposed upon the Purchased Assets on or prior to the Closing Date,
including any Transfer Taxes;

(e) Any Liability for or with respect to any loan, other indebtedness, or account payable,
including any such Liabilities owed to Affiliates of Seller;

(f) Any Liability arising from accidents, occurrences, misconduct, negligence, breach of
fiduciary duty or statements made or omitted to be made (including libelous or defamatory
statements) on or prior to the Closing Date, whether or not covered by workers’ compensation or
other forms of insurance;

(g) Any Liability arising as a result of any legal or equitable action or judicial or
administrative proceeding initiated at any time, to the extent related to any action or omission on
or prior to the Closing Date, including any Liability for (i) infringement or misappropriation of
any Intellectual Property Rights or any other rights of any Person (including any right of privacy
or publicity); (ii) breach of product warranties; (iii) injury, death, property damage or other
losses arising with respect to or caused by Seller Products or the manufacturer or design thereof;
or (iv) violations of any Legal Requirements (including federal and state securities laws);

(h) Any Liability incurred in connection with the making or performance of this Agreement and
the Transaction;

(i) Any Liability incurred in connection with a violation of or arising under any
environmental laws;

(j) Any Liability for expenses and fees incurred by Seller incidental to the preparation of
the Transaction Agreements, preparation or delivery of materials or information requested by
Purchaser, and the consummation of the Transaction, including all broker, counsel and accounting
fees and Transfer Taxes;

(k) Any Liability arising out of transactions, commitments, infringements, acts or omissions
not in the ordinary course of business;

(l) Any Liability arising out of any Seller Benefit Plan or contract of insurance for employee
group medical, dental or life insurance plans;

(m) Any Liability for making payments of any kind to employees (including as a result of the
Transaction, the termination of an employee by Seller, or other claims arising out of the terms of
employment with Seller) or with respect to payroll taxes;

(n) Any Legal Requirement applicable to Seller, the Purchased Assets or the Retained
Liabilities on or prior to the Closing Date or any Liability for a violation of such a Legal
Requirement;

(o) Any Liability to any stockholders of Seller;

(p) Any Liability for credit balances, credit memos and all other amounts due to dealers,
distributors and customers;

(q) Any Liability related to or arising from the acquisition of the WOW Business by Seller;

(r) Any Liability associated with the Federal CAN-SPAM Act or violations of Seller’s privacy
policies associated with collection, retention, use, transfer or sale of customer information;

(s) Any costs or expenses associated with the contracts with MSN or NextJump set forth on
Schedule 4.31 of the Seller Disclosure Schedule;

(t) Any Liability arising out of or in connection with the sale of any decoded inventory by
Seller; or

(u) Any costs or expenses incurred in connection with shutting down, deinstalling and removing
equipment not purchased by Purchaser and any costs or expenses associated with any Contracts not
assumed by Purchaser hereunder.

1.5 Non-Assignable Assets.

(a) Notwithstanding the foregoing, if any of the Transferred Contracts or other Purchased
Assets are not assignable or transferable (each, a “Non-Assignable Asset”) without the
consent of, or waiver by, a third party (each, an “Assignment Consent”), either as a result
of the provisions thereof or applicable Legal Requirements, and any of such Assignment Consents
have not been obtained by Seller on or prior to the date hereof, Purchaser may elect to either:
(i) have Seller permanently retain the Non-Assignable Asset and all Liabilities relating thereto at
the Closing; or (ii) have Seller continue its best efforts to obtain the Assignment Consents after
Closing, and, in either case, this Agreement and the related instruments of transfer shall not
constitute an assignment or transfer of such Non-Assignable Assets, and Purchaser shall not assume
Seller’s rights or obligations under such Non-Assignable Asset (and such Non-Assignable Asset shall
not be included in the Purchased Assets). If Purchaser elects item (ii) above, without limiting
Seller’s obligations under Section 3.2(r), Seller shall use its best efforts to obtain all
such Assignment Consents as soon as reasonably practicable after the Closing Date and thereafter
assign to Purchaser such Non-Assignable Assets. Following any such assignment, such assets shall
be deemed Purchased Assets for purposes of this Agreement.

(b) After the Closing, Seller shall cooperate with Purchaser in any reasonable arrangement
designed to provide Purchaser with all of the benefits of the Non-Assignable Assets as if the
appropriate Assignment Consents had been obtained, including by establishing arrangements whereby
Purchaser shall undertake the work necessary to perform under Transferred Contracts.

ARTICLE 2.

CONSIDERATION FOR TRANSFER

2.1 Purchase Price and Payment, 

(a) Purchased Asset Purchase Price. Subject to the terms of this Agreement, as full
consideration for the sale, assignment, transfer and delivery of the Purchased Assets and the
execution and delivery of the Transaction Agreements by Seller to Purchaser, Purchaser shall pay to
Seller, at the Closing, a purchase price of $410,000 (the “Purchased Assets Purchase
Price”) in exchange for the Purchased Assets, payable in immediately available funds by wire
transfer.

(b) Purchase Price Adjustments. If Purchaser makes any repairs, accepts any returns or
grants any allowances from and after the Closing Date, in compliance with the return or warranty
policy of Seller published by Seller on or prior to the Closing Date, relating to any product
produced or sold by Seller on or prior to the Closing Date, Purchaser shall do so as agent of
Seller without any liability to Seller or anyone else by so acting, and the costs associated with
such returns, repairs or allowances shall be promptly reimbursed by Seller on the Purchase Price
Adjustment Date. With respect to any return, the costs associated with such return to be credited
to Purchaser shall be equal to the excess of (I) the sum of (a) the retail price to be credited to
the customer plus (b) any merchant costs associated with crediting the customer, plus (c) any
return shipping costs covered or reimbursed (together with (a) and (b) the “Full Retail
Cost”) over (II) the Net Inventory Cost for the returned item. For purposes hereof, “Net
Inventory Cost” for any returned item shall equal the “cost of goods sold” for that item. The
costs of repairs shall be the actual out of pocket costs incurred by Purchaser in making such
repair. In the event that Purchaser shall reasonably determine that any items returned are broken,
damaged or unable to be sold as new (such items “Damaged Goods”), Seller shall indemnify
Purchaser for the Full Retail Cost of such items and upon return of any Damaged Goods to Purchaser,
Purchaser shall deliver the Damaged Goods to Seller at Seller’s expense. Notwithstanding anything
contained herein or in any Transaction Agreement to the contrary, Seller shall be permitted through
the date which is the 30th day following the Purchase Price Adjustment Date (as herein
defined) to liquidate the Damaged Goods on Odimo’s Ebay clearance site, provided, that Seller shall
not reference Purchaser, www.worldofwatches.com, or the WOW Business in connection with the
liquidation of such Damaged Goods. Purchaser and Seller shall use their respective commercially
reasonable best efforts to work together on repairs, returns and allowances for all items returned
for credit, exchange or repairs. On or before the last day of each month following the Closing
Date (or, if such date is not a Business Day, the first Business Day thereafter) (each such date, a
“Purchase Price Adjustment Date”) continuing until 180 days following the Closing Date,
Purchaser shall present Seller with a schedule of all returns, repairs and allowances that have
been transacted by Purchaser hereunder during the immediately preceding month (the “Return and
Repair Schedule”) and Seller shall reimburse Purchaser for any amount amounts owed to Purchaser
under this Section 2.1(b). Notwithstanding the foregoing, Seller shall not be required to
reimburse Purchaser for any amounts related to returns or warranty repairs of SWI watches.

2.2 Allocation of Purchase Price. The purchase price for the Purchased Assets shall
be allocated as set forth in Schedule 2.2 attached hereto and made a part hereof, subject to the
Purchase Price adjustment as described in Section 2.1(b) above. The parties hereto agree to follow
such allocations for federal and state income tax purposes.

ARTICLE 3.

CLOSING AND CLOSING DELIVERIES

3.1 Closing; Time and Place. The closing of the purchase and sale provided for in
this Agreement (the “Closing”) shall occur at the offices of Greenberg Traurig, P.A., 401 East Las
Olas Boulevard, Suite 2000, Fort Lauderdale, Florida 33301 (or such other place as the parties may
designate in writing) on the date of execution of this Agreement (the “Closing Date”).

3.2 Deliveries by Seller. On the Closing Date, Seller will take all reasonable steps
necessary to place Purchaser in actual possession and operating control of the Purchased Assets and
deliver the following items, duly executed by Seller as applicable, all of which shall be in a form
and substance reasonably acceptable to Purchaser and Purchaser’s counsel:

(a) Bill of Sale. Bill of Sale covering all of the applicable Purchased Assets,
substantially in the form attached hereto as Exhibit B;

(b) Assignment and Assumption Agreement. Assignment and Assumption Agreement covering
the Transferred Contracts, substantially in the form attached hereto as Exhibit C.

(c) Intellectual Property Assignment. Any and all documents necessary to properly
record the assignment to Purchaser of all of Seller’s right, title and interest in and to the WOW
Intellectual Property, including the intellectual property assignment, substantially in the form of
Exhibit D attached hereto;

(d) Other Conveyance Instruments. Such other specific instruments of sale, transfer,
conveyance and assignment as Purchaser may request;

(e) Reserved.

(f) Support Agreements. Support Agreements covering at least 50% of the outstanding
shares of capital stock of Seller, in substantially the form attached as Exhibit E.

(g) Notice Letter to State of Delaware/Certificate of Amendment. Certificate of
Amendments of Certificates of Incorporation of WORLDOFWATCHES.COM, Inc. as filed with the Delaware
Secretary of State changing the name of WORLDOFWATCHES.COM, Inc. to Odimo Two Subsidiary, Inc. and
a letter to the Secretary of State of the State of Delaware consenting to the use of the name
WORLDOFWATCHES.COM by Purchaser or any of its Affiliates;

(h) Transferred Contracts. Originals of all Transferred Contracts;

(i) Request for Reconveyance of Deed of Trust; Payoff and Release Letters. Payoff and
release letters from creditors of Seller together with UCC-3 termination statements with respect to
any financing statements filed against any of the Purchased Assets, terminating all Encumbrances
(including Tax liens) on any of the Purchased Assets;

(j) Books and Records. The Books and Records, provided that Purchaser and
Seller hereby agree that the customer records associated with the WOW Business shall continue to be
made available to Purchaser for inspection on or prior to the Closing Date and provided
further that an electronic copy of all customer records shall be provided to Purchaser in ASCII
electronic format on a mobile hard drive on or prior to the date which is 30 days from the Closing
Date;

(k) Officer’s Certificate. A Certificate executed on behalf of Seller by its Chief
Executive Officer, certifying that (i) all of the representations and warranties of Seller in this
Agreement are true and correct in all material respects (considered collectively and individually)
as of the date of this Agreement (or, to the extent such representations and warranties speak as of
an earlier date, they shall be true and correct in all material respects as of such earlier date)
and (ii) all of the representations and warranties of Seller in this Agreement that contain an
express materiality qualification shall have been true and correct in all respects (considered
collectively and individually) as of the date of this Agreement;

(l) Secretary’s Certificate. A certificate of the Secretary of the Seller setting
forth a copy of the resolutions adopted by the Board of Directors of Seller authorizing and
approving the execution and delivery of the Agreement and the consummation of the transactions
contemplated hereby;

(m) Opinion of Seller’s Counsel. Opinion in form and substance acceptable to
Purchaser.

(n) Delaware Law Opinion. Opinion from Delaware counsel, in form and substance
acceptable to Purchaser, confirming that Seller is not required under Delaware law to seek the
approval of its shareholders in order to complete the Transaction;

(o) Valuation. Copy of valuation from Capitalink, L.C. confirming the market value of
the Purchased Assets.

(p) Fairness Opinion. Copy of opinion from Capitalink, L.C. to Seller which confirms
Capitalink’s view that as of the date of the opinion, the consideration to be received by Seller
in connection with the sale of the Purchased Assets is fair, from a financial point of view, to the
shareholders of Seller;

(q) Certificates of Good Standing. A certificate from the Secretary of State of each
of Delaware, Florida and each other jurisdiction where the WOW Business is conducted as to Seller’s
good standing and payment of all applicable taxes;

(r) Consents. All Assignment Consents and other Consents required (i) for the
transfer of the WOW Business and the Purchased Assets; (ii) for the consummation of the
Transaction; or (iii) to prevent a breach or termination of any Contract;

(s) Non-Competition Agreements. Non-competition agreements in form and substance
acceptable to Purchaser and its counsel with each of the persons listed on Exhibit B. 

(t) Termination of Licenses. To the extent there are any licenses, Contracts or
rights that grant any subsidiary of the Seller the right to use the WOW Intellectual Property, such
licenses, contracts and rights shall be terminated as of the Closing Date and Seller shall provide
Purchaser executed copied of all termination agreements effecting such terminations.

3.3 Deliveries by Purchaser and Seller. At the Closing, Purchaser and Seller shall
deliver such other certificates, instruments or documents required pursuant to the provisions of
this Agreement or otherwise necessary or appropriate to transfer the Purchased Assets in accordance
with the terms hereof and consummate the Transaction, and to vest in Purchaser and its successors
and assigns full, complete, absolute, legal and equitable title to the Purchased Assets, free and
clear of all Encumbrances, including such certificates, instruments and documents to be executed or
delivered by Seller pursuant to Article 3 hereof.

ARTICLE 4.

REPRESENTATIONS AND WARRANTIES OF SELLER

Except as specifically set forth on Schedule 4 (the “Seller Disclosure
Schedule”) attached to this Agreement (the parts of which are numbered to correspond to the
individual Section numbers of this Article 4), Seller hereby represents and warrants (without
limiting any other representations or warranties made by Seller in this Agreement or any other
Transaction Agreement) to Purchaser as follows:

4.1 Organization, Good Standing, Qualification. Schedule 4.1 sets forth Seller’s
jurisdiction of organization and each state or other jurisdiction in which Seller is qualified to
do business. Seller (i) is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; (ii) is duly qualified to conduct business and
is in corporate and tax good standing under the laws of each jurisdiction in which the nature of
its business (including the WOW Business), the operation of its assets (including the Purchased
Assets) or the ownership or leasing of its properties (including the Personal Property) requires
such qualification; and (iii) has full power and authority required to own, lease and operate its
assets and to carry on its business (including the WOW Business) as now being conducted and as
presently proposed to be conducted.

4.2 Authority; Binding Nature of Agreements. Seller has all requisite power and
authority to execute and deliver this Agreement and all other Transaction Agreements to which it is
a party and to carry out the provisions of this Agreement and the other Transaction Agreements.
The execution, delivery and performance by Seller of this Agreement and the other Transaction
Agreements have been approved by all requisite action on the part of Seller.

This Agreement has been duly and validly executed and delivered by Seller. Each of this
Agreement and the other Transaction Agreements constitutes, or upon execution and delivery, will
constitute, the legal, valid and binding obligation of Seller, enforceable against Seller in
accordance with its terms.

4.3 No Conflicts; Required Consents. Except as set forth on Schedule 4.3, the
execution, delivery and performance of this Agreement or any other Transaction Agreement by Seller
does not and will not (with or without notice or lapse of time):

(a) conflict with, violate or result in any breach of (i) any of the provisions of Seller’s
Certificate of Incorporation or bylaws; (ii) any resolutions adopted by the Board of Directors or
stockholders of Seller; (iii) any of the terms or requirements of any Governmental Approval held by
Seller or any of its employees or that otherwise relates to the WOW Business or any of the
Purchased Assets; or (iv) any provision of any Material Contract;

(b) give any Governmental Authority or other Person the right to (i) challenge the
Transaction; (ii) exercise any remedy or obtain any relief under any Legal Requirement or any Order
to which Seller, or any of the Purchased Assets, is subject; (iii) declare a default of, exercise
any remedy under, accelerate the performance of, cancel, terminate, modify or receive any payment
under any Material Contract; or (iv) revoke, suspend or modify any Governmental Approval;

(c) cause Seller or Purchaser to become subject to, or to become liable for the payment of,
any Tax, or cause any of the Purchased Assets to be reassessed or revalued by any Tax Authority or
other Governmental Authority;

(d) result in the imposition or creation of any Encumbrance upon or with respect to any of the
Purchased Assets; or

(e) require any Seller to obtain any Consent or make or deliver any filing or notice to any
Person or to a Governmental Authority.

4.4 Subsidiaries. To the extent the Purchased Assets are owned by any subsidiary of
Odimo or any other Entity, or any portion of the WOW Business is conducted by any subsidiary of
Odimo or any other Entity, such Purchased Assets are set forth on Schedule 4.4 next to the
subsidiary that is the owner thereof.

4.5 Financial Statements.

(a) Seller has previously delivered to Purchaser the following financial statements
(collectively, the “Financial Statements”): (i) the audited consolidated balance sheets,
and the related statements of operations, changes in stockholders’ equity, and cash flows, of
Seller as of and for the fiscal years ended December 31, 2005, 2004 and 2003, together with the
notes thereto; and (ii) the unaudited consolidated balance sheets, and the related unaudited
statements of operations, changes in stockholder’s equity, and cash flows, of Odimo Incorporated
(the “Interim Balance Sheet”) as of and for the period ended September 30, 2006 (the
“Interim Balance Sheet Date”).

(b) All of the Financial Statements (i) are true, accurate and complete in all respects;
(ii) are consistent with the Books and Records of Seller; (iii) present fairly and accurately the
financial condition of Seller as of the respective dates thereof and the results of operations,
changes in stockholder’s equity and cash flows of Seller for the periods covered thereby; and
(iv) have been prepared in accordance with GAAP, applied on a consistent basis throughout the
periods covered; provided, however, that the Interim Balance Sheet is subject to
year-end adjustments consistent with past practice (which will not be material individually or in
the aggregate) and do not contain all of the footnotes required by GAAP. All reserves established
by Seller and set forth in the Interim Balance Sheet are adequate for the purposes for which they
were established.

(c) Schedule 4.5(c) sets forth an accurate, correct and complete breakdown and aging
of each of Seller’s accounts payable (including to all of its suppliers) as of the Interim Balance
Sheet Date.

4.6 Absence of Undisclosed Liabilities. Neither Seller nor the WOW Business has any
Liabilities other than (i) those set forth in the Interim Balance Sheet; (ii) those incurred in the
ordinary course of business and not required to be set forth in the Interim Balance Sheet under
GAAP; (iii) those incurred in the ordinary course of business since the date of the Interim Balance
Sheet; and (iv) those incurred in connection with the execution of any of the Transaction
Agreements.

4.7 Absence of Changes. Except as set forth on Schedule 4.7, Since the Interim
Balance Sheet Date, (i) Seller has conducted the WOW Business in the ordinary course of business
and (ii) no event or circumstance has occurred that could reasonably have a Material Adverse Effect
on Seller or the WOW Business.

4.8 Transactions with Affiliates. Except as set forth in the Financial Statements, no
Affiliate (a) has any direct or indirect interest in any asset (including the Purchased Assets),
property or other right used in the conduct of or otherwise related to the WOW Business; or (b) is
a party to any Material Contract or has had any direct or indirect interest in, any Material
Contract, transaction or business dealing of any nature involving Seller.

4.9 Material Contracts.

(a) Schedule 4.9 sets forth an accurate, correct and complete list of all Contracts
associated with the WOW Business or the Purchased Assets to which any of the descriptions set forth
below may apply (the “Material Contracts”):

(i) Personal Property Leases, Insurance, Contracts affecting any WOW Intellectual Property or
Seller’s information systems or software, Contracts with employees or contractors, Seller Benefit
Plans and Governmental Approvals;

(ii) Any Contract for capital expenditures or for the purchase of goods or services in excess
of $5,000;

(iii) Any Contract obligating Seller to sell or deliver any product or service by or through
the WOW Business at a price which does not cover the cost (including labor, materials and
production overhead) plus the customary profit margin associated with such product or service;

(iv) Any Contract involving financing or borrowing of money, or evidencing indebtedness, any
liability for borrowed money, any obligation for the deferred purchase price of property in excess
of $5,000 or guaranteeing in any way any Contract in connection with any Person;

(v) Any joint venture, partnership, cooperative arrangement or any other Contract involving a
sharing of profits;

(vi) Any advertising or marketing Contract not terminable without payment or penalty on five
days notice;

(vii) Any Contract with respect to the discharge, storage or removal of effluent, waste or
pollutants;

(viii) Any Contract affecting any right, title or interest in or to real property;

(ix) Any Contract relating to any license or royalty arrangement;

(x) Any power of attorney, proxy or similar instrument;

(xi) The Charter, Bylaws and other organizational or constitutive documents of Seller and any
Contract among stockholders of Seller;

(xii) Any Contract for the manufacture, service or maintenance of any product of the WOW
Business;

(xiii) Any Contract for the purchase or sale of any assets other than in the ordinary course
of business or for the option or preferential rights to purchase or sell any assets;

(xiv) Any requirement or output Contract;

(xv) Any Contract to indemnify any Person or to share in or contribute to the liability of any
Person;

(xvi) Any Contract for the purchase or sale of foreign currency or otherwise involving foreign
exchange transactions;

(xvii) Any Contract containing covenants not to compete in any line of business or with any
Person in any geographical area;

(xviii) Any Contract related to the acquisition of a business or the equity of any other
Entity;

(xix) Any other Contract which (i) provides for payment or performance by either party thereto
having an aggregate value of $5,000 or more; (ii) is not terminable without payment or penalty on
five (5) days (or less) notice; or (iii) is between, inter alia, an Affiliate and Seller;

(xx) Any other Contract that involves future payments, performance of services or delivery of
goods or materials to or by Seller of an aggregate amount or value in excess of $5,000, on an
annual basis, or that otherwise is material to the WOW Business or prospects of Seller

(xxi) Any Contract which is material to the WOW Business; and

(xxii) Any proposed arrangement of a type that, if entered into, would be a Contract described
in any of (i) through (xxi) above.

(b) Seller has delivered to Purchaser accurate, correct and complete copies of all Material
Contracts (or written summaries of the material terms thereof, if not in writing), including all
amendments, supplements, modifications and waivers thereof. All nonmaterial contracts of Seller do
not, in the aggregate, represent a material portion of the Liabilities of Seller.

(c) Each Material Contract is currently valid and in full force and effect, and is enforceable
by Seller in accordance with its terms.

(d) Seller is not in default, and no party has notified Seller that it is in default, under
any Contract. No event has occurred, and no circumstance or condition exists, that might (with or
without notice or lapse of time) (a) result in a violation or breach of any of the provisions of
any Material Contract; (b) give any Person the right to declare a default or exercise any remedy
under any Material Contract; (c) give any Person the right to accelerate the maturity or
performance of any Material Contract or to cancel, terminate or modify any Material Contract; or
(d) otherwise have a Material Adverse Effect on Seller in connection with any Material Contract;
and

(e) Seller has not waived any of its rights under any Material Contract.

(f) Each Person against which Seller has or may acquire any rights under any Material Contract
is (i) Solvent and (ii) able to satisfy such Person’s material obligations and liabilities to
Seller.

(g) The performance of the Transferred Contracts will not result in any violation of or
failure by Seller to comply with any Legal Requirement.

(h) The Material Contracts constitute all of the Contracts necessary to enable Seller to
conduct the WOW Business in the manner in which such WOW Business is currently being conducted and
in the manner in which such WOW Business is proposed to be conducted.

4.10 Insurance. The Schedule 4.10 sets forth an accurate and complete list of all
insurance policies, self-insurance arrangements and fidelity bonds, currently in effect, that
insure the WOW Business and/or the Purchased Assets (collectively, the “Insurance Policies”).
Seller has delivered to Purchaser true, correct and complete copies of all Insurance Policies.
Each Insurance Policy is valid, binding, and in full force and effect. Seller is not in breach of
any Insurance Policy, and no event has occurred which, with notice or the lapse of time, would
constitute such a breach, or permit termination, modification, or acceleration, of any Insurance
Policy. Seller has not received any notice of cancellation or non-renewal of any Insurance Policy.
The consummation of the Transaction will not cause a breach, termination, modification, or
acceleration of any Insurance Policy. There is no claim under any Insurance Policy that has been
improperly filed or as to which any insurer has questioned, disputed or denied liability. Seller
has not received any notice of, nor does Seller have any Knowledge of any facts that might result
in, a material increase in the premium for any Insurance Policy. All sales of products by the WOW
Business prior to the closing date are covered under the Insurance Policies.

4.11 Title; Sufficiency; Condition of Assets.

(a) Seller has good and marketable title to, is the exclusive legal and equitable owner of,
and has the unrestricted power and right to sell, assign and deliver the Purchased Assets. The
Purchased Assets are free and clear of all Encumbrances of any kind or nature, except
(a) restrictions imposed in any Governmental Approval and (b) Encumbrances disclosed on
Schedule 4.11 which are being removed and released concurrently with the Closing on the
date thereof. Upon Closing, Purchaser will acquire exclusive, good and marketable title or license
to (as the case may be) the Purchased Assets and no restrictions will exist on Purchaser’s right to
resell, license or sublicense any of the Purchased Assets or engage in the WOW Business.

(b) Except for such inventory as may be necessary to operate the WOW Business, the Purchased
Assets include all the assets necessary to permit Purchaser to conduct the WOW Business after the
Closing in a manner substantially equivalent to the manner as it is being conducted on the date of
this Agreement in compliance with all Legal Requirements.

(c) All Purchased Assets are (i) in good operating condition and repair, ordinary wear and
tear excepted; (ii) suitable and adequate for continued use in the manner in which they are
presently being used; (iii) adequate to meet all present and reasonably anticipated future
requirements of the WOW Business; and (iv) free of defects (latent and patent).

4.12 Reserved.

4.13 Intellectual Property.

(a) Schedule 1.1(b) lists all WOW Intellectual Property, specifying in each case
whether such WOW Intellectual Property is owned or controlled by or for, licensed to, or otherwise
held by or for the benefit of Seller, including all Registered Intellectual Property Rights owned
by, filed in the name of or applied for by Seller and used in the WOW Business (the “WOW
Registered Intellectual Property Rights”).

(b) Each item of WOW Intellectual Property (i) is valid, subsisting and in full force and
effect, (ii) has not been abandoned or passed into the public domain and (iii) is free and clear of
any Encumbrances.

(c) The WOW Intellectual Property constitutes all the Intellectual Property Rights used in
and/or necessary to the conduct of the WOW Business as it is currently conducted, and as it is
currently planned or contemplated to be conducted by Seller prior to the Closing and by Purchaser
following the Closing, including the design, development, manufacture, use, import and sale of the
Seller Products (including those currently under development).

(d) Each item of WOW Intellectual Property either (i) is exclusively owned by Seller and was
written and created solely by employees of Seller acting within the scope of their employment or by
third parties, all of which employees and third parties have validly and irrevocably assigned all
of their rights, including Intellectual Property Rights therein, to Seller, and no third party owns
or has any rights to any such WOW Intellectual Property, or (ii) is duly and validly licensed to
Seller for use in the manner currently used by Seller in the conduct of the WOW Business and, as it
is currently planned or contemplated to be used by Seller in the conduct of the WOW Business prior
to the Closing and by Purchaser following the Closing.

(e) In each case in which Seller has acquired any Intellectual Property Rights from any
Person, Seller has obtained a valid and enforceable assignment sufficient to irrevocably transfer
all rights in such Intellectual Property Rights (including the right to seek past and future
damages with respect thereto) to Seller. No Person who has licensed Intellectual Property Rights
to Seller has ownership rights or license rights to improvements made by Seller in such
Intellectual Property Rights. Seller has not transferred ownership of, or granted any exclusive
license of or right to use, or authorized the retention of any exclusive rights to use or joint
ownership of, any Intellectual Property Rights that is or was WOW Intellectual Property to any
Person.

(f) There are no facts, circumstances or information that (i) would render any WOW
Intellectual Property invalid or unenforceable, (ii) would adversely affect any pending application
for any WOW Registered Intellectual Property Right, or (iii) would adversely affect or impede the
ability of Seller to use any WOW Intellectual Property in the conduct of the WOW Business as it is
currently conducted or as it is currently planned or contemplated to be conducted by Seller prior
to Closing or by Purchaser following the Closing. Seller has not misrepresented, or failed to
disclose, and has no Knowledge of any misrepresentation or failure to disclose, any fact or
circumstances in any application for any WOW Registered Intellectual Property Right that would
constitute fraud or a misrepresentation with respect to such application or that would otherwise
affect the validity or enforceability of any WOW Registered Intellectual Property Right.

(g) All necessary registration, maintenance and renewal fees in connection with each item of
WOW Registered Intellectual Property Rights have been paid and all necessary documents and
certificates in connection with such WOW Registered Intellectual Property Rights have been filed
with the relevant patent, copyright, trademark, domain name registries or other authorities in the
United States or foreign jurisdictions, as the case may be, for the purposes of maintaining such
WOW Registered Intellectual Property Rights. There are no actions that must be taken by Seller
within one hundred twenty (120) days following the Closing Date, including the payment of any
registration, maintenance or renewal fees or the filing of any responses to office actions,
documents, applications or certificates for the purposes of obtaining, maintaining, perfecting,
preserving or renewing any WOW Registered Intellectual Property Rights. To the maximum extent
provided for by, and in accordance with, applicable laws and regulations or registration
requirements, Seller has recorded in a timely manner each such assignment of a WOW Registered
Intellectual Property Right assigned to Seller with the relevant governmental authority and domain
name registries, including without limitation the United States Patent and Trademark Office (the
“PTO”), the U.S. Copyright Office or their respective counterparts in any relevant foreign
jurisdiction, as the case may be.

(h) Seller has taken all necessary action to maintain and protect (i) the WOW Intellectual
Property, and (ii) the secrecy, confidentiality, value and Seller’s rights in the Confidential
Information and Trade Secrets of Seller and those provided by any Person to Seller, including by
having and enforcing a policy requiring all current and former employees, consultants and
contractors of Seller to execute appropriate confidentiality and assignment agreements. All copies
thereof shall be delivered to Purchaser at Closing. Seller has no Knowledge of any violation or
unauthorized disclosure of any Trade Secret or Confidential Information related to the WOW
Business, the Purchased Assets, or obligations of confidentiality with respect to such. Only the
individuals named in the Seller Disclosure Schedule, which describes their relationship with
Seller, have had access to such Trade Secrets and Confidential Information, and each such
individual has signed a confidentiality agreement with respect thereto.

(i) The operation of the WOW Business as it is currently conducted, or as it is currently
planned or contemplated to be conducted by Seller prior to the Closing, including but not limited
to the design, development, use, import, branding, advertising, promotion, marketing, manufacture
and sale of the Seller Products (including any currently under development), does not and will not,
and will not when operated by Purchaser substantially in the same manner following the Closing,
infringe or misappropriate any Intellectual Property Rights of any Person, violate any right of any
Person (including any right to privacy or publicity), defame or libel any Person or constitute
unfair competition or trade practices under the laws of any jurisdiction, and Seller has not
received notice from any Person claiming that such operation or any Seller Product (including any
currently under development) infringes or misappropriates any Intellectual Property Rights of any
Person (including any right of privacy or publicity), or defames or libels any Person or
constitutes unfair competition or trade practices under the laws of any jurisdiction (nor does
Seller have Knowledge of any basis therefor).

(j) To Seller’s Knowledge, no Person is violating, infringing or misappropriating any WOW
Intellectual Property Right.

(k) There are no Proceedings before any Governmental Authority (including before the PTO)
anywhere in the world related to any of the WOW Intellectual Property, including any WOW Registered
Intellectual Property Rights.

(l) No WOW Intellectual Property or Seller Product is subject to any Proceeding or any
outstanding decree, order, judgment, office action or settlement agreement or stipulation that
restricts in any manner the use, transfer or licensing thereof by Seller or that may affect the
validity, use or enforceability of such WOW Intellectual Property or Seller Product.

(m) Schedule 1.1(c) lists all Transferred Contracts affecting any WOW Intellectual
Property Rights. Seller is not in breach of, nor has Seller failed to perform under, any such
Transferred Contracts and, to Seller’s Knowledge, no other party to any such Transferred Contracts,
is in breach thereof or has failed to perform thereunder.

(n) To the extent not listed on Schedule 1.1(c), the Seller Disclosure Schedule lists
all Transferred Contracts under which Seller has agreed to, or assumed, any obligation or duty to
warrant, indemnify, reimburse, hold harmless, guaranty or otherwise assume or incur any obligation
or liability, or provide a right of rescission, with respect to the infringement or
misappropriation by Seller or such other person of the WOW Intellectual Property Rights of any
Person other than Seller.

(o) There is no Material Contract affecting any WOW Intellectual Property under which there is
any dispute regarding the scope of such Material Contract, or performance under such Material
Contract, including with respect to any payments to be made or received by Seller thereunder.

(p) All WOW Intellectual Property will be fully transferable, alienable or licensable by
Purchaser without restriction and without payment of any kind to any third party. The consummation
of the Transaction as contemplated hereby will not result in any loss of, or the diminishment in
value of, any WOW Intellectual Property or the right to use any WOW Intellectual Property.

(q) Neither this Agreement nor the Transaction, including the assignment to Purchaser, by
operation of law or otherwise, of any Transferred Contracts will result in (i) Purchaser granting
to any third party any right to, or with respect to, any WOW Intellectual Property Right owned by,
or licensed to, Purchaser; (ii) Purchaser being bound by, or subject to, any non-compete or other
restriction on the operation or scope of its businesses, including the WOW Business; or
(iii) Purchaser being obligated to pay any royalties or other amounts to any third party.

(r) There are no licenses, Contracts or rights that grant any subsidiary of the Seller the
right to use any WOW Intellectual Property.

4.14 Suppliers and Affiliates.

(a) Suppliers. All Contracts with suppliers of the WOW Business were entered into by
or on behalf of Seller and were entered into in the ordinary course of business for usual
quantities and at normal prices. Schedule 4.14(a) sets forth an accurate, correct and
complete:

(i) list of all suppliers of the WOW Business since the WOW Business was acquired by Seller,
including the list of all Suppliers of the WOW Business at the time of such acquisition;

(ii) breakdown of the amounts paid to each supplier of the WOW Business that received more
than $100,000 from Seller (on an annualized basis) for each of the fiscal year ended December 31,
2005, and the nine month period ended September 30, 2006; and

(iii) list of all sole source suppliers of the WOW Business.

(b) Contract Affiliates. Schedule 4.14(b) sets forth a true, accurate and
complete list of all Contract Affiliates of the WOW Business.

(c) Seller has not entered into any Contract under which Seller is restricted from selling,
licensing or otherwise distributing any Seller Products to any class of customers, in any
geographic area, during any period of time or in any segment of the market. There is no purchase
commitment which provides that any supplier will be the exclusive supplier of Seller or
distributor. There is no purchase commitment requiring Seller to purchase the entire output of a
supplier.

(d) Seller has not received any notice or other communication, has not received any other
information indicating, and otherwise has no Knowledge, that any current customer, supplier or
distributor identified in the Seller Disclosure Schedule may cease dealing with Seller, may
otherwise materially reduce the volume of business transacted by such Person with Seller or
otherwise is materially dissatisfied with the service Seller provides such Person. Seller has no
reason to believe that any such Person will cease to do business with Purchaser after, or as a
result of, consummation of the Transaction, or that such Person is threatened with bankruptcy or
insolvency. Seller has no Knowledge of any fact, condition or event which may, by itself or in the
aggregate, adversely affect its relationship with any such Person. Since January 1, 2006, there
has been no cancellation of backlogged orders regarding the WOW Business in excess of the average
rate of cancellation prior to such date.

(e) Neither Seller nor any of its officers or employees has directly or indirectly given or
agreed to give any rebate, gift or similar benefit to any customer, supplier, distributor, broker,
governmental employee or other Person, who was, is or may be in a position to help or hinder the
WOW Business (or assist in connection with any actual or proposed transaction) which could subject
Seller (or Purchaser after consummation of the Transaction) to any damage or penalty in any civil,
criminal or governmental litigation or proceeding or which would have a Material Adverse Effect on
Seller (or Purchaser after consummation of the Transaction).

(f) Schedule 4.14(f) sets for a complete list of all amounts owed to suppliers of the
WOW Business as of the Closing Date and the terms of payment with respect to all amounts owed.
Seller has reviewed and verified as correct all amounts owed on Schedule 4.14(f) (the
“Supplier Accounts Payable”).

4.15 Seller Products and Product Warranty. All products manufactured, processed,
distributed, shipped or sold by Seller in the context of operation of the WOW Business and any
services rendered by Seller in the context of operation of the WOW Business have been in conformity
with all applicable contractual commitments and all expressed or implied warranties. To Seller’s
knowledge, no liability exists or will arise for repair, replacement or damage in connection with
such sales or deliveries, in excess of the reserve therefor on the Interim Balance Sheet. Schedule
4.15 sets forth an accurate, correct and complete statement of all written warranties, warranty
policies, service and maintenance agreements of the WOW Business. No products heretofore
manufactured, processed, distributed, sold, delivered or leased by Seller in the context of
operation of the WOW Business are now subject to any guarantee, written warranty, claim for product
liability, or patent or other indemnity. All warranties are in conformity with the labeling and
other requirements of the Magnuson-Moss Warranty Act and other applicable laws. The Seller
Disclosure Schedule sets forth an accurate, correct and complete list and summary description of
all service or maintenance agreements under which Seller is currently obligated, indicating the
terms of such agreement and any amounts paid or payable thereunder. The product warranty and
return experience for the year ended December 31, 2005 and the nine months ended September 30, 2006
is set forth in the Seller Disclosure Schedule. The product warranty reserves on Seller’s
Financial Statements and the Interim Balance Sheet were prepared in accordance with GAAP and are
adequate in light of the circumstances of which Seller is aware.

4.16 Reserved.

4.17 Employees. Nothing contained in any of the Seller’s employee benefit plans or
agreements will obligate Purchaser to provide any benefits to employees, former employees or
beneficiaries of employees or former employees, or to make any contributions to any plans from and
after the Closing. Seller has not represented to any of its employees than any of such employees
will be offered employment by Purchaser.

4.18 Compliance with Laws.

(a) Except as set forth on Schedule 4.18, Seller is, and at all times since January 1,
2003 has been, in compliance in all material respects, with each Legal Requirement that is
applicable to Seller or any of Seller’s properties, assets (including the Purchased Assets),
operations or businesses (including the WOW Business), and no event has occurred, and no condition
or circumstance exists, that might (with or without notice or lapse of time) constitute, or result
directly or indirectly in, a default under, a breach or violation of, or a failure comply with, any
such Legal Requirement. Seller has not received any notice from any third party regarding any
actual, alleged or potential violation of any Legal Requirement. Seller has provided to Purchaser
true and correct copies of all legal opinions received by Seller related to the sale of decoded
inventory.

(b) To Seller’s knowledge, no Governmental Authority has proposed or is considering any Legal
Requirement that may affect Seller, Seller’s properties, assets (including the Purchased Assets),
operations or businesses (including the WOW Business), or Seller’s rights thereto.

4.19 SEC Documents, Financial Statements.

(a) Seller has provided to Purchaser a true and complete copy of each statement, report,
registration statement (with the prospectus in the form filed pursuant to Rule 424(b) of the
Securities Act of 1933, as amended (the “Securities Act”)), definitive proxy statement, and
other filings filed with the SEC by Seller since February 16, 2005 (collectively, the “Seller
SEC Documents”). In addition, Seller has provided to Purchaser complete copies of all exhibits
to the Seller SEC Documents filed prior to the date hereof. All documents required to be filed as
exhibits to the Seller SEC Documents have been so filed. As of their respective filing dates, the
Seller SEC Documents complied as to form in all material respects with the requirements of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act and
each of the Seller SEC Documents was timely filed and did not contain any untrue statement of
material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements made therein, in light of the circumstances in which they were made, not
misleading, except to the extent corrected, supplemented or superseded by a subsequently filed
Seller SEC Document. To the Seller’s knowledge, as of the date hereof, none of the Seller SEC
Documents is subject to ongoing SEC review or outstanding SEC comment.

(b) The financial statements of Seller, including the notes thereto, included in the Seller
SEC Documents (the “Seller Financial Statements”) and the audited balance sheet of Seller,
dated as of December 31, 2005 (the “Seller Balance Sheet Date”) (i) were complete and
correct as of their respective dates, (ii) complied as to form in all material respects with
applicable accounting requirements and with the published rules and regulations of the SEC with
respect thereto as of their respective dates; (iii) have been prepared in accordance with GAAP
applied on a basis consistent throughout the periods indicated and consistent with each other
(except as may be indicated in the notes thereto or, in the case of unaudited statements, included
in Quarterly Reports on Form 10-Q, as permitted by Form 10-Q of the SEC); and (iv) fairly present
the consolidated financial condition and results of operations of Seller as of the respective dates
and for the respective periods indicated therein (subject, in the case of unaudited statements, to
normal, recurring year-end adjustments). There has been no change in Seller accounting policies
except as described in the notes to the Seller Financial Statements. The Seller does not intend to
correct or restate, and there is not any basis to restate, any of the Seller Financial Statements.

4.20 Governmental Approvals.

(a) Seller has all Governmental Approvals that are necessary or appropriate in connection with
Seller’s ownership and use of its properties or assets (including the Purchased Assets) or Seller’s
operation of its businesses (including the WOW Business). Seller has made all filings with, and
given all notifications to, all Governmental Authorities as required by all applicable Legal
Requirements. Schedule 1.1(d) contains an accurate, correct and complete list and summary
description of each such Governmental Approval, filing or notification. Each such Governmental
Approval, filing and notification is valid and in full force and effect, and there is not pending
or threatened any Proceeding which could result in the suspension, termination, revocation,
cancellation, limitation or impairment of any such Governmental Approval, filing or notification.
No violations have been recorded in respect of any Governmental Approvals, and Seller knows of no
meritorious basis therefor. No fines or penalties are due and payable in respect of any
Governmental Approval or any violation thereof.

(b) Seller has delivered to Purchaser accurate and complete copies of all of the Governmental
Approvals, filings and notifications identified in Schedule 1.1(d), including all renewals
thereof and all amendments thereto. All Governmental Approvals are freely assignable to Purchaser.

4.21 Proceedings and Orders.

(a) Except as set forth on Schedule 4.21, there is no Proceeding pending or, or to
Seller’s Knowledge, threatened against or affecting Seller, any of Seller’s properties, assets
(including the Purchased Assets), operations or businesses (including the WOW Business), or
Seller’s rights relating thereto. Seller’s Knowledge, no event has occurred, and no condition or
circumstance exists, that might directly or indirectly give rise to or serve as a basis for the
commencement of any such Proceeding. Seller has delivered to Purchaser true, accurate and complete
copies of all pleadings, correspondence and other documents relating to any such Proceeding. No
insurance company has asserted in writing that any such Proceeding is not covered by the applicable
policy related thereto.

(b) Neither Seller, officers, directors, agents or employees, nor any of Seller’s properties,
assets (including the Purchased Assets), operations or businesses (including the WOW Business), nor
Seller’s rights relating to any of the foregoing, is subject to any Order or any proposed Order.

4.22 Reserved.

4.23 Taxes.

(a) Seller and each of subsidiaries has timely filed all Tax Returns (as defined below) that
it was required to file, and such Tax Returns are true, correct and complete. All Taxes (as
defined below) shown to be payable on such Tax Returns or on subsequent assessments with respect
thereto have been paid in full on a timely basis, and no other Taxes are payable by Seller or any
subsidiary with respect to any period ending prior to the date of this Agreement, whether or not
shown due or reportable on such Tax Returns, other than Taxes for which adequate accruals have been
provided in the Seller Financial Statements or amounts payable with respect to periods or portions
of periods after the Seller Balance Sheet Date in accordance with past practice. No claim has been
made by a Tax Authority in a jurisdiction where Tax Returns are not filed by or on behalf of the
Seller or any of its subsidiaries that the Seller or any such subsidiary is or may be subject to
taxation by that jurisdiction. Seller and each of subsidiaries has withheld and paid over all
Taxes required to have been withheld and paid over, and complied with all information reporting and
backup withholding requirements, including maintenance of required records with respect thereto.
Neither Seller nor any subsidiary has any liability for unpaid Taxes accruing after the date of its
latest Financial Statements except for Taxes incurred in the ordinary course of business. Except
as disclosed in the Seller SEC Documents, there are no liens for Taxes on the properties of Seller
or any of its subsidiaries, other than liens for Taxes not yet due and payable.

(b) Except as disclosed in the Seller SEC Documents, no Tax Returns of Seller or any of its
subsidiaries have been audited and no audit or other administrative proceeding is pending or
threatened. No judicial proceeding is pending or threatened that involves any Tax or Tax Return
filed or paid by or on behalf of the Seller or any of its subsidiaries. Neither the Seller nor any
of its subsidiaries is delinquent in the payment of any Tax or has requested an extension of time
to file a Tax Return and not yet filed such return. Seller has delivered to Purchaser correct and
complete copies of all Tax Returns filed, examination reports, and statements of deficiencies
assessed or agreed to by Seller or any of its subsidiaries for the last five (5) years. Except as
disclosed in the Seller SEC Documents, neither Seller nor any of subsidiaries is delinquent in the
payment of any tax, has waived any statute of limitations in respect of any Tax or agreed to an
extension of time with respect to any Tax assessment or deficiency.

(c) Neither the Seller nor any subsidiary of Seller has been a member of an affiliated,
consolidated, combined or unitary group except as disclosed in the Seller SEC Documents. Neither
Seller nor any of its subsidiaries is a party to or bound by any tax indemnity agreement, tax
sharing agreement, tax shelter vehicle or similar contract. Neither Seller nor any of its
subsidiaries is a party to any joint venture, partnership, or other arrangement or contract which
could be treated as a partnership or “disregarded entity” for United States federal income tax
purposes.

(d) Neither Seller nor any of its subsidiaries is obligated under any agreement, contract or
arrangement that may result in the payment of any amount that would not be deductible by reason of
Sections 162(m) or 280G of the Code.

(e) Neither Seller nor any of its subsidiaries has been or, to its knowledge, will be required
to include any adjustment in Taxable income for any Tax period (or portion thereof) pursuant to
Section 481 or 263A of the Code or any comparable provision under state or foreign Tax laws as a
result of transactions, events or accounting methods employed prior to the Transaction other than
any such adjustments required as a result of the Transaction. Neither Seller nor any of its
subsidiaries has filed any disclosures under Section 6662 of the Code or comparable provisions of
state, local or foreign law to prevent the imposition of penalties with respect to any Tax
reporting position taken on any Tax Return. Neither Seller nor any of its subsidiaries has engaged
in a “reportable transaction” within the meaning of the Treasury Regulations under Section 6011 of
the Code. Neither the Seller nor any of its subsidiaries has received a Tax opinion with respect
to any transaction relating to the Seller or any of its subsidiaries other than a transaction in
the ordinary course of business. Neither Seller nor any of its subsidiaries is currently or has
been a United States real property holding corporation (within the meaning of Section 897(c)(2) of
the Code) during the applicable periods specified in Section 897(c)(1)(A)(ii) of the Code.

(f) Neither Seller nor any of its subsidiaries has been the “distributing corporation” (within
the meaning of Section 355(c)(2) of the Code) with respect to a transaction described in Section
355 of the Code within the five (5) year period ending as of the date of this Agreement. No Tax
Asset of the Seller or any of its subsidiaries is currently subject to a limitation under Sections
382 or 383 of the Code or similar provisions of state, local or foreign law.

(g) Seller has treated itself as owner of each of the Purchased Assets for Tax purposes. None
of the Purchased Assets is the subject of a “safe-harbor lease” within the provisions of former
Section 168(f)(8) of the Code, as in effect prior to amendment by the Tax Equity and Fiscal
Responsibility Act of 1982. None of the Purchased Assets directly or indirectly secures any debt
the interest on which is tax exempt under Section 103(a) of the Code. None of the Purchased Assets
is “tax-exempt use property” within the meaning of Section 168(h) of the Code or limited use
property under Revenue Procedure 2001-28. None of the Purchased Assets are U.S. real property
interests as described in Section 897 of the Code.

(h) The Seller is a “United States person” within the meaning of Section 7701(a)(30) of the
Code.

4.24 Customers and Privacy. The Seller and its subsidiaries (i) have fully complied
with all federal, state and local laws relating to privacy and data security and (ii) have complied
with all aspects of collecting and processing customer information and have fully complied with the
CAN-Spam Act when sending commercial emails to customers. The Seller and subsidiaries have fully
complied with the terms of their privacy policies, and have not used information collected in a
manner inconsistent in any way with such laws or privacy policies. The Seller’s use, license,
sublicense and sale of any data collected from users at any website operated by the Seller or
subsidiaries and any co-branded websites which the Seller manages have complied in all material
respects with the Seller’s applicable published privacy policy at the time such data was collected.
The sale of the Purchased Assets (i) will not violate any federal, state and local laws relating
to privacy and data security and (ii) will fully comply with Seller’s privacy policies.

4.25 Brokers. The Seller has no Liability or obligation to pay any fees or commissions
to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for
which the Purchaser could become liable or obligated.

4.26 Solvency. Seller is not entering into the Transaction with the intent to hinder,
delay or defraud any Person to which it is, or may become, indebted. The Purchased Assets Purchase
Price is not less than the reasonably equivalent value of the Purchased Assets. Seller’s assets,
at a fair valuation, exceed its liabilities, and Seller will be able after the Closing of the
Transaction, to meet its debts as they mature and will not become insolvent as a result of the
Transaction. After the Closing of the Transaction, Seller will have sufficient capital and
property remaining to conduct the business in which it will thereafter be engaged.

4.27 Board Approval. The Board of Directors of Seller has (i) approved and declared
advisable this Agreement and the Transaction and (ii) determined that the Transaction is in the
best interests of the stockholders of Seller and is on terms that are fair to such stockholders.

4.28 Third Party Consents. Schedule 4.28 lists all contracts that require a novation
or consent to the Transaction, prior to the Closing Date so that such contracts may remain in full
force and effect after the Closing.

4.29 No Other Agreement. Neither Seller, nor any of its Representatives, has entered
into any Contract with respect to the sale or other disposition of any assets (including the
Purchased Assets) or capital stock of Seller except as set forth in this Agreement.

4.30 Product Liability.

(a) The WOW Business is not subject to any Liabilities or Damages arising from any injury to
person or property or as a result of ownership, possession or use of any Seller Product
manufactured, processed, distributed, shipped or sold prior to the Closing Date. All such
Liabilities and Damages are fully covered by product liability insurance or otherwise provided for,
and Seller shall properly satisfy and discharge all such Liabilities and Damages. There have been
no recalls of any Seller Products sold on the WOW Website, and to the Knowledge of Seller, none are
threatened or pending, and no report has been filed or is required to have been filed with respect
to any Seller Products sold on the WOW Website under the Consumer Products Safety Act, as amended,
or under any other law, rule or regulation. No circumstances exist involving the safety aspects of
any Seller Products that would cause any obligation to report to any Governmental Authority. There
are no, and within the last twelve (12) months there have not been any, actions, claims or threats
thereof related to product liability against or involving the WOW Business or any Seller Products
sold on the WOW Website and no such actions, claims or threats have been settled, adjudicated or
otherwise disposed of within the last twelve (12) months.

(b) There are no citations, decisions, adjudications or written statements by any Governmental
Authority or consent decrees between any Governmental Authority and Seller stating that any Seller
Product sold on the WOW Website is (i) defective or unsafe or (ii) fails to meet any standards
promulgated by any such standards. There is no (A) fact or condition related to any Seller Product
sold on the WOW Website that would impose upon Seller a duty to recall any Seller Product sold on
the WOW Website or (B) material liability for returns or other product liability claims with
respect to any Seller Product sold on the WOW Website not adequately reserved on the Financial
Statements or Interim Balance Sheet in accordance with GAAP.

4.31 Promotions. Schedule 4.31 sets forth a complete lists of all promotions,
coupons, vouchers, rebates, sweepstakes, programs or other offers made available to customers of
the WOW Business since January 1, 2006 and such other promotions, coupons, vouchers, rebates,
sweepstakes, programs that are in effect as of the Closing Date, along with copies of all related
data, forms, specimen coupons, vouchers rules, verification protocols, terms and conditions and
expiration dates.

4.32 Full Disclosure.

(a) Neither this Agreement nor any of the other Transaction Agreements, (i) contains or will
contain as of the Closing Date any untrue statement of fact or (ii) omits or will omit to state any
material fact necessary to make any of the representations, warranties or other statements or
information contained herein or therein (in light of the circumstances under which they were made)
not misleading.

(b) Other than as set forth herein or in Seller’s filings with the SEC, there is no fact
(other than publicly known facts related exclusively to political or economic matters of general
applicability that will adversely affect all Entities comparable to Seller) that may have a
Material Adverse Effect on Seller.

(c) All of the information set forth in the Seller Disclosure Schedule, and all other
information regarding Seller or Seller’s properties, assets (including the Purchased Assets),
operations, businesses (including the WOW Business), Liabilities, financial performance, net income
and prospects that has been furnished to Purchaser or any of its Representatives by or on behalf of
Seller or any of Seller’s Representatives, is accurate, correct and complete in all material
respects.

(d) Each representation and warranty set forth in this Article 4 is not qualified in any way
whatsoever except as explicitly provided therein, will not merge on Closing or by reason of the
execution and delivery of any Contract at the Closing, will remain in force on and immediately
after the Closing Date subject to the terms and conditions of this Agreement, is given with the
intention that liability is not limited to breaches discovered before Closing, is separate and
independent and is not limited by reference to any other representation or warranty or any other
provision of this Agreement, and is made and given with the intention of inducing Purchaser to
enter into this Agreement.

ARTICLE 5.

REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchaser hereby represents and warrants as of the date hereof to Seller as follows:

5.1 Organization and Good Standing. Purchaser is a limited liability company duly
organized, validly existing and in good standing under the laws of its jurisdiction of
organization.

5.2 Authority; Binding Nature of Agreements. Purchaser has all requisite power and
authority to execute and deliver this Agreement and all other Transaction Agreements to which it is
a party and to carry out the provisions of this Agreement and the other Transaction Agreements.
The execution, delivery and performance by Purchaser of this Agreement and the other Transaction
Agreements have been approved by all requisite action on the part of Purchaser. This Agreement has
been duly and validly executed and delivered by Purchaser. Each of this Agreement and the other
Transaction Agreements constitutes, or upon execution and delivery, will constitute, the legal,
valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other
similar laws and equitable principles related to or limiting creditors’ rights generally and by
general principles of equity.

5.3 No Conflicts; Required Consents. The execution, delivery and performance of this
Agreement or any other Transaction Agreement by Purchaser do not and will not (with or without
notice or lapse of time) conflict with, violate or result in any breach of (i) any of the
provisions of Purchaser’s Certificate of Formation; (ii) any resolutions adopted by Purchaser’s
members or its board of directors or committees thereof; (iii) any of the terms or requirements of
any Governmental Approval held by Purchaser or any of its employees or that otherwise relates to
Purchaser’s business; or (iv) any provision of a Contract to which Purchaser is a party.

5.4 Brokers. The Purchaser has no Liability or obligation to pay any fees or
commissions to any broker, finder, or agent with respect to the transactions contemplated by this
Agreement for which the Seller could become liable or obligated.

ARTICLE 6.

POST CLOSING COVENANTS

6.1 WOW Intellectual Property.

(a) Seller agrees that, from and after the date hereof, it shall not, and it shall cause its
Representatives not to, use any of the WOW Intellectual Property. If Seller or any assignee of
Seller owns or has any right or interest in any WOW Intellectual Property that cannot be, or for
any reason is not, assigned to Purchaser at the Closing, Seller shall grant or cause to be granted
to Purchaser, at the Closing, a worldwide, royalty-free, fully paid up, perpetual, irrevocable,
transferable, sublicensable, and exclusive license to Exercise All Rights in and to such WOW
Intellectual Property.

(b) If Purchaser is unable to enforce its Intellectual Property Rights against a third party
as a result of any Legal Requirement that prohibits enforcement of such rights by a transferee of
such rights, Seller agrees to assign to Purchaser such rights as may be required by Purchaser to
enforce its Intellectual Property Rights in its own name. If such assignment still does not permit
Purchaser to enforce its Intellectual Property Rights against the third party, Seller agrees to
initiate proceedings against such third party in Seller’s name; provided, however,
that Purchaser shall be entitled to participate in such proceedings and provided further that
Purchaser shall be responsible for the costs and expenses of such proceedings.

6.2 Cooperation. After the Closing, upon the request of Purchaser, Seller shall
(i) execute and deliver any and all further materials, documents and instruments of conveyance,
transfer or assignment as may reasonably be requested by Purchaser to effect, record or verify the
transfer to, and vesting in Purchaser, of Seller’s right, title and interest in and to the
Purchased Assets, free and clear of all Encumbrances, in accordance with the terms of this
Agreement; and (ii) cooperate with Purchaser, at Purchaser’s expense, to enforce the terms of any
Transferred Contracts, including terms relating to confidentiality and Intellectual Property
Rights, and to contest or defend against any Proceeding relating to the Transaction or to the
operation of the WOW Business before the Closing Date. After the Closing, Seller shall
(a) reasonably cooperate with Purchaser in its efforts to continue and maintain for the benefit of
Purchaser those business relationships of Seller existing prior to the Closing and relating to the
business to be operated by Purchaser after the Closing; (b) satisfy the Retained Liabilities in a
manner that is not detrimental to any of such relationships; (c) refer to Purchaser all inquiries
relating to such business; and (d) promptly deliver to Purchaser (i) any mail, packages and other
communications addressed to Seller relating to the WOW Business and (ii) any cash or other property
that Seller receives and that properly belongs to Purchaser. Neither Seller nor any of its
officers, employees, agents or stockholders shall take any action that would tend to diminish the
value of the Purchased Assets after the Closing or that would interfere with the business of
Purchaser to be engaged in after the Closing, including disparaging the name or business of
Purchaser.

6.3 Limited Power of Attorney. Effective upon the date hereof, Seller hereby
irrevocably appoints Purchaser and its successors, agents and assigns as its true and lawful
attorney, in its name, place and stead, with power of substitution, to take any action and to
execute any instrument which Purchaser may deem necessary or advisable to fulfill Seller’s
obligations or rights under, or to accomplish the purposes of, this Agreement, including, (i) to
demand and receive any and all Purchased Assets and to make endorsements and give receipts and
releases for and in respect of the same; (ii) to institute, prosecute, defend, compromise and/or
settle any and all Proceedings with respect to the Purchased Assets except those Proceedings listed
on Schedule 6.3; (iii) to make any filings required to transfer any WOW Intellectual Property or
any other Purchased Assets; and (iv) to receive and open all mail, packages and other
communications addressed to Seller and relating to the WOW Business. The foregoing power of
attorney is a special power of attorney coupled with an interest and is irrevocable.

6.4 Return of Purchased Assets. If, for any reason after the Closing, any of the
Purchased Assets are ultimately determined to be Excluded Assets or Retained Liabilities,
respectively, (i) Purchaser shall transfer and convey (without further consideration) to Seller,
and Seller shall accept, such assets; (ii) Seller shall assume, and agree to pay, perform, fulfill
and discharge (without further consideration) such liabilities; and (iii) Purchaser and Seller
shall execute such documents or instruments of conveyance or assumption and take such further acts
which are reasonably necessary or desirable to effect the transfer of such assets back to Seller
and the re-assumption of such liabilities by Seller.

6.5 Records and Documents. For a period of three years after the Closing, at
Purchaser’s request, Seller shall provide Purchaser and its representatives with access to and the
right to make copies of those records and documents related to the WOW Business, including but not
limited to the Books and Records, possession of which is retained by Seller, as may be necessary or
useful in connection with Purchaser’s conduct of the WOW Business after the Closing. If during
such period Seller elects to dispose of such records and documents, Seller shall give Purchaser
sixty (60) days’ prior written notice, during which period Purchaser shall have the right to take
such records and documents without further consideration.

6.6 Insurance and Warranty Claims. Until June 30, 2007, Seller shall maintain in full
force and effect product liability insurance on all Seller Products sold on the WOW Website prior
to the Closing Date, in a form and with such limits as currently maintained by Seller. Such policy
shall name Purchaser as an additional named insured and provide that it may not be cancelled
without prior notice to Purchaser. Seller shall provide, at Purchaser’s request, reasonably
satisfactory evidence that such insurance policy continues to be in effect and that all premiums
have been paid.

6.7 Director and Officer Insurance. Until March 1, 2007 Seller shall maintain in full
force and effect director and officer insurance as currently in effect. Seller shall provide, at
Purchaser’s request, reasonably satisfactory evidence that such insurance policy continues to be in
effect and that all premiums have been paid.

6.8 Dissolution; Restricted Payments. Seller shall not, and shall not permit any of
its subsidiaries to, with the intent to hinder, delay or defraud any Person to which it is, or may
become, indebted, dissolve or liquidate or declare or make any dividend payment or other
distribution on any shares of its capital stock, or purchase, redeem or otherwise acquire for value
any shares of its capital stock or any options, warrants or other rights to acquire such shares now
or hereafter outstanding.

6.9 Bulk Sales Indemnification. Subject to Section 7.2, Purchaser hereby waives
compliance by Seller with any applicable bulk sales Legal Requirements in connection with the
Transaction.

6.10 Payment of Seller Supplier Accounts Payable. Within four (4) Business Days
following the Closing Date, Seller shall cause all suppliers to the WOW Business to be paid in
full, including but not limited all amounts set forth on Schedule 4.14(f) hereto, without regard to
any payment arrangements, grace periods, rights of set off or other term or condition which would
permit or entitle Seller to pay such suppliers at any later date. Seller shall promptly provide to
Purchaser reasonable evidence of such payment.

(a) Nonsolicitation of Employees. Seller agrees that for a period of five (5) years
following the Closing Date, Seller and any Affiliate Entity will not directly or indirectly,
without the prior written approval of Purchaser, solicit for hire or hire, any employees or
consultants of Seller or its Affiliates who are or become employees or consultants of Purchaser or
its Affiliates (each, a “Restricted Employee”), or directly or indirectly, solicit for
hire, or hire on behalf of any third party, any Restricted Employee; provided, however,
that nothing in this Section 6.10 shall be deemed breached by any general advertisement for
potential employees that is not specifically directed at the Restricted Employees,
provided, that in the event a Restricted Employee responds to a general advertisement for
potential employees, (without Seller soliciting such person in violation of the restriction
contained in this Section 6.10), the hiring of such Restricted Employee shall not be deemed
a violation of this Section 6.10.

(b) Nonsolicitation of Customers. Seller agrees that it will not, directly or
indirectly, without the prior written approval of Purchaser, solicit or contact any customer of the
WOW Business or Purchaser, or any potential customer with whom the WOW Business or Purchaser has
had any contact, or from which it has received or to which it has submitted a proposal for products
or services, for the purpose of (i) any commercial pursuit which is in competition with the WOW
Business or the businesses engaged in by Purchaser as of the date hereof, (ii) providing such
customer or potential customer products or services that are the same as or substantially similar
to those provided or offered to be provided by the WOW Business or Purchaser as of the date hereof,
or (iii) taking away or interfering or attempting to interfere with any customer, trade, business
or patronage of the WOW Business or Purchaser.

(c) Nondisclosure.

(i) Seller acknowledges that, in connection with the operation of Seller and the WOW Business
prior to the Closing Date, Seller, either directly or indirectly or through its representatives,
has had access to confidential information relating to the Seller and the WOW Business, including
technical, financial or marketing information, lists of vendors, suppliers and customers, ideas,
methods, developments, inventions, improvements, business plans, trade secrets, scientific or
statistical data, diagrams, drawings, specifications, or other proprietary information relating
thereto, including analyses, compilations, studies or other documents, record or data prepared by
Seller or its representatives which contain or otherwise reflect or are generated from such
information (“Confidential Information”) a portion of which is being sold as part of the
Purchased Assets (the “Purchased Confidential Information”). Seller agrees that it will
treat all Purchased Confidential Information as confidential, preserve the confidentiality thereof
and not use or disclose any Confidential Information for any purpose or reason whatsoever, except
to authorized representatives of Purchaser. If, however, Confidential Information is disclosed,
Seller will immediately notify Purchaser in writing and will take all reasonable steps required to
prevent further disclosure. Notwithstanding the foregoing, to the extent any Confidential
Information is used by Seller both in connection with the Ashford Business and the WOW Business,
then both Seller and Purchaser shall have the respective right to use such Confidential Information
(which for the avoidance of doubt shall include both Purchaser’s and Seller’s respective right to
sell or otherwise transfer such Confidential Information) following the Closing.

6.11 Publicity. Neither Seller nor Purchaser shall issue any press release or public
announcement concerning this Agreement or the transactions contemplated hereby without obtaining
the prior written approval of the other party hereto, which approval will not be unreasonably
withheld or delayed, unless, in the sole judgment of Purchaser or Seller, disclosure is otherwise
required by applicable Law or by the applicable rules of any stock exchange on which Purchaser or
Seller lists securities, provided that, to the extent required by applicable law, the party
intending to make such release shall use its best efforts consistent with such applicable law to
consult with the other party with respect to the text thereof.

6.12 Cooperation on Tax Matters.

(a) Seller and Purchaser shall cooperate with each other and promptly prepare and file
notifications with, and request Tax clearances from, Tax Authorities in jurisdictions in which a
portion of the Purchase Price may be required to be withheld or in which Purchaser would be liable
for any Tax liabilities of Seller in the absence of such a Tax clearance.

(b) Purchaser and Seller agree to furnish or cause to be furnished to each other, and each at
their own expense, as promptly as practical, such information (including access to books and
records) and assistance, including making employees available on a mutually convenient basis to
provide additional information and explanations of material provided, relating to the purchased
assets as is reasonably necessary for the filing of any Tax Returns, for the preparation of any
audit, and for the prosecution or defense of any claim, suit or proceeding relating to any
adjustment or proposed adjustment with respect to Taxes.

6.13 Transition Assistance. Both following the date of this Agreement and following
the Closing Date, Seller agrees to cooperate with Purchaser in good faith to provide such
transition assistance, at no cost to Seller, as may be reasonably required by Purchaser in
connection with Purchaser’s operation of the WOW Business.

6.14 Ice.com Covenants. Purchaser acknowledges and agrees to be bound by the
restrictions contained in Sections 6.11(h) and 7.6 (the “Subject Provisions”) of the Asset Purchase
Agreement dated May 11, 2006 by and among Ice.com, Inc., Ice Diamond, LLC (the “Ice Parties”) and
Odimo Incorporated solely as such provisions apply to Purchaser with respect to the Purchased
Assets, provided that in the event Purchaser procures a release from the Ice Parties in respect of
the application of the Subject Provisions to the transactions contemplated under this Agreement,
then Purchaser shall have no continuing obligation under this paragraph.

ARTICLE 7.

INDEMNIFICATION

7.1 Survival of Representations and Warranties. All representations, warranties,
covenants, conditions and agreements contained herein or in any other instrument or other document
delivered pursuant to this Agreement or in connection with the Transaction shall survive the
execution and delivery of this Agreement, the consummation of the Transaction and any investigation
or audit made by any party hereto provided, however, that (a) all representations and warranties
relating to Taxes shall survive until six months after the expiration of the statute of limitation
applicable to such Taxes has expired (including all waivers and extensions thereof), (b) all
representations and warranties of Seller contained in Sections 4.1, 4.2, 4.11(a) and 4.13, shall
survive indefinitely; (c) all representations and warranties other than those referred to in
clauses (a) or (b) above shall survive for a period of 12 months from the Closing Date. Any claim
for indemnification based upon a breach of any such representation or warranty and asserted prior
to end of the applicable survival period by written notice in accordance with Section 8.2 shall
survive until final resolution of such claim. The representations and warranties contained in this
Agreement (and any right to indemnification for breach thereof) shall not be affected by any
investigation, verification or examination by any party hereto or by any Representative of any such
party or by any such party’s Knowledge of any facts with respect to the accuracy or inaccuracy of
any such representation or warranty.

7.2 Indemnification by Seller. Subject to the limitations set forth in this Article
7, Seller shall indemnify, defend and hold harmless Purchaser, its Affiliates and its
Representatives (each a “Purchaser Indemnitee”) from and against any and all Damages, whether or
not involving a third-party claim, including attorneys’ fees and related defense costs and expenses
(collectively, “Purchaser Damages”), arising out of, relating to or resulting from (a) any breach
of a representation or warranty of Seller contained in this Agreement or in any other Transaction
Agreement; (b) any breach of a covenant of Seller contained in this Agreement or in any other
Transaction Agreement; (c) Excluded Assets or Retained Liabilities; or (d) any noncompliance with
applicable bulk sales or fraudulent transfer Legal Requirements in connection with the Transaction.

7.3 Procedures for Indemnification. Promptly after receipt by a Purchaser Indemnitee
of written notice of the assertion or the commencement of any Proceeding by a third-party with
respect to any matter referred to in Section 7.2, the Indemnitee shall give written notice thereof
to the Seller, and thereafter shall keep the Seller reasonably informed with respect thereto;
provided, however, that failure of the Indemnitee to give the Seller notice as provided herein
shall not relieve the Seller of its obligations hereunder except to the extent that the Seller is
prejudiced thereby. The Seller shall have the right to join in the defense of said claim, action
or proceeding at Seller’s own cost and expense and, if the Seller agrees in writing to be bound by
and to promptly pay the full amount of any final judgment from which no further appeal may be taken
and if the Indemnitee is reasonably assured of the Seller’s ability to satisfy such agreement, then
at the option of the Seller, the Seller may take over the defense of such claim, action or
proceeding, except that, in such case, the Indemnitee shall have the right to join in the defense
of said claim, action or proceeding at its own cost and expense and provided that whether or not
the Seller takes over defense of a claim, the Seller shall not admit any liability with respect to,
or settle, compromise or discharge, such claim without the Indemnitees’s prior written consent
(which consent shall not be unreasonably withheld); provided further that the Seller shall not
agree, without the Indemnitee’s consent, to the entry of any Judgment or settlement, compromise or
decree that provides for injunctive or other nonmonetary relief affecting the Indemnitee.

7.4 Remedies Cumulative. The remedies provided in this Agreement shall be cumulative
and shall not preclude any party from asserting any other right, or seeking any other remedies,
against the other party.

7.5 Maximum Amounts. The aggregate liability of the Seller to indemnify Purchaser
Indemnitees entitled to indemnification for Damages under clauses (a) or (b) of Section 7.2 (except
for Damages arising from a breach of any of the representations and warranties in Sections 4.1,
4.2, 4.11(a) or 4.13 or any breach of this Article 7) shall in no event exceed $500,000.
Notwithstanding the foregoing, no maximum dollar limitation shall apply to Damages (i) arising from
any breach of the representations and warranties of Seller contained in Sections 4.1, 4.2, 4.11(a)
or 4.13 this Article 7 or (ii) under clauses (c) or (d) of Section 7.2. Notwithstanding anything
to the contrary contained in this Agreement nothing herein shall foreclose, limit or prevent
Purchaser from seeking and obtaining, as and to the extent permitted under applicable law, specific
performance by Seller of any of its obligations under this Agreement or injunctive relief against
the Seller against Seller’s activities in breach of this Agreement (including, without limitation,
the obligations provided for under Article 7).

7.6 Liability of Purchaser. The fact that Purchaser is not obligated to indemnify
Seller hereunder shall not be construed so as to limit the rights or remedies that Seller may
otherwise have against Purchaser, whether under this Agreement or applicable law, in the event of
(a) any breach or inaccuracy of a representation or warranty of Purchaser contained in this
Agreement or (b) any failure by Purchaser to perform or comply with any covenant given by Purchaser
contained in this Agreement.

ARTICLE 8.

MISCELLANEOUS PROVISIONS

8.1 Expenses. Each party shall pay it own costs and expenses in connection with this
Agreement and the Transaction (including the fees and expenses of its advisers, accountants and
legal counsel).

8.2 Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given if delivered personally or by commercial delivery service, or mailed by
registered or certified mail (return receipt requested) or sent via facsimile (with confirmation of
receipt) to the parties at the following addresses (or at such other address for a party as shall
be specified by like notice):

(a) if to Purchaser, to:

	 
	ILS Holdings LLC
101 South State Road 7, Suite 201
Hollywood, Florida 33023
Attn: Izac Ben-Shmuel
Facsimile No.: (954) 985-1828
Telephone No.: (954) 985-3827

	 

	with a copy to:

	Greenberg Traurig, P.A.
401 East Las Olas Boulevard, Suite 2000
Fort Lauderdale, Florida 33301
Attention: Stanley G. Jacobs, Jr.
Facsimile No.: (954) 765-1477
Telephone No.: (954) 765-0500

(b) if to Seller, to:

	 
	Jeff Kornblum
Chief Operating Officer
Odimo Incorporated
14051 N.W. 14th Street
Sunrise, Florida 33323
Facsimile No.:

	Telephone No.: (954) 835-2233

	 

	with a copy to:

	Berman Rennert Vogel & Mandler, P.A.
Bank of America Tower at International Place, 29th Floor
100 S.E. Second Street
Miami, Florida 33131
Attention: Charles Rennert
Facsimile No.: (305) 347-6463
Telephone No.: (305) 577-4171

8.3 Interpretation. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed, as the context indicates, to be followed by the words “but
(is/are) not limited to.”

8.4 Counterparts; Facsimile Delivery. This Agreement may be executed in one or more
counterparts and delivered by facsimile, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart.

8.5 Entire Agreement; Nonassignability; Parties in Interest. This Agreement and the
documents and instruments and other agreements specifically referred to herein or delivered
pursuant hereto, including the Appendices, Exhibits and the Seller Disclosure Schedule,
(a) constitute the entire agreement among the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof, (b) are not intended to confer upon any other Person any
rights or remedies hereunder and (c) shall not be assigned by operation of law or otherwise except
as otherwise specifically provided.

8.6 Severability. In the event that any provision of this Agreement, or the
application thereof, becomes or is declared by a court of competent jurisdiction to be illegal,
void or unenforceable, the remainder of this Agreement will continue in full force and effect and
the application of such provision to other persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties further agree to replace such
void or unenforceable provision of this Agreement with a valid and enforceable provision that will
achieve, to the extent possible, the economic, business and other purposes of such void or
unenforceable provision.

8.7 Governing Law; Jurisdiction and Venue; Waiver of Jury Trial. This Agreement shall
be governed by and construed in accordance with the laws of Delaware without reference to such
state’s principles of conflicts of law. Each of the parties hereto irrevocably consents to the
jurisdiction of any state court located within the State of Florida in connection with any matter
based upon or arising out of this Agreement or the matters contemplated herein, agrees that process
may be served upon them in any manner authorized by the laws of the State of Florida for such
persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction and such process. THE PARTIES HERETO IRREVOCABLY WAIVE THE RIGHT TO A
JURY TRIAL IN CONNECTION WITH ANY ACTIONS, SUITS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE MERGER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

8.8 Rules of Construction. The parties hereto agree that they have been represented
by counsel during the negotiation, preparation and execution of this Agreement and, therefore,
waive the application of any law, regulation, holding or rule of construction providing that
ambiguities in an agreement or other document will be construed against the party drafting such
agreement or document.

8.9 Incorporation of Appendices, Exhibits and Schedules. The Appendices, Exhibits and
Schedules identified in this Agreement are incorporated herein by reference and made a part hereof.

8.10 Assignment. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether
by operation of law or otherwise), without the prior written consent of the other party, and any
attempt to make any such assignment without such consent shall be null and void; provided, that
Purchaser shall be free to assign this Agreement and/or any of the rights of Purchaser under this
Agreement to an Affiliate of Purchaser. Subject to the preceding sentence, this Agreement will be
binding upon, inure to the benefit of and be enforceable by the parties and their respective
successors and assigns.

8.11 Attorneys’ Fees. In any action at law or suit in equity to enforce this
Agreement or the rights of any of the parties hereunder, the prevailing party in such action or
suit shall be entitled to receive a sum for its attorneys’ fees and all other costs and expenses
incurred in such action or suit.

8.12 Further Assurances. Each party agrees (a) to furnish upon request to each other
party such further information, (b) to execute and deliver to each other party such other
documents, and (c) to do such other acts and things, all as another party may reasonably request
for the purpose of carrying out the intent of this Agreement and the Transaction.

[Signatures Follow On a Separate Page]

3

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf
by their respective officers thereunto duly authorized all as of the date first written above.

	 	 	 
	“PURCHASER”

ILS HOLDINGS LLC,

	 	

	 
	 	 
	a Florida limited liability company

	 
	 	 
	By: 

	 	/s/ Shlomi Ben-Shmuel
	
 
	 	 

	 	 	Name: Shlomi Ben-Shmuel

Title: Secretary-Member

“SELLER”

ODIMO INCORPORATED,

a Delaware corporation

By: /s/ Jeff Kornblum

Name: Jeff Kornblum

Title: President

WORLDOFWATCHES.COM, INC.,

a Delaware corporation

By: /s/Jeff Kornblum

Name: Jeff Kornblum

Title: President

4

APPENDIX 1

CERTAIN DEFINITIONS

“Affiliate” shall mean any member of the immediate family (including spouse, brother,
sister, descendant, ancestor or in-law) of any officer, director or stockholder of Seller or any
corporation, partnership, trust or other entity in which Seller or any such family member has a
five percent (5%) or greater interest or is a director, officer, partner or trustee. The term
Affiliate shall also include any entity which controls, or is controlled by, or is under common
control with any of the individuals or entities described in the preceding sentence.

“Agreement” shall mean the Asset Purchase Agreement to which this Appendix 1 is
attached (including the Seller Disclosure Schedule and all other appendices, schedules and exhibits
attached hereto), as it may be amended from time to time.

“Books and Records” shall have the meaning specified in Section 1.1(e).

“Business Day” shall mean any day of the year on which national banking institutions in
Miami, Florida are open to the public for conducting business and are not required or authorized to
close.

“Closing” shall have the meaning specified in Section 3.1

“Closing Date” shall have the meaning specified in Section 3.1.

“Code” shall mean the Internal Revenue Code of 1986, as amended.

“Confidential Information” shall have the meaning specified in “Confidential Information”
shall mean all Trade Secrets and other confidential and/or proprietary information of a Person,
including information derived from reports, investigations, research, work in progress, codes,
marketing and sales programs, financial projections, cost summaries, pricing formula, contract
analyses, financial information, projections, confidential filings with any state or federal
agency, and all other confidential concepts, methods of doing business, ideas, materials or
information prepared or performed for, by or on behalf of such Person by its employees, officers,
directors, agents, representatives, or consultants. Information shall not be deemed Confidential
Information hereunder if (i) such information becomes available to or known by the public generally
through no fault of Seller or (ii) disclosure is required by law or the order of any governmental
authority under color of law, provided, however, that prior to disclosing any information pursuant
to this clause (ii), Seller shall, if possible, give prior written notice thereof to Purchaser and,
at Purchaser’s election, either provide Purchaser with the opportunity to contest such disclosure
or seek to obtain a protective order narrowing the scope of such disclosure and/or use of the
Confidential Information; or (iii) Seller reasonably believes that such disclosure is required in
connection with the defense of a lawsuit against Seller. Nothing herein shall be construed as
prohibiting Purchaser from pursuing any other available remedy for such breach or threatened
breach, including the recovery of damages.

“Consent” shall mean any approval, consent, ratification, permission, waiver or
authorization (including any Governmental Approval).

“Contract” shall mean any agreement, contract, consensual obligation, promise,
understanding, arrangement, commitment or undertaking of any nature (whether written or oral and
whether express or implied), whether or not legally binding.

“Contract Affiliates” shall mean Entities which are parties to Affiliate Agreements whereby
such entities are compensated for sales resulting from the directions of customers to websites
maintained by the WOW Business.

“Copyrights” shall mean all copyrights, including in and to works of authorship and all
other rights corresponding thereto throughout the world, whether published or unpublished,
including rights to prepare, reproduce, perform, display and distribute copyrighted works and
copies, compilations and derivative works thereof.

“Damaged Goods” shall have the meaning set forth in Section 2.1(b).

“Damages” shall mean and include any loss, damage, injury, decline in value, lost
opportunity, Liability, claim, demand, settlement, judgment, award, fine, penalty, Tax, fee
(including any legal fee, accounting fee, expert fee or advisory fee), charge, cost (including any
cost of investigation) or expense of any nature.

“Deposits and Advances” shall have the meaning specified in 1.1(h).

“Encumbrance” shall mean any lien, pledge, hypothecation, charge, mortgage, security
interest, encumbrance, equity, trust, equitable interest, claim, preference, right of possession,
lease, tenancy, license, encroachment, covenant, infringement, interference, Order, proxy, option,
right of first refusal, preemptive right, community property interest, legend, defect, impediment,
exception, reservation, limitation, impairment, imperfection of title, condition or restriction of
any nature (including any restriction on the voting of any security, any restriction on the
transfer of any security or other asset, any restriction on the receipt of any income derived from
any asset, any restriction on the use of any asset and any restriction on the possession, exercise
or transfer of any other attribute of ownership of any asset).

“Entity” shall mean any corporation (including any non-profit corporation), general
partnership, limited partnership, limited liability partnership, joint venture, estate, trust or
company (including any limited liability company or joint stock company).

“Exchange Act” shall have the meaning specified in Section 4.19(a).

“Excluded Assets” shall have the meaning specified in Section 1.2.

“Exercise All Rights” shall mean to exercise or practice any and all rights now or
hereafter provided by law (by treaty, statute, common law or otherwise) anywhere in the world to
inventors, authors, creators and/or owners of intellectual or intangible property; including the
right to make, use, disclose, sell, offer to sell, distribute, import, rent, lease, lend,
reproduce, prepare derivative works of and otherwise modify, perform and display (whether publicly
or otherwise), broadcast, transmit, use and/or otherwise exploit such intellectual or intangible
property and/or any product, component or service embodying, related to or subject to such
intellectual or intangible property; and the right to assign, transfer, license and/or sublicense
(with the right to sublicense further) any of the foregoing, and the right to have and/or authorize
others to do any of the foregoing.

“Financial Statements” shall have the meaning specified in Section 4.5(a).

“Full Retail Cost” shall have the meaning set forth in Section 2.1(b).

“GAAP” means U.S. generally accepted accounting principles in effect on the date on which
they are to be applied pursuant to this Agreement, applied consistently throughout the relevant
periods.

“Governmental Approval” shall mean any: (a) permit, license, certificate, concession,
approval, consent, ratification, permission, clearance, confirmation, exemption, waiver, franchise,
certification, designation, rating, registration, variance, qualification, accreditation or
authorization issued, granted, given or otherwise made available by or under the authority of any
Governmental Authority or pursuant to any Legal Requirement; or (b) right under any Contract with
any Governmental Authority.

“Governmental Authority” shall mean any: (a) nation, principality, state, commonwealth,
province, territory, county, municipality, district or other jurisdiction of any nature;
(b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi
governmental authority of any nature (including any governmental division, subdivision, department,
agency, bureau, branch, office, commission, council, board, instrumentality, officer, official,
representative, organization, unit, body or Entity and any court or other tribunal);
(d) multinational organization or body; or (e) individual, Entity or body exercising, or entitled
to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or
taxing authority or power of any nature.

“Indebtedness” of any Person means, without duplication, (i) the principal of and premium
(if any) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the payment of which such
Person is responsible or liable; (ii) all obligations of such Person issued or assumed as the
deferred purchase price of property, all conditional sale obligations of such Person and all
obligations of such Person under any title retention agreement (but excluding trade accounts
payable and other accrued current liabilities arising in the ordinary course of business); (iii)
all obligations of such Person under leases required to be capitalized in accordance with GAAP;
(iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit,
banker’s acceptance or similar credit transaction; (v) all obligations of the type referred to in
clauses (i) through (iv) of any Persons for the payment of which such Person is responsible or
liable, directly or indirectly, as obligor, guarantor or otherwise, including guarantees of such
obligations; and (vi) all obligations of the type referred to in clauses (i) through (v) of other
Persons secured by any Encumbrance on any property or asset of such Person (whether or not such
obligation is assumed by such Person)

“Indemnitee” shall have the meaning specified in Section 7.3.

“Insurance Policies” shall have the meaning specified in Section 4.10.

“Intellectual Property Rights” shall mean any or all rights in and to intellectual property
and intangible industrial property rights, including, without limitation, (i) Patents, Trade
Secrets, Copyrights, Mask Works, Trademarks and (ii) any rights similar, corresponding or
equivalent to any of the foregoing anywhere in the world.

“Interim Balance Sheet” shall have the meaning specified in Section 4.5(a).

“Interim Balance Sheet Date” shall have the meaning specified in Section 4.5(a).

“IRS” means the Internal Revenue Service.

“Knowledge” An individual shall be deemed to have “Knowledge” of a particular fact or other
matter if: (i) such individual is actually aware of such fact or other matter or (ii) a prudent
individual could be expected to discover or otherwise become aware of such fact or other matter in
the course of conducting a reasonably comprehensive investigation concerning the truth or existence
of such fact or other matter. Seller and Purchaser shall be deemed to have “Knowledge” of a
particular fact or other matter if any of their respective directors, officers or employees with
the authority to establish policy for the company has actual knowledge of such fact or other matter
after due and diligent inquiry.

“Legal Requirement” shall mean any federal, state, local, municipal, foreign or other law,
statute, legislation, constitution, principle of common law, resolution, ordinance, code, Order,
edict, decree, proclamation, treaty, convention, rule, regulation, permit, ruling, directive,
pronouncement, requirement (licensing or otherwise), specification, determination, decision,
opinion or interpretation that is, has been or may in the future be issued, enacted, adopted,
passed, approved, promulgated, made, implemented or otherwise put into effect by or under the
authority of any Governmental Authority.

“Liability” shall mean any debt, obligation, duty or liability of any nature
(including any unknown, undisclosed, unmatured, unaccrued, unasserted, contingent, indirect,
conditional, implied, vicarious, derivative, joint, several or secondary liability), regardless of
whether such debt, obligation, duty or liability would be required to be disclosed on a balance
sheet prepared in accordance with generally accepted accounting principles and regardless of
whether such debt, obligation, duty or liability is immediately due and payable.

“Machinery and Equipment” shall have the meaning specified in Section 1.1(a).

“Mask Work” a set of images or templates used in the manufacture of semiconductor chips.

“Material Adverse Effect” means (i) with respect to Purchaser, any event, change or effect
that, when taken individually or together with all other adverse events, changes and effects, is or
is reasonably likely (a) to be materially adverse to the condition (financial or otherwise),
properties, assets, liabilities, business, operations, results of operations or prospects of
Purchaser or its subsidiaries, taken as a whole or (b) to prevent or materially delay consummation
of the Transaction or otherwise to prevent Purchaser or its subsidiaries from performing their
obligations under this Agreement and (ii) with respect to Seller or the WOW Business, any event,
change or effect that, when taken individually or together with all other adverse events, changes
and effects, is or is reasonably likely (a) to be materially adverse to the condition (financial or
otherwise), properties, assets (including Purchased Assets), liabilities, business, operations,
results of operations or prospects of Seller, its Subsidiaries, or the WOW Business or (b) to
prevent or materially delay consummation of the Transaction or otherwise to prevent Seller or its
Subsidiaries from performing their obligations under this Agreement.

“Material Contracts” shall have the meaning specified in Section 4.9.

“Net Inventory Cost” shall have the meaning set forth in Section 2.1(b).

“Non-Assignable Asset” shall have the meaning specified in Section 1.5(a).

“Order” shall mean any: (a) temporary, preliminary or permanent order, judgment,
injunction, edict, decree, ruling, pronouncement, determination, decision, opinion, verdict,
sentence, stipulation, subpoena, writ or award that is or has been issued, made, entered, rendered
or otherwise put into effect by or under the authority of any court, administrative agency or other
Governmental Authority or any arbitrator or arbitration panel; or (b) Contract with any
Governmental Authority that is or has been entered into in connection with any Proceeding.

“Patents” shall mean all United States and foreign patents and utility models and
applications therefor and all reissues, divisions, re-examinations, renewals, extensions,
provisionals, continuations and continuations-in-part thereof, and equivalent or similar rights
anywhere in the world in inventions and discoveries, including invention disclosures related to the
WOW Business or any Purchased Assets.

“Person” shall mean any individual, Entity or Governmental Authority.

“Personal Property” shall mean all personal property, office furnishings and furniture,
display racks, shelves, decorations, supplies and other tangible personal property used in the WOW
Business or in connection with the Purchased Assets.

“Personal Property Leases” shall mean all rights in, to and under leases of personal
property to which Seller is a party.

“Proceeding” shall mean any action, suit, litigation, arbitration, proceeding (including
any civil, criminal, administrative, investigative or appellate proceeding), prosecution, contest,
hearing, inquiry, inquest, audit, examination or investigation that is, has been or may in the
future be commenced, brought, conducted or heard at law or in equity or before any Governmental
Authority or any arbitrator or arbitration panel.

“PTO” shall have the meaning specified in Section 4.13(g).

“Purchase Price Adjustment Date” shall have the meaning specified in Section
2.1(b).

“Purchased Assets Purchase Price” shall have the meaning specified in Section
2.1(a).

“Purchased Assets” shall have the meaning specified in Section 1.1.

“Purchaser Damages” shall have the meaning specified in Section 7.2.

“Purchaser Disclosure Schedule” shall have the meaning specified in Article 5.

“Real Property” shall mean land, buildings, structures, easements, appurtenances,
improvements and fixtures located thereon.

“Rebates and Credits” shall have the meaning specified in Section 1.1(i).

“Registered Intellectual Property Rights” shall mean all United States, international and
foreign: (i) Patents, including applications therefor; (ii) registered Trademarks, applications to
register Trademarks, including intent-to-use applications, or other registrations or applications
related to Trademarks; (iii) Copyright registrations and applications to register Copyrights;
(iv) Mask Work registrations and applications to register Mask Works; and (v) any other
Intellectual Property Rights that is the subject of an application, certificate, filing,
registration or other document issued by, filed with, or recorded by, any state, government or
other public legal authority at any time.

“Representatives” shall mean officers, directors, employees, attorneys, accountants,
advisors, agents, distributors, licensees, shareholders, subsidiaries and lenders of a party. In
addition, all Affiliates of Seller shall be deemed to be “Representatives” of Seller.

“Retained Liabilities” shall have the meaning specified in Section 1.4.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Seller Balance Sheet Date” shall have the meaning specified in Section 4.19(b).

“Seller Disclosure Schedule” shall have the meaning specified in Article 4.

“Seller Financial Statements” shall have the meaning specified in Section 4.19(b).

“Seller Products” shall mean all products and services manufactured, made, designed,
maintained, supported, developed, sold, licensed, marketed, or otherwise distributed or provided
(or planned or envisioned to be manufactured, made, designed, maintained, supported, developed,
sold, licensed, marketed, or otherwise distributed or provided) by or for Seller (including all
versions and releases thereof, whether already distributed or provided, under development, planned
or conceived, or otherwise), together with any related materials, information or data, including,
without limitation, the names, numbers (e.g., part numbers) and packaging associated with such
products and services.

“Seller SEC Documents” shall have the meaning specified in Section 4.19(a).

“Solvent” shall mean, as to any Person at any time, that (a) the fair value of the property
of such Person is greater than the amount of such Person’s liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated for
purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the
property of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured; (c) such Person is able
to realize upon its property and pay its debts and other liabilities (including disputed,
contingent and unliquidated liabilities) as they mature in the normal course of business; (d) such
Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is not
engaged in business or a transaction, and is not about to engage in business or a transaction, for
which such Person’s property would constitute unreasonably small capital.

“Subsidiary” shall have the meaning specified in Section 1.4.

“Survival Date” shall have the meaning specified in Section 7.1.

“Supplier Accounts Payable” shall have the meaning specified in Section 4.14.

“Tax” (and, with correlative meaning, “Taxes” and “Taxable”) means any net
income, alternative or add-on minimum tax, gross income, gross receipts, sales, use, ad valorem,
transfer, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp,
occupation, premium, property, environmental or windfall profit tax, custom, duty or other tax,
governmental fee or other assessment or charge of any kind whatsoever, together with any interest
or any penalty, addition to tax or additional amount and any interest on such penalty, addition to
tax or additional amount, imposed by any Tax Authority.

“Tax Authority” means Governmental Authority responsible for the imposition, assessment or
collection of any Tax (domestic or foreign).

“Tax Return” shall mean any return, statement, declaration, notice, certificate or other
document that is or has been filed with or submitted to, or required to be filed with or submitted
to, any Governmental Authority in connection with the determination, assessment, collection or
payment of any Tax or in connection with the administration, implementation or enforcement of or
compliance with any Legal Requirement related to any Tax.

“Trade Secrets” shall mean all trade secrets under applicable law and other rights in
know-how and confidential or proprietary information, processing, manufacturing or marketing
information, including new developments, inventions, processes, ideas or other proprietary
information that provide Seller with advantages over competitors who do not know or use it and
documentation thereof (including related papers, blueprints, drawings, chemical compositions,
formulae, diaries, notebooks, specifications, designs, methods of manufacture and data processing
software, compilations of information) and all claims and rights related thereto.

“Trademarks” shall mean any and all trademarks, service marks, logos, trade names,
corporate names, universal resource locator (“url”), Internet domain names and addresses
and general-use e-mail addresses, and all goodwill associated therewith throughout the world.

“Transaction” shall mean, collectively, the transactions contemplated by this Agreement.

“Transaction Agreements” shall mean this Agreement and all other agreements, certificates,
instruments, documents and writings delivered by Purchaser and/or Seller in connection with the
Transaction.

“Transfer Taxes” shall mean all federal, state, local or foreign sales, use, transfer, real
property transfer, mortgage recording, stamp duty, value-added or similar Taxes that may be imposed
in connection with the transfer of Purchased Assets, together with any interest, additions to Tax
or penalties with respect thereto and any interest in respect of such additions to Tax or
penalties.

“Transfer Time.” shall mean 11:59 p.m. (Miami time) on the Closing Date.

“Transferred Contracts” shall have the meaning specified in Section 1.1(c).

“WOW Business” shall have the meaning set forth in the first Recital.

“WOW Intellectual Property” shall mean all Intellectual Property Rights related to the WOW
Business, the Purchased Assets and held by Seller, whether owned or controlled, licensed, owned or
controlled by or for, licensed to, or otherwise held by or for the benefit of Seller including the
WOW Registered Intellectual Property Rights and including the WOW Intellectual Property listed on
Schedule 1.1(b).

“WOW Registered Intellectual Property Rights” shall have the meaning specified in
Section 4.13(a).

5Feng Junyi PP Agreement

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      STOCK PURCHASE AGREEMENT (“Agreement”) is made and entered into in duplicate as
      of this 12th day of November 2006, by and among Welwind Energy
      International Corporation, a Delaware corporation (the “Company”), and Feng
      Junyi (the “Buyer”).

    

    RECITALS

    

    A.
      The
      Company is a corporation duly organized, validly existing and in good standing
      pursuant to the laws of the State of Delaware.

    

    B.
      The
      Buyer desires to invest the principal amount of One Million Five Hundred
      Thousand Dollars ($1,500,000) with and in the Company and receive, in exchange
      therefor, as consideration for that investment, thirty million (30,000,000)
      shares of the Company’s $.001 par value common stock. Those shares of that
      common stock shall be referred to in this Agreement as the “Acquired Shares”.
      All dollar amounts specified in this Agreement shall be, and are, in United
      States Dollars.

    

    C.
      The
      Company desires to sell and issue to the Buyer the Acquired Shares, and Buyer
      desires to purchase from the Company the Acquired Shares, on the terms and
      subject to all of the conditions specified in this Agreement.

    

    NOW,
      THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, PREMISES, MUTUAL
      PROMISES, AGREEMENTS, REPRESENTATIONS AND WARRANTIES HEREIN SPECIFIED, FOR
      GOOD
      AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY
      ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED LEGALLY AND EQUITABLY, THE PARTIES
      AGREE WITH EACH OTHER AS FOLLOWS:

    

    1.
      Incorporation of Recitals.
      The
      recitals of this Agreement, as specified above, by this reference, are made
      a
      part of this Agreement proper, as specified completely and specifically at
      length in this Agreement proper.

    

    2.
      Subject Matter of and Consideration for Issue and Sale of Acquired
      Shares.

    

    2.1
      Issue and Sale of the Acquired Shares. On
      the
      Closing Date, the Company shall issue, sell, assign, transfer, convey, set
      over,
      and deliver to the Buyer, and the Buyer shall purchase from the Company, all
      of
      the Acquired Shares, by delivering or causing to be delivered to the Buyer
      at
      the Closing certificates evidencing and representing the Acquired
      Shares.

    

    2.2
      Consideration for the Acquired Shares.
      On the
      Closing Date, the Buyer shall pay or cause to be paid to the Company at the
      Closing the principal amount of One Million Five Hundred Thousand Dollars
      ($1,500,000.00).

    

    3.
      Closing and Closing Date.
      The
      closing (the “Closing”) of the transaction contemplated by the provisions of
      this Agreement shall occur at ______________________________________, at
      _________ p.m. on November ____, 2006 (the “Closing Date”), or at such other
      date, time and place as may be hereafter agreed upon in writing by the Company
      and the Buyer.

    

    4.
      Representations, Warranties and Covenants of the Buyer.
      The
      Buyer represents, warrants, and covenants the following, the truth and accuracy
      of each of which shall constitute a condition precedent to the obligations
      of
      the Company pursuant to the provisions of this Agreement:

    

    4.1
      The Buyer’s Independent Investigation. The
      Buyer
      has relied solely upon such independent investigations made by the Buyer or
      by
      the Buyer’s representatives in making his decision to purchase the Acquired
      Shares.

    

    4.2
      No Determination of Value or Fairness. The
      Buyer
      is aware that no agency has approved or made any finding or determination
      regarding the value or fairness of the purchase of the Acquired Shares or any
      recommendation or endorsement of the Acquired Shares. 

    

    4.3
      The Buyer’s Knowledge and Experience.
      The
      Buyer has the requisite knowledge and experience to evaluate the relative
      business aspects and risks, or the Buyer has relied upon the advice of
      experienced advisors with regard to such aspects and risks, and other
      considerations involved in purchasing the Acquired Shares.

    

    4.4
      The Buyer’s Due Diligence.
      The
      Buyer and the Buyer’s counsel or advisors (collectively, “representatives”) have
      conducted or have had the opportunity to conduct such due diligence as the
      Buyer
      has, or they, as the case may be, have, deemed necessary to complete the Buyer’s
      evaluation of a purchase of the Acquired Shares. 

    

    4.5
      Buyer’s Discussion with Management.
      The
      Buyer and the Buyer’s representatives have had the opportunity to discuss all
      material aspects regarding a purchase of the Acquired Shares with management
      of
      the Company or with its authorized agents, and any and all questions asked
      have
      been answered to the full satisfaction of the Buyer and the Buyer’s
      representatives.

    

    4.6
      Buyer’s Reasonable Expectation of Profit.
      The
      Buyer is purchasing the Acquired Shares with a reasonable expectation of an
      economic profit from such purchase.

    

    4.7
      No Registration Rights.
      The
      Buyer is aware that the Buyer has no right to require that the Acquired Shares
      be registered pursuant to the provisions of the Securities Act of 1933, as
      amended (the “Act”). The Buyer is aware that the Company had no obligation to
      assist the Buyer in obtaining any exemption from any registration requirements
      imposed by applicable law, or registering or qualifying the Acquired Shares
      in
      any jurisdiction. The Buyer is aware that the Buyer shall be responsible for
      compliance with all conditions on transfer imposed by the Securities and
      Exchange Commission or a securities administrator or similar person of any
      state, province, or similar jurisdiction.

    

    4.8
      Acknowledgement of Restriction regarding Transferability.
      The
      Buyer is aware that there are substantial restrictions on the transferability
      of
      the Acquired Shares. As the Acquired Shares have not been registered pursuant
      to
      the provisions of the Act, because of the exemption specified by the provision
      of Regulation S, the Acquired Shares are “restricted securities” and cannot be
      transferred, assigned, sold, or otherwise conveyed in the United States of
      America for a period of one year following the date of issuance of the Acquired
      Shares. In that regard, the Buyer shall not sell, transfer, assign, pledge,
      hypothecate or otherwise dispose of any of the Acquired Shares in any manner
      which would violate the provisions of Regulation S or eliminate the availability
      to the Company of the exemption from the registration and prospectus delivery
      requirements of the Act, which exemption is specified by the provisions of
      Regulation S. The Buyer is aware that the Buyer shall be responsible for
      compliance with all conditions on transfer imposed by the provisions of
      Regulation S and for any expenses incurred by the Company for legal and
      accounting services in connection with reviewing such a proposed transfer and
      issuing opinions in connection therewith.

    

    4.9
      Buyer’s Net Worth. The
      Buyer
      has adequate net worth and means of providing for the Buyer’s current needs and
      contingencies to sustain a complete loss of the Buyer’s investment in the
      Company at the time of investment, and the Buyer has no need for liquidity
      in
      connection with the Acquired Shares. The Buyer currently can afford a complete
      loss of the amount that the Buyer will pay for the Acquired Shares.

    

    4.10
      [RESERVED] 

    

    4.11
      Indemnification by the Buyer.
      The
      Buyer shall indemnify and hold harmless the Company, and respective officers,
      directors, affiliates, accountants, attorneys, agents, and other representatives
      from and against all damages, losses, costs and expenses (including reasonable
      attorneys’ fees) which they may incur by reason of any breach of any
      representation, warranty, covenant, or agreement made by you in this Agreement
      in connection with the purchase of the Acquired Shares.

    

    4.12
      The Buyer’s Status as a Non-U.S. Person.
      The
      Buyer is not a “U.S. person”, as defined below. A “non-U.S. person” is any
      person that is not a “U.S. Person”. A “U.S. Person” is: (i) any natural person
      resident in the United States of America; (ii) any partnership or corporation
      organized or incorporated pursuant to the laws of the United States of America;
      (iii) any estate of which any executor or administrator is a U.S. person; (iv)
      any trust of which any trustee is a U.S. person; (v) any agency or branch of
      a
      foreign entity located in the United States of America; (vi) any
      non-discretionary account or similar account (other than an estate or trust)
      held by a dealer or other fiduciary for the benefit or account of a U.S. person;
      (vii) any discretionary account or similar account (other than an estate or
      trust) held by a dealer or other fiduciary organized, incorporated, or (if
      an
      individual) resident in the United States of America; and (viii) any partnership
      or corporation if: (a) organized or incorporated pursuant to the laws of any
      foreign jurisdiction; and (b) formed by a U.S. person principally for the
      purpose of investing in securities not registered pursuant to the Act, unless
      it
      is organized or incorporated, and owned, by “accredited investors” (as defined
      in Rule 501(a) of Regulation D promulgated pursuant to the Act) who are not
      natural persons, estates or trusts.

    

    5.
      Representations, Warranties and Covenants of the Company.
      The
      Company represents, warrants, and covenants the following, the truth and
      accuracy of which shall constitute a condition precedent to the obligations
      of
      the Buyer pursuant to the provisions of this Agreement:

    

    6.
      Obligations at Closing.

    

    6.1
      Obligations of the Company.
      On the
      Closing Date the Company shall deliver or cause to be delivered to the Buyer
      certificates signed by the President and Secretary of the Company and dated
      as
      of the Closing Date evidencing and representing the Acquired
      Shares.

    

    6.2
      Obligations of Buyer. On
      the
      Closing Date Buyer shall deliver or cause to be delivered to the Company the
      principal amount of One Million Five Hundred Thousand Dollars
      ($1,500,000.00).

    

    7.
      Further Assurances.
      Each
      party shall take any and all action necessary, appropriate or advisable to
      execute and discharge such party’s responsibilities and obligations created by
      the provisions of this Agreement and carrying out the intents and purposes
      of
      and consummating and closing the transaction contemplated by the provisions
      of
      this Agreement. 

    

    8.
      Expenses. Each
      party shall pay any and all costs and expenses incurred or to be incurred by
      such party in negotiating and preparing this Agreement and effectuating the
      intents and purposes of and consummating and closing the transaction
      contemplated by the provisions of this Agreement.

    

    9.
      Assignment.
      No party
      shall have the right, without the consent of the other party, to assign,
      transfer, sell, pledge, hypothecate, delegate, or otherwise transfer, whether
      voluntarily, involuntarily or by operation of law, any of such party’s rights or
      obligations created by the provisions of this Agreement, nor shall the parties’
rights be subject to encumbrance or the claim of creditors. Any such purported
      assignment, transfer, or delegation shall be null and void.

    

    10.
      Successors and Assigns.
      This
      Agreement and each of its provisions shall obligate the heirs, executors,
      administrators, successors, and assigns of each of the parties. Nothing
      specified in this article, however, shall be a consent to the assignment or
      delegation by any party of such party’s respective rights and obligations
      created by the provisions of this Agreement.

    

    11.
      Execution in Counterparts. This
      Agreement may be prepared in multiple copies and forwarded to each of the
      parties for execution. This Agreement shall become effective when the Company
      receives a copy or copies of this Agreement executed by the parties in the
      names
      as those names appear at the end of this Agreement. All of the signatures of
      the
      parties may be affixed to one copy or to separate copies of this Agreement
      and
      when all such copies are received and signed by all the parties, those copies
      shall constitute one agreement which is not otherwise separable or
      divisible.

    

    12.
      Captions and Interpretations.
      Captions
      of the sections and paragraphs of this Agreement are for convenience and
      reference only, and the works specified therein shall in no way be held to
      explain, modify, amplify or aid in the interpretation, construction, or meaning
      of the provisions of this Agreement. The language in all parts to this
      Agreement, in all cases, shall be construed in accordance with the fair meaning
      of that language as if prepared by all parties and not strictly for or against
      any party. Each party and counsel for such party have reviewed this Agreement.
      The rule of construction, which requires a court to resolve any ambiguities
      against the drafting party, shall not apply in interpreting the provisions
      of
      this Agreement.

    

    13.
      Choice of Law. All
      questions concerning the validity, interpretation, or performance of any of
      the
      terms, conditions and provisions of this Agreement or any of the rights or
      obligations of the parties shall be governed by, and resolved in accordance
      with, the laws of the State of Delaware, without regard to conflicts of law
      principles.

    

    14.
      Severability.
      In the
      event any part of this Agreement, for any reason, is determined by a court
      of
      competent jurisdiction to be invalid, such determination shall not affect the
      validity of any remaining portion of this Agreement, which remaining portion
      shall remain in full force and effect as if this Agreement had been executed
      with the invalid portion thereof eliminated. It is hereby declared the intention
      of the parties that they would have executed the remaining portion of this
      Agreement without including such part, parts, or portion which, for any reason,
      may be hereafter determined to be invalid.

    

    15.
      Waiver and Modification.
      No
      modification, supplement or amendment of this Agreement or of any covenant,
      condition, or limitation specified in this Agreement shall be valid unless
      the
      same is made in writing and duly executed by both parties. No waiver of any
      covenant, condition, or limitation specified in this Agreement shall be valid
      unless the same is made in writing and duly executed by the party making the
      waiver. No waiver of any provision of this Agreement shall be deemed, or shall
      constitute, a waiver of any other provision, whether or not similar, nor shall
      any waiver constitute a continuing waiver.

    

    16.
      Governmental Rules and Regulations.
      The
      transaction contemplated by the provisions of this Agreement are and shall
      remain subject to any and all present and future orders, rules and regulations
      of any duly constituted authority having jurisdiction of that
      transaction.

    

    17.
      Number and Gender.
      Whenever
      the singular number is used in this Agreement and, when required by the context,
      the same shall include the plural, and vice versa; the masculine gender shall
      include the feminine and the neuter genders, and vice versa; and the word
“person” shall include individual, company, sole proprietorship, corporation,
      joint venture, association, joint stock company, fraternal order, cooperative,
      league, club, society, organization, trust, estate, governmental agency,
      political subdivision or authority, firm, municipality, congregation,
      partnership, or other form of entity.

    

    IN
      WITNESS WHEREOF the parties have executed this Stock Purchase Agreement in
      duplicate and in multiple counterparts, each of which shall have the force
      and
      effect of an original, effective as of the date specified in the preamble of
      this Agreement.

    

    Welwind
      Energy International Corporation,       

    a
      Delaware corporation

    

    

    By:
       ______________________________ By:
      ______________________________

    Print
      Name:

    Its:
       Chief
      Executive Officer

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