Document:

Exhibit 10.4

 

STOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (“Agreement”) is effective as of December 1, 2016, by and among, Ceetop Inc. (the “Company)
and the investor set forth on the signature page hereto (the “Purchaser”).

 

AGREEMENT

 

It
is agreed as follows:

 

1.       PURCHASE
AND SALE OF SHARES. 

 

1.1       Sale
and Purchase of Securities. In reliance upon the representations and warranties contained herein and subject to the terms
and conditions set forth herein, the Company shall sell to the Purchaser 3,000,000 shares of Series A Preferred Stock of the Company
with standard restrictive legend (the “Shares”) for an aggregate purchase price of US$500,000 (the “Purchase
Price”).

 

2.       THE
CLOSING.

 

2.1       Date
and Time. Subject to all of the terms and conditions set forth in this Agreement being satisfied, the closing of the sale
of Shares contemplated by this Agreement (the “Closing”) shall take place at the Company’s offices. The Purchaser
shall deliver a check or wire transfer pursuant to the instructions to be provided by the Company, in the amount of the Purchase
Price allocated to the Purchaser. At the Closing, the Company will deliver to the Purchaser the certificates representing the
Shares purchased by the Purchaser against payment of such Purchaser’s portion of the Purchase Price.

 

3.       REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.

 

As
a material inducement to the Purchaser to enter into this Agreement and to acquire the Shares, the Company represents and warrants
that the following statements are true and correct in all material respects, except as expressly qualified or modified herein.

 

3.1       Validity
of Transactions. This Agreement, and each document executed and delivered by the Company in connection with the transactions
contemplated by this Agreement, have been duly authorized, executed and delivered by the Company and is each the valid and legally
binding obligation of the Company, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency
reorganization and moratorium laws and other laws affecting enforcement of creditor’s rights generally and by general principles
of equity.

 

3.2       Valid
Issuance of Shares. The Shares that are being sold to the Purchaser hereunder are duly and validly issued, fully paid and
nonassessable and free of restrictions on transfer, other than restrictions on transfer under this Agreement and under applicable
federal and state securities laws, and will be free of all other liens and adverse claims.

 

3.3       Securities
Law Compliance. Assuming the accuracy of the representations and warranties of the Purchaser set forth in Section 4 of this
Agreement, the offer, sale and delivery of the Shares will constitute an exempted transaction under the Securities Act of 1933,
as amended and now in effect (“Securities Act”), and registration of the Shares under the Securities Act is not required.

 

     

     

    

 

4.       REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER.

 

The
Purchaser hereby represents, warrants, and covenants with the Company as follows:

 

4.1       Legal
Power. The Purchaser has the requisite power to enter into this Agreement, to purchase the Shares hereunder, and to carry
out and perform its obligations under the terms of this Agreement.

 

4.2       Due
Execution. This Agreement has been duly executed and delivered by Purchaser, and, upon due execution and delivery by the Company,
this Agreement will be a valid and binding agreement of the Purchaser.

 

4.3       Receipt
of Restricted Securities. The Purchaser has been advised that the Shares have not been registered under the Securities Act
or any other applicable securities laws and that the Shares are being offered and sold pursuant to Section 4(2) of the Securities
Act, and that the Company’s reliance upon Section 4(2) of the Securities Act is predicated in part on the Purchaser’s
representations as contained herein.

 

4.3.1       The
Purchaser acknowledges that the Shares have not been registered under the Securities Act or the securities laws of any state and
are being offered, and will be sold, pursuant to applicable exemptions from such registration for nonpublic offerings and will
be sold as “restricted securities” as defined by Rule 144 promulgated pursuant to the Securities Act. The Shares may
not be resold in the absence of an effective registration thereof under the Securities Act and applicable state securities laws
unless, in the opinion of the Company’s counsel, an applicable exemption from registration is available.

 

4.3.2       The
Purchaser is acquiring the Shares for its own account, for investment purposes only and not with a view to, or for sale in connection
with, a distribution, as that term is used in Section 2(11) of the Securities Act, in a manner which would require registration
under the Securities Act or any state securities laws.

 

4.4       Regulation
S. The Purchaser:

 

		i)	is
                                         not a "U.S. Person" as defined in Regulation S; and specifically the Purchaser
                                         is not:

 

		A.	a
                                         natural person resident in the United States of America, including its territories and
                                         possessions ("United States");

 

		B.	a
                                         partnership or corporation organized or incorporated under the laws of the United States;

 

		C.	an
                                         estate of which any executor or administrator is a U.S. Person;

 

		D.	a
                                         trust of which any trustee is a U.S. Person;

 

		E.	an
                                         agency or branch of a foreign entity located in the United States;

 

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		F.	a
                                         non-discretionary account or similar account (other than an estate or trust) held by
                                         a dealer or other fiduciary for the benefit or account of a U.S. Person;

 

		G.	a
                                         discretionary account or similar account (other than an estate or trust) held by a dealer
                                         or other fiduciary organized, incorporated, or (if an individual) resident in the United
                                         States; and

 

		H.	a
                                         partnership or corporation: (A) organized or incorporated under the laws of any foreign
                                         jurisdiction; and (B) formed by a U.S. Person principally for the purpose of investing
                                         in securities not registered under the Securities Act, unless it is organized or incorporated,
                                         and owned, by accredited investors (as defined in Rule 501(a) under the Act) who are
                                         not natural persons, estates or trusts.

 

And,
in addition:

 

		I.	the
                                         Purchaser was not offered the Shares in the United States;

 

		J.	at
                                         the time the buy-order for the Shares was originated, the Purchaser was outside the United
                                         States; and

 

		K.	the
                                         Purchaser is purchasing the Shares for its own account and not on behalf of any U.S.
                                         Person (as defined in Regulation S) and a sale of the Shares has not been pre-arranged
                                         with a purchaser in the United States.

 

4.4.1       The
Purchaser understands and acknowledges that the Shares will bear the following legend:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY STATE. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD OR TRANSFERRED FOR VALUE IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION THEREOF UNDER THE SECURITIES ACT OF 1933 AND/OR THE SECURITIES ACT OF ANY STATE HAVING JURISDICTION
OR AN OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR ACTS.

 

4.4.2       The
Purchaser acknowledges that an investment in the Shares is not liquid and is transferable only under limited conditions. The Purchaser
acknowledges that such securities must be held indefinitely unless they are subsequently registered under the Securities Act or
an exemption from such registration is available. The Purchaser is aware of the provisions of Rule 144 promulgated under the Securities
Act, which permits limited resale of securities purchased in a private placement subject to the satisfaction of certain conditions
and that such Rule is not now available and, in the future, may not become available for resale of the Shares.

 

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4.5       Purchaser
Sophistication and Ability to Bear Risk of Loss. The Purchaser acknowledges that it is able to protect its interests in connection
with the acquisition of the Shares and can bear the economic risk of investment in such securities without producing a material
adverse change in the Purchaser’s financial condition. The Purchaser otherwise has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment in the Shares.

 

4.6       Purchases
by Groups. The Purchaser represents, warrants, and covenants that he is not acquiring the Shares as part of a group within
the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

5.       MISCELLANEOUS.

 

5.1       Governing
Law and Venue. This Agreement shall be governed by and construed under the laws of the State of New York. Venue for any legal
action or dispute shall be the County of Nassau, State of New York.

 

5.2       Successors
and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the parties hereto.

 

5.3       Entire
Agreement. This Agreement and the Exhibits hereto and thereto, and the other documents delivered pursuant hereto and thereto,
constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and no party shall
be liable or bound to any other party in any manner by any representations, warranties, covenants, or agreements except as specifically
set forth herein or therein. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the
parties hereto and their respective successors and assigns, any rights, remedies, obligations, or liabilities under or by reason
of this Agreement, except as expressly provided herein.

 

5.4       Severability.
In case any provision of this Agreement shall be invalid, illegal, or unenforceable, it shall to the extent practicable, be modified
so as to make it valid, legal and enforceable and to retain as nearly as practicable the intent of the parties, and the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

5.5       Amendment
and Waiver. Except as otherwise provided herein, 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, either retroactively or prospectively, and either
for a specified period of time or indefinitely), with the written consent of the Company and the Purchaser. Any amendment or waiver
effected in accordance with this Section shall be binding upon each future holder of any security purchased under this Agreement
(including securities into which such securities have been converted) and the Company.

 

5.6       Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be effective when delivered
personally, or sent by telex or telecopier (with receipt confirmed), provided that a copy is mailed by registered mail, return
receipt requested, or when received by the addressee, if sent by Express Mail, Federal Express or other express delivery service
(receipt requested).

 

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5.7       Faxes
and Counterparts. This Agreement may be executed in one or more counterparts. Delivery of an executed counterpart of the Agreement
or any exhibit attached hereto by facsimile transmission shall be equally as effective as delivery of an executed hard copy of
the same. Any party delivering an executed counterpart of this Agreement or any exhibit attached hereto by facsimile transmission
shall also deliver an executed hard copy of the same, but the failure by such party to deliver such executed hard copy shall not
affect the validity, enforceability or binding nature effect of this Agreement or such exhibit.

 

5.8       Titles
and Subtitles. The titles of the paragraphs and subparagraphs of this Agreement are for convenience of reference only and
are not to be considered in construing this Agreement.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above. 

 

SIGNATURE
PAGE FOLLOWS

 

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SIGNATURE
PAGE

 

	CEETOP
    INC.	 
	 	 
	Shengming
    Jia	 
	By:	Shengming
    Jia	 
	Title:	CFO	 

 

	Name
    (Print)	 	Signature
	 	Address

	Weiliang
    Liu	 	Weiliang
Liu
	 	Room
    702, 13 Dong, Huilong Huayuan, KaiFeng Road, Shenzhen, Guangdong, China

 

Notary
and translated by: _____________________________________________________

 

 

6Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR TRANSFERRED ABSENT SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND APPLICABLE STATE LAWS.

 

THIS NOTE IS SUBORDINATED TO THE PRIOR PAYMENT AND SATISFACTION IN CASH OF ALL SENIOR DEBT AS DEFINED IN THE SUBORDINATION AGREEMENT DATED AS OF DECEMBER 1, 2016, AMONG BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE COMPANY, THE HOLDER AND THE OTHER SUBORDINATED CREDITORS (AS DEFINED THEREIN) AS THE SAME MAY BE AMENDED, MODIFIED, RESTATED OR SUPPLEMENTED FROM TIME TO TIME (THE “SUBORDINATION AGREEMENT”), TO THE EXTENT, AND IN THE MANNER PROVIDED IN THE SUBORDINATION AGREEMENT.

 

FORM OF UNSECURED SUBORDINATED PROMISSORY NOTE

 

New York, New York
 December 1, 2016

 

FOR VALUE RECEIVED, pursuant to this Unsecured Subordinated Promissory Note (this “Note”), ISG Information Services Group Americas, Inc., a Texas corporation (together with any corporation or other entity which succeeds to its obligations under this Note, whether by permitted assignment, by merger or consolidation, operation of law or otherwise, the “Company”) hereby promises to pay to [·] (the “Holder”) in United States dollars in immediately available funds the sum of (A) the principal amount of $[·] on September 1, 2018 and (B) interest on the outstanding principal amount hereof at the rate of 2.0% per annum on September 1, 2018.  This Note is a general unsecured obligation of the Company.  Interest shall be calculated on the basis of actual number of days elapsed and in a year of 365 days.  Principal and interest shall be payable by wire transfer pursuant to prior written instructions provided by the Holder.

 

If any day on which a payment is due pursuant to the terms of this Note is not a Business Day, such payment shall be due on the immediately following Business Day.  “Business Day” means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are not required to be open.

 

This Note is one of several notes of similar tenor issued by the Company on the date hereof and having an aggregate principal amount of $7,000,000 (collectively, the “Seller Notes”) pursuant to the Agreement and Plan of Merger, dated as of the date hereof, by and among Alsbridge Holdings, Inc., the Company, Gala Acquisition Sub, Inc. and LLR Equity Partners III, L.P., as representative of the Equityholders (as defined therein) (the “Merger Agreement”).  The Company and Holder further acknowledge and agree that, in the event of any conflict between the terms of this Note and the Merger Agreement, the Merger Agreement shall control.

 

 

At any time, the Company may at its option prepay from time to time all or any portion of the outstanding principal amount of this Note and the other Seller Notes, with accrued but unpaid interest to the date of such prepayment on the amount prepaid provided that such prepayment is made with respect to this Note and the other Seller Notes, on a pro rata basis.  All payments of this Note and the other Seller Notes shall be applied:  first to accrued and unpaid interest, if any, of this Note and the other Seller Notes, on a pro rata basis, until all then outstanding accrued interest has been paid in full, and then to the repayment of principal outstanding under this Note and the other Seller Notes, on a pro rata basis, until all principal has been paid in full.

 

Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of the Note, the Company will issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the Holder agrees to indemnify and hold harmless the Company in respect of any such lost, stolen, destroyed or mutilated Note.

 

This Note and the other Seller Notes shall be subject to the subordination provisions of that certain Subordination Agreement, dated as of event date herewith, by and among the Holder and the other Subordinating Creditors (as defined therein) party thereto, ISG Information Services Group Americas, Inc., as Borrower, and Bank of America, N.A., as Administrative Agent (the “Subordination Provisions”).  For purposes of this Note, “Senior Debt” shall have the meaning ascribed to such term in the Subordination Agreement.

 

If one or more of the following events (each, a “Note Event of Default”) shall have occurred and be continuing:  (i) there shall be a failure to pay when due (whether at maturity, upon acceleration or otherwise) all or any part of the principal of any of the Seller Notes (whether or not prohibited by the Subordination Provisions); (ii) there shall be a failure to pay when due all or any part of the interest due on any of the Seller Notes or any other amount payable by the Company to the Holder under any of the Seller Notes, which failure remains un-remedied for a period of three (3) days after the due date thereof (whether or not prohibited by the Subordination Provisions); (iii) the Company shall fail to observe or perform any of its agreements or covenants hereunder and such failure continues for thirty (30) days (whether or not prohibited by the Subordination Provisions) after the earlier of (x) the date on which such failure shall first become known to any officer of the Company or (y) written notice thereof is given to the Company by the Holder; (iv) any representation, warranty, certification or statement made by the Company in any document delivered to the holders of the Seller Notes pursuant to or in connection with the Seller Notes shall prove to have been untrue, misleading or inaccurate in any material respect when made or deemed made; (v) the maturity of the Senior Debt shall have been accelerated as a result of an Event of Default (as defined in the Credit Agreement); (vi) the Company or any of its subsidiaries or affiliates commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets or property, or consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or makes a general assignment for the benefit of creditors, or fails generally, or admits in writing its inability, to pay its debts as they become due or on demand, or takes any corporate

 

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action to authorize any of the foregoing; (vii) an involuntary case or other proceeding is commenced against the Company or any of its subsidiaries or affiliates seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets or property and such case or proceeding continues undismissed or undischarged for a period of thirty (30) days, or an order for relief is entered against the Company or any of its subsidiaries or affiliates under the U.S. Bankruptcy Code or any other bankruptcy or insolvency law; (viii) any material attachment, sequestration or similar proceeding shall be filed against any assets or properties of the Company or any of its subsidiaries or affiliates, which proceeding remains undischarged, un-bonded by the Company or un-dismissed for a period of sixty (60) days after the commencement thereof; (ix) one or more judgments for the payment of money shall be rendered against the Company or any of its subsidiaries or affiliates for an amount in excess of $3,250,000 (except to the extent fully covered by insurance pursuant to which the insurer has accepted liability therefor in writing) and such judgment(s) shall continue unsatisfied and in effect for a period of forty-five (45) consecutive days without being vacated, discharged, satisfied or stayed or bonded pending appeal; or (x) a Change of Control shall have occurred; then, and in every such occurrence, unless at such time all obligations under the this Note and the other Seller Notes have been paid in full in cash, the Holder may, by notice to the Company, declare all amounts under this Note (together with accrued interest thereon) to be, and this Note (and all amounts owing hereunder, including accrued interest) shall thereon become, immediately due and payable; provided, however, that in the case of any of the Note Events of Default specified in clause (vi) or (vii) above then, without any notice to the Company or any other act by the Holder, the entire principal amount of this Note and amounts owing hereunder to the Holder, together with accrued interest thereon, shall become immediately due and payable.

 

For purposes of this Note, “Change of Control” shall mean (i) the sale or other disposition in one or a series of related transactions of all or substantially all of the assets of the Company and/or its subsidiaries to any Person (or group of Persons acting in concert); (ii) any transaction or series of related transactions (including without limitations a merger or recapitalization or similar transaction by the Company or a sale to a Person (or group of Persons acting in concert) of equity interests in the Company) that, in any case, results in any Person or group of Persons (whether or not such Persons act in concert) directly or indirectly owning or controlling more than 35% of the equity interests of the Company (or any resulting company after a merger); (iii) Information Services Group, Inc., a Delaware corporation ceasing to own, directly or indirectly, 100% of the equity interests of the Company; or (iv) any “Change of Control” (or words of like import), as defined in the Senior Debt.  “Person” means any individual, corporation, company, partnership (limited or general), limited liability company, joint venture, association, trust, unincorporated organization or other entity.

 

The Company hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever.  The non-exercise by the Holder of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

 

Any term of this Note and the other Seller Notes may be amended or waived with the written consent the Company and the holders of a majority of the shares of Series A Preferred Stock and Common Stock outstanding immediately prior to the Effective Time (as

 

3

 

defined in the Merger Agreement), voting together as a single class with each such share of stock having one vote.  To the extent any term or provision of this Note conflicts with the terms of the Subordination Agreement, the terms of the Subordination Agreement shall be deemed to control.

 

The Company shall not, nor shall it permit any of its subsidiaries or affiliates, to amend or modify any covenant or event of default under the documentation related to the Senior Debt (the “Senior Debt Documents”) that restricts or would restrict one or more of the Company or any of its subsidiaries or affiliates from making payments under this Note or the other Seller Notes that would otherwise be permitted under the Senior Debt Documents as in effect on the date hereof.

 

If this Note is not paid in accordance with its terms, the Company shall pay to the Holder, in addition to principal and accrued interest thereon, all costs of collection of the principal and accrued interest, including, but not limited to, reasonable attorneys’ fees, court costs and other costs for the enforcement of payment of this Note.  All payments received by the Holder hereunder will be applied first to costs of collection, if any, then to interest and the balance to principal.

 

In the event that any provision of this Note, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Note shall continue in full force and effect and shall be interpreted so as reasonably necessary to effect the intent of the parties hereto.  The parties hereto shall use all reasonable efforts to replace such void or unenforceable provision of this Note with a valid and enforceable provision that shall achieve, to the greatest extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

4

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

	
 
    	
ISG INFORMATION SERVICES GROUP   AMERICAS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
David E. Berger
    
	
 
    	
Title:
    	
Vice President and Secretary
    

 

A-1

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