Document:

EXHIBIT 10.1

 

CRIMSON
FOREST ENTERTAINMENT GROUP INC.

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of October 18, 2014, by and between CRIMSON FOREST ENTERTAINMENT
GROUP INC., a Nevada corporation (the “Company”), and CHINA FILM ASSIST CO, a company organized in The Peoples’
Republic of China (the “Investor”).

 

WHEREAS,
the Company desires to issue and sell to the Investor shares of its Common Stock, $0.0001 par value per share (the “Common
Stock”),on the terms and conditions set forth in this Agreement; and

 

WHEREAS,
the Investor desires, upon the terms and conditions stated set forth in this Agreement, to purchase shares of Common Stock from
the Company.

 

NOW
THEREFORE, the parties hereto agree as follows:

 

SECTION
1

PURCHASE OF SECURITIES

 

1.1The
Transaction.

 

(a)Under
the terms and subject to the conditions contained in this Agreement, the Investor agrees to purchase from the Company and the
Company agrees to sell and issue to the Investor at the Closings an aggregate of Ten Million (10,000,000) shares of Common Stock
(the “Shares”) for an aggregate purchase price of Five Million United States Dollars (USD$ 5,000,000) (the
“Purchase Price”).

 

1.2Closings.
The issuance and delivery of the Shares shall be held at multiple closings (the “Closings”) on the following
schedule, to occur at such place as the parties shall mutually agree:

 

		●	10%
                                         of the Shares shall be purchased upon execution of this Agreement;
	 	 	 
		●	40%
                                         of the Shares shall be purchased on or before December 15, 2014
	 	 	 
		●	50%
                                         of the Shares shall be purchased on or before January 15, 2015

 

1.3Delivery.
At each Closing (a) the Investor shall deliver to the Company a wire transfer of immediately available funds for the Purchase
Price payable at such Closing, with the funds to be sent to the bank account listed on Exhibit A hereto, and (b) the Company
shall deliver to the Investor or its designee a certificate (or certificates) representing the Shares purchased at such Closing,
registered in such name and in such denominations as shall be reasonably requested by the Investor, or irrevocable instructions
delivered to the Company’s transfer agent to issue and deliver such certificate(s)to the Investor promptly following the
Closing, but in any event within five (5) business days following the Closing.

 

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1.4Regulatory
Cooperation. Each party agrees to reasonably cooperate with the other with respect to any disclosure or communication relating
to this Agreement and the transactions contemplated hereby with the U.S. regulatory authorities, including the Securities and
Exchange Commission (“SEC”)and Internal Revenue Service (“IRS”). The Investor understands
and agrees that the rules and regulations of the SEC require the Company to disclose publicly this Agreement and the name of the
Investor. If requested by the Company, the Investor shall complete and deliver to the Company a validly executed IRS Form W-8
BEN or IRS Form W-9, as applicable, establishing the Investor’s exemption from U.S. withholding tax.

 

1.5Use
of Proceeds. The Company agrees that it will use the net proceeds from the sale of the Shares hereunder for production, development
and marketing of the following film, or such other films as the parties may mutually agree after the date hereof:

 

(a)Convergence

 

SECTION
2

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

 

The
Investor hereby represents, warrants and covenants to the Company as follows:

 

2.1Purchase
for Own Account. The Investor is acquiring the Shares solely for investment for the Investor’s own account not as a
nominee or agent and not with a view to the resale or distribution of any part thereof, and that the Investor has no present intention
of selling, granting any participation in, or otherwise distributing the same. The Investor does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to any of the Shares.

 

2.2Disclosure
of Information. The Investor has received all the information it considers necessary or appropriate for deciding whether to
acquire the Shares. The Investor further represents that it has had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial
condition of the Company.

 

2.3Investment
Experience. The Investor represents that it is an investor in private offerings of securities and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of its investment in the Shares. The Investor acknowledges that
any investment in the Shares involves risk and that it is able to hold the Shares in accordance with applicable legal restrictions
and to suffer a loss of its investment in the Shares.

 

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2.4Compliance
with Law. The Investor (a) is an “accredited investor” within the meaning of Rule 501 of Regulation D of the SEC,
as presently in effect, or (b) is not a U.S. Person, as such term is defined in Regulation S of the SEC, as presently in effect,
was not formed under the laws of any United States jurisdiction and was not formed for the purpose of investing in securities
not registered under the Securities Act of 1933. The Investor has satisfied itself as to the full observance of the laws of its
jurisdiction in connection with this Agreement, including (i) the legal requirements within its jurisdiction for the purchase
of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that
may be required, and (iv) the tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer
of the Shares. The Investor’s subscription and payment for, and continued ownership of the Shares, will not violate any
applicable securities or other laws of the Investor’s jurisdiction.

 

2.5Further
Limitations on Disposition. Without in any way limiting the representations of the Investor set forth herein, the Investor
further agrees not to make any disposition of all or any portion of the Shares unless and until the transferee has agreed in writing
for the benefit of the Company to be bound by this Section 2.5, and:

 

(a)there
is then in effect a registration statement under the Securities Act of 1933, as amended (the “Act”), covering such
proposed disposition and such disposition is made in accordance with such registration statement, after which any further transfers
of the Shares shall not be bound by this Section 2.5; or

 

(b)an
opinion of counsel is delivered to the Company, in form and substance reasonably satisfactory to the Company, that such disposition
will not require registration of such shares under the Act.

 

2.6Legend.
The Investor understands and agrees that the Shares are not being, and will not be, registered for resale under the Act and that
the certificate(s) evidencing the Shares will bear substantially the following legend:

 

“These
securities have not been registered under the Securities Act of 1933, as amended. They may not be sold, offered for sale, pledged
or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or an opinion
of counsel satisfactory to the Company that such registration is not required or unless sold pursuant to Rule 144 of such Act.”

 

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SECTION
3

Representations and Warranties of the Company

 

The
Company hereby represents and warrants to the Investor that:

 

3.1Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Nevada and has all requisite corporate power and authority to carry on its business as now conducted.
The Company is duly qualified to transact business and is in good standing in the State of California and each other jurisdiction
in which the failure to so qualify would have a material adverse effect on the Company.

 

3.2Authorization.
All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization, issuance (or
reservation for issuance), sale and delivery of the Shares has been taken or will be taken prior to each Closing.

 

3.3Litigation.
There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently threatened against
the Company that questions the validity of this Agreement, the right of the Company to enter into this Agreement, or to consummate
the transactions contemplated hereby.

 

3.4Absence
of Required Consents; No Violations. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority on the part of the Company is required in connection
with the consummation of the transactions contemplated by this Agreement, except for the filing of a Form D with the Securities
and Exchange Commission and applicable state securities filings. The Company is not in violation or default of any provision of
its Articles of Incorporation or Bylaws. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby will not result in any such violation or be in conflict with or constitute, with or without the
passage of time and giving of notice, either a default under any such provision, or under any instrument, judgment, order, writ,
decree, understanding or contract applicable to the Company or result in an event that creates any lien, charge or encumbrance
upon any material assets of the Company or causes the suspension, revocation, impairment, forfeiture or nonrenewal of any material
permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties,
except for such results which would not have a material adverse effect on the Company.

 

3.5Offering.
Subject in part to the truth and accuracy of the Investor’s representations set forth in Section 2 hereof, the offer, sale
and issuance of the Shares as contemplated by this Agreement is exempt from the registration requirements of the Act and the registration
or qualification requirements of applicable state securities laws, and neither the Company nor any authorized agent acting on
its behalf will take any action hereafter that would cause the loss of such exemption.

 

3.6Valid
Issuance of Common Stock. The Shares of Common Stock issuable to the Investor hereunder, when issued, paid for and delivered
in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and non-assessable, and free of restrictions
on transfer other than restrictions on transfer under this Agreement and under applicable federal and state securities laws.

 

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SECTION
4

MISCELLANEOUS

 

4.1Survival
of Representations, Warranties and Covenants. The representations, warranties and covenants of the Company and Investor contained
in or made pursuant to this Agreement shall be true and correct on each Closing (except for representations and warranties which
expressly speak as of a certain date) and shall survive the execution and delivery of this Agreement and each Closing hereunder
and shall not be affected by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.

 

4.2Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties (including transferees of any Shares except as otherwise
provided herein). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

4.3Governing
Law; Venue. This Agreement is to be construed in accordance with and governed by the internal laws of the State of California
without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the
internal laws of the State of California to the rights and duties of the parties.

 

4.4Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. In the event any signature hereto is delivered by PDF or facsimile transmission, such signature shall
create a valid and binding obligation of the party executing with the same force and effect as if such signature page were an
original thereof.

 

4.5Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

4.6Notices.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement
shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when
sent by facsimile to the number set forth on the signature page hereto if sent before 5:00 p.m. recipient’s local time on
a business day, or on the next business day if sent by facsimile to the number set forth on the signature pages hereto sent after
5:00 p.m. recipient’s local time on a business day, with a copy to follow given on the next business day in compliance with
clause (d) of this sentence; (c) three business days after deposit in the U.S. mail as certified mail, return receipt requested,
postage prepaid and addressed to the other party at the address set forth on the signature pages hereto; or (d) the next business
day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth on the signature
pages hereto with next business day delivery guaranteed, provided that the sending party receives a confirmation of delivery from
the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to
the person to whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence
of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given
on the signature pages hereto, or designate additional addresses, for purposes of this Section 4.6 by giving the other party written
notice of the new address in the manner set forth above, but such notice shall be effective only upon actual receipt.

 

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4.7Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of each of the
parties hereto. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Investor, each future
holder of the Shares, and the Company.

 

4.8Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

4.9Expenses.
Each party hereto shall bear and be responsible for all fees, costs and expenses incurred by such party with respect to the negotiation
of this Agreement and the consummation of the transactions contemplated hereby.

 

4.10Interpretation.
This Agreement has been negotiated at arm’s length and between persons sophisticated and knowledgeable in the matters dealt
with in this Agreement. Each party has had an opportunity to consult with experienced and knowledgeable legal counsel. Accordingly,
any rule of law or legal decision that would require interpretation of any ambiguities in this Agreement against the party that
has drafted it is not applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to
effect the purpose of the parties and this Agreement.

 

4.11Language.
This agreement has been prepared in English, and the English version thereof shall prevail and be binding even though a Chinese
translation may also be prepared.

 

4.12Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect
to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein or therein.

 

***

 

[Signature
page follows]

 

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IN
WITNESS WHEREOF, each party has executed this Stock Purchase Agreement as of the date first written above.

 

	COMPANY:	 	INVESTOR:
	 	 	 
	CRIMSON FOREST ENTERTAINMENT GROUP INC.	 	CHINA FILM ASSIST CO
	 	 	 	 	 
	By:	/s/ Jonathan Lim	 	By:	/s/ Geng Ling
	Name:	Jonathan Lim	 	Name:	Geng Ling
	Title:	Chief Executive Officer 	 	Title:	Chief Executive Officer 

 

	Address:	 	Address:	 
	8335 Sunset Boulevard, Suite 238	 	 	 
	West Hollywood, CA 90069	 	Facsimile:	 
	 	 	 	 
	Facsimile:	 	 	 

 

Signature
page to Stock Purchase Agreement 

 

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 EXHIBIT 4.3 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT 

This SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT (the “Second Amendment”), is dated and effective as of
September 26, 2014 (the “Effective Date”), and is by and among Whitney Bank, a Mississippi state chartered bank, (the surviving bank after a consolidation of Whitney Bank, a Louisiana state chartered bank and Hancock Bank, a
Mississippi state chartered bank, who changed its name to Whitney Bank, hereinafter “Bank”), PHI, Inc., formerly named Petroleum Helicopters, Inc. (hereinafter referred to as “PHI”), PHI Air Medical, L.L.C., successor to Air Evac
Services, Inc., PHI Tech Services, Inc., formerly named Evangeline Airmotive, Inc., and International Helicopter Transport, Inc., (individually, collectively and interchangeably, the “Subsidiary Guarantors”). 

Recitals 
 WHEREAS,
PHI, Subsidiary Guarantors and Bank entered into a Second Amended and Restated Loan Agreement dated as of September 18, 2013 (as amended, the “Agreement”), pursuant to which Bank issued a Revolving Line of Credit (as defined therein)
in the amount of $150,000,000.00 to PHI with a sublimit of $20,000,000.00 to be used to establish standby letters of credit but when issued reduces the amount available under the Revolving Line of Credit; 

WHEREAS, PHI, Subsidiary Guarantors and Bank entered into a First Amendment to the Second Amended and Restated Loan Agreement dated as
of March 5, 2014 (the “First Amendment”) in order to amend the Agreement to allow for, among other things, the following: (i) the Tender Offer for the 2010 Notes; (ii) the Proposed Amendments to the 2010 Indenture;
(iii) the offering and issuance of the 2014 Notes pursuant to the 2014 Indenture; (iv) the entering into of the 2014 Indenture; (v) the guarantees granted by the subsidiaries pursuant to the 2014 Indenture; and (vi) the offering
and issuance of the Exchange Notes pursuant to the Exchange Offer (all capitalized terms used herein shall have the meaning attributed to them in the First Amendment); 

WHEREAS, PHI, Subsidiary Guarantors and Bank now desire to (i) extend the maturity date of the Revolving Line of Credit and
(ii) provide that PHI may redeem, repurchase or retire any shares of its capital stock from its employees not to exceed $25,000,000.00 in the aggregate. 

NOW THEREFOR, for good and adequate consideration, the receipt of which is hereby acknowledged, PHI, the Subsidiary Guarantors and Bank
do hereby amend the Loan Agreement as follows: 
 1. As used herein, capitalized terms not defined herein shall have the meanings attributed
to them in the Agreement. 
 2. Section A(1) of the Agreement is hereby amended and restated as follows: 

A. THE LOAN OR LOANS. Provided PHI timely performs all obligations in favor of Bank contained in this Agreement and in any other agreement,
whether now existing or hereafter arising: 
 (1) Bank shall make available to PHI a secured revolving line of credit (the “Revolving
Line of Credit” or the “Loan”) in the principal amount of ONE HUNDRED FIFTY MILLION AND NO/100 ($150,000,000.00) DOLLARS, that may be drawn upon by PHI on any business day of Bank during the period hereof until and including
October 1, 2016 on at least one day’s telephonic notice to Bank. The Revolving Line of Credit shall be evidenced by a commercial note, payable to Bank (the “Note”) and shall contain additional terms and conditions and be
identified with this Agreement. 
 3. Section C(10) of the Agreement is hereby amended and restated as follows: 

 

	 	(10)	Stock Redemption. PHI will not purchase, retire or redeem any shares of its capital stock (other than pursuant to executive or employee compensation plans) without the prior written consent of Bank, provided PHI will be
allowed to purchase, retire or redeem capital stock from its employees in an aggregate amount not to exceed $25,000,000.00. 

 4. In connection with the foregoing and only in connection with the foregoing, the Agreement is
hereby amended, but in all other respects all of the terms and conditions of the Agreement and all collateral documents, security agreements and guaranties (the “Collateral Documents”) remain unaffected. PHI agrees that this Second
Amendment amends, modifies and confirms the Agreement but is not a novation of any of its terms. 
 5. PHI and the Subsidiary Guarantors
acknowledge and agree that this Second Amendment shall not constitute a waiver of any default(s) under the Agreement, the Collateral Documents or any documents executed in connection therewith, all of Bank’s rights and remedies being preserved
and maintained. As of the Effective Date, PHI and the Subsidiary Guarantors hereby represent and warrant to Bank that (i) no default has occurred under the Agreement and there has not occurred any condition, event or act which constitutes, or
with notice or lapse of time (or both) would constitute, a Default under the Agreement, (ii) all representations and warranties contained in the Agreement remain true and correct in all material respects, and (iii) all covenants contained
in the Agreement have been timely and completely performed, except as same may have been waived in writing by Bank. PHI further acknowledges that the consents of the Bank to the acts of PHI, as provided herein, are conditioned upon such acts not
creating a Default under the Agreement, as amended hereby. PHI and the Subsidiary Guarantors further acknowledge that the Collateral Documents, including but not limited to the Subsidiary Guaranties, remain in full force and effect and continue to
secure the payment and performance of all obligations of PHI to Bank, including but not limited to the Revolving Line of Credit, whether presenting existing or in the future, in accordance with their terms. 

6. This Second Amendment may be executed in two or more counterparts, and it shall not be necessary that the signatures of all parties hereto
be contained on any one counterpart hereof; each counterpart shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, this Second Amendment is executed as of the Effective Date. 

 

													
	PHI, INC.	 	WHITNEY BANK
					
	By:	 	 /s/ Trudy P. McConnaughhay
	 		 	By:	 	 /s/ H. Elder Gwin

		 	Trudy P. McConnaughhay	 		 		 	H. Elder Gwin
		 	Title:	 	Chief Financial Officer	 		 		 	Title:	 	Vice President
				
	SUBSIDIARY GUARANTORS:	 		 		 	
				
	PHI AIR MEDICAL, LLC.	 		 		 	
						
	By:	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title:	 	Manager	 		 		 		 	
				
	INTERNATIONAL HELICOPTERTRANSPORT, INC.	 		 		 	
						
	By:	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title:	 	Vice President	 		 		 		 	
				
	PHI TECH SERVICES, INC.	 		 		 	
						
	By:	 	 /s/ Trudy P. McConnaughhay
	 		 		 		 	
		 	Trudy P. McConnaughhay	 		 		 		 	
		 	Title:	 	Vice President	 		 		 		 	

  
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