Document:

Exhibit 10.1

 

AMENDMENT
TO THE SUBSRIPTION OF SHARES AGREEMENT

BETWEEN

CG
MALTA HOLDING LIMITED AND

XSIGMA
ENTERTAINMENT LTD.

 

THE
SUBSCRIPTION OF SHARES AGREEMENT entered into by the Parties on the 4th day of April, 2021, and subsequently amended on
August 4, 2021, is by mutual agreement of the Parties, hereby amended as of this 27th day of December, 2021. WHEREAS:

 

2.2
The Parties agree that the Second Shares shall be subscribed by the Subscriber for the total price of thirty-five million United
States Dollars ($35,000,000) payable by the Subscriber to the Company upon signing of a second share subscription agreement not later
than four (4) months from the date of signing of this Agreement.

 

AUGUST
4, 2021 AMENDEMENT:

 

2.2 The Parties
agree that the Second Shares shall be subscribed by the Subscriber for the total price of thirty-five million United States Dollars ($35,000,000)
payable by the Subscriber to the Company upon signing of a second share subscription agreement to be completed no later than January
1, 2022. This extension is subject to the Subscriber subscribing for ten million United States Dollars ($10,000,000) of the total price
no later than August 30, 2021.

 

IS
HEREBY AMENDED TO (AS AT DECEMBER 27, 2021):

 

2.2 The Parties
agree that the Third Shares shall be subscribed by the Subscriber for the total price of twenty-five million United States Dollars ($25,000,000)
payable by the Subscriber to the Company upon signing of a third share subscription agreement to be completed no later than April 30,
2022. This extension is subject to the Subscriber subscribing for five million United States Dollars ($5,000,000) of the total price
no later than February 15, 2022 and five million United States Dollars ($5,000,000) of the total price no later than March 15, 2022.

 

All
other aspects of the Subscription for Shares Agreement remain unchanged.

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Amendment to the Agreement for Subscription of Shares as of the date hereinbefore set forth.

 

-
signature page to follow -

 

     

     

    

 

	/s/ Jiancong Huang
	Jiancong Huang, CEO
	f/obo xSigma Entertainment Limited
	Subscriber
	 
	/s/ Daniel Eric Graetzer
	Daniel Eric Graetzer
	f/obo CG Malta Holding Limited
	Company
	 
	/s/ Daniel Eric Graetzer
	Daniel Eric Graetzer Shareholder
	By way of AcknowledgmentEXHIBIT
10.1

 

WRITTEN
CONSENT OF DIRECTORS TO CORPORATE ACTION

WITHOUT
MEETING OF PHI GROUP, INC.

TO
EXTEND REPURCHASE OF COMMON STOCK

 

A
Wyoming Corporation

 

The
undersigned members of Board of Directors of PHI GROUP, INC., a Wyoming corporation (the “Corporation”), constitute a quorum
and by their signatures below, hereby approve the following resolutions and consent to their adoption, without a formal meeting of that
Board of Directors (the “Board”), pursuant to Title 17-16-821 of the Wyoming Statues on this 27th day of December
2021.

 

WHEREAS,
on June 25, 2021, the Company’s Board of Directors passed a corporate resolution to extend the time period for the repurchase of
its own shares of common stock from the open market from time to time in accordance with the terms mentioned below:

 

	1.	Purpose
    of Repurchase: To enhance future shareholder returns.
	2.	Details
    of Repurchase:

 

	 	a.	Class
    of shares to be repurchased: Common Stock of PHI Group, Inc.
	 	b.	Total
                                            number of repurchasable shares: Up to twenty-five billion shares, or as many as economically
                                            practical.

	 	c.	Total
    repurchase dollar amount: To be determined by prevalent market prices at times of  transaction.
	 	d.	Methods
    of repurchase: Open market purchase and/or negotiated transactions.
	 	e.	Repurchase
    period: As soon as possible and from time to time until December 31, 2021.
	 	f.	The
                                            Company intends to fund the proposed share repurchase program with the proceeds from the
                                            disposal of certain non-core assets and from other anticipated sources of income of the Company.

	 	g.	The
                                            share repurchase program will be in full compliance with state and federal laws and certain
                                            covenants with the Company’s noteholders.

 

WHEREAS,
in light of the continued adverse effects due to the global coronavirus pandemic as well as the Company’s current corporate priorities,
its Board of Directors has determined that it is in the best interests of the Company and its shareholders to further extend the Common
Stock repurchase period to March 31, 2022.

 

BE
IT RESOLVED that, subject to liquidity condition and certain contractual obligations, the Corporation is authorized to repurchase
its own shares of common stock from the open market from time to time in accordance with the terms mentioned below:

 

	1.	Purpose
    of Repurchase: To enhance future shareholder returns.
	2.	Details
    of Repurchase:

 

	 	a.	Class
    of shares to be repurchased: Common Stock of PHI Group, Inc.
	 	b.	Amount
                                            of repurchasable shares: As many as economically conducive and optimal for the Company.

	 	c.	Total
    repurchase dollar amount: To be determined by prevalent market prices at times of transaction.
	 	d.	Methods
    of repurchase: Open market purchase and/or negotiated transactions.
	 	e.	Repurchase
    period: Until March 31, 2022.
	 	f.	The
                                            Company intends to fund the proposed share repurchase program with proceeds from the potential
                                            disposal of certain non-core assets and from other sources,subject to liquidity, availability
                                            of funds and satisfaction of contractual obligations.

	 	g.	The
                                            share repurchase program must be in full compliance with state and federal laws and certain
                                            covenants with the Company’s noteholders.

 

    	 

     

    

 

FURTHER
RESOLVED that in addition to and without limiting the foregoing, each officer of the Company be and hereby is authorized and directed
to take, or cause to be taken, such further action, and to execute and deliver, or cause to be delivered, for and in the name and on
behalf of the Company, all such instruments and documents as such officer may deem necessary, appropriate or in the best interests of
the Company to effectuate the intent of the foregoing resolutions and the transactions contemplated thereby (as conclusively evidenced
by the taking of such actions or the execution and delivery of such instruments and documents, as the case may be) and all action heretofore
taken by such officer in connection with the subject of the foregoing recitals and resolutions be, and it hereby is, approved, ratified
and confirmed in all respects as the act and deed of the Company.

 

By
their signatures below, the above resolutions have been duly authorized and adopted by the Company’s Board of Directors.

 

Dated:
December 27, 2021

 

	/s/
    Tam Bui	 	/s/
    Frank Hawkins
	Tam
    Bui, Director 	 	Frank
                                            Hawkins, Director

    

 

	/s/
    Henry D. Fahman
	Henry
    D. Fahman, DirectorEXHIBIT
10.2

 

WRITTEN
CONSENT OF DIRECTORS TO CORPORATE ACTION

WITHOUT
MEETING OF PHI GROUP, INC.

 

A
Wyoming Corporation

 

The
undersigned members of Board of Directors of PHI GROUP, INC., a Wyoming corporation (the “Corporation”), constitute a quorum
and by their signatures below, hereby approve the following resolutions and consent to their adoption, without a formal meeting of that
Board of Directors (the “Board”), pursuant to Title 17-16-821 of the Wyoming Statues on this 27th day of December
2021.

 

WHEREAS,
on June 25, 2021 the Company’s Board of Directors passed a resolution with respect to the distribution of a special stock dividend
from American Pacific Resources, Inc. (“APR”), a subsidiary of the Company, to shareholders of Common Stock of the Company
to further extend the Record Date to December 31, 2021 and amend the provisions for the afore-mentioned stock dividend as follows: (a)
Eligible shareholders: In order to be eligible for the above-mentioned special stock dividend, the minimum amount of Common Stock of
PHI Group, Inc. each shareholder must hold as of December 31, 2021 (the New Record Date) is two thousand (2,000) shares; (b) Dividend
ratio: All eligible shareholders of Common Stock of the Company as of the new Record Date will be entitled to receive one (1) share of
Common Stock of American Pacific Resources, Inc. for every two thousand (2,000) shares of Common Stock of PHI Group, Inc. held by such
shareholders as of the new Record date; and (c) Payment Date: the Payment Date for the distribution of the special stock dividend to
be ten (10) business days after a registration statement for said special stock dividend shares is declared effective by the Securities
and Exchange Commission.

 

WHEREAS,
due to the continued adverse effects of the coronavirus pandemic and other factors that have affected the development of APR, it
deems necessary for the Company to further extend the Record Date of the APR special stock dividend to June 30, 2022 in order to allow
APR additional time to reach certain milestones that would make the spin-off of APR and this special stock dividend distribution economically
beneficial for the Company’s shareholders;

 

NOW,
THEREFORE, BE IT RESOLVED, that the Company further extend the Record Date to June 30, 2022 and amend the provisions for the afore-mentioned
stock dividend as follows: (a) Eligible shareholders: In order to be eligible for the above-mentioned special stock dividend, the minimum
amount of Common Stock of PHI Group, Inc. each shareholder must hold as of June 30, 2022 (the New Record Date) is two thousand (2,000)
shares; (b) Dividend ratio: All eligible shareholders of Common Stock of the Company as of the new Record Date will be entitled to receive
one (1) share of Common Stock of American Pacific Resources, Inc. for every two thousand (2,000) shares of Common Stock of PHI Group,
Inc. held by such shareholders as of the new Record date; and (c) Payment Date: the Payment Date for the distribution of the special
stock dividend to be ten (10) business days after a registration statement for said special stock dividend shares is declared effective
by the Securities and Exchange Commission.

 

FURTHER
RESOLVED that in addition to and without limiting the foregoing, each officer of the Company be and hereby is authorized and directed
to take, or cause to be taken, such further action, and to execute and deliver, or cause to be delivered, for and in the name and on
behalf of the Company, all such instruments and documents as such officer may deem necessary, appropriate or in the best interests of
the Company to effectuate the intent of the foregoing resolutions and the transactions contemplated thereby (as conclusively evidenced
by the taking of such actions or the execution and delivery of such instruments and documents, as the case may be) and all action heretofore
taken by such officer in connection with the subject of the foregoing recitals and resolutions be, and it hereby is, approved, ratified
and confirmed in all respects as the act and deed of the Company.

 

By
their signatures below, the above resolutions have been duly authorized and adopted by the Company’s Board of Directors.

 

Dated:
December 27, 2021

 

By
their signatures below, the above resolutions have been duly authorized and adopted by the Company’s Board of Directors.

 

Dated:
December 27, 2021

 

	/s/
    Tam Bui	 	/s/
    Henry D. Fahman
	Tam
    Bui, Director 	 	Henry
    D. Fahman, Director

 

	/s/
    Frank Hawkins 	 	 
	Frank
    Hawkins, Director

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