Document:

Stock Purchase Agreement, dated as of December 31, 2007

 Exhibit 10.2 
 EXECUTION COPY 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is entered
into and effective as of December 31, 2007 (“Effective Date”), by and among STANFORD VENTURE CAPITAL HOLDINGS, INC., a Delaware corporation or its assignee
(“Buyer”), STANFORD INTERNATIONAL BANK LTD., an Antiguan banking corporation (“SIBL”), FOREFRONT BVI LTD., a
British Virgin Islands limited company (“Seller”), FOREFRONT HOLDINGS, INC., a Florida corporation (“Holdings”),
FOREFRONT GROUP, INC., a Florida corporation (“ForeFront”), FOREFRONT MULTIMEDIA, LLC, a Florida limited liability
company (“ForeFront Media”) and MILLER GOLF COMPANY, a Florida corporation (“Miller” and, together with ForeFront and ForeFront Media, the “Companies”
and, each individually, a “Company”). 
 RECITALS: 
 A. Seller and its direct subsidiaries, the Companies, are presently engaged in the business of designing, manufacturing, marketing and supplying golf accessories
and providing certain services to the golf industry (the “Business”); 
 B. Seller is the direct owner of all of the Companies’ issued
and outstanding equity interests (the “Shares”); and 
 C. Seller desires to sell, convey, assign, transfer and deliver
(“Transfer”), or cause to be Transferred to Buyer, and Buyer desires to purchase, accept and assume from Seller, the Shares of the Companies and, by virtue of the acquisition of the Shares, all assets and liabilities of the Companies, on
the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT: 
 NOW, THEREFORE, the parties hereby agree as follows: 
 1. PURCHASE AND SALE OF SHARES. Upon the terms
and subject to the conditions set forth herein, Seller shall sell, transfer, convey, assign and deliver to Buyer at the Closing (as such term is defined in Section 3) on the Closing Date (as such term is defined in Section 3) and Buyer
shall purchase and accept delivery from Seller at the Closing, all of the Shares owned by Seller, which Shares shall constitute 100% of the ownership interests of the Companies. 
 2. PURCHASE PRICE. 
 2.1 On the terms and subject to the conditions set forth herein, in consideration of the sale of the Shares, at Closing,
Buyer will cancel and release Seller from all outstanding debt of Seller, Holdings and the Companies owed to Buyer as set forth on Schedule 2.1 (the “Buyer Debt”, also referred to herein as the “Purchase Price”). Seller shall
update and deliver to Buyer at Closing a Schedule 2.1 that is current as of the Closing Date. 

 3. CLOSING. Subject to the satisfaction or
waiver of the conditions set forth in Sections 8, 9 and 10, consummation of the purchase and sale of the Shares as contemplated in this Agreement (the “Closing”) shall take place on or before December 31, 2008, or on such other date
and at such place as the parties may mutually agree (the “Closing Date”). 
 4.
REPRESENTATIONS AND WARRANTIES OF SELLER. Holdings, Seller and the Companies hereby represent and warrant to Buyer as follows: 
 4.1 Authority. Seller is a corporation duly incorporated, validly existing and in good standing under the laws
of the British Virgin Islands, and Holdings and each of the Companies is duly organized, validly existing and in good standing under the laws of the State of Florida, and Seller, Holdings and the Companies are authorized to transact business within
their respective jurisdictions of incorporation. Seller, Holdings and the Companies are each qualified to conduct business in each foreign jurisdiction where the character of its properties owned, operated or leased or the nature of its activities
makes such qualification necessary. Seller, Holdings and the Companies have full power and authority to enter into this Agreement and each of the agreements and other documents contemplated hereby (collectively, the “Transaction
Documents”) and to perform their obligations thereunder. Seller, Holdings and the Companies’ execution, delivery and performance of, and the consummation of the transactions contemplated by, the Transaction Documents have been duly
authorized by Seller’s and the Companies’ board of directors and by Holdings board of directors, including a majority of its disinterested directors (as such term is defined in Section 607.0901 of the Florida Business Corporation
Action). This Agreement constitutes the legal, valid, and binding obligation of Seller, Holdings and the Companies, enforceable in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting creditors’ rights generally and laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 4.2 Capitalization, Stock Ownership and Rights; Subsidiaries. 
 (a) Capitalization. The authorized capital stock of Holdings is 500,000,000 shares of common stock, par value $.001 (the
“Common Stock”), 1,000,000 shares of Series A Convertible Preferred Stock, par value $.001 (the “Series A Preferred Stock”), 4,500,000 shares of Series B Convertible Preferred Stock, par value $.001 (the “Series B Preferred
Stock”) and 2,000,000 shares of Series C Convertible Preferred Stock, par value $.001 (the “Series C Preferred Stock” and, together with the Series A Preferred Stock and Series B Preferred Stock, the “Preferred Stock”). The
issued and outstanding capital stock of Holdings is set forth on Schedule 4.2(a) (“Holdings Shares”). Holdings Shares are duly authorized, validly issued, fully-paid and non-assessable. Holdings Shares constitute all of the issued and
outstanding capital stock of Holdings. The authorized capital stock of Seller and the issued and outstanding capital stock of Seller is set forth on Schedule 4.2(a) (the “Seller Shares”). The Seller Shares are duly authorized, validly
issued, fully-paid and non-assessable and are held directly by Holdings. The Seller Shares constitute all of the issued and outstanding capital stock of the Seller. The authorized capital stock of each of the Companies, and the issued and
outstanding capital stock of each of the Companies, are set forth on Schedule 4.2(a). All of the Shares are duly authorized, validly issued, fully-paid and non-assessable and are held directly by Seller. The Shares constitute all of the issued and
outstanding capital stock of the Companies. 
  

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 Immediately following the consummation of the Stock Split (as defined in Section 7.8), (i) the authorized
capital stock of Holdings shall be 100,000,000 shares of Common Stock, 200,000 shares of Series A Preferred Stock, 900,000 shares of Series B Preferred Stock and 400,000 Shares of Series C Preferred Stock, and (ii) the issued and outstanding
capital stock of Holdings is anticipated to be as set forth on Schedule 4.2(a). 
 (b) No Outstanding Rights. Except as
set forth on Schedule 4.2(b), there are no, nor is there any agreement, commitment or arrangement not yet fully performed which would result in any, outstanding agreements, arrangements, subscriptions, options, warrants, calls, rights or other
commitments of any character (whether or not currently exercisable) relating to the issuance, sale, conversion, purchase or redemption of stock in Seller, Holdings or any Company. 
 (c) Stock Issued in Compliance With Laws. To the Knowledge (as defined in Section 14.1) of Seller, none
of Holdings Shares, the Seller Shares or Shares, respectively, have been issued in violation of any legal requirement pertaining to the issuance of securities or in violation of any rights, pre-emptive or otherwise, of any present or past
shareholder of Holdings, Seller or any Company. 
 (d) Subsidiaries. As of the date hereof, except for the
Companies, the Seller, Holdings and, except as set forth in Schedule 4.2(d), the Companies, have no subsidiaries and do not own of record or beneficially, directly or indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any partnership, joint venture, limited liability company or other non-corporate business enterprise and do not control, directly or indirectly, any other entity.

 4.3 Consents. Except as set forth in Schedule 4.3, no material consent, approval, action or
authorization of any third party, including any governmental authorization or application to, or other notice or filing with, any governmental body, is required for the execution, delivery or performance of the Transaction Documents by Holdings,
Seller or any Company. 
 4.4 Title to Shares. Except as set forth in Schedule 4.4, Seller has
good and marketable title to the Shares which are fully paid for as of the Closing and will transfer the same to Buyer at the Closing, free and clear of all liens, pledges, security interests and encumbrances. 
 4.5 Compliance with Law. To the best of Seller’s Knowledge, Seller and each Company are in compliance in
all material respects with all applicable laws, rules, and regulations of the city, county, state and federal government applicable to Holdings, Seller or the Business. 
 4.6 Absence of Certain Changes or Events. Except as disclosed in the Holdings SEC Documents (as defined in
Section 4.9), since September 29, 2007, Holdings, Seller and each Company have conducted the Business only in the ordinary course of business consistent with past practice through the date hereof, and there has not been any material
adverse change with respect to Holdings, Seller, the Companies or the Business. Except as disclosed in the Holdings SEC Documents or as contemplated herein or disclosed in Schedule 4.6, since September 29, 2007, there has not been, and neither
Holdings, Seller nor any Company has (i) any declaration, setting aside or payment of any dividend or other distribution with respect to the capital 

  

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stock of Holdings, Seller or any Company or any redemption, purchase or other acquisition of any of such capital stock, (ii) any split, combination or
reclassification of any of such capital stock, (iii) any material change in accounting methods, principles or practices by Holdings, Seller or any Company, (iv) any damage, destruction or loss, whether or not covered by insurance, that has
or, could be expected to have a material adverse effect on Holdings, Seller or any Company, (v) any amendments or changes in the articles of incorporation or bylaws or equivalent organizational documents of Holdings, Seller or any Company,
(vi) any material revaluation by Holdings, Seller or any Company of any of its assets, including writing off of notes or accounts receivable other than in the ordinary course of business, or (vii) granted any severance or termination pay
to, or entered into any change of control or severance agreement with any director, officer or member of senior management of Holdings, Seller or any Company. 
 4.7 No Undisclosed Liabilities. Except as is disclosed in the Holdings SEC Documents (as defined in
Section 4.9) or disclosed in Schedule 4.7, to Seller’s Knowledge, neither Holdings, Seller nor any Company has any liabilities, obligations, claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued,
contingent or otherwise) that would be required to be disclosed on a balance sheet of Holdings, Seller or any Company (including the notes thereto) in conformity with generally accepted accounting principles not disclosed in the Holdings SEC
Documents, other than those incurred in the ordinary course of the Business since September 29, 2007, and which, individually or in the aggregate, require, or likely require, payment or assumption by Holdings, Seller or any Company of an amount
in excess of U.S.$500,000. 
 4.8 Noncontravention. The execution and delivery of the
Transaction Documents by Holdings, Seller and the Companies do not violate any provision of the Articles of Incorporation, Bylaws or other organizational documents of Holdings, Seller or any Company and, to the Knowledge of Seller, will not result
in a breach or violation or default under any order which Holdings, Seller or any Company is subject or result in a breach by Seller or any Company under any material contract or obligation to which it or they are bound. Neither the execution and
the delivery of the Transaction Documents, nor compliance with, or fulfillment of, the terms, conditions and provisions thereof, will (1) to the Knowledge of Seller, violate any legal requirement applicable to the Business; (2) materially
conflict with, result in a material breach of, constitute a material default under, any material contract or order to which Holdings, Seller or any Company is a party or which otherwise involves the Business; (3) create in any party the right
to accelerate, terminate, modify or cancel, any material contract to which Holdings, Seller or any Company is a party or which otherwise involves the Business; (4) accelerate any liability of Holdings, Seller or any Company or the Business;
(5) result in the imposition of or creation of any material encumbrance upon or with respect to any of the Shares; (6) require any notice under any material contract or order to which Holdings, Seller or any Company is a party or by which
it or they are bound or to which any of its or their assets or properties are subject; or (7) require the approval, consent, authorization or act of, or the making by, Holdings, Seller or either Company of any declaration, filing or
registration with, any individual, partnership, corporation, business trust, joint stock company, estate, trust, unincorporated association, joint venture, governmental authority or other entity of whatever (collectively, a “Person”).

  

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 4.9 SEC Reports. 
 (a) Holdings has furnished to Buyer true and complete copies of Holdings’ Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2006 and Holdings’ Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 29, 2007 and all of Holdings’ other reports, statements, schedules and registration statements,
as such reports were filed with the Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2006 through the Effective Date or Closing Date, as applicable (collectively, the “Holdings SEC
Documents”). 
 (b) As of its filing date (and as of the date of any amendment), each Holdings SEC Document
complied as to form in all material respects with the applicable requirements of the 1933 Act (as amended, the “1933 Act”) and the Securities Exchange Act of 1934 (as amended, the “1934 Act”), the Sarbanes-Oxley Act of 2002 (the
“Sarbanes-Oxley Act”) and, in each case, the rules and regulations promulgated thereunder, as the case may be. 
 (c) As of its filing date (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), each Holdings SEC Document filed pursuant to the 1934 Act did not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 
 (d) The Holdings SEC Documents constitute all forms, reports, statements, schedules and other documents required to be filed
by Holdings with the SEC since March 30, 2007. As of the date hereof, there are no material unresolved comments issued by the staff of the SEC with respect to any of the Holdings SEC Documents. 
 (e) (i) the consolidated financial statements and related notes thereto contained in the Holdings SEC Documents (the “Holdings
Financials”), comply in all material respects with the 1934 Act, and the rules and regulations of the SEC promulgated thereunder and have been prepared in accordance with United States generally accepted accounting principles applied on a basis
consistent throughout the periods indicated and consistent with each other; and (ii) the Holdings Financials present fairly and accurately the consolidated financial condition and operating results of Holdings in all material respects as of the
dates and during the periods indicated therein. The unaudited Holdings Financials do not contain additional financial statements and footnotes required under United States generally accepted accounting principles, and are subject to normal year-end
adjustments. 
 (f) Holdings has made available to Buyer a complete and correct copy of any amendments or modifications which
have not yet been filed with the SEC to contracts which previously have been filed by Holdings with the SEC pursuant to the 1933 Act or 1934 Act. 
 (g) The accounting books and records of Holdings have been maintained in accordance with sound business practices, including the maintenance of an adequate system of disclosure and internal controls designed to ensure
that all material information concerning Holdings is made known on a timely basis to the individuals responsible for the preparation of the Holdings SEC Documents. 
  

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 4.10 Indebtedness. Except as set forth on Schedule 4.10, excluding the
Buyer Debt, neither Holdings, Seller nor any Company is indebted to any Person. The assets of the Companies are not subject to any liens or encumbrances except for liens (i) securing payment obligations in respect of indebtedness set forth on
Schedule 4.10, (ii) securing taxes, assessments and other governmental charges or levies not yet due or delinquent or otherwise contested in good faith by appropriate proceedings for which appropriate reserves have been established in
accordance with GAAP or the statutory or common law liens of materialmen, mechanics, carriers, construction contractors, warehousemen or landlords or other like liens for labor, materials, supplies or rentals; (iii) consisting of deposits or
pledges in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar legislation or under surety or performance bonds; (iv) constituting encumbrances in the nature of zoning
restrictions, easements, rights of way, restrictions, encroachments, protrusions and other, similar encumbrances and minor title defects affecting the use of any real property leased by Holdings or the Companies or any matters appearing on a survey,
(iv) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor’s, sublessor’s, licensor’s or sublicensor’s interest under leases entered into by Holdings or the Companies in the ordinary
course of business and liens against the lessor, sublessor, licensor or sublicensor in any real estate used by Holdings or the Companies, (v) liens arising from precautionary Uniform Commercial Code financing statement or similar filings and
(vi) any other nonmaterial liens that would not reasonably be expected to have a material adverse effect; provided the same do not materially interfere with or prohibit the present use of such properties taken as a whole. As used herein,
“GAAP” means generally accepted accounting principles as applied in the United States. 
 4.11 Absence of
Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board or body, or arbitration tribunal pending or, to the Knowledge of the Seller, threatened, against or affecting Holdings, Seller or
any Company, in which an unfavorable decision, ruling or finding would, or is reasonably likely to, cause Holdings, Seller or any Company to pay an amount in excess of $500,000, or which would adversely affect the validity or enforceability of, or
the authority or ability of Holdings, Seller or any Company to perform its obligations under the Transaction Documents. 
 4.12 No Default. To the Knowledge of Seller, neither Holdings, Seller nor any Company is in default in the performance or observance of any obligation, covenant or condition contained in any indenture, mortgage, deed of trust
or other material document or agreement (each a “Contract”) to which it is a party or by which it may be bound. 
 4.13 Taxes. All tax returns required to have been filed by or with respect to Holdings, Seller or any Company (including any extensions) have been filed. All such tax returns are true, complete and
correct in all material respects. Neither Holdings, Seller nor any Company has any material liability for taxes outstanding other than as reflected in the balance sheet included in the Holdings SEC Documents or incurred subsequent to the date of
such filing in the ordinary course of business. 
  

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 4.14 Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder’s or similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Holdings, Seller or any Company. 
 4.15 Opinion of Financial Advisor. The Board of Directors of Holdings has received the written opinion of vFinance
Investments, Inc. (the “Fairness Opinion”) to the effect that, as of the date of such opinion, the purchase price payable by Buyer hereunder is fair, from a financial point of view, to Holdings’ shareholders, excluding Buyer and SIBL
and any Affiliates (as such term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended) thereof; and the Board of Directors has determined that consummation of the transactions contemplated hereby is consistent with the
Board’s fiduciary duties to the stockholders of Holdings. An executed copy of such opinion is being delivered to Buyer simultaneously with the execution of this Agreement. 
 5. REPRESENTATIONS AND WARRANTIES OF
BUYER. Buyer hereby represents and warrants to Holdings, Seller and the Companies as follows: 
 5.1 Authority. Buyer is a corporation duly organized and validly existing and in good standing under the laws of Delaware and is authorized to transact business therein. Buyer has full power and authority to
enter into, deliver and perform the Transaction Documents. Buyer’s execution, delivery and performance of, and the consummation of the transactions contemplated by, the Transaction Documents have been duly authorized by Buyer. This Agreement
constitutes the legal, valid, and binding obligation of Buyer, enforceable in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting creditors’ rights generally and laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 5.2 Consents. Except as set forth in Schedule 5.2, no material consent, approval, action or authorization of any
third party, including any governmental authorization or application to, or other notice or filing with, any governmental body, is required for the execution, delivery or performance of the Transaction Documents by Buyer. 
 5.3 Noncontravention. The execution and delivery of the Transaction Documents by Buyer does not violate any provision
of the Certificate of Incorporation, Bylaws or other organizational documents of Buyer and, to the knowledge of Buyer, will not result in a breach or violation or default under any order which Buyer is subject or result in a breach by Buyer under
any material contract or obligation to which it or they are bound, except for such violations and breaches that could not, individually or in the aggregate, be reasonably expected to have a material adverse effect. 
 5.4 Brokers. Except for a fee payable by Buyer to Stanford Group Company, no broker, finder or investment banker is entitled
to any brokerage, finder’s or similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer. 
  

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 5.5 Condition of Assets. Buyer acknowledges that, as a
consequence of numerous years of involvement with Holdings and in connection with this transaction, that it has had full and complete access to the books and records of Holdings, Seller and the Companies, certain employees and facilities owned and
leased by Holdings, Seller and the Companies, and all documents and instruments described or listed in any section of the Schedules hereto, and, furthermore, that Buyer has conducted such due diligence investigations of Holdings, Seller and the
Companies, their assets and their operations, with the full cooperation of Holdings, Seller and the Companies, as Buyer has deemed necessary or advisable in connection with the transactions contemplated by this Agreement. 
 5.6 Debt. All Buyer Debt being cancelled hereunder constitutes all debt owed by Holdings, Seller and the
Companies to Buyer, including all interest accrued thereon. 
 6. REPRESENTATIONS AND
WARRANTIES OF SIBL. SIBL hereby represents and warrants to Holdings and Seller as follows: 
 6.1 Authority. SIBL is a corporation duly organized and validly existing and in good standing under the laws of Antigua and is authorized to transact business therein. SIBL has full power and authority to enter
into, deliver and perform the Transaction Documents. SIBL’s execution, delivery and performance of, and the consummation of the transactions contemplated by, the Transaction Documents have been duly authorized by SIBL. This Agreement
constitutes the legal, valid, and binding obligation of SIBL, enforceable in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting creditors’ rights generally and laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 6.2 Consents. Except as set forth in Schedule 6.2, no material consent, approval, action or authorization of any
third party, including any governmental authorization or application to, or other notice or filing with, any governmental body, is required for the execution, delivery or performance of the Transaction Documents by SIBL. 
 6.3 Noncontravention. The execution and delivery of the Transaction Documents by SIBL does not violate any provision
of the Articles of Incorporation, Bylaws or other organizational documents of SIBL and, to the knowledge of SIBL, will not result in a breach or violation or default under any order which SIBL is subject or result in a breach by SIBL under any
material contract or obligation to which it or they are bound, except for such violations and breaches that could not, individually or in the aggregate, be reasonably expected to have a material adverse effect. 
 6.4 Brokers. Except as set forth in Schedule 6.4, no broker, finder or investment banker is entitled to any brokerage,
finder’s or similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of SIBL. 
 6.5 Debt. Neither Holdings, Seller nor any Company owes any debt to SIBL. 
  

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 6.6 Mutual Benefit. SIBL, as an Affiliate of Buyer, is
engaged in a related and mutually interdependent business with Buyer and, as a consequence, will derive substantial direct and indirect financial and business advantages and benefits from the transactions contemplated by this Agreement and the other
agreements described herein, including Buyer’s receipt of the Shares. Seller and the Companies have executed and intend to consummate the transactions contemplated by this Agreement partially in consideration of SIBL’s execution and
delivery and consummation of the transactions contemplated by this Agreement. 
 7. COVENANTS
OF THE PARTIES. 
 7.1 Transition of the
Business; Consents. Seller covenants with Buyer to cooperate with Buyer to effect the smooth transition of the Business from Seller to Buyer on the Effective Date including, without limitation, (i) obtaining all permits, authorizations,
consents and approvals of any Person which are required for or in connection with the consummation of the transactions contemplated hereby, (ii) the retention and performance of all material contracts of the Business and the customers of the
Business by such means as Buyer may reasonably request, including, but not limited to, providing full and complete access to records, data, personnel, project and construction financial records, equipment records and site inspections and
(iii) executing and delivering all agreements and documents required by the terms hereof to be executed and delivered by Holdings, Seller and the Companies on or prior to the Closing. 
 7.2 Further Assurances. Each of the parties agrees that it will at any time, and from time to time, after the
Closing Date, upon the reasonable request and at the expense of the appropriate party, do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, assignments, transfers, conveyances
and assurances as may be required to complete the transactions contemplated herein. After the Closing Date, at the expense of Buyer, Seller shall use its best efforts to cause any necessary third party to execute such documents and do such acts and
things as Buyer may reasonably require for the purpose of giving to Buyer the full benefit of all the provisions of this Agreement and as may be reasonably required to complete the transactions contemplated herein. 
 7.3 Stockholder Approvals; Recommendations. Holdings, acting through its Board of Directors, shall call, give
notice of, convene and hold a special meeting of the holders of the Holdings Shares for the purpose of voting upon this Agreement, the Securities Purchase Agreement (as such term is defined in Section 8.2), the Share Exchange Agreements (as
such term is defined in Section 8.4), the Merger Agreement (as such term is defined in Section 8.5), the SIBL Indemnification Agreement (as such term is defined in Section 8.9, the Framework Agreement (as such term is defined in
Section 8.10) and the transactions contemplated herein and therein and the redomestication of Holdings discussed in Section 8.5 (collectively, the “Proposed Transactions”)) (the “Special Meeting”). The Special Meeting
will be held as promptly as practicable following the execution of this Agreement. Holdings shall ensure that the Special Meeting is called, noticed, convened, held and conducted, and that all proxies solicited in connection with the Special Meeting
are solicited in compliance with all applicable laws, regulations, orders, judgments and decrees, including applicable federal and state securities laws. Holdings shall solicit from holders of the Holdings Shares entitled to vote at the Special
Meeting proxies in favor of the approval and adoption of the terms of the Proposed Transactions by the holders of a majority of the Holdings Shares, excluding Buyer and SIBL and any Affiliates 

  

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(as such term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended) thereof (the “Holdings Stockholder Approval”). In lieu
of holding the Special Meeting, to the extent feasible, Holdings may obtain the Holdings Stockholder Approval by obtaining a written consent executed by the requisite stockholders, which written consent shall comply with applicable law; provided
that Holdings provides those stockholders who do not execute such written consent an information statement and other information required to be provided pursuant to and such written consent is otherwise obtained in compliance with all applicable
laws, regulations, orders, judgments and decrees, including applicable federal and state securities laws. 
 7.4
Payment of Taxes, Fees and Costs. Buyer shall bear all taxes, fees and costs due on the sale and transfer to Buyer of the Shares contemplated by this Agreement. 
 7.5 Pre-Closing Operations. Except as otherwise contemplated in Section 7 or 8 hereof, prior to Closing,
Holdings, Seller and the Companies shall carry on their business in the usual, regular and ordinary course consistent with past practices and Holdings, Seller and the Companies shall use all reasonable efforts to preserve intact its present business
organization, keep available the services of its present officers and employees and maintain satisfactory relationships with customers, suppliers and others having business relationships with Holdings, Seller and the Companies. Without limiting the
foregoing, neither Holdings, Seller nor any of the Companies shall take, fail to take or permit to be taken, any action that would cause any of the representations and warranties in Section 4.6 to be untrue or inaccurate. 
 7.6 Releases and Novations. Except for the indemnification obligations of Holdings and Seller to any officer or director of
Holdings or Seller provided for in the charter or bylaws of such companies or any agreement to which such officer or director is a party, in each case in effect as of the date hereof, Seller covenants to Buyer that it will obtain releases and/or
novations, as appropriate, from the obligees under any remaining liabilities of Holdings and Seller prior to Closing so that, immediately after the Closing, Holdings and Seller shall not be obligated for any liabilities. 
 7.7 Indemnification of Officers and Directors. 
 (a) For a period of six (6) years for and after the Closing Date, Seller agrees to provide and cause Holdings to provide
officers’ and directors’ liability insurance with respect to acts or omissions occurring at or prior to the Closing Date covering each past and present officer and director of Holdings, Seller or the Companies who are currently covered by
Holdings’ officers’ and directors’ liability insurance policy (a true and complete copy of which has been delivered to SIBL and Buyer). The terms and coverage amounts of the liability insurance policy shall be at least as favorable as
the terms and coverage amounts of the liability insurance policy in effect on the date hereof; provided, however, that in no event shall Holdings be required to expend more than 175% of the current amount expended by Holdings (the “Insurance
Amount”) to maintain or procure such directors and officers insurance coverage; provided, further, that if Holdings is unable to obtain the insurance called for by this Section 7.7, Holdings shall use its reasonable best efforts to obtain
as much comparable insurance as is available for the Insurance Amount; and provided, further, that officers and directors of Holdings, Seller and the Companies may be required to make application and provide customary 

  

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representations and warranties to Holders’ insurance carrier for the purpose of obtaining such insurance. It being understood and acknowledged by the
parties that the costs of said officers’ and directors’ liability insurance shall be paid and absorbed by Holdings prior to the merger of Seller and Holdings pursuant to the Merger Agreement. 
 (b) The provisions of this Section 7.7 are intended for the benefit of, and shall be enforceable by, all past and present officers
and directors of Holdings and his or her heirs and representatives. The rights of all past and present officers and directors of Holdings under this Section 7.7 are in addition to, and not in substitution for, any other rights to
indemnification or contribution that any such person may have by contract, applicable law or otherwise. 
 7.8 Reverse Stock
Split. Holdings shall effect a one-for-five reverse split of Holdings Common Stock (the “Stock Split”) prior to Closing. 
 7.9 Disregarded Entity Election. In the event that (i) Holdings has not received the approval of the holders of 90.78% of Holdings’ outstanding capital stock of this Agreement and the transactions contemplated
hereby within seventy-five (75) days from the formation date of Seller, notwithstanding the fact that such shareholder approval might not become effective until some date after such 75-day period, or (ii) SIBL or Holdings exercises its
right to terminate this Agreement, among others, pursuant to Section 5 of that certain Letter Agreement of even date herewith by and among the parties hereto and others, Holdings may file with the Internal Revenue Service a Form 8832 Entity
Classification Election electing to treat Seller as a partnership retroactive to the formation date of Seller. 
 8.
CONDITIONS PRECEDENT TO BUYER’S, HOLDINGS’ AND SELLER’S OBLIGATION
TO CLOSE. The obligations of the parties hereto to effect the Closing are subject to the satisfaction (or waiver in writing) at or prior to the Closing of the following conditions: 
 8.1 Conversion of Preferred Stock and Reverse Stock Split. SIBL shall have converted all shares of
Holdings’ Preferred Stock that it holds into shares of the Common Stock of Holdings, and subsequent to such conversion, Holdings shall have effected the Stock Split. 
 8.2 Securities Purchase Agreement. SIBL and Broadband Multimedia Systems, Ltd., a British Virgin Islands limited company
(“BM”) shall have consummated the transactions contemplated by that certain Common Stock Purchase Agreement (the “Securities Purchase Agreement”), attached as Exhibit “D” hereto. 
 8.3 Restructuring. The restructuring of certain entities described in Schedule 8.3 shall have occurred.

 8.4 Share Exchange. Holdings, Seller, Hisense Co. Ltd., Qingdao Hisense Electronic Holding Ltd.
and Ligent Photonics, Inc. shall have consummated the transactions contemplated by that certain Share Exchange Agreement (the “Share Exchange Agreement”), attached hereto as Exhibit “E”, and Holdings, Seller, Ligent
International, Inc. and the shareholders of Ligent International, Inc., shall have consummated the transactions contemplated by that certain Agreement and Plan of Merger(together with the Share Exchange Agreement, the “Share Exchange
Agreements”), attached hereto as Exhibits “F-1” and “F-2”. 
  

 11 

 8.5 Merger and Redomestication of Holdings. Holdings shall
have redomesticated Holdings in the jurisdiction of the British Virgin Islands pursuant to that certain Merger Agreement (the “Merger Agreement”), attached hereto as Exhibit “G”. 
 8.6 Merger of Seller. Seller and BM shall have consummated the transactions contemplated by that certain Merger Agreement,
attached hereto as Exhibit “H”. 
 8.7 Stockholder Approval. Holdings shall have
obtained the Holdings Stockholder Approval. 
 8.8 Releases and Novations. Buyer and Seller shall
have obtained releases and/or novations, as appropriate, from the obligees under any remaining liabilities of Holdings, Seller prior to Closing so that, immediately after Closing, Seller shall not be obligated for any liabilities. 
 8.9 SIBL Indemnification Agreement. SIBL and Seller shall have executed and delivered that certain
Indemnification Agreement (“SIBL Indemnification Agreement”), attached hereto as Exhibit “I”. 
 8.10 Framework Agreement. Qingdao Hisense Electric Ltd., Seller and Holdings shall have consummated the transaction contemplated by that certain Framework Agreement (the “Framework Agreement”), attached hereto as
Exhibit “J”; and 
 8.11 Updated Valuation Opinion. Holdings shall have received an update and
reaffirmation of the Fairness Opinion (as defined in Section 4.15). 
 8.12 Registration Statement. The
registration statement filed with the SEC by Holdings shall have been declared effective. 
 9.
CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO CLOSE. Buyer’s obligation to consummate the
transactions contemplated herein, and to take the actions required to be taken by Buyer at the Closing, is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived in writing by Buyer,
in whole or in part): 
 9.1 Accuracy of Representations. (i) all of the representations and
warranties of Holdings, Seller and the Companies in this Agreement not qualified by a “materiality” or “material adverse effect” qualifier (considered collectively), and each of such representations and warranties (considered
individually), must have been accurate in all material respects as of the Effective Date, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date; and (ii) all of the representations and warranties of
Holdings, Seller and the Companies in this Agreement qualified by a “materiality” or “material adverse effect” qualifier (considered collectively), and each of such representations and warranties (considered individually), must
have been accurate in all respects as of the Effective Date, and must be accurate in all respects as of the Closing Date as if made on the Closing Date. 
  

 12 

 9.2 Seller Performance. All of the covenants and obligations
that Holdings, Seller and the Companies are required to perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), must have been
duly performed and complied with in all material respects. 
 9.3 Other Documents. Buyer must have
received such other documents as it may reasonably request for the purposes of (a) evidencing the accuracy of any of the representations and warranties of Holdings, Seller and the Companies; (b) evidencing the performance by Holdings,
Seller and the Companies of, or the compliance by Holdings, Seller and the Companies with, any covenant or obligation required to be performed or complied with by them; (c) evidencing the satisfaction of any condition referred to in this
Section 9; or (d) otherwise facilitating the consummation or performance of any of the transactions contemplated herein. 
 9.4 No Prohibition. Neither the consummation nor the performance of any of the transactions contemplated herein will, directly or indirectly (with or without notice or lapse of time), materially contravene or
conflict with, or result in a material violation of, or cause Buyer or any Person affiliated with Buyer to suffer any material adverse consequence under, (a) any applicable legal requirement or order; or (b) any legal requirement or order
that has been published, introduced or otherwise proposed by or before any governmental body. 
 10.
CONDITIONS PRECEDENT TO HOLDINGS’ AND SELLER’S OBLIGATION TO CLOSE.
Holdings’ and Seller’s obligation to consummate the transactions contemplated herein, and to take the actions required to be taken by Holdings and Seller at the Closing, is subject to the satisfaction, at or prior to the Closing, of each
of the following conditions (any of which may be waived in writing by Seller and Holdings, in whole or in part): 
 10.1 Accuracy of Representations. (i) all of the representations and warranties of Buyer and SIBL in this Agreement not qualified by a “materiality” or “material adverse effect” qualifier
(considered collectively), and each of such representations and warranties (considered individually), must have been accurate in all material respects as of the Effective Date, and must be accurate in all material respects as of the Closing Date as
if made on the Closing Date; and (ii) all of the representations and warranties of Buyer and SIBL in this Agreement qualified by a “materiality” or “material adverse effect” qualifier (considered collectively), and each of
such representations and warranties (considered individually), must have been accurate in all respects as of the Effective Date, and must be accurate in all respects as of the Closing Date as if made on the Closing Date. 
 10.2 Buyer and SIBL Performance. All of the covenants and obligations that Buyer and SIBL are required to
perform or to comply with pursuant to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually), must have been duly performed and complied with in all material
respects. 
 10.3 Other Documents. Holdings and Seller must have received such other documents as
it may reasonably request for the purposes of (a) evidencing the accuracy of any of the representations and warranties of Buyer and SIBL; (b) evidencing the performance by Buyer and SIBL of, or the compliance by Buyer and SIBL with, any
covenant or obligation required to be 

  

 13 

 
performed or complied with by them; (c) evidencing the satisfaction of any condition referred to in this Section 9; or (d) otherwise
facilitating the consummation or performance of any of the transactions contemplated herein. 
 10.4 No
Prohibition. Neither the consummation nor the performance of any of the transactions contemplated herein will, directly or indirectly (with or without notice or lapse of time), materially contravene or conflict with, or result in a material
violation of, or cause Holdings, Seller, any Company or any Person affiliated with Holdings or Seller to suffer any material adverse consequence under, (a) any applicable legal requirement or order; or (b) any legal requirement or order
that has been published, introduced or otherwise proposed by or before any governmental body. 
 11.
TERMINATION. 
 11.1 Termination Events. This Agreement, by
notice given prior to or at the Closing, may be terminated: 
 (a) by Buyer, Holdings or Seller if a material breach of any
provision of this Agreement has been committed by the other party and such breach has not been waived; 
 (b) (1) by
Buyer if any of the conditions in Section 8 and 9 have not been satisfied as of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this
Agreement) and Buyer has not waived such condition on or before the Closing Date; or (2) by Holdings or Seller, if any of the conditions in Section 8 and 10 have not been satisfied as of the Closing Date or if satisfaction of such a
condition is or becomes impossible (other than through the failure of Seller or Holdings to comply with its obligations under this Agreement) and Holdings has not waived such condition on or before the Closing Date; 
 (c) by either Buyer, Holdings or Seller if the Closing does not occur by December 31, 2008; 
 (d) (1) by Buyer, in the event Holdings or Seller has breached any material representation, warranty, or covenant contained in this
Agreement in any material respect, Buyer has notified Holdings or Seller of the breach, and the breach has continued without cure for a period of 30 days after the notice of breach; or (2) by Holdings or Seller, in the event Buyer has breached
any material representation, warranty, or covenant contained in this Agreement in any material respect, Seller or Holdings have notified the Buyer of the breach, and the breach has continued without cure for a period of 30 days after the notice of
breach; or 
 (e) by mutual consent of Buyer, Holdings and Seller. 
 11.2 Effect of Termination. Each party’s right of termination under Section 11 is in addition to any
other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement is terminated pursuant to Section 11.1, all further obligations of the parties under
this Agreement will terminate, except that the obligation in Section 14.4 will survive. 
  

 14 

 12. DELIVERIES AND ACTIONS TO
BE TAKEN AT CLOSING. 
 12.1
Deliveries by Seller. At the Closing, Seller shall deliver to Buyer (duly executed where appropriate): 
 (a)
resolutions of the Board of Directors and shareholders of Holdings and the Board of Directors and shareholders of Seller and each Company, which shall be in full force and effect as of the Effective Date, authorizing the execution and delivery of
the Transaction Documents and consummation of the transactions contemplated therein; 
 (b) Evidence satisfactory to Buyer of
the satisfaction and/or release of liabilities of Seller, and Holdings; 
 (c) Stock certificates evidencing the Shares duly
endorsed or accompanied by duly executed stock powers for transfer to Buyer; and 
 (d) such other documents as may be
reasonably necessary to effect the closing of the transactions contemplated in this Agreement, including the documents described in Section 9.3. 
 12.2 Deliveries by Buyer and SIBL. At the Closing, Buyer and SIBL shall deliver to Seller (duly executed where appropriate): 
 (a) Evidence satisfactory to Seller of the cancellation and release of the Buyer Debt; 
 (b) an Officer’s Certificate of Buyer and SIBL, which shall be in full force and effect as of the Closing Date, certifying that the
execution and delivery of the Transaction Documents and consummation of the transactions contemplated therein have been duly authorized by each of Buyer and SIBL; and 
 (c) such other documents as may be reasonably necessary to effect the closing of the transactions contemplated in this Agreement, including the documents described in Section 10.3. 
 13. SURVIVAL. All representations and warranties of Holdings, Seller, each Company, the Buyer
and SIBL contained in this Agreement shall terminate at Closing. 
 14. MISCELLANEOUS
PROVISIONS. 
 14.1 Knowledge. As used herein, “Knowledge” shall
mean the actual knowledge of Richard M. Gozia, Todd Giles and J. Stan Harris. 
 14.2 Amendment;
Waiver. This Agreement, and any exhibits hereto, may be amended, modified or superseded only by a written instrument signed by all of the parties to this Agreement. No party shall be deemed to have waived compliance by 

  

 15 

 
another party of any provision of this Agreement unless such waiver is contained in a written instrument signed by the waiving party and no waiver that may
be given by a party will be applicable except in the specific instance for which it is given. The failure of any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option contained in this Agreement or
to require at any time performance of any of the provisions of this Agreement, by any of the other parties shall not be construed to be a waiver of such provisions and shall not affect the validity of this Agreement or any of its provisions or the
right of such party thereafter to enforce each provision of this Agreement. 
 14.3 Limited Assignment;
Binding Effect. No party other than Buyer as provided below shall assign any of its rights or obligations under this Agreement, whether by operation of law or otherwise, without obtaining the prior consent of the other parties to this
Agreement; provided, however, that Buyer may freely assign its rights and obligations under this Agreement to a wholly owned affiliate of Buyer, provided that such assignment shall not release Buyer of its obligations hereunder. Subject to the
foregoing, all of the provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties to this Agreement and their respective heirs, legal representatives, successors and assigns. 
 14.4 Confidentiality of Agreement. Unless otherwise required by law or the requirements of NYSE, NASDAQ or any
other exchange on which such party’s securities trade upon advice of such party’s legal counsel, no party shall disclose either the terms or existence of this Agreement to any Person other than a party’s counsel and its other
representatives or such other third parties with whom it must communicate to consummate the transactions described in this Agreement. 
 14.5 Counterparts. This Agreement may be executed in one or more counterparts, including facsimile copies thereof, each of which shall be deemed to be an original copy of this Agreement and
all of which, when taken together, shall be deemed to constitute one and the same agreement. 
 14.6
Entire Agreement. This Agreement, together with its exhibits hereto, embodies the entire agreement and understanding of the parties related to its subject matter and supersedes all prior proposals, understandings, agreements,
correspondence, arrangements and contemporaneous oral agreements relating to subject matter of this Agreement. No representation, promise, inducement or statement of intention has been made by any party which has not been embodied in this Agreement.

 14.7 Expenses. Except as otherwise expressly provided for in this Agreement, each party will
bear its own expenses incurred in connection with the preparation, execution and performance of its obligations under this Agreement, including all fees and expenses of agents, representatives, counsel, accountants and attorneys. 
 14.8 Governing Law. This Agreement shall be governed by, and shall be construed and enforced in accordance
with, the laws of the State of Florida, without giving effect to any conflict of law rule or principle of such state. Jurisdiction and venue shall be proper in any state or federal court of competent jurisdiction within the State of Florida.

  

 16 

 14.9 No Third Party Beneficiaries. This Agreement is not
intended to, and shall not be construed to, confer upon any third Person any right, remedy or benefit nor is it intended to be enforceable by any third Person, and shall only be enforceable by the parties hereto, and their respective successors,
permitted assigns, heirs and personal representatives. 
 14.10 Notices. All notices, requests,
consents, approvals, waivers, demands and other communications required or permitted to be given or made under this Agreement shall be in writing and shall be deemed delivered to the parties on the (a) date of personal delivery or confirmed
transmission by facsimile transmission or email; (b) date of delivery to a nationally recognized overnight courier service; or (c) date of deposit in the United States Mail, postage prepaid, by certified mail, in each case, addressed as
follows, or to such other address, Person as any party may designate by notice to the others in accordance herewith: 
  

					
	If to Buyer or SIBL:	 	 c/o Stanford Group Company
 201 South Biscayne Blvd,
Floor 27
 12th Floor
 Miami, Florida 33131
 Attention: Osvaldo Pi
 Email: OPi@StanfordEagle.com
 Fax: (305) 347-2455
	 	
			
	With a copy to:	 	 Akerman, Senterfitt & Eidson, P.A.
 One Southeast
Third Avenue
 25th Floor
 Miami, FL 33131-1714
 Attention: Carl Roston, Esq.
 Email: carl.roston@akerman.com
 Fax: (305) 374-5095
	 	
			
	If to Seller or the Companies:	 	 ForeFront Holdings, Inc.
 835 Bill Jones Industrial
Drive
 Springfield, TN 37172
 Attention: Richard M.
Gozia
 Email: rmgozia@charter.net
 Fax: (608)
519-0348
	 	
			
	With a copy to:	 	 Greenberg Traurig, P.A.
 1221 Brickell
Avenue
 Miami, Florida 33131
 Attention: Robert Grossman, Esq.

 Email: grossmanb@gtlaw.com
 Fax: (305) 965-5756
	 	

  

 17 

 14.11 Recovery of Expenses by Prevailing Party. The party
prevailing in any civil action, arbitration or other proceeding shall be entitled to recover from the nonprevailing party, in addition to any damages the prevailing party may have been awarded, all reasonable expenses that the prevailing party may
have incurred in connection with such proceeding, including accounting fees, attorneys’ fees and expert witnesses’ fees. 
 14.12 Severability of Provisions. If a court in any proceeding holds any provision of this Agreement or its application to any Person or circumstance invalid, illegal or unenforceable, the remainder of this
Agreement, or the application of such provision to Persons or circumstances other than those to which it was held to be invalid, illegal or unenforceable, shall not be affected and shall be valid, legal and enforceable to the fullest extent
permitted by law, but only if and to the extent such enforcement would not materially and adversely frustrate the parties’ essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or unenforceable term or
provision, the parties intend that the court add to this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties to the greatest extent
possible. 
 14.13 Time of Essence. Time is of the essence to the performance of the obligations
set forth in this Agreement. 
 [Signatures on Following Page] 
  

 18 

 IN WITNESS WHEREOF, the parties have
entered into this Agreement as of the date first written above. 
  

			
	 STANFORD VENTURE CAPITAL HOLDINGS, INC.
 a Delaware corporation

		
	By:	 	 /s/ James M. Davis

	Name:	 	James M. Davis
	Title:	 	President and Director
		 	 (“Buyer”)

	
	 STANFORD INTERNATIONAL BANK LTD.,
 an Antiguan banking corporation

		
	By:	 	 /s/ James M. Davis

	Name:	 	James M. Davis
	Title:	 	Chief Financial Officer
		 	 (“SIBL”)

	
	 FOREFRONT BVI LTD., a British Virgin
 Islands limited company

		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer
		 	 (“Seller”)

	
	 FOREFRONT HOLDINGS, INC., a Florida
 corporation

		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer
		 	 (“Holdings”)

  

 19 

			
	 FOREFRONT GROUP, INC., a
Florida
 corporation

		
	 By:
	 	 /s/ Richard M. Gozia

	 Name:
	 	Richard M. Gozia
	 Title:
	 	Chairman of the Board and Executive Vice President
		 	 (the “Company”)

	
	 MILLER GOLF COMPANY, a Florida
 corporation

		
	 By:
	 	 /s/ Richard M. Gozia

	 Name:
	 	Richard M. Gozia
	 Title:
	 	President
		 	 (the “Company”)

	
	 FOREFRONT MULTIMEDIA, LLC, a Florida
 limited liability company

		
	 By:
	 	 /s/ Richard M. Gozia

	 Name:
	 	Richard M. Gozia
	 Title:
	 	President
		 	 (the “Company”)

  

 20 

 Schedule 8.3 
 Hisense Group Inc., a PRC company (“Hisense Group”) and Ligent International, Inc., a corporation organized in the British Virgin Islands (“Ligent BVI”) will arrange buy-sell transactions so that
each of Hisense Group and Hisense Electronics Holding (“HEH”) will own 50% of Ligent Photonics, Inc., a Delaware corporation (“Ligent US”) and Ligent BVI will own 100% of Hisense Optoelectronic Technologies Co., a PRC company
(“Hisense OE”). In order to finance the purchase of the 65% interest in Hisense OE from Hisense Group, Ligent BVI will borrow up to $2.0 million from BM and give BM a pledge in the stock of Hisense OE. HEH will purchase the 50% interest of
Ligent US from Ligent BVI for up to $2.0 million (the exact amount is to be determined based on the net asset value of Hisense OE as well as negotiations with Hisense Group, and as approved by the Chinese government). Ligent BVI will apply the
proceeds (the same as the amount paid to buy the 65% interest of Hisense OE) received from HEH for the sale of 50% of Ligent US to retire the outstanding loan owed to BM. 
  

 21Share Exchange Agreement, dated as of December 31, 2007

 Exhibit 10.3 
 EXECUTION COPY 
 SHARE EXCHANGE AGREEMENT 
  

			
	BETWEEN:
		
		  	FOREFRONT BVI, LTD. (the “Company”)
		
	AND:	  	FOREFRONT HOLDINGS, INC. (“Forefront Holdings”)
		
	AND:	  	HISENSE CO. LTD. (“Hisense Group”)
		
	AND:	  	QINGDAO HISENSE ELECTRONIC HOLDING LTD. (“HEH”)
		
	AND:	  	LIGENT PHOTONICS, INC. (“Ligent US”)

  

			
	 Contents
	  	Page No.
	Share Exchange Agreement	  	1
	 Exhibit A – Definitions
	  	8
	 Exhibit B – Form of Indemnification Agreement
	  	10
	 Schedule 1.6 – Representations and Warranties of the Shareholders regarding Ligent US
	  	11
	 Schedule 1.7 – Representations and Warranties of the Shareholders
	  	14
	 Schedule 1.8 – Representations and Warranties of the Company
	  	15
	 Schedule 1.9 – Representations of Forefront Holdings
	  	17

 SHARE EXCHANGE AGREEMENT 
 This Share Exchange Agreement dated as of the 31st day of December, 2007, is entered into by and among FOREFRONT BVI, LTD., a company incorporated under the laws of the British Virgin Islands (the
“Company”), FOREFRONT HOLDINGS, INC., a Florida corporation (“Forefront Holdings”), HISENSE CO. LTD., a company incorporated under the laws of the People’s Republic of China (“Hisense Group”), QINGDAO HISENSE
ELECTRONIC HOLDING LTD., a company incorporated under the laws of the People’s Republic of China (“HEH”)(Hisense Group and HEH, collectively, the “Shareholders”) and LIGENT PHOTONICS, INC., a Delaware corporation
(“Ligent US”). 
 WHEREAS, Hisense Group is the recorded and beneficial owner of 50% of the issued and outstanding shares of Ligent
US; and 
 WHEREAS, HEH is in the process of, and as a condition to the consummation of the transactions contemplated hereby is, purchasing
50% of the issued and outstanding shares of Ligent US from Ligent International, Inc., a corporation organized in the British Virgin Islands (“Ligent BVI”); and 
 WHEREAS, the Shareholders have agreed to transfer to the Company, and the Company has agreed to acquire from the Shareholders, all of the Shares, which Shares constitute 100% of the issued and outstanding shares of
Ligent US, in exchange for an aggregate 6,489,061 shares of the Company’s common stock to be issued on the Closing Date (the “Company Shares”), on the terms and conditions as set forth herein; and 
 WHEREAS, the BM Merger shall occur simultaneously with the consummation of the transactions contemplated herein; and 
 WHEREAS, certain defined terms appear in Exhibit A hereto. 
 NOW THEREFORE in consideration of the premises and the mutual covenants, agreements, representations and warranties contained herein, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION I 
 EXCHANGE OF SHARES AND SHARE CONSIDERATION 
 1.1 Share Exchange. At the Closing, the Shareholders shall transfer to the Company 1,000 Shares, representing all of the issued and outstanding shares of Ligent US, and, in consideration therefor, the Company shall issue to the
Shareholders an aggregate of 6,489,061 fully paid and nonassessable shares of Company Common Stock (the “Share Exchange”). 
 1.2
Section 368 Reorganization. For U.S. federal income tax purposes, the Share Exchange is intended to constitute a “reorganization” within the meaning of Section 368(a)(1)(B) of the Code. The parties to this Agreement hereby
adopt this Agreement as a “plan of reorganization” within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the United States Treasury Regulations. Notwithstanding the foregoing or anything else to the contrary contained in this
Agreement, the parties acknowledge and agree that no party is making any representation or warranty as to the qualification of the Share Exchange as a reorganization under Section 368 of the Code or as to the effect, if any, that any
transaction consummated prior to the Closing Date has or may have on any such reorganization status. The parties acknowledge and agree that each (i) has had the opportunity to obtain independent legal and tax advice with respect to the
transaction contemplated by this Agreement, and (ii) is responsible for paying its own Taxes, including without limitation, any adverse Tax consequences that may result if the transaction contemplated by this Agreement is not determined to
qualify as a reorganization under Section 368 of the Code. 
 1.3 Directors of Company at Closing Date. On the Closing Date,
Chairman Houjian Zhou will be Chairman of the board of directors of the Company and Dr. Wei-Ping Huang will serve as a director. Three members of the board will be independent directors under the rules and regulations of the United States
Securities and Exchange Commission and the NASDAQ Global Market. 

 1.4 Officers of Company at Closing Date. On the Closing Date, the current officers of the Company
shall resign from each officer position held at the Company and the Company Board shall appoint Dr. Wei-Ping Huang to serve as Chief Executive Officer and President. 
 1.5 Closing Date. The closing of the Share Exchange will occur on the date on which all of the closing conditions set forth in Section III below have been satisfied or waived (the “Closing Date”),
subject to extension by mutual agreement of the Shareholders and the Company, but in no event later than December 31, 2008. 
 1.6
Representations and Warranties of the Shareholders Regarding Ligent US. The Shareholders hereby jointly and severally make the representations and warranties set forth on Schedule 1.6 regarding Ligent US. 
 1.7 Representations and Warranties of Shareholders. The Shareholders hereby make the representations and warranties set forth on Schedule 1.7.

 1.8 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth on
Schedule 1.8. 
 1.9 Representations and Warranties of Forefront Holdings. Forefront Holdings hereby makes the representations and
warranties set forth on Schedule 1.9. 
 SECTION II 
 COVENANTS 
 2.1 Forefront Holdings Merger or Domestication. Forefront Holdings covenants that
it shall complete its domestication into the Company pursuant to the domestication or merger statutes of the British Virgin Islands before the Closing, it being understood by the parties that such transaction shall be considered a
“domestication” for U.S. tax purposes in all respects. 
 2.2 Pre-Closing Covenants. Ligent US will not engage in any
practice, take any action, or enter into any transaction outside the ordinary course of business consistent with past custom and practice (including with respect to quantity and frequency) (“Ordinary Course of Business”). Each of the
parties will give any notices to, make any filings with, and use its reasonable best efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred to in Subsection 2(c)
of Schedule 1.7 (2)(c). Ligent US will keep its business and properties substantially intact, including its present operations, physical facilities, working conditions, insurance policies, and relationships with lessors, licensors, suppliers,
customers, and employees. Ligent US will permit representatives of the Company (including legal counsel and accountants) to have full access at all reasonable times, and in a manner so as not to interfere with the normal business operations of
Ligent US, to all premises, properties, personnel, books, records (including tax records), contracts, and documents of or pertaining to Ligent US; provided, however, that the Company shall have a period of thirty (30) days from the date of this
Agreement to complete its due diligence review. 
 SECTION III 
 CONDITIONS PRECEDENT TO CLOSING; CLOSING DELIVERIES 
 3.1 The Company’s
obligation to acquire the Shares and to take the other actions required to be taken by it at the Closing Date is subject to the satisfaction, at or prior to the Closing Date, of each of the following conditions (any of which may be waived by the
Company, in whole or in part): 
 (a) Accuracy of Representations. The representations and warranties of Ligent US and the Shareholders
set forth in this Agreement or in any Schedule or certificate delivered pursuant hereto shall be true and correct in all material respects as of the date of hereof and as of the Closing except to the extent that such representations and warranties
are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties (as so written, including the term
“material” or “Material”) shall be true and correct in all respects at and as of the Closing Date. 
 (b) Performance
by Ligent US and Shareholders. All of the covenants and obligations that Ligent US and the Shareholders are required to perform or to comply with pursuant to this Agreement (considered collectively), and each of these covenants and obligations
(considered individually), must have been duly performed and complied with in all material respects. 
  

 2 

 (c) Other Agreements/Events. The transactions contemplated by the Common Stock Purchase Agreement,
the Ligent BVI Merger Agreement, the Framework Agreement, the Forefront Stock Purchase Agreement, the Forefront Holdings Merger and the BM Merger shall be consummated simultaneously with the transactions contemplated by this Agreement. The preferred
stockholders of Forefront Holdings shall have converted all of their preferred stock into common stock and Forefront Holdings shall have effected a 1:5 reverse stock split of its common stock. The Registration Statement filed with the SEC by the
Company shall have been declared effective. No amendments or waiver under the Forefront Stock Purchase Agreement or any other agreement shall have been entered into without the prior written consent of the Company. 
 (d) Certificate of Shareholders. Each Shareholder will have delivered to the Company a certificate executed by an authorized officer of the
Shareholder certifying the satisfaction of the conditions specified herein relating to such Shareholder. 
 (e) Consents. All material
consents, waivers, approvals (governmental or otherwise), authorizations or orders required to be obtained, and all filings required to be made, by Ligent US and/or the Shareholders for the authorization, execution and delivery of this Agreement and
the consummation by them of the transactions contemplated by this Agreement, shall have been obtained and made by Ligent US or the Shareholders. 
 (f) Documents. Ligent US and the Shareholders must deliver to the Company at the Closing: 
 (i) share certificates
evidencing the number of Shares held by each Shareholder, along with executed share transfer forms transferring such Shares to the Company together with a certified copy of a board resolution of the Company approving the registration of the transfer
of such shares to Company (subject to Closing and payment of stamp duty); 
 (ii) a Secretary’s Certificate, dated the Closing Date,
certifying attached copies of (A) the organizational documents of Ligent US, (B) the resolutions of the Ligent US Board of Directors approving this Agreement and the transactions contemplated hereby; and (C) the incumbency of each
authorized officer of Ligent US signing this Agreement and any other agreement or instrument contemplated hereby to which Ligent US is a party; 
 (iii) a Certificate of Good Standing of Ligent US; and 
 (iv) each of the Transaction Documents to which Ligent US and/or the
Shareholders is a party, duly executed. 
 (g) Other Agreements/Events. That certain indemnification agreement of even date herewith
in the form attached hereto as Exhibit B by and between SIBL and the Company shall have been executed. The transactions contemplated by the Common Stock Purchase Agreement, the Forefront Stock Purchase Agreement, the Forefront Holdings Merger and
the BM Merger shall be consummated simultaneously with the transactions contemplated by this Agreement. The preferred stockholders of Forefront Holdings shall have converted all of their preferred stock into common stock and Forefront Holdings shall
have effected a 1:5 reverse stock split of its common stock. The Registration Statement filed with the SEC shall have been declared effective. 
 (h) Financial Condition of Ligent US. The financial condition of Ligent US as of the Closing Date and the results of operations of Ligent US for the interim period between November 30, 2007 and the Closing Date shall not reflect
a financial condition or results of operations that, in either case, is materially worse than that which is reflected in the Financial Statements; and 
 (i) Delivery of Other Documents. Shareholders and Ligent US shall have delivered to the Company such other documents as the Company may reasonably request for the purpose of (A) evidencing the accuracy of
any of the representations and warranties of Ligent US and the Shareholders, (B) evidencing the performance of, or compliance by the Company and the Shareholders with, any covenant or obligation required to be performed or complied with by
Ligent US or the Shareholders, as the case may be, (C) evidencing the satisfaction of any condition referred to in this Section 3, or (D) otherwise facilitating the consummation or performance of any of the transactions contemplated
by this Agreement. 
  

 3 

 3.2 Ligent US and the Shareholders’ obligations to effect the Share Exchange and to take the other
actions required to be taken by them at the Closing Date are subject to the satisfaction, at or prior to the Closing Date, of each of the following conditions (any of which may be waived by Ligent US or the Shareholders, in whole or in part):

 (a) Accuracy of Representations. The representations and warranties of the Company and Forefront Holdings set forth in this
Agreement or in any Schedule or certificate delivered pursuant hereto shall be true and correct in all material respects as of the date of hereof and as of the Closing except to the extent that such representations and warranties are qualified by
the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties (as so written, including the term “material” or
“Material”) shall be true and correct in all respects at and as of the Closing Date. 
 (b) Performance by the Company and
Forefront Holdings. All of the covenants and obligations that the Company and Forefront Holdings are required to perform or to comply with pursuant to this Agreement (considered collectively), and each of these covenants and obligations
(considered individually), must have been performed and complied with in all material respects. 
 (c) Consents. All material
consents, waivers, approvals, authorizations or orders required to be obtained, and all filings required to be made, by the Company for the authorization, execution and delivery of this Agreement and the consummation by it of the transactions
contemplated by this Agreement, shall have been obtained and made by the Company, except where the failure to receive such consents, waivers, approvals, authorizations or orders or to make such filings would not have a Material Adverse Effect on the
Company. 
 (d) Documents. The Company must have caused the following documents to be delivered to the Shareholders: 
 (i) share certificates evidencing each Shareholder’s 50% pro rata share of the Company Shares; 
 (ii) a Secretary’s Certificate, dated the Closing Date, certifying attached copies of (A) the organizational documents of the Company,
(B) the resolutions of the Company Board approving this Agreement and the transactions contemplated hereby; and (C) the incumbency of each authorized officer of the Company signing this Agreement and any other agreement or instrument
contemplated hereby to which the Company is a party; 
 (iii) a Certificate of Good Standing of the Company; and 
 (iv) each of the Transaction Documents to which the Company is a party, duly executed. 
 (v) Other Agreements/Events. That certain indemnification agreement of even date herewith in the form attached hereto as Exhibit B by and between SIBL
and the Company shall have been executed. The transactions contemplated by the Common Stock Purchase Agreement, the Forefront Stock Purchase Agreement, the Forefront Holdings Merger and the BM Merger shall be consummated simultaneously with the
transactions contemplated by this Agreement. The preferred stockholders of Forefront Holdings shall have converted all of their preferred stock into common stock and Forefront Holdings shall have effected a 1:5 reverse stock split of its common
stock. The Registration Statement filed with the SEC shall have been declared effective. 
 SECTION IV 
 TERMINATION; SURVIVAL; INDEMNIFICATION 
 4.1 Termination. This Agreement may be terminated as follows: (a) the Company and the Shareholders may terminate this Agreement by mutual written consent at any time prior to the Closing; (b) the Company may terminate this
Agreement by giving written notice to the Shareholders at any time prior to the Closing (i) in the event the Shareholders have breached any material 

  

 4 

 
representation, warranty, or covenant contained in this Agreement in any material respect, the Company has notified the Shareholders of the breach, and the
breach has continued without cure for a period of 30 days after the notice of breach or (ii) if the Closing shall not have occurred on or before December 31, 2008, by reason of the failure of any condition precedent under Section 3.1
hereof (unless the failure results primarily from the Company or Forefront Holdings breaching any of their respective representation, warranty, or covenant or failure to satisfy the conditions precedent set forth in Section 3.2 contained in
this Agreement); and (c) the Shareholders may terminate this Agreement by giving written notice to the Company at any time prior to the Closing (i) in the event the Company has breached any material representation, warranty, or covenant
contained in this Agreement in any material respect, the Shareholders have notified the Company of the breach, and the breach has continued without cure for a period of 30 days after the notice of breach or (ii) if the Closing shall not have
occurred on or before December 31, 2008, by reason of the failure of any condition precedent under Section 3.2 hereof (unless the failure results primarily from the Shareholders or Ligent US breaching any of their respective
representation, warranty, or covenant or failure to satisfy the conditions precedent set forth in Section 3.1 contained in this Agreement). 
 4.2 Survival. All representations and warranties contained in or made pursuant to this Agreement shall survive (and not be affected in any respect by) the Closing of the transactions contemplated by this Agreement for a period ending
18 months after of the Closing Date; provided, however, that the representations and warranties contained in Subsections (1), (4) and (7) of Schedule 1.6, Subsections (1), (2) and (3) of Schedule 1.7,
Subsections (1), (3) (5) and (6) of Schedule 1.8 and Subsections (1) and (3) of Schedule 1.9 shall survive indefinitely. 
 4.3 Indemnification. The Company agrees to indemnify and hold Shareholders harmless from, and to reimburse Ligent US for, any Losses arising out of, based upon, or resulting from (i) the breach or
inaccuracy of any representation or warranty of the Company or Forefront Holdings which is contained in or made pursuant to this Agreement or in any of the Transaction Documents; or (ii) the Company’s or Forefront Holdings’ breach of
or failure to perform any of the covenants or agreements contained in or made pursuant to this Agreement. The Shareholders agree to indemnify and hold the Company harmless from, and to reimburse the Company for, any loss, fee, cost, expense, damage,
liability or claim (including, without limitation, any and all fees, costs and expenses whatsoever reasonably incurred by it or its counsel in investigating, preparing for, defending against, or providing evidence, producing documents or taking any
other action in respect of any threatened or asserted claim) (collectively, “Losses”) arising out of, based upon, or resulting from (a) the breach or inaccuracy of any representation or warranty of the Shareholders or Ligent US which
is contained in or made pursuant to this Agreement; or (b) the Shareholders’ or Ligent US’s breach of or failure to perform any of the covenants or agreements contained in or made pursuant to this Agreement. In any action brought by a
third party that potentially could result in Losses incurred by the Company pursuant to this Section 4.3, then the Company shall have the sole right to defend such claim and all such Losses shall be the responsibility of the Company under this
Section 4.3. 
 SECTION V 
 GENERAL PROVISIONS 
 5.1 Expenses. Except as otherwise expressly provided in this Agreement, each party to this
Agreement will bear its respective expenses incurred in connection with the preparation, execution, and performance of this Agreement and the transactions contemplated by this Agreement, including all fees and expenses of agents, representatives,
counsel, and accountants. 
 5.2 Dispute Resolution. Any controversy or claim arising out of or relating to this Agreement, or the
breach thereof shall be finally settled by arbitration exclusively (i) administered by the International Centre for Dispute Resolution (the “ICDR”) and (ii) under the International Dispute Resolution Procedures of the ICDR
(the “ICDR Rules”). Judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The number of arbitrators shall be one (1), unless the parties subsequently agree in writing that three
(3) arbitrators shall be appointed to resolve such particular dispute. The arbitrator(s) shall be appointed exclusively in accordance with the ICDR Rules. The place of arbitration shall be Miami, Florida. The arbitration proceedings shall be
conducted in English. The parties waive, to the extent permitted under applicable law, any right that they may have under any law applicable to this Agreement or any party hereto to object to arbitration hereunder on the basis that such an agreement
was not entered into after a dispute had arisen. 
  

 5 

 5.3 Further Assurances. The parties agree (a) to furnish upon request to each other such
further information, (b) to execute and deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement and
the documents referred to in this Agreement. 
 5.4 Waiver. The rights and remedies of the parties to this Agreement are cumulative
and not alternative. Neither the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power, or privilege, and no
single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. 
 5.5 Entire Agreement and Modification. This Agreement supersedes all prior agreements between the parties with respect to its subject matter and
constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written
agreement executed by the party against whom the enforcement of such amendment is sought. 
 5.6 Assignments, Successors, and No
Third-Party Rights. No party may assign any of its rights under this Agreement without the prior consent of the other parties. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to the
benefit of and be enforceable by the respective successors and permitted assigns of the parties. 
 5.7 Severability. If any provision
of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or
degree will remain in full force and effect to the extent not held invalid or unenforceable. 
 5.8 Governing Law. This Agreement will
be governed by the laws of the State of Florida without regard to conflicts of laws principles. 
 5.9 Counterparts. This Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. 
 5.10 Notice. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by
facsimile transmission (with immediate confirmation thereafter) or sent by certified, registered or express mail, postage prepaid, or by a nationally recognized overnight courier service, marked for overnight delivery. Any such notice shall be
deemed given when so delivered personally or sent by facsimile transmission (with immediate confirmation thereafter) or, if mailed, five (5) business days after the date of deposit in the mail, or if sent by overnight courier marked for
overnight delivery, two (2) business days after the date of delivery to the courier service, to the address set forth on the signature page hereto. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first set
forth above. 
  

			
	FOREFRONT BVI, LTD.
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer
	Address:	 	835 Bill Jones Industrial Dr. Springfield, TN 37172
	Attn:	 	Richard M. Gozia
	Telephone:	 	608-519-0348
	Facsimile:	 	615-384-1290
	
	FOREFRONT HOLDINGS, INC.
		
	By:	 	 /s/ Richard M. Gozia

	Name:	 	Richard M. Gozia
	Title:	 	Interim Chief Executive Officer
	Address:	 	835 Bill Jones Industrial Dr. Springfield, TN 37172
	Attn:	 	Richard M. Gozia
	Telephone:	 	608-519-0348
	Facsimile:	 	615-384-1290
	
	HISENSE CO. LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	No. 17, Donghai West Road Qingdao, China 266071
	Attention:	 	Honghai Yang
	Facsimile:	 	+86-532-8387-2882
	
	QINGDAO HISENSE ELECTRONIC HOLDING LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	No. 17, Donghai West Road Qingdao, China 266071
	Attention:	 	Honghai Yang
	Facsimile:	 	+86-532-8387-2882
	
	LIGENT PHOTONICS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		 	 2701 Dukane Drive, Suite 102
 St. Charles, IL 6017

	Attn:	 	Wei Ping Huang
	Telephone:	 	630-513-7226
	Facsimile:	 	630-513-9173

  

 7 

 Exhibit A 
 DEFINITIONS 
 1. “Affiliate” means any Person that directly or indirectly controls,
is controlled by or is under common control with the indicated Person. 
 2. “BM Merger” shall mean that certain merger of
Broadband Multimedia Systems, Ltd. (“BM”) with and into the Company. 
 3. “Code” means the Internal Revenue Code
of 1986, as amended. 
 4. “Common Stock” means the Company’s common shares, U.S. $0.001 nominal or par value per
share. 
 5. “Common Stock Purchase Agreement” means that certain agreement of even date herewith by and between SIBL and
BM. 
 6. “Company Shares” means the Company Common Stock being issued to the Shareholders pursuant hereto. 
 7. “Exchanged Shares” shall mean the 50% issued and outstanding shares of Ligent US to be transferred to the Company by Hisense Group
and the 50% issued and outstanding shares of Ligent US to be transferred to the Company by HEH. 
 8. “Forefront Stock Purchase
Agreement” means that certain stock purchase agreement of even date herewith by and among Stanford Venture Capital Holdings, Inc., SIBL, ForeFront Holdings, Inc., Forefront BVI, Forefront Group, Inc., Forefront Multimedia, LLC and Miller
Golf Company. 
 9. “ForeFront Holdings Merger” shall mean the consummation of the domestication of Forefront Holdings into
the Company pursuant to the domestication or merger statutes of the British Virgin Islands. 
 10. “Framework Agreement”
shall mean that certain agreement of even date herewith by and between Qingdao Hisense Electric Ltd. and the Company pursuant to which the Company purchases certain assets of the Set-Top Box division (the “STB Division”) from Qingdao
Hisense Electric Ltd. 
 11. “Governmental Authority” means any federal or national, state or provincial, municipal or local
government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, political subdivision, commission, court, tribunal, official, arbitrator or arbitral body, in
each case whether U.S. or non-U.S. 
 12. “Laws” means, with respect to any Person, any U.S. or non-U.S. federal, national,
state, provincial, local, municipal, international, multinational or other law (including common law), constitution, statute, code, ordinance, rule, regulation or treaty applicable to such Person. 
 13. “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind, including, without limitation, any
conditional sale or other title retention agreement, any lease in the nature thereof including any lien or charge arising by Law. 
 14.
“Ligent BVI Merger Agreement” means that certain Merger Agreement dated as of the date hereof between Forefront Holdings, Ligent BVI and the Company, as a result of which, Hisense Optoelectronics Technologies (“Hisense
OE”) will be a wholly-owned subsidiary of the Company. 
 15. “Material Adverse Effect” means, any change, effect or
circumstance which, individually or in the aggregate, would reasonably be expected to (a) have a material adverse effect on the business, assets, financial condition or results of operations, in each case taken as a whole or (b) materially
impair the ability of any party to this Agreement to perform any of its obligations under this Agreement in any material respect, or (c) result in litigation, claims, disputes or property loss in excess of US$500,000 in the future. 

 

 8 

 16. “Order” means any award, decision, injunction, judgment, order, ruling, subpoena, or
verdict entered, issued, made, or rendered by any Governmental Authority. 
 17. “Permitted Liens” means (a) Liens for
Taxes not yet payable or in respect of which the validity thereof is being contested in good faith by appropriate proceedings and for the payment of which the relevant party has made adequate reserves; (b) Liens in respect of pledges or
deposits under workmen’s compensation laws or similar legislation, carriers, warehousemen, mechanics, laborers and materialmen and similar Liens, if the obligations secured by such Liens are not then delinquent or are being contested in good
faith by appropriate proceedings conducted and for the payment of which the relevant party has made adequate reserves; (c) statutory Liens incidental to the conduct of the business of the relevant party which were not incurred in connection
with the borrowing of money or the obtaining of advances or credits and that do not in the aggregate materially detract from the value of its property or materially impair the use thereof in the operation of its business; and (d) Liens that
would not have a Material Adverse Effect. 
 18. “Person” means all natural persons, corporations, business trusts,
associations, companies, partnerships, limited liability companies, joint ventures and other entities, governments, agencies and political subdivisions. 
 19. “Proceeding” means any action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative or investigative) commenced, brought, conducted, or heard by
or before, or otherwise involving, any Governmental Authority. 
 20. “Registration Statement” means the registration
statement on Form F-4 promulgated by the SEC to be filed by the Company to register its securities; provided, that the Company qualifies under the Securities Act of 1934, as amended (“1934 Act”), to file such statement, and if the
Company fails to qualify to file such Form F-4 with the SEC under the 1934 Act, the term “Registration Statement” shall mean the registration statement on Form S-4 promulgated by the SEC. 
 21. “SEC” means the Securities and Exchange Commission. 
 22. “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same will be in effect at the
time. 
 23. “Shares” means the issued and outstanding shares of the Company. 
 24. “SIBL” means Stanford International Bank Ltd. 
 25. “Tax Return” means any return, declaration, report, claim for refund or credit, information return, statement or other similar document filed with any Governmental Authority with respect to Taxes,
including any schedule or attachment thereto, and including any amendment thereof. 
 26. “Taxes” means all foreign,
federal, state or local taxes, charges, fees, levies, imposts, duties and other assessments, as applicable, including, but not limited to, any income, alternative minimum or add-on, estimated, gross income, gross receipts, sales, use, transfer,
transactions, intangibles, ad valorem, value-added, franchise, registration, title, license, capital, paid-up capital, profits, withholding, payroll, employment, unemployment, excise, severance, stamp, occupation, premium, real property, recording,
personal property, federal highway use, commercial rent, environmental (including, but not limited to, taxes under Section 59A of the Code) or windfall profit tax, custom, duty or other tax, governmental fee or other like assessment or charge
of any kind whatsoever, together with any interest, penalties or additions with respect to any of the foregoing. 
 27. “Transaction
Documents” means, collectively, all agreements, instruments and other documents to be executed and delivered in connection with the transactions contemplated by this Agreement. 
  

 9 

 Exhibit B 
 FORM OF INDEMNIFICATION AGREEMENT 
  

 10 

 Schedule 1.6 
 SHAREHOLDERS’ REPRESENTATIONS AND WARRANTIES REGARDING LIGENT US 
 28. Organization and
Qualification. Ligent US is duly incorporated and validly existing under the laws of the State of Delaware, has all requisite corporate authority and power, governmental licenses, authorizations, consents and approvals to carry on its business
as presently conducted and as contemplated to be conducted, to own, hold and operate its properties and assets as now owned, held and operated by it, to enter into this Agreement, to carry out the provisions hereof. Ligent US is duly qualified,
licensed or domesticated as a foreign corporation in good standing in each jurisdiction wherein the nature of its activities or its properties owned or leased makes such qualification, licensing or domestication necessary, except where the failure
to be so qualified, licensed or domesticated will not have a Material Adverse Effect. Set forth on Schedule 1.6(1) is a list of those jurisdictions in which Ligent US presently conducts its business, owns, holds and operates its properties and
assets. 
 29. Subsidiaries. Ligent US does not own directly or indirectly, any equity or other ownership interest in any corporation,
partnership, joint venture or other entity or enterprise. 
 30. Organizational Documents. Ligent US is not in violation or breach of
any of the provisions of its organizational documents. 
 31. Authorization and Validity of this Agreement. Ligent US has all
requisite authority and power (corporate and other), governmental licenses, authorizations, consents and approvals to enter into this Agreement and each of the Transaction Documents to which it is a party, to consummate the transactions contemplated
by this Agreement and each of the Transaction Documents to which it is a party, to perform its obligations under this Agreement and each of the Transaction Documents to which it is a party, and to record the transfer of the Shares and the delivery
of the new certificates representing the Shares registered in the name of the Company. The execution, delivery and performance by Ligent US of this Agreement and each of the Transaction Documents to which Ligent US is a party have been duly
authorized by all necessary corporate action and do not require from Ligent US’s Board of Directors or the Shareholders any consent or approval that has not been validly and lawfully obtained. The execution, delivery and performance by Ligent
US of this Agreement and each of the Transaction Documents to which Ligent US is a party requires no authorization, consent, approval, license, exemption of or filing or registration with any Governmental Authority or other Person. 
 32. No Violation. Neither the execution nor the delivery by Ligent US of this Agreement or any Transaction Document to which it is a party, nor
the consummation or performance by Ligent US of the transactions contemplated hereby or thereby will, directly or indirectly, (a) contravene, conflict with, or result in a violation of any provision of the organizational documents of Ligent US;
(b) contravene, conflict with, constitute a default (or an event or condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, or result in the imposition or
creation of any Lien under, any agreement or instrument to which Ligent US is a party or by which the properties or assets of Ligent US are bound; (c) contravene, conflict with, or result in a violation of, any Law or Order to which Ligent US,
or any of the properties or assets owned or used by Ligent US, may be subject; or (d) contravene, conflict with, or result in a violation of, the terms or requirements of, or give any Governmental Authority the right to revoke, withdraw,
suspend, cancel, terminate or modify, any licenses, permits, authorizations, approvals, franchises or other rights held by Ligent US or that otherwise relate to the business of, or any of the properties or assets owned or used by, Ligent US, except,
in the case of clause (b), (c), or (d), for any such contraventions, conflicts, violations, or other occurrences as would not have a Material Adverse Effect. 
 33. Binding Obligations. Assuming this Agreement and the Transaction Documents have been duly and validly authorized, executed and delivered by the parties thereto other than Ligent US, this Agreement and each
of the Transaction Documents to which Ligent US is a party are duly authorized, executed and delivered by Ligent US and constitutes the legal, valid and binding obligations of Ligent US, enforceable against Ligent US in accordance with their
respective terms, except as such enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors rights generally. 
 34. Capitalization and Related Matters. The authorized capital stock of Ligent US consists of 1,500 shares of Common Stock, of which 1,000 shares
of Common Stock are issued and outstanding. At Closing, all of the issued and outstanding stock of Ligent US 

  

 11 

 
will be owned 50% by HEH and 50% by Hisense Group. Except as heretofore disclosed, there are no outstanding or authorized options, warrants, calls, purchase
agreements, participation agreements, subscription rights, conversion rights, exchange rights or other securities or contracts that could require Ligent US to issue, sell or otherwise cause to become outstanding any of its authorized but unissued
shares of capital stock or any securities convertible into, exchangeable for or carrying a right or option to purchase shares of capital stock or to create, authorize, issue, sell or otherwise cause to become outstanding any new class of capital
stock. Except as heretofore disclosed, there are no outstanding stockholders’ agreements, voting trusts or arrangements, registration rights agreements, rights of first refusal or other contracts pertaining to the capital stock of Ligent US.
All issued and outstanding shares of Ligent US’s capital stock are duly authorized, validly issued, fully paid and nonassessable and have not been issued in violation of any preemptive or similar rights. 
 35. No Redemption Requirements. Except as heretofore disclosed, there are no outstanding contractual obligations (contingent or otherwise) of
Ligent US to retire, repurchase, redeem or otherwise acquire any outstanding shares of capital stock of, or other ownership interests in, Ligent US or to provide funds to or make any investment (in the form of a loan, capital contribution or
otherwise) in any other Person. 
 36. Shareholders. Except as expressly provided in this Agreement, no holder of Shares or any other
security of Ligent US or any other Person is entitled to any preemptive right, right of first refusal or similar right as a result of the issuance of the shares or otherwise. There is no voting trust, agreement or arrangement among any of the
Shareholders of any capital stock of Ligent US affecting the exercise of the voting rights of any such capital stock. 
 37. Litigation;
Compliance with Laws. There is no action, suit, claim, governmental or other proceeding or investigation pending, or to the Shareholders’ knowledge, threatened against or affecting Ligent US including, without limitation, actions, suits or
claims for damages or in which injunctive or equitable relief is requested. There is no outstanding judgment, order, injunction or decree of any court, government or governmental agency against or affecting Ligent US. Ligent US has complied in all
material respects with all Laws to which Ligent US is subject, including any environmental, labor and employment laws, rules and regulations. 
 38. Certain Proceedings. There is no pending Proceeding that has been commenced against Ligent US and that challenges, or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the
transactions contemplated in this Agreement. To Ligent US’s knowledge, no such Proceeding has been threatened. 
 39. Financial
Statements. Attached as Schedule 1.6(12) hereto are the following financial statements (collectively the “Financial Statements”): unaudited balance sheet as of November 30, 2007 and statements of income for the year ended
December 31, 2006 and for the eleven-month periods ended November 30, 2006 and November 30, 2007 for Ligent US. Each of the Financial Statements: (i) is materially true, complete, and correct as of its respective date,
(ii) is in accordance with and supported by and consistent with the books and records of Ligent US, in all material respects, (iii) presents fairly the financial position and the results of operations of Ligent US; and (iv) was
prepared in accordance with U.S. GAAP; provided however, that the Financial Statements are not audited and do not contain footnotes. 
 40.
No Brokers or Finders. No person has, or as a result of the transactions contemplated herein will have, any right or valid claim against Ligent US for any commission, fee or other compensation as a finder or broker, or in any similar
capacity. 
 41. Title to and Condition of Properties. Except as would not have a Material Adverse Effect, Ligent US owns (with good
and marketable title in the case of real property) or holds under valid leases or other rights to use all real property, plants, machinery and equipment necessary for the conduct of the business of Ligent US as presently conducted, free and clear of
all Liens, except Permitted Liens. The material buildings, plants, machinery and equipment necessary for the conduct of the business of Ligent US as presently conducted are structurally sound, are in good operating condition and repair and are
adequate for the uses to which they are being put, in each case, taken as a whole, and none of such buildings, plants, machinery or equipment is in need of maintenance or repairs, except for ordinary, routine maintenance and repairs that are not
material in nature or cost. 
  

 12 

 42. No Undisclosed Events. Since November 30, 2007, no material event exists with respect to
Ligent US or its businesses, properties, operations or financial condition, which has not been disclosed to the Company in writing as of the date of this Agreement. 
 43. Ethical Practices; Foreign Corrupt Practices and International Trade Sanctions. Ligent US has not offered or given, and the Shareholders are not aware of any Person that has offered or given, on Ligent
US’s behalf, anything of value to, in violation of any law, including the Foreign Corrupt Practices Act of 1977, as amended: (i) any official of a governmental body, any political party or official thereof or any candidate for political
office; (ii) any customer or member of any governmental body; or (iii) any other Person, for the purpose of any of the following: (x) influencing any action or decision of such Person in such Person’s official capacity, including
a decision to fail to perform such Person’s official function; (y) inducing such Person to use such Person’s influence with any governmental body to affect or influence any act or decision of such governmental body to assist Ligent US
in obtaining or retaining business for, with, or directing business to, any Person; or (z) where such payment would constitute a bribe, kickback or illegal or improper payment to assist Ligent US in obtaining or retaining business for, with, or
directing business to, any Person, except for an immaterial political contribution (in an amount which was less than $1,000) by a political action committee which was fully disclosed to the appropriate governmental body (without any resulting fine
or penalty to Ligent US). 
 44. Undisclosed Liabilities. Ligent US has no liabilities (whether known or unknown, whether asserted or
unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability for Taxes), except for (i) liabilities incurred in the Ordinary Course of
Business, (ii) liabilities that are not alone or in the aggregate material to the financial condition or operating results of Ligent US, (iii) certain loans that Ligent US may borrow from Hisense Group or other third parties for the sole
purpose of funding the operations of Ligent US between the date hereof and Closing and (iv) obligations under the contracts that are to be performed after the Closing. 
 45. Customers and Suppliers. Since November 30, 2007, no material supplier of Ligent US has indicated in writing, and the Shareholders have
no knowledge (without inquiry), that a material supplier shall stop, or materially decrease the rate of, supplying materials, products or services to Ligent US (except upon the completion in full of contracted supplies), and no material customer of
Ligent US has indicated in writing, and the Shareholders have no knowledge (without inquiry), that such material customer shall stop, or materially decrease the rate of, buying materials, products or services from Ligent US (except upon the
fulfillment by Ligent US of contracted shipments). 
 46. Insurance. Ligent US has insurance coverage in scope and amount customary
and reasonable for the business in which it is engaged. 
 47. Transactions with Affiliates. All agreements between Ligent US and its
Affiliates are on terms that are not less favorable to Ligent US than those that are reasonably obtainable at the time in an arm’s-length transaction with a Person that is not an Affiliate. 
 48. Taxes. Ligent US has filed or caused to be filed all Tax Returns required to be filed by Ligent US with any Governmental Authority for all
periods through the date hereof, and all such Tax Returns were correct and complete in all material respects. All Taxes owed to any Governmental Authority by Ligent US for a period covered by such Tax Returns, and all claims, demands, assessments,
judgments, costs and expenses connected therewith, have been duly and timely paid. Ligent US has not executed or filed with any Governmental Authority any agreement extending the period for assessment or collection of any Taxes. 
  

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 Schedule 1.7 
 SHAREHOLDERS REPRESENTATIONS AND WARRANTIES REGARDING SHAREHOLDERS 
 1. Authority. Such
Shareholder has the right, power, authority and capacity to execute and deliver this Agreement and each of the Transaction Documents to which such Shareholder is a party, to consummate the transactions contemplated by this Agreement and each of the
Transaction Documents to which such Shareholder is a party, and to perform such Shareholder’s obligations under this Agreement and each of the Transaction Documents to which such Shareholder is a party. This Agreement has been, and each of the
Transaction Documents to which such Shareholder is a party will be, duly and validly authorized and approved, executed and delivered by such Shareholder. Assuming this Agreement and the Transaction Documents have been duly and validly authorized,
executed and delivered by the parties thereto other than such Shareholder, this Agreement is, and each of the Transaction Documents to which such Shareholder is a party have been, duly authorized, executed and delivered by such Shareholder and
constitutes the legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder in accordance with their respective terms, except as such enforcement is limited by general equitable principles, or by bankruptcy,
insolvency and other similar Laws affecting the enforcement of creditors rights generally. 
 2. No Conflict. Neither the execution or
delivery by such Shareholder of this Agreement or any Transaction Document to which such Shareholder is a party, nor the consummation or performance by such Shareholder of the transactions contemplated hereby or thereby will, directly or indirectly,
(a) contravene, conflict with, or result in a violation of any provision of the organizational documents of such Shareholder (if such Shareholder is not a natural person); (b) contravene, conflict with, constitute a default (or an event or
condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, any agreement or instrument to which such Shareholder is a party or by which the properties or assets of such
Shareholder are bound; or (c) except for government approvals set forth in Schedule 1.7 (2)(c), contravene, conflict with, or result in a violation of, any Law or Order to which such Shareholder, or any of the properties or assets of such
Shareholder, may be subject. 
 3. Ownership of Shares. Such Shareholder owns, of record and beneficially, and has good, valid and
indefeasible title to and the right to transfer to the Company pursuant to this Agreement, such Shareholder’s Shares free and clear of any and all Liens. The Shares being transferred to the Company hereunder constitute all issued and
outstanding shares of Ligent US. There are no options, rights, voting trusts, stockholder agreements or any other contracts or understandings to which such Shareholder is a party or by which such Shareholder or such Shareholder’s Shares are
bound with respect to the issuance, sale, transfer, voting or registration of such Shareholder’s Shares. At the Closing Date, the Company will acquire good, valid and marketable title to such Shareholder’s Shares free and clear of any and
all Liens. 
 4. Litigation. There is no pending Proceeding against such Shareholder that involves the Shares or that challenges, or
may have the effect of preventing, delaying or making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement and, to the knowledge of such Shareholder, no such Proceeding has been threatened, and no event or
circumstance exists that is reasonably likely to give rise to or serve as a basis for the commencement of any such Proceeding. 
 5. No
Brokers or Finders. No Person has, or as a result of the transactions contemplated herein will have, any right or valid claim against such Shareholder for any commission, fee or other compensation as a finder or broker, or in any similar
capacity. 
  

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 Schedule 1.8 
 COMPANY’S REPRESENTATIONS AND WARRANTIES 
 6. Organization and Qualification. The Company
is duly organized, validly existing and in good standing under the laws of the British Virgin Islands, has all requisite corporate authority and power, governmental licenses, authorizations, consents and approvals to carry on its business as
presently conducted and to own, hold and operate its properties and assets as now owned, held and operated by it. The Company is duly qualified, licensed or domesticated as a foreign corporation in good standing in each jurisdiction wherein the
nature of its activities or its properties owned, held or operated makes such qualification, licensing or domestication necessary, except where the failure to be so duly qualified, licensed or domesticated and in good standing would not have a
Material Adverse Effect. 
 7. Organizational Documents. True, correct and complete copies of the organizational documents of the
Company have been delivered to Ligent US prior to the execution of this Agreement, and no action has been taken to amend or repeal such organizational documents since such date of delivery. The Company is not in violation or breach of any of the
provisions of its organizational documents. 
 8. Authorization. The Company has all requisite corporate authority and power,
governmental licenses, authorizations, consents and approvals to enter into this Agreement and each of the Transaction Documents to which the Company is a party, to consummate the transactions contemplated by this Agreement and each of the
Transaction Documents to which the Company is a party and to perform its obligations under this Agreement and each of the Transaction Documents to which the Company is a party. The execution, delivery and performance by the Company of this Agreement
and each of the Transaction Documents to which the Company is a party have been duly authorized by all necessary corporate action. 
 9.
No Violation. Neither the execution nor the delivery by the Company of this Agreement or any Transaction Document to which the Company is a party, nor the consummation or performance by the Company of the transactions contemplated hereby or
thereby will, directly or indirectly, (a) contravene, conflict with, or result in a violation of any provision of the organizational documents of the Company (b) contravene, conflict with, constitute a default (or an event or condition
which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, or result in the imposition or creation of any Lien under, any agreement or instrument to which the Company is a party
or by which the properties or assets of the Company is bound; (c) contravene, conflict with, or result in a violation of, any Law or Order to which the Company, or any of the properties or assets owned or used by the Company, may be subject.

 10. Binding Obligations. Assuming this Agreement and the Transaction Documents have been duly and validly authorized, executed and
delivered by the parties thereto other than the Company, this Agreement and each of the Transaction Documents to which the Company is a party are duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar Laws affecting the
enforcement of creditors rights generally. 
 11. Duly Authorized. The issuance of the Company Shares has been duly authorized and,
upon delivery to the Shareholders of certificates therefor in accordance with the terms of this Agreement, the Company Shares will have been validly issued and fully paid, and will be nonassessable, have the rights, preferences and privileges
specified, will be free of preemptive rights and will he free and clear of all Liens and restrictions, other than Liens created by the Shareholders and restrictions on transfer imposed by this Agreement, a certain Shareholders Agreement of even date
herewith by and between the Company, HEH, Hisense Group, Qingdao Hisense Electric Ltd. and SIBL, and the Securities Act. 
 12. Compliance
with Laws. The Company has not received notice of any violation (or any Proceeding involving an allegation of any violation) of any applicable Law or Order by or affecting the Company. 
  

 15 

 13. Certain Proceedings. There is no pending Proceeding that has been commenced against the
Company and that challenges, or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement. 
 14. No Brokers or Finders. Except placement fees due to Stanford Investment Banking, no Person has, or as a result of the transactions
contemplated herein will have, any right or valid claim against the Company for any commission, fee or other compensation as a finder or broker, or in any similar capacity. 
  

 16 

 Schedule 1.9 
 FOREFRONT HOLDINGS’ REPRESENTATIONS AND WARRANTIES 
 15. Organization; Authority; Binding
Effect. Forefront Holdings is a corporation duly organized, validly existing and in good standing under the laws of Florida and has full power and authority to execute, deliver and perform this Agreement. The execution, delivery and performance
of this Agreement has been duly authorized by all necessary action on the part of Forefront Holdings, and does not and will not (i) contravene its articles of incorporation; or (ii) result in any violation of any law, rule or regulation
applicable to Forefront Holdings. Forefront Holdings is not a party to, or subject or bound by, any judgment, injunction or decree of any court of governmental authority which may restrict or interfere with the performance of this Agreement or such
other instruments, agreements and documents as are to be executed by Forefront Holdings in connection herewith on or prior to the date of this Agreement. This Agreement and the instruments, agreements and documents executed and delivered in
connection herewith are valid and binding obligations of Forefront Holdings enforceable in accordance with their terms. 
 16. No Conflict
or Violation. Neither the execution and delivery of this Agreement nor consummation of the transactions contemplated hereby will result in (i) a violation or breach of, or default under, any term or provision of any indenture, mortgage,
security agreement, contract, agreement, lease, commitment, license, franchise, permit, authorization or concession to which Forefront Holdings is a party or to which it or any of its property may be bound or constitute an event which with notice,
lapse of time, or both, would result in any such violation, breach or default, or (ii) a violation by Forefront Holdings of any statute, rule, regulation, ordinance, code, order, judgment, writ, injunction, decree or award, or constitute an
event which with notice, lapse of time, or both, would result in any such violation. 
 17. SEC Filings. Forefront Holdings has filed
with the SEC (i) its Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006, (ii) its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 29, 2007 and
(iii) all of its other reports, statements, schedules and registration statements through November 29, 2007 (collectively, the “SEC Documents”). As of its filing date (and as of the date of any amendment), each SEC Document
complied as to form in all material respects with the applicable requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as the case may be. As of its filing date (or, if amended or superseded by
a filing prior to the date hereof, on the date of such filing), each SEC Document filed pursuant to the Securities Exchange Act of 1934, as amended, did not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 
 18.
Compliance with Laws. Forefront Holdings has complied in all material respects with all laws, ordinances, or governmental or regulatory rules or regulations, whether federal, state, local or foreign applicable to it, including without
limitation, all securities laws, rules and regulations. 
 19. Brokers’ and Finders’ Fees. Forefront Holdings is not
obligated to pay any fees or expenses of any broker, finder or consultant in connection with the origin, negotiation, or execution of this Agreement or in connection with any transactions contemplated hereby. 
  

 17

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