Document:

ex10_2.htm

    Exhibit
      10.2

    

    ASSET
      PURCHASE AGREEMENT

    

    This
      Asset Purchase Agreement (“Agreement”), entered into on this 28th
      day of
      September 2007, is by and between Mac Filmworks, Inc., a Delaware corporation
      (the “Company” or “Seller”), and Mr. Jim McCullough (“Buyer”).  The
      Company and McCullough are collectively referred to as the “Parties,” and
      individually a “Party”.

    

    NOW,
      THEREFORE, in
      consideration of the mutual promises and covenants set forth herein, and other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Parties hereby agree as follows:

    

    ARTICLE
      1.

    Purchase
      and Sale of Assets

    

    1.01.           Transfer.  Pursuant
      to the terms and conditions herein, Seller shall sell, transfer and assign
      to
      Buyer (i) substantially all of its assets as described in Exhibit A attached
      hereto (“Assets”) and (ii) a total of 8,300,205 shares of the Company’s common
      stock (“Shares”).

    

    1.02.           Consideration.  As
      consideration for receiving the Assets and the Shares, Buyer hereby forgives
      accrued salary and other outstanding debts owed to him by Seller, which debts
      total $429,608 (“Debts”).

    

    1.03.           Closing.  The
      sale and purchase described in this Agreement shall be consummated approximately
      20 days after the date on which the information statement outlining this
      Agreement and explaining that more than 50% of the shareholders have approved
      this Agreement has been mailed to the Company’s shareholders (“Closing” or
“Closing Date”).

    

    ARTICLE
      2.

    Representations
      and Warranties by Seller

    

    2.01.           Authority.  Seller
      has the full power and authority (including full corporate power and authority)
      to execute and deliver this Agreement and to perform its obligations
      hereunder.  This Agreement constitutes the valid and legally binding
      obligation of Seller, enforceable in accordance with its terms and conditions,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium, or other similar laws affecting enforcement of
      creditors’ rights generally and by general principles of equity (whether applied
      in a proceeding at law or in equity).

    

    2.02.           Title.  Seller
      has good and marketable title to the Assets and the Shares.

    

    2.03.           Condition.  Seller
      represents and warrants that the transfer of the Assets is on an AS IS basis
      and
      the Shares are validly issued, fully paid and non-assessable, have not been
      issued in violation of applicable securities laws or any pre-emptive right,
      and
      are free and clear of any interests, claims, liens and
      encumbrances.

    

    ARTICLE
      3.

    Representations
      & Warranties of Buyer

    

    3.01.           Authority.  Buyer
      has the full power and authority (including full corporate power and authority)
      to execute and deliver this Agreement and to perform his obligations
      hereunder.  This Agreement constitutes the valid and legally binding
      obligation of Buyer, enforceable in accordance with its terms and conditions,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium, or other similar laws affecting enforcement of
      creditors’ rights generally and by general principles of equity (whether applied
      in a proceeding at law or in equity).

    

    3.02.           Other
      Payables.  Other than (i) the Debts and (ii) the other payables
      owed by Seller to various vendors and other third parties, including Buyer,
      which are set forth on Exhibit B attached
      hereto (“Other Payables”), there are no other payments or liabilities owed to
      any party.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.03.           Representation.  Buyer
      hereby acknowledges that, other than the Debts and the Other Payables, Seller
      does not owe Buyer, any member of Buyer’s immediate family or any other
      affiliate of Buyer any other monies, securities or obligations of any kind
      whatsoever.  Specifically, Buyer acknowledges that in consideration
      for entering into this Agreement, he agrees that his employment agreement with
      Seller has been terminated and that any and all other agreements by and between
      Seller and him, his affiliates and his immediate family has been
      terminated.

    

    3.04.           Release.  Buyer
      does hereby release, acquit and forever discharge Seller and its respective
      directors, officers, managers, employees, executors, administrators, legal
      representatives, successors and assigns from any and all claims, debts, demands,
      obligations, liabilities, suits, liens, rights, offsets, and causes of action
      of
      whatsoever nature, known or unknown, arising out of or related to Seller’s
      dealings with Buyer, or any obligation of Seller to Buyer, including any member
      of Buyer’s immediate family or any other affiliate of Buyer.

    

    3.05.           Contracts.  Other
      than the contracts, whether verbal or written, entered into by Seller or its
      representatives in the course of its business operations set forth in Exhibit C attached
      hereto, Seller has no other agreements or contracts of any kind with any other
      party.

    

    3.06.           Obligations.  Buyer
      agrees to assume any and all obligations with respect to the Assets being
      acquired herein, including but not limited to any and all agreements of any
      kind
      entered into in connection with the Assets.

    

    3.07.           Indemnification.  Buyer
      agrees to indemnify Seller against any and all breaches of the representations
      and warranties set forth in this Article 3 of the Agreement.

    

    ARTICLE
      4.

    Miscellaneous

    

    4.01.           Expenses.  The
      Parties hereto shall pay all of their own expenses relating to the transactions
      contemplated by this Agreement, including, without limitation, the fees and
      expenses of their respective counsel and financial advisers.

    

    4.02.           Governing
      Law.  The interpretation and construction of this Agreement,
      and all matters relating hereto, shall be governed by the laws of the State
      of
      Texas applicable to agree­ments executed and to be performed solely within
      such State without regard to conflicts of laws.

    

    4.03.           Mediation.  If
      a dispute should arise out of this Agreement, the Parties should first submit
      the dispute to mediation before a mediator of their common choice in Houston,
      Harris County, Texas. In the unlikely event that the Parties cannot agree upon
      a
      mediator, they will engage the American Arbitration Association or similar
      organization for the express purpose of selecting a neutral mediator. 
Notwithstanding the foregoing, neither Party is required to first mediate a
      dispute prior to arbitration if the Party reasonable believes that the nature
      of
      the dispute will not be resolved in mediation.

    

    4.04.           Arbitration.  In
      the event the Parties dispute is not resolved through mediation or if the Party
      bringing the suit does not reasonably believe that mediation will resolve the
      dispute, the dispute shall be settled finally, completely and conclusively
      by
      arbitration in Houston, Harris County, Texas, in accordance with the Commercial
      Arbitration Rules of the American Arbitration Association (the “Rules”), by one
      or more arbitrators chosen in accordance with the Rules. Arbitration shall
      be
      initiated by written demand by the Party seeking arbitration. This Agreement
      to
      arbitrate shall be specifically enforceable only in the District Court of Harris
      County, Texas. A decision of the arbitrator or arbitrators shall be final,
      conclusive and binding on the Parties to this Agreement, and judgment may be
      entered thereon in the District Court of Harris County, Texas, to enforce such
      decision and the benefits thereof. Upon appointment, the arbitrators shall
      then
      proceed to decide the arbitration subjects in accordance with the Rules. Any
      arbitration held in accordance with this paragraph shall be private and
      confidential and no person shall be entitled to attend the hearings except
      the
      arbitrator(s), the stenographer, if one is requested, the Parties to this
      Agreement, and any designated representatives of the Parties.  The matters
      submitted for arbitration, the hearings and proceedings thereunder and the
      arbitration award shall be kept and maintained in strictest confidence by the
      Parties and shall not be discussed, disclosed or communicated to any persons.
      On
      request of either Party, the record of the proceeding shall be sealed and may
      not be disclosed except insofar, and only insofar, as may be necessary to
      enforce the award of the arbitrators and any judgment enforcing such award.
      If
      counsel is required to seek the enforcement of this agreement or this particular
      section, counsel shall be entitled to recover its (his) reasonable and necessary
      attorneys’ fees and costs from the opposing Party.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.05.           Parties
      in
      Interest.  This Agreement may not be transferred, assigned,
      pledged or hypothecated by any Party hereto, other than by operation of
      law.  This Agreement shall be binding upon and shall inure to the
      benefit of the Parties hereto and their respective heirs, executors,
      administrators, successors and assigns.

    

    4.06.           Entire
      Agreement.  This Agreement, including all Exhibits, contains
      the entire understanding of the Parties hereto with respect to the subject
      matter contained herein and therein.  This Agreement supersedes all
      prior agreements and understandings between the Parties with respect to such
      subject matter.

    

    4.07.           Amendments.  This
      Agreement may not be changed orally, but only by an agreement in writing signed
      by Seller and Buyer.

    

    4.08.           Severability.  In
      case any provision in this Agreement shall be held invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions hereof will not in any way be affected or impaired
      thereby.

    

    4.09.           Cooperation
      After
      Closing.  From and after the Closing Date, each of the Parties
      hereto shall execute such documents and other papers and take such further
      actions as may be reasonably required or desirable to carry out the provisions
      hereof and the transactions contemplated hereby.

    

    IN
      WITNESS WHEREOF, the Parties have duly executed this Agreement effective as
      of
      the date written in the preamble of this Agreement.

     

     

    BUYER:

    

    JIM
      MCCULLOUGH

    

    
      	
              /s/
                Jim McCullough

            

    

    

    

    SELLER:

    

    MAC
      FILMWORKS, INC.

    A
      Delaware Corporation

    

    
      	
              By:

            	
              /s/
                Jim McCullough

            
	 
              	
              Jim
                McCullough, Chief Executive Officer

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    List
      of Assets

    

    
      	
              ·  

            	
              All
                film titles owned by the Company;
                and

            

    

    

    
      	
              ·  

            	
              $325,000
                of a Company receivable from Amity Entertainment, that has been fully
                reserved against.

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    Other
      Payables

    

    
      	
              MAC
                FILMWORKS, INC PAYABLES

            	 
              	 
              	 
              	 
              	 
              	 
              	 
              
	
              AS
                OF 9-24-07

            	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              
	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              
	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              
	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	
              AMOUT
                TO BE

            
	
              VENDOR

            	 
              	
               AMOUNT

            	 
              	
              DUE

            	 
              	
              DESCRIPTION

            	 
              	
              REIMBURSED

            
	 
              	 
              	
               DUE

            	 
              	
              DATE

            	 
              	 
              	 
              	 
              	
              J.MCCULLOUGH

            
	
              Amer.Express

            	
                 9,694.44

            	 
              	
              1-Sep

            	 
              	
              SCIA
                Expenses

            	 
              	
              546.74

            	 
              
	
              Amazing
                Space

            	
                    104.00

            	 
              	
              1-Sep

            	 
              	
              Storage

            	 
              	 
              	
              104

            	 
              
	
              AT&T

            	 
              	
                    901.44

            	 
              	
              6-Sep

            	 
              	
              Monthly
                Telephone

            	 
              	
              429.43

            	 
              
	
              AT&T-cell

            	 
              	
                    196.46

            	 
              	
              16-Sep

            	 
              	
              Monthly
                Telephone

            	 
              	
              196.46

            	 
              
	
              Brewer
                & Pritchard

            	
               22,920.92

            	 
              	
                    NOW

            	 
              	
              Attorney
                Fees

            	 
              	
              0

            	 
              
	
              Capital
                One

            	
               17,291.97

            	 
              	
                MONTHLY

            	
              Loan

            	 
              	 
              	
              17291.97

            	 
              
	
              Comcast

            	 
              	
                    285.58

            	 
              	
              5-Sep

            	 
              	
              Monthly
                Internet

            	 
              	
              140.16

            	 
              
	
              Colonial
                Transfer

            	
                     65.00

            	 
              	
                    NOW

            	 
              	
              Stock
                Transfer Services

            	
              0

            	 
              
	
              GS1
                US

            	 
              	
                    475.00

            	 
              	
              1-Oct

            	 
              	
              Bar
                codes

            	 
              	 
              	
              0

            	 
              
	
              Herrera,
                Gilbert

            	 
              	
                 3,750.00

            	 
              	
              On
                Receipt

            	
              Attorney
                Fees

            	 
              	
              0

            	 
              
	
              Malone
                & Bailey

            	
                 3,314.60

            	 
              	
                    NOW

            	 
              	
              Audit
                Preparation

            	 
              	
              3314.6

            	 
              
	
              Odds
                on Recording

            	
                 9,497.43

            	 
              	
                    NOW

            	 
              	
              Duplication
                Services

            	 
              	
              0

            	 
              
	
              Office
                Depot

            	
                     70.11

            	 
              	
              30-Sep

            	 
              	
              Office
                Expenses/supplies

            	
              70.11

            	 
              
	
              Sal's
                Rental

            	
                    200.00

            	 
              	
              1-Sep

            	 
              	
              Monthly
                Storage/Warehouse

            	
              200

            	 
              
	
              Schmuck,
                L.

            	
                 2,850.00

            	 
              	
                    NOW

            	 
              	
              Audit
                Preparation

            	 
              	
              1100

            	 
              
	
              Shell

            	 
              	
                    241.17

            	 
              	
              10-Sep

            	 
              	
              Fuel
                Charges

            	 
              	
              241.17

            	 
              
	
              Spring
                Street Plaza

            	
                 2,350.00

            	 
              	
              1-Sep

            	 
              	
              Monthly
                rent

            	 
              	
              2350

            	 
              
	
              State
                Farm

            	
                    877.45

            	 
              	
              1-Sep

            	 
              	
              Auto
                expenses

            	 
              	
              489.97

            	 
              
	
              SWEPCO

            	 
              	
                    115.45

            	 
              	
              10-Sep

            	 
              	
              Electric
                bill

            	 
              	
              76.38

            	 
              
	
              SureSav

            	 
              	
                    127.00

            	 
              	
              1-Sep

            	 
              	
              Monthly
                Storage Rent

            	
              127

            	 
              
	
              UPS

            	 
              	
                 1,118.89

            	 
              	
              On
                Receipt

            	
              Postage
                & Handling

            	 
              	
              770.47

            	 
              
	
              Vintage
                Filings

            	
                    353.00

            	 
              	
              On
                Receipt

            	
              Filing
                Fees

            	 
              	
              0

            	 
              
	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              	 
              
	 
              	 
              	
               76,799.91

            	 
              	 
              	 
              	 
              	 
              	 
              	
              27448.46

            	 
              

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    List
      of Contracts

    

    

    1.           Gary
      Bryant – Private Placement Memorandum

    2.           Mike
      Holzman – No longer representing Mac Filmworks, Inc.

    3.           Odds
      on Recording – Open Account

    4.           Long
      Island Disc – this contract is for purchasing with pricing good for 60
      daysEXHIBIT 10.9

                             AMENDMENT NO. 2 TO THE
                DEFERRED COMPENSATION PLAN OF THE BERKSHIRE BANK

         WHEREAS,  The Berkshire Bank (the "Bank" or the "Company") sponsors and
maintains the Deferred Compensation Plan of The
Berkshire Bank (the "Plan"); and

         WHEREAS,  the Bank  deems it  appropriate  to amend the Plan to provide
matching  contributions  by the  Bank  of up to 3% of  the  annual  salary  of a
participant  in the plan,  and to allow the President the  flexibility of adding
employees  to the plan not just based on annual  salary but also on  performance
and other criteria; and

         WHEREAS,  Article VII of the Plan reserves to the Board of Directors of
the Bank the right to amend the Plan at any time and from time to time.

         NOW,  THEREFORE,  the Plan is hereby amended,  effective as of November
29, 2007, as follows:

                                      FIRST

         The second sentence of Section 2.10 of the Plan shall be amended in its
entirety to read as follows:

"The  President  of the  Company  may  select  Employees  who  are  eligible  to
participate in this Plan based on any additional  criteria or alternative policy
established  by the  President,  including an  alternative  policy that does not
require an Employee to have an annual rate of Compensation at least equal to the
amount specified in the foregoing sentence."

                                     SECOND

         The first  sentence  of Section 3.3 of the Plan shall be amended in its
entirety to read as follows:

"The  Company  may, in its sole  discretion,  credit  additional  amounts to the
Deferred  Compensation Account of a Participant from time to time, including any
matching  contributions  based on a  Participant's  salary  deferrals made under
Section 3.1 of the Plan."

                                      THIRD

         Except as  amended  herein,  the Plan  shall  remain in full  force and
effect.

         IN WITNESS WHEREOF, the undersigned being duly authorize,  has executed
this Amendment as evidence of its adoption.

                                           THE BERKSHIRE BANK

November 29, 2007                  Name:         /s/ David Lukens
                                                 ------------------------------
                                                 David Lukens
                                                 Executive Vice President and
                                                 Chief Financial Officer

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