Document:

Exhibit 10.2 

 

FIRST AMENDMENT TO

STOCK PURCHASE AGREEMENT

 

This FIRST AMENDMENT
TO STOCK PURCHASE AGREEMENT (this “Amendment”) is entered into as of July 3, 2012 among Presidential
Life Corporation, a Delaware corporation (“Buyer”), GALAC Holding
Company, an Ohio corporation (“Seller”) and Loyal American Life
Insurance Company, an Ohio corporation (“Parent”) and amends certain provisions of the Stock Purchase
Agreement dated as of February 23, 2012 among Buyer, Seller and Parent (the “Purchase Agreement”). Capitalized
terms used but not defined in this Amendment shall have the meanings ascribed thereto in the Purchase Agreement.

 

WHEREAS, Section 12(i)
of the Purchase Agreement provides that the Purchase Agreement may be amended only by a subsequent written amendment signed by
Buyer and Seller; and

 

WHEREAS, Buyer, Seller
and Parent desire to amend the Purchase Agreement as provided for herein below.

 

NOW, THEREFORE, in
consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.          Purchase
Price. Section 2(b) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

(b)          Purchase
Price. Buyer agrees to pay to Seller at the Closing a cash sum equal to Seven Million Forty Thousand Seven Hundred Sixteen
Dollars ($7,040,716) (the “Purchase Price”).

 

2.          
Purchase Price Adjustment. Section 2(e) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

(e)          Purchase
Price Adjustment. Buyer and Seller Agree that in the event that the amount reported on line 38 of page 3 of the statutory financial
statements completed by the Seller as of June 30, 2012, and approved by the Buyer, as set forth in paragraph six (6) is less than
$5.6 Million dollars, Seller will pay to Buyer an amount equal to the difference. Further in the event that the amount reported
on line 38 of page 3 of the statutory financial statements exceeds $5.6 Million, the difference shall be paid by Buyer to Seller.
Payment shall be made within 5 business days following completion and filing of the statutory financial statements. Failure by
Seller to provide Buyer with a duplicate original of the statutory financial statements shall operate to delay any obligation of
Buyer to make a payment to Seller, but shall not operate to delay any obligation of Seller to make a payment to Buyer under this
section.

 

3.          Exhibits.
Exhibits 2(b) and 2(e) are hereby deleted in their entirety.

 

    	 

    	 

    

 

4.          Capital
and Surplus. The following is hereby added to the Purchase Agreement as a new Section 4(s):

 

(s)          Capital
and Surplus. As of the Closing, the aggregate of GALAC’s Total Statutory Capital and Surplus (Statutory Net Admitted
Assets less Statutory Liabilities) as would be reported on line 38 of page 3 of the statutory financial statements filed by GALAC
with the Ohio Department of Insurance, if such financial statements were to be filed as of the Closing Date (“Capital
and Surplus”), shall be not less than Five Million Six Hundred Thousand Dollars ($5,600,000).

 

5.          Pre-Closing
Dividend. Seller has not declared and paid a dividend between the end of the period ending on June 30, 2012 and the Closing
Date.

 

6.          Preparation
of Quarterly Financial Statement. Within thirty (30) days following the Closing Date, Seller shall prepare and file the statutory
financial statements to be filed by GALAC with the Ohio Department of Insurance for the period ending on June 30, 2012. Seller
shall provide Buyer with a duplicate original of the statutory financial statement on the same day as the filing with the Ohio
Department of Insurance.

 

7.          Release.

 

(a)          Buyer,
on its own behalf and on behalf of its successors and assigns, does hereby forever release and discharge GALAC, Seller and Parent
from any and all actions, causes of action, claims, demands, costs and expenses arising out of any breach of any of Seller’s
or Parent’s representations, warranties, covenants or obligations under the Purchase Agreement as specifically alleged in
(i) that certain letter from Cailie A. Currin, counsel to Buyer, to Mark F. Muething dated June 20, 2012; and (ii) that certain
letter from Ms. Currin to Robert C. Lesan III, counsel to Seller, dated June 27, 2012.

 

(b)          Seller
and Parent, on their own behalf and on behalf of their respective successors and assigns, do hereby forever release and discharge
Buyer from any and all actions, causes of action, claims, demands, costs and expenses arising out of any breach of any of Buyer’s
representations, warranties, covenants or obligations under the Purchase Agreement as specifically alleged in (i) that certain
letter from Mr. Lesan to Ms. Currin dated June 25, 2012; and (ii) that certain letter from Mr. Lesan to Ms. Currin dated June 28,
2012.

 

8.          Construction.
Any provision of the Purchase Agreement not specifically modified by this Amendment shall remain in full force and effect. The
headings and captions contained herein are for convenience and shall not control or affect the meaning or construction of any provision
hereof.

 

    	 

    	 

    

 

9.          Counterparts.
This Amendment may be executed in counterparts (including by means of facsimile), each of which shall be deemed to be an original
and which together shall constitute one and the same instrument.

 

10.         Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any other jurisdiction.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year
first above written.

 

	 	PRESIDENTIAL LIFE CORPORATION
	 	 
	 	By:	/s/ Donald L. Barnes
	 	Name: 	Donald L. Barnes
	 	Title:	President/Chief Executive Officer
	 	 
	 	GALAC HOLDING COMPANY
	 	 
	 	By:	/s/ Mark F. Muething
	 	Name: 	Mark F. Muething
	 	Title:	Executive Vice President
	 	 
	 	LOYAL AMERICAN LIFE INSURANCE COMPANY
	 	 
	 	By:	/s/ Mark F. Muething
	 	Name: 	Mark F. Muething
	 	Title:	Executive Vice President

 

[Signature page
to First Amendment to Stock Purchase Agreement]WARRANT PURCHASE PLAN

 

This Warrant Purchase Plan (the “Purchase
Plan”) is entered into on _______________, 2012 (the “Commencement Date”) by and between [ ] (“Broker”)
and each of Infinity I-China Fund (Cayman) L.P., Infinity I-China Fund (Israel) L.P., Infinity I-China Fund (Israel 2) L.P., and
Infinity I-China Fund (Israel 3) L.P. (collectively the “Sponsors”). This Purchase Plan relates to the purchase, on
a “not held” basis, of warrants issued by Infinity Cross Border Acquisition Corporation (the “Company”),
each to purchase one ordinary share of the Company (the “Warrants”) and is intended to comply with the provisions
of Rule 10b5-1 (“Rule 10b5-1”).

 

A)  Purchase Plan Requirements

 

		1.	On any day on which there is trading on the Nasdaq Capital Markets (subject to the purchase instructions in Appendix A), Broker
will act as the Sponsors’ exclusive agent to purchase Warrants in accordance with Appendix A.

 

		2.	Purchases made by Broker pursuant to this Purchase Plan shall be made only in accordance with Appendix A, and shall be made
at the prevailing market prices, pursuant to the limitations stated in Appendix A, in open-market transactions.

 

		3.	Broker shall be entitled to a commission of [$ ] per Warrant purchased.

 

		4.	Purchases of the Warrants under this Purchase Plan shall be made outside the provisions of Rule 10b-18 as promulgated under
the Securities Exchange Act of 1934, as amended (“Rule 10b-18”). However, all purchases will comply with the
technical requirements of Rule 10b-18. If any of the technical requirements of Rule 10b-18 cannot be complied with, purchases will
not be made under the Purchase Plan.

 

		5.	Broker shall provide documentation to the Sponsors demonstrating that the purchases will be made in accordance with this
                                                               Purchase Plan.

 

B)  The
Sponsors’ Representations, Warranties and Covenants

 

Each Sponsor makes the following representations and
warranties, each of which shall continue while this Purchase Plan is in effect and will survive the termination of this Purchase
Plan:

 

		1.	At the time of execution of this Purchase Plan, the Sponsor is not aware of any material, non-public information with respect
to the Company. The Sponsor is entering into this Purchase Plan in good faith and not as part of a plan or scheme to evade the
prohibitions of Rule 10b5-1 or other applicable securities laws.

 

		2.	Purchases of Warrants under this Purchase Plan are irrevocable, have been duly authorized by such Sponsor and are not prohibited
by any legal, regulatory or contractual restriction or undertaking binding on the Sponsor. Such Sponsor will inform Broker as soon
as possible of any subsequent legal or contractual restrictions affecting the execution of the Purchase Plan by Broker or such
Sponsor and of the occurrence of any event that would cause the Purchase Plan to be suspended or to end as contemplated in Section
D and Section F.

 

		3.	Such Sponsor agrees not to enter into or alter any corresponding or hedging transaction with respect to the Warrants while
this Purchase Plan remains in effect.

 

		4.	This Purchase Plan constitutes such Sponsor’s legal, valid and binding obligation enforceable against it in accordance
with its terms.

 

    	 

    	 

    
 

		5.	Such Sponsor acknowledges and agrees that purchases of Warrants by Broker pursuant to Appendix A will not be made in accordance
with the provisions of Rule 10b-18 and that, in accordance with Section A(4), above, Broker shall however make purchases of Warrants
as provided in Appendix A in technical compliance with all of the requirements of Rule 10b-18.

 

		6.	Infinity I-China Fund (Cayman) L.P. shall, on behalf of the Sponsors, promptly notify Broker of the date the Company announces
an initial business combination.

 

		7.	Such Sponsor shall not have any discretion or influence with respect to the purchases under the Purchase Plan.

 

C)  Purchase
Instructions

 

See Appendix A.

 

D)  Suspension
of Purchases

 

The Sponsors acknowledge and agree that Broker may
suspend purchases under this Purchase Plan in the event that:

 

		1.	Broker determines that it is prohibited from purchasing Warrants by a legal, contractual or regulatory restriction applicable
to it or its affiliates or to any Sponsor and its affiliates (other than any such restriction relating to such Sponsor’s
possession or alleged possession of material nonpublic information about the Company).

 

		2.	Broker determines, in its sole discretion, that a market disruption has occurred, beyond the control of Broker that would materially
interfere with Broker’s ability to carry out the terms of this Purchase Plan.

 

		3.	Trading in the Warrants is halted or suspended.

 

		4.	If any purchases cannot be executed as required by this Purchase Plan due to any of the events specified in Sections (D)(1),
(D)(2) or (D)(3), Broker shall effect such purchases as promptly as practicable after the cessation or termination of such disruption,
applicable restriction or other event.

 

E)  Intentionally
omitted.

 

F)  Termination
of this Purchase Plan

 

		1.	This Purchase Plan will terminate upon the earliest of one of the following events:

 

		i.	The terms outlined in Appendix A have been met; and

 

		ii.	Broker is prohibited by law or other governmental agency from engaging in purchasing activity as the Sponsors’ agent
under this Purchase Plan.

 

		2.	Any transaction pending at the time Broker receives a notice referred to in Section F shall be completed and Broker shall receive
the commission set forth in Section A (3).

 

    	 

    	 

    
 

G)  Indemnification
and Limitation on Liability

 

		1.	The Sponsors severally agree to indemnify and hold harmless Broker (and its directors, officers, employees and affiliates)
from and against all claims, liabilities, losses, damages and expenses (including reasonable attorney’s fees and costs) arising
out of or attributable to: (a) any material breach by the Sponsors of this Purchase Plan (including the Sponsors representations
and warranties), and (b) any violation by the Sponsors of applicable laws or regulations. The Sponsors will have no indemnification
obligations in the case of gross negligence or willful misconduct of Broker or any other indemnified person. This indemnification
will survive the termination of this Purchase Plan. Broker agrees that the Company shall have no obligation to indemnify or hold
harmless Broker in connection with this Purchase Plan.

 

		2.	Notwithstanding any other provision herein, neither Broker nor any of the Sponsors will be liable for:

 

		i.	Special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages or any kind, even if advised
of the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen.

 

		ii.	Any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable
control, including but not limited to failure of electronic or mechanical equipment, strikes, failure of common carrier or utility
systems, severe weather, market disruptions or other causes commonly known as “acts of God”.

 

		3.	The Sponsors acknowledge and agree that Broker has not provided the Sponsors with any tax, accounting or legal advice with
respect to this Purchase Plan, including whether the Sponsors would be entitled to any of the affirmative defenses under Rule 10b5-1.

 

H)  Governing
Law

 

This Purchase Plan will be governed by, and construed
in accordance with, the laws of the State of New York, without regard to such State’s conflict of laws rules.

 

I)  Entire
Agreement

 

This Purchase Plan (including Appendix A hereto) constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any previous or contemporaneous
agreements, understandings, proposals or promises with respect thereto, whether written or oral.

 

This Purchase Plan and each party’s rights and
obligations hereunder may not be assigned or delegated without the written permission of the other party and shall inure to the
benefit of each party’s successors and permitted assigns, whether by merger, consolidation or otherwise.

 

J)  Notices

 

All required notifications under this Purchase Plan
shall be made in writing (signed by facsimile) and confirmed by telephone to:

  

    	 

    	 

    

  

	
        To Sponsors:

         

        Name: c/o [Infinity - C.S.V.C. Management Ltd.]

        Attention: Amir Gal-Or, [Co-Chief Executive Officer, Co-President
        and Co-Chairman]

        Address:
        3 Azrieli Center (Triangle Tower)

        42nd Floor, Tel Aviv, Israel, 67023

        Telephone:
        

        Fax:

        E-Mail:

         
	 	
        Copies to:

         

        Name: Ellenoff Grossman & Schole LLP

        Attention: Stuart Neuhauser, Esq.

        Address: 150 E42nd St., 11th Fl., New York, NY 10017

        Telephone: 212-370-1300

        Fax: 212-370-7889

        E-Mail: sneuhauser@egsllp.com

         

	
        To Broker:

         

        Primary Contact:

        Alternate Contact #1:

        Alternate Contact #2:

        Address:

         

        Telephone:

        Fax:

        E-Mail:
	 	
        Copies to:

         

        Name:

        Address:

        Telephone:

        Fax:

        E-mail:

         

 

K)  Counterparts

 

This Purchase Plan may be executed in two or more
counterparts and by facsimile signature.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Purchase Plan as of the date first written above.

 

	Infinity I-China Fund (Cayman) L.P.	 	BROKER
	 	 	 	 	 
	By: 	 	 	By: 	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Account #	 	 	 	 
	 	 	 	 	 
	Infinity I-China Fund (Israel) L.P.	 	 	 
	 	 	 	 	 
	By: 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	Account #	 	 	 	 
	 	 	 	 	 
	Infinity I-China Fund (Israel 2) L.P	 	 	 
	 	 	 	 	 
	By: 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	Account #	 	 	 	 
	 	 	 	 	 
	Infinity I-China Fund (Israel 3) L.P.	 	 	 
	 	 	 	 	 
	By: 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	Account # 	 	 	 	 

 

    	 

    	 

    

 

Appendix A

 

	Name of Buyer: ______________ Name of Issuer: Infinity Cross Border Acquisition Corporation Ticker: ____________ 

 

Purchase Instructions (1)

 

*** INFORMATION ON GRID MUST BE TYPED
***

 

	(a) Sale Period(s)	 	(b) Authorized Number of
       Warrants to be
       Purchased	 	(c) Authorized Dollar
       Amount to be
       Purchased	 	(d) Limit Price
       (“Market” 
       if a Market Order)
	Start Date	 	End Date	 	 	 	 	 	 	 
	Commencement
 Date	 	TBD (See
 Special
 Instructions
 Below)(2)	 	2,000,000 (See Special
 Instructions Below)(3)	 	$	 800,000	(3)  	$0.40 (exclusive of
 commissions)
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

		 ̈	Daily Purchases shall be executed pursuant to the safe harbor conditions of SEC Rule 10b-18,
if available. 

 

		x	Plan Warrant Cap

Authorized Number of Warrants to be Purchased
Under Plan: Up to 2,000,000 (3) 

 

		x	Plan Dollar Cap

Authorized Dollar Amount to be Purchased
Under Plan: $0.40 ($800,000 in aggregate) (3)

Inclusive of Commissions:  ̈
YES x NO 

 

Comments and Special Instructions

 

		1.	The aggregate purchases set forth below shall each be made on a pro-rata basis for each of the Sponsors as follows: Infinity
I-China Fund (Cayman) L.P. (46.7%); Infinity I-China Fund (Israel) L.P. (23.8%); Infinity I-China Fund (Israel 2) L.P. (20.4%)
and Infinity I-China Fund (Israel 3) L.P. (9.1%).

 

		2.	The End Date of the Purchase Plan will be the earlier of the date the Company announces an initial business combination or
when all Warrants have been purchased pursuant to this Plan. The Sponsors will promptly notify Broker if the Company announces
an initial business combination.

 

		3.	Plus, at $0.40 per Warrant, an amount of Warrants equal to the number of units purchased by the underwriters of the Company’s
IPO in connection with the exercise of their overallotment option, up to a maximum of an additional $120,000, or 300,000 Warrants.

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