AMENDED AND RESTATED SHARE EXCHANGE AGREEMENT
AMENDED
AND RESTATED
THIS
AMENDED AND RESTATED SHARE EXCHANGE AGREEMENT, effective as of the 23rd day of
April, 2010 (the “Agreement”), by and
among SRKP 25, Inc., a Delaware corporation (the “Company”), CD Media
(Holding) Co., Limited, a company organized in the British Virgin Islands
(“CD Media
BVI”), Huizhou CD Media Co., Ltd., a company organized in the People’s
Republic of China and a wholly-owned subsidiary of CD Media BVI (“CD Media Huizhou”),
Beijing CD Media Advertisement Co., Ltd., a company organized in the People’s
Republic of China and controlled by CD Media Huizhou by contractual agreements
and arrangements (“CD
Media Beijing” and together with CD Media BVI and CD Media Huizhou, the
“CD Media
Entities”), and all of the shareholders of CD Media BVI, each of whom has
executed a counterpart signature page to this Agreement (each, a “Shareholder” and
collectively, the “Shareholders”). Each of the CD Media
Entities and the Shareholders is sometimes individually referred to herein as a
“CD Media
Party,” and collectively as the “CD Media
Parties.” Each of the Parties to this Agreement is
individually referred to herein as a “Party” and
collectively as the “Parties.”
WITNESSETH:
WHEREAS,
the Shareholders own all of the issued and outstanding shares of the capital of
CD Media BVI, which is the 100% parent of CD Media Huizhou, which controls CD
Media Beijing by contractual agreements and arrangements;
WHEREAS,
the Parties previously entered into a Share Exchange Agreement effective as of
March 31, 2010 (the “Original Agreement”)
pursuant to which the Shareholders agreed to sell to the Company and the Company
agreed to purchase from the Shareholders, all of the issued and outstanding
capital stock of CD Media BVI (the “CD Media
Shares”);
WHEREAS, upon further negotiations
among the Parties desire to amend and restate the terms and conditions of the
Original Agreement as set forth in this Agreement;
WHEREAS,
the Company desires to acquire from the Shareholders and the Shareholders desire
to sell to the Company, the CD Media Shares in exchange for the issuance by the
Company of an aggregate of 19,100,000 shares (the “Company Shares”) of
the Company’s common stock, $0.0001 par value (“Common Stock”) to the
Shareholders and their designees on the terms and conditions set forth herein
(the “Exchange”);
WHEREAS,
after giving effect to the Exchange, the cancellation of the Maximum Cancelled
Shares and the Maximum Cancelled Warrants pursuant to the Amended and Restated
Share and Warrant Cancellation Agreement, and Equity Financing (if fully
subscribed, as described herein), there will be approximately 25,312,667 shares
of Company Common Stock and warrants to purchase 1,419,333 shares of Company
Common Stock issued and outstanding; and
WHEREAS,
the Parties intend, by executing this Agreement, to implement a tax-deferred
exchange of property governed by Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Internal
Revenue Code of 1986, as amended (the “Code”).
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NOW,
THEREFORE, in consideration, of the promises and of the mutual representations,
warranties and agreements set forth herein, the Parties hereto agree as
follows:
ARTICLE
I
THE
EXCHANGE
1.1 The
Exchange. Subject to the terms and conditions of this
Agreement, on the Closing Date (as hereinafter defined):
(a) the
Company shall issue and deliver to the Shareholders and their designees the
number of authorized but unissued shares of Company Common Stock set forth
opposite their and their designees’ names set forth on Schedule I hereto or
pursuant to separate instructions to be delivered prior to Closing,
and
(b) the
Shareholders agree to deliver to the Company duly endorsed certificates
representing the CD Media Shares.
1.2 Time and Place of
Closing. The closing of the Exchange (the “Closing”) shall take
place at the offices of K&L Gates LLP at 00000 Xxxxx Xxxxxx Xxxx, 0xx Xxxxx,
Xxx Xxxxxxx, XX 00000, or at such place and time as mutually agreed upon by the
Parties hereto. The date upon which the Closing occurs is defined as
the “Closing
Date.”
1.3 Effective
Time. The Exchange shall become effective (the “Effective Time”) at
such time as all of the conditions to set forth in Article VII hereof have been
satisfied or waived by the Parties hereto.
1.4 Tax
Consequences. It is intended by the Parties hereto that for
United States income tax purposes, the contribution and transfer of the CD Media
Shares by the Shareholder to the Company in exchange for Company Shares
constitutes a “tax-free” contribution and/or reorganization pursuant to the
provisions of Sections 351 and/or 368(a) of the Code.
ARTICLE
II
REPRESENTATIONS
AND WARRANTIES OF THE COMPANY
The
Company represents and warrants to the CD Media Parties that now and/or as of
the Closing:
2.1 Due Organization and
Qualification; Due Authorization.
(a) The
Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware, with full corporate power and
authority to own, lease and operate its respective business and properties and
to carry on its business in the places and in the manner as presently conducted
or proposed to be conducted. The Company is in good standing as a
foreign corporation in each jurisdiction in which the properties owned, leased
or operated, or the business conducted, by it requires such qualification except
for any such failure, which when taken together with all other failures, is not
likely to have a material adverse effect on the business of the
Company.
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(b) The
Company does not own, directly or indirectly, any capital stock, equity or
interest in any corporation, firm, partnership, joint venture or other
entity.
(c) The
Company has all requisite corporate power and authority to execute and deliver
this Agreement, and to consummate the transactions contemplated hereby and
thereby. The Company has taken all corporate action necessary for the
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby, and this Agreement constitutes the valid and
binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as may be affected by bankruptcy, insolvency, moratoria
or other similar laws affecting the enforcement of creditors’ rights generally
and subject to the qualification that the availability of equitable remedies is
subject to the discretion of the court before which any proceeding therefore may
be brought, equitable remedies is subject to the discretion of the court before
which any proceeding therefore may be brought.
2.2 No Conflicts or
Defaults. The execution and delivery of this Agreement by the
Company and the consummation of the transactions contemplated hereby do not and
shall not (a) contravene the Certificate of Incorporation or By-laws of the
Company or (b) with or without the giving of notice or the passage of time (i)
violate, conflict with, or result in a breach of, or a default or loss of rights
under, any material covenant, agreement, mortgage, indenture, lease, instrument,
permit or license to which the Company is a party or by which the Company is
bound, or any judgment, order or decree, or any law, rule or regulation to which
the Company is subject, (ii) result in the creation of, or give any party the
right to create, any lien, charge, encumbrance or any other right or adverse
interest (“Liens”) upon any of
the assets of the Company, (iii) terminate or give any party the right to
terminate, amend, abandon or refuse to perform, any material agreement,
arrangement or commitment to which the Company is a party or by which the
Company’s assets are bound, or (iv) accelerate or modify, or give any party the
right to accelerate or modify, the time within which, or the terms under which,
the Company is to perform any duties or obligations or receive any rights or
benefits under any material agreement, arrangement or commitment to which it is
a party.
2.3 Capitalization. The
authorized capital stock of the Company immediately prior to giving effect to
the transactions contemplated hereby consists of 110,000,000 shares of which
100,000,000 have been designated as Company Common Stock and 10,000,000 shares
have been designated as preferred stock, $0.0001 par value (“Preferred
Stock”). As of the date hereof, there are 7,096,390 shares of
Company Common Stock issued and outstanding, no shares of Preferred Stock
outstanding, and 7,096,390 warrants outstanding with an exercise price of
$0.0001 (the “Warrants”). All of
the outstanding shares of Company Common Stock are, and the Company Shares when
issued in accordance with the terms hereof, will be, duly authorized, validly
issued, fully paid and nonassessable, and have not been or, with respect to the
Company Shares will not be issued in violation of any preemptive right of
stockholders. Other than as set forth on Item 2.3 to the Disclosure
Schedule to this Agreement, there is no outstanding voting trust agreement or
other contract, agreement, arrangement, option, warrant, call, commitment or
other right of any character obligating or entitling the Company to issue, sell,
redeem or repurchase any of its securities, and there is no outstanding security
of any kind convertible into or exchangeable for Company Common Stock. The
Company has not granted registration rights to any person.
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2.4 Financial
Statements. The Company has provided the CD Media Parties
copies of the balance sheet of the Company as of December 31, 2009, and the
related statements of operations, changes in stockholders’ equity (deficit) and
cash flows for the year ended December 31, 2009 and the period from December 17,
2007 (inception) to December 31, 2009, including the notes thereto, as audited
by AJ. Xxxxxxx, PC, independent registered public accounting firm (the “Financial
Statements”). The Financial Statements, together with the
notes thereto, have been prepared in accordance with U.S. generally accepted
accounting principles applied on a basis consistent throughout all periods
presented. The Financial Statements present fairly the financial
position of the Company as of the dates and for the periods
indicated. The books of account and other financial records of the
Company have been maintained in accordance with good business
practices.
2.5 No Assets or
Liabilities. As of the Closing, the Company shall have no more
than $50,000 in liabilities. Except for the foregoing or as set
forth on the Financial Statements, the Company does not have any (a) assets of
any kind or (b) liabilities or obligations, whether secured or unsecured,
accrued, determined, absolute or contingent, asserted or unasserted or
otherwise.
2.6 Taxes. The
Company has filed all United States federal, state, county and local returns and
reports which were required to be filed on or prior to the date hereof in
respect of all income, withholding, franchise, payroll, excise, property, sales,
use, value-added or other taxes or levies, imposts, duties, license and
registration fees, charges, assessments or withholdings of any nature whatsoever
(together, “Taxes”), and has paid
all Taxes (and any related penalties, fines and interest) which have become due
pursuant to such returns or reports or pursuant to any assessment which has
become payable, or, to the extent its liability for any Taxes (and any related
penalties, fines and interest) has not been fully discharged, the same have been
properly reflected as a liability on the books and records of the Company and
adequate reserves therefore have been established.
2.7 Indebtedness; Contracts; No
Defaults. Other than as set forth in Item 2.7 of the
Disclosure Schedule or as described in the Financial Statements, the Company has
no material instruments, agreements, indentures, mortgages, guarantees, notes,
commitments, accommodations, letters of credit or other arrangements or
understandings, whether written or oral, to which the Company is a
party.
2.8 Real
Property. The Company does not own or lease any real
property.
2.9 Compliance with
Law. The Company is in compliance with all applicable federal,
state, local and foreign laws and regulations relating to the protection of the
environment and human health. There are no claims, notices, actions,
suits, hearings, investigations, inquiries or proceedings pending or, to the
knowledge of the Company, threatened against the Company that are based on or
related to any environmental matters or the failure to have any required
environmental permits, and there are no past or present conditions that the
Company has reason to believe are likely to give rise to any material liability
or other obligations of the Company under any environmental
laws.
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2.10 Permits and
Licenses. The Company has all certificates of occupancy,
rights, permits, certificates, licenses, franchises, approvals and other
authorizations as are reasonably necessary to conduct its respective business
and to own, lease, use, operate and occupy its assets, at the places and in the
manner now conducted and operated, except those the absence of which would not
materially adversely affect its respective business.
2.11 Litigation. There
is no claim, dispute, action, suit, proceeding or investigation pending or, to
the knowledge of the Company, threatened, against or affecting the business of
the Company, or challenging the validity or propriety of the transactions
contemplated by this Agreement, at law or in equity or admiralty or before any
federal, state, local, foreign or other governmental authority, board, agency,
commission or instrumentality, nor to the knowledge of the Company, has any such
claim, dispute, action, suit, proceeding or investigation been pending or
threatened, during the twelve month period preceding the date
hereof. There is no outstanding judgment, order, writ, ruling,
injunction, stipulation or decree of any court, arbitrator or federal, state,
local, foreign or other governmental authority, board, agency, commission or
instrumentality, against or materially affecting the business of the
Company. The Company has not received any written or verbal inquiry
from any federal, state, local, foreign or other governmental authority, board,
agency, commission or instrumentality concerning the possible violation of any
law, rule or regulation or any matter disclosed in respect of its
business.
2.12 Insurance. The
Company does not currently maintain any form of insurance.
2.13 Patents; Trademarks and
Intellectual Property Rights. The Company does not own or
possess any patents, trademarks, service marks, trade names, copyrights, trade
secrets, licenses, information, Internet web site(s) or proprietary rights of
any nature.
2.14 Securities Law
Compliance. The Company has complied with all of the
applicable requirements of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)
and the Securities Act of 1933, as amended (the “Securities Act”), and
has complied with all applicable blue sky laws.
2.15 Conflicts of
Interest. The Company acknowledges that it is aware and
understands the facts and circumstances of the Conflicts of Interest, as defined
in Section 3.8,
that may, individually and in the aggregate, create a Conflict of
Interest. The Company hereby waives each and all of the Conflicts of
Interest, in addition to any other conflicts of interest that may arise may
exist or arise by virtue of the Conflicts of Interest and acknowledges that it
has carefully read this Agreement, that it is consistent with the terms
previously negotiated by the parties, and understands that it is free at any
time to obtain independent counsel for further guidance.
ARTICLE
III
REPRESENTATIONS
AND WARRANTIES OF THE CD MEDIA ENTITIES
As of the
date of this Agreement and as of the Closing, each of the CD Media Entities
makes such representations and warranties to the Company as specified under this
Article III, with such representations and warranties being subject to the final
reorganization and restructuring of contemplated by the CD Media
Entities:
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3.1 Organization and
Authority.
(a) Each
of the CD Media Entities a corporation or company duly incorporated or formed,
as applicable, validly existing and in good standing under the laws of its
respective jurisdiction, with full corporate or company power and authority, as
applicable, to own, lease and operate its business and properties and to carry
on its business in the places and in the manner as presently conducted or
proposed to be conducted. Each of the CD Media Entities is in good
standing as a foreign corporation or foreign company, as applicable, in each
jurisdiction in which the properties owned, leased or operated, or the business
conducted, by it requires such qualification except for any such failure, which
when taken together with all other failures, is not likely to have a material
adverse effect on the business of each of the CD Media Entities.
(b) CD
Media BVI does not have any subsidiaries other than those set forth in Item
3.1(b) of the Disclosure Schedule (the “Subsidiaries”) and CD
Media BVI does not own, directly or indirectly, any capital stock, equity or
interest in any corporation, firm, partnership, joint venture or other
entity. Other than as set forth in Item 3.1(b), each Subsidiary is
wholly owned by CD Media BVI, free and clear of all liens, and there is no
contract, agreement, arrangement, option, warrant, call, commitment or other
right of any character obligating or entitling CD Media BVI to issue, sell,
redeem or repurchase any of its securities, and there is no outstanding security
of any kind convertible into or exchangeable for securities of CD Media BVI or
any of the Subsidiaries.
(c) Each
of the CD Media Entities has all requisite power and authority to execute and
deliver this Agreement, and to consummate the transactions contemplated hereby
and thereby. Each of the CD Media Entities has taken all corporate or
company action, as applicable, necessary for the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby, and this
Agreement constitutes the valid and binding obligation of each of the CD Media
Entities, enforceable against each of the CD Media Entities in accordance with
its terms, except as may be affected by bankruptcy, insolvency, moratoria or
other similar laws affecting the enforcement of creditors’ rights generally and
subject to the qualification that the availability of equitable remedies is
subject to the discretion of the court before which any proceeding therefore may
be brought.
3.2 No Conflicts or
Defaults. The execution and delivery of this Agreement by each
of the CD Media Entities and the consummation of the transactions contemplated
hereby do not and shall not (a) contravene the governing documents of any of the
CD Media Entities, or (b) with or without the giving of notice or the passage of
time, (i) violate, conflict with, or result in a breach of, or a default or loss
of rights under, any material covenant, agreement, mortgage, indenture, lease,
instrument, permit or license to which any of the CD Media Entities is a party
or by which any of the CD Media Entities or any of their respective assets are
bound, or any judgment, order or decree, or any law, rule or regulation to which
their assets are subject, (ii) result in the creation of, or give any party the
right to create, any lien upon any of the assets of any of the CD Media
Entities, (iii) terminate or give any party the right to terminate, amend,
abandon or refuse to perform any material agreement, arrangement or commitment
to which any of the CD Media Entities is a party or by which any of the CD Media
Entities or any of their respective assets are bound, or (iv) accelerate or
modify, or give any party the right to accelerate or modify, the time within
which, or the terms under which any of the CD Media Entities is to perform any
duties or obligations or receive any rights or benefits under any material
agreement, arrangement or commitment to which it is a party.
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3.3 Capitalization. The
authorized capital stock of CD Media BVI immediately prior to giving effect to
the transactions contemplated hereby consists of 50,000 common shares, U.S.
$1.00 par value per share, of which, as of the date hereof, there were 50,000
shares issued and outstanding. Except as set forth herein, all of the
outstanding shares of CD Media BVI are duly authorized, validly issued, fully
paid and nonassessable, and have not been or, with respect to CD Media Shares,
will not be transferred in violation of any rights of third
parties. The CD Media Shares are not subject to any preemptive or
subscription right, any voting trust agreement or other contract, agreement,
arrangement, option, warrant, call, commitment or other right of any character
obligating or entitling CD Media BVI to issue, sell, redeem or repurchase any of
its securities that will survive Closing and there is no outstanding security of
any kind convertible into or exchangeable for common shares. All of
the CD Media Shares are owned of record and beneficially by the Shareholders and
free and clear of any liens, claims, encumbrances, or restrictions of any
kind.
3.4 Taxes. Each
of the CD Media Entities has filed all returns and reports which were required
to be filed on or prior to the date hereof, and has paid all Taxes (and any
related penalties, fines and interest) which have become due pursuant to such
returns or reports or pursuant to any assessment which has become payable, or,
to the extent its liability for any Taxes (and any related penalties, fines and
interest) has not been fully discharged, the same have been properly reflected
as a liability on the books and records of the CD Media Entities and adequate
reserves therefore have been established. All such returns and
reports filed on or prior to the date hereof have been properly prepared and are
true, correct (and to the extent such returns reflect judgments made by any of
the CD Media Entities such judgments were reasonable under the circumstances)
and complete in all material respects. No extension for the filing of
any such return or report is currently in effect. No tax return or
tax return liability of any of the CD Media Entities has been audited or,
presently under audit. All taxes and any penalties, fines and
interest which have been asserted to be payable as a result of any audits have
been paid. None of the CD Media Entities have given or been requested
to give waivers of any statute of limitations relating to the payment of any
Taxes (or any related penalties, fines and interest). There are no
claims pending for past due Taxes. All payments for withholding
taxes, unemployment insurance and other amounts required to be paid for periods
prior to the date hereof to any governmental authority in respect of employment
obligations of each of the CD Media Entities have been paid or shall be paid
prior to the Closing and have been duly provided for on the books and records of
each of the CD Media Entities and in the Financial Statements.
3.5 Indebtedness; Contracts; No
Defaults. Other than as set forth in Item 3.5 of the
Disclosure Schedule, none of the CD Media Entities has any material instruments,
agreements, indentures, mortgages, guarantees, notes, commitments,
accommodations, letters of credit or other arrangements or understandings,
whether written or oral, to which any of the CD Media Entities is a
party.
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3.6 Compliance with
Law. Except as specified in Item 3.6 of the Disclosure
Schedule, each of the CD Media Entities is conducting its respective businesses
in material compliance with all applicable law, ordinance, rule, regulation,
court or administrative order, decree or process, or any requirement of
insurance carriers material to its business. Except as specified in
Item 3.6 of the Disclosure Schedule, none of the CD Media Entities has received
any notice of violation or claimed violation of any such law, ordinance, rule,
regulation, order, decree, process or requirement.
3.7 Litigation.
(a) There
is no claim, dispute, action, suit, proceeding or investigation pending or
threatened, against or affecting any of the CD Media Entities or challenging the
validity or propriety of the transactions contemplated by this Agreement, at law
or in equity or admiralty or before any federal, state, local, foreign or other
governmental authority, board, agency, commission or instrumentality, has any
such claim, dispute, action, suit, proceeding or investigation been pending or
threatened, during the 12-month period preceding the date hereof, except as
specified in Item 3.7 of the Disclosure Schedule;
(b) there
is no outstanding judgment, order, writ, ruling, injunction, stipulation or
decree of any court, arbitrator or federal, state, local, foreign or other
governmental authority, board, agency, commission or instrumentality, against or
materially affecting any of the CD Media Entities; and
(c) none
of the CD Media Entities has received any written or verbal inquiry from any
federal, state, local, foreign or other governmental authority, board, agency,
commission or instrumentality concerning the possible violation of any law, rule
or regulation or any matter disclosed in respect of its business.
3.8 Conflict of
Interest. Each of the CD Media Entities acknowledges that it
is aware and understands the following facts and circumstances that may,
individually or in the aggregate, create a conflict of interest:
(i)
WestPark Capital, Inc., a FINRA member (“WestPark”), is the
placement agent for the Equity Financing and WestPark will be paid a commission
of the gross proceeds from the Equity Financing for its services;
(ii)
Xxxxxxx Xxxxxxxxx, who is the founder, Chief Executive of WestPark and
indirectly holds a 100% interest in WestPark, is also the President, a Director
and a controlling stockholder of the Company beneficially holding approximately
39.6% of the Company’s Common Stock and Warrants (prior to the Exchange
including shares and warrants held by the Xxxxxx Xxxxxxxxx Trust and the Xxxxxx
Xxxxxxxxx Trust, and excluding shares and warrants held by WestPark Financial
Services, LLC as described below);
(iii)
Xxxxxxx X. Xxxxxxxxxxxx, who is the President and Treasurer of WestPark, is also
the Secretary, Chief Financial Officer, and a Director and a controlling
stockholder of the Company beneficially holding approximately 18.2% of the
Company’s Common Stock and Warrants (prior to the Exchange);
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(iv)
Xxxxx XxXxxxxx, who is the Executive Managing Director of Corporate Finance of
WestPark, is a stockholder of the Company beneficially holding approximately
6.8% of the Company’s Common Stock and Warrants (prior to the
Exchange);
(v) Xxxxx
Xxxxx, who is an employee of WestPark, is a stockholder of the Company
beneficially holding approximately 3.9% of the Company’s outstanding Common
Stock and Warrants (prior to the Exchange);
(vi)
Xxxxxx Xxxxxxx, who is an employee of WestPark, is a stockholder of the Company
beneficially holding approximately 2.0% of the Company’s outstanding Common
Stock and Warrants (prior to the Exchange);
(vii)
Xxxxxx Xxxxxxx, who is a partner of K&L Gates LLP, legal counsel for CD
Media BVI, was, prior to the date of this Agreement, a stockholder of the
Company beneficially holding approximately 6.8% of the Company’s outstanding
Common Stock and Warrants (prior to the Exchange). The securities previously
held by Xx. Xxxxxxx were transferred to an immediate family member and Xx.
Xxxxxxx currently disclaims beneficial ownership of such securities;
and
(viii)
WestPark Financial Services, LLC, which is the parent of WestPark and of which
Xxxxxxx Xxxxxxxxx serves as CEO and Chairman, is a controlling stockholder of
the Company beneficially holding approximately 56.2% of the Company’s Common
Stock and Warrants (prior to the Exchange) ((i) through (viii) in this Section
are herein referred to as, the “Conflicts of
Interest”).
Each of
the CD Media Entities hereby waives each and all of the Conflicts of Interest,
in addition to any other conflicts of interest that may arise, may exist or
arise by virtue of the Conflicts of Interest and acknowledges that it has
carefully read this Agreement, that it is consistent with the terms previously
negotiated by the parties, and understands that it is free at any time to obtain
independent counsel for further guidance.
3.9 Updating of Representations
and Warranties. At or prior to Closing, the CD Media Entities
shall update the foregoing representations and warranties after completion of
the final reorganization and restructuring contemplated by the CD Media
Entities.
ARTICLE
IV
REPRESENTATION
AND WARRANTIES OF THE SHAREHOLDERS
Each of Shareholders severally hereby
represents and warrants to the Company that now and/or as of the
Closing:
4.1 Title to
Shares. Each of the Shareholders is the legal and beneficial
owner of the CD Media Shares to be transferred to the Company by such
Shareholders as set forth opposite each Shareholder’s name in Schedule II hereto,
and upon consummation of the exchange contemplated herein, the Company will
acquire from each of the Shareholders good and marketable title to the CD Media
Shares, free and clear of all liens excepting only such restrictions hereunder
upon future transfers by the Company, if any, as may be imposed by applicable
law. The information set forth on Schedule II with
respect to each Shareholder is accurate and complete.
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4.2 Due
Authorization. Each of the Shareholders has all requisite
power and authority to execute and deliver this Agreement, and to consummate the
transactions contemplated hereby and thereby. This Agreement
constitutes the valid and binding obligation of each of the Shareholders,
enforceable against such Shareholders in accordance with its terms, except as
may be affected by bankruptcy, insolvency, moratoria or other similar laws
affecting the enforcement of creditors’ rights generally and subject to the
qualification that the availability of equitable remedies is subject to the
discretion of the court before which any proceeding therefore may be
brought.
4.3 Purchase for
Investment.
(a) Each
Shareholder is acquiring the Company Shares for investment for such
Shareholder’s own account and not as a nominee or agent, and not with a view to
the resale or distribution of any part thereof, and each Shareholder has no
present intention of selling, granting any participation in, or otherwise
distributing the same. Each Shareholder further represents that, he,
she or it does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participation to such person or to any
third person, with respect to any of the Company Shares.
(b)
Each Shareholder understands that the Company Shares are not registered under
the Securities Act on the ground that the sale and the issuance of securities
hereunder is exempt from registration under the Securities Act pursuant to
Section 4(2) thereof, and that the Company’s reliance on such exemption is
predicated on such Shareholder’s representations set forth herein.
4.4 Investment
Experience. Each Shareholder acknowledges that he, she or it
can bear the economic risk of his, her or its investment, and has such knowledge
and experience in financial and business matters that he, she or it is capable
of evaluating the merits and risks of the investment in the Company
Shares.
4.5 Information. Each
Shareholder has carefully reviewed such information as such he, she or it deemed
necessary to evaluate an investment in the Company Shares. To the
full satisfaction of each Shareholder, he, she or it has been furnished all
materials that he, she or it has requested relating to the Company and the
issuance of the Company Shares hereunder, and each Shareholder has been afforded
the opportunity to ask questions of representatives of the Company to obtain any
information necessary to verify the accuracy of any representations or
information made or given to him, her or it. Notwithstanding the
foregoing, nothing herein shall derogate from or otherwise modify the
representations and warranties of the Company set forth in this Agreement, on
which the Shareholders have relied in making an exchange of the CD Media Shares
for the Company Shares.
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4.6 Restricted
Securities. Each Shareholder understands that the Company
Shares may not be sold, transferred, or otherwise disposed of without
registration under the Securities Act or an exemption there from, and that in
the absence of an effective registration statement covering the Company Shares
or any available exemption from registration under the Securities Act, the
Company Shares must be held indefinitely. Each Shareholder is aware
that the Company Shares may not be sold pursuant to Rule 144 promulgated under
the Securities Act unless all of the conditions of that Rule are
met. Among the conditions for use of Rule 144 may be the availability
of current information to the public about the Company.
4.7 Exempt
Issuance. Each Shareholder acknowledges that he, she or it
must assure the Company that the offer and sale of the Company Shares to such
Shareholder qualifies for an exemption from the registration requirements
imposed by the Securities Act and from applicable securities laws of any state
of the United States. Each Shareholder agrees that he, she or it
meets the criteria established in one or both of subsections (a) or (b),
below.
(a) Accredited Investor, Section
4(2) of the Securities Act and/or Rule 506 of Regulation
D. The Shareholder qualifies as an “accredited investor,” as
that term is defined in Rule 501 of Regulation D, promulgated under the
Securities Act.
(b) Offshore Investor, Rule 903
of Regulation S. The Shareholder is not a U.S. Person, as
defined in Rule 901 of Regulation S, promulgated under the Securities Act,
and the Shareholder represents and warrants to the Company that:
(i) The
Shareholder is not acquiring the Company Shares as a result of, and such
Shareholder covenants that she will not engage in any “directed selling efforts”
(as defined in Regulation S under the Securities Act) in the United States
in respect of the Company Shares which would include any activities undertaken
for the purpose of, or that could reasonably be expected to have the effect of,
conditioning the market in the United States for the resale of any of the
Company Shares;
(ii) The
Shareholder is not acquiring the Company Shares for the account or benefit of,
directly or indirectly, any U.S. Person;
(iii) The
Shareholder is a resident of the People’s Republic of China, the British Virgin
Islands or Canada;
(iv) the
offer and the sale of the Company Shares to such Shareholder as contemplated in
this Agreement complies with or is exempt from the applicable securities
legislation of the People’s Republic of China, the British Virgin Islands and
Canada;
(v) the
Shareholder is outside the United States when receiving and executing this
Agreement and that the Shareholder will be outside the United States when
acquiring the Company Shares,
(vi) and
the Shareholder covenants with the Company that:
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|
(1)
|
offers
and sales of any of the Company Shares prior to the expiration of a period
of six months after the date of original issuance of the Company Shares
(the six month period hereinafter referred to as the “Distribution
Compliance Period”) shall only be made in compliance with the safe
harbor provisions set forth in Regulation S, pursuant to the registration
provisions of the Securities Act or an exemption therefrom, and that all
offers and sales after the Distribution Compliance Period shall be made
only in compliance with the registration provisions of the Securities Act
or an exemption therefrom and in each case only in accordance with
applicable state securities laws;
and
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|
(2)
|
The
Shareholder will not engage in hedging transactions with respect to the
Company Shares until after the expiration of the Distribution Compliance
Period.
|
4.8 Conflict of
Interest. Each Shareholder acknowledges that he, she or it is
aware and understands the facts and circumstances of the Conflicts of Interest,
as defined in Section
3.8 that may, individually and in the aggregate, create a conflict of
interest. Each Shareholder hereby waives each and all of the
Conflicts of Interest, in addition to any other conflicts of interest that may
arise may exist or arise by virtue of the Conflicts of Interest and acknowledges
that he, she or it has carefully read this Agreement, that it is consistent with
the terms previously negotiated by the Parties, and understands that he, she or
it is free at any time to obtain independent counsel for further
guidance.
ARTICLE
V
COVENANTS
5.1 Further
Assurances. Each of the Parties shall use its reasonable
commercial efforts to proceed promptly with the transactions contemplated
herein, to fulfill the conditions precedent for such party’s benefit or to cause
the same to be fulfilled and to execute such further documents and other papers
and perform such further acts as may be reasonably required or desirable to
carry out the provisions of this Agreement and to consummate the transactions
contemplated herein.
ARTICLE
VI
DELIVERIES
6.1 Items to be delivered to the
Shareholders prior to or at Closing by the Company.
(a) Certificate
of Incorporation and amendments thereto, By-laws and amendments thereto, and
certificate of good standing of the Company in Delaware;
(b) all
applicable schedules hereto;
(c) all
minutes and resolutions of board of director and shareholder meetings in
possession of the Company;
(d) shareholder
list;
(e) all
financial statements and all tax returns in possession of the
Company;
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(f) resolution
from the Company’s Board appointing the designees of the Shareholder to the
Company’s Board of Directors;
(g) resolution
from the Company’s Board, and if applicable, shareholder resolutions approving
this transaction and authorizing the issuances of the shares
hereto;
(h) letters
of resignation from the Company’s current officers and directors to be effective
upon Closing and after the appointments described in this section;
(i) stock
certificates representing the shares of the Company Shares issued in the
denominations set forth opposite the names of the Shareholders and their
designees on Schedule
I to this Agreement; and
(j) any
other document reasonably requested by the Shareholders that they deem necessary
for the consummation of this transaction.
6.2 Items to be delivered to the
Company prior to or at Closing by CD Media and the
Shareholders.
(a) all
applicable schedules hereto;
(b) instructions
from CD Media BVI appointing its designees to the Company’s Board of
Directors;
(c) share
certificates and duly executed instruments of transfer and bought and sold notes
from the Shareholders transferring the CD Media Shares to the
Company;
(d) resolutions
from the Board of Directors of CD Media BVI and, if applicable, shareholder
resolutions approving the transactions contemplated hereby
(e) payment
of all liabilities of the Company of up to $50,000 directly out of the proceeds
of the Equity Financing (as defined in Section 7.1(f) herein) to the appropriate
creditors of the Company which shall include indebtedness owed to Company
shareholders and fees owing to Company lawyers, accountants and similar parties;
and
(f) any
other document reasonably requested by the Company that it deems necessary for
the consummation of this transaction.
ARTICLE
VII
CONDITIONS
PRECEDENT
7.1 Conditions Precedent to
Closing. The obligations of the Parties under this Agreement
shall be and are subject to fulfillment, prior to or at the Closing, of each of
the following conditions:
(a) That
each of the representations and warranties of the Parties contained herein shall
be true and correct at the time of the Closing Date as if such representations
and warranties were made at such time except for changes permitted or
contemplated by this Agreement;
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(b) That
the Parties shall have performed or complied with all agreements, terms and
conditions required by this Agreement to be performed or complied with by them
prior to or at the time of the Closing;
(c) That
CD Media BVI shall have received, and provided a copy to the Company, an opinion
of each of the Han Kun Law Offices, CD Media BVI’s counsel in the People’s
Republic of China, and Xxxxxxx Xxxx & Xxxxxxx, XX Media BVI’s legal counsel
in the British Virgin Islands, substantially in the forms attached hereto as
Exhibit
A;
(d) The
Company shall have cancelled such number of shares of Common Stock and warrants
to purchase shares of Common Stock owned by certain of the Company’s original
stockholders to be cancelled as of the Closing Date pursuant to the Amended and
Restated Share and Warrant Cancellation Agreement dated as of the date of this
Agreement entered into by and between the Company and its stockholders (the
“Amended and Restated
Share and Warrant Cancellation Agreement”), a copy of which is attached
as Exhibit
B;
(e) That
prior to Closing the Company shall have engaged a Company-sponsored equity
research firm that is mutually acceptable to the Company and CD Media BVI;
and
(f) The
Company shall have conducted an initial closing of an equity financing at the
time of Closing (the “Equity
Financing”).
7.2 Conditions to Obligations of
the Shareholders. The obligations of the Shareholders shall be
subject to fulfillment prior to or at the Closing, of each of the following
conditions:
(a) The
Company shall have received all of the regulatory, shareholder and other third
party consents, permits, approvals and authorizations necessary to consummate
the transactions contemplated by this Agreement;
(b) The
Company shall have complied with Rule 14(f)(1) of the Exchange Act, if
required;
(c) To
the extent that the liabilities of the Company exceed $50,000 as of the Closing,
the Company shareholders shall have satisfied and paid such excess liabilities
in full; and
(d) The
CD Media Parties shall have received executed lock-up agreements in the form
attached hereto as Exhibit C from each
of the Company’s current stockholders listed on Schedule III attached
hereto.
7.3 Conditions to Obligations of
the Company. The obligations of the Company shall be subject
to fulfillment at or prior to or at the Closing, of each of the following
conditions:
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(a) The
CD Media Parties shall have received all of the regulatory, shareholder and
other third party consents, permits, approvals and authorizations necessary to
consummate the transactions contemplated by this Agreement;
(b) Each
of the Shareholders shall have delivered to the Company the share certificates
and duly executed instruments of transfer and bought and sold notes from the
Shareholders transferring the CD Media Shares to the Company;
(c) All
liabilities of the Company up to $50,000 shall be paid directly out of the
proceeds of the Equity Financing to the appropriate creditors, which shall
include indebtedness owed to the Company shareholders and fees owing to lawyers,
accountants and similar parties;
(d) The
Company shall have received executed lock-up agreements in the form attached
hereto as Exhibit
D from each of the Shareholders listed on Schedule I attached
hereto;
(e) CD
Media BVI must have at least US $8,500,000 (Eight Million Five Hundred Thousand)
in net income for the 12 months ended December 31, 2009 (the “Fiscal Period”),
such results to have been verified by CD Media BVI's independent auditors (the
"Auditors"),
such Auditors verifying to each of the Company and CD Media BVI that it has
reviewed such results consistent with the requirements of Rule 10-01(d) of
Regulation S-X (or any succeeding provision) (the “Auditing Standards”);
and
(f) If
the Closing does not occur on or prior to 5:00 p.m. PST on September 30, 2010,
CD Media BVI shall have delivered to the Company a projection of its net income
for the twelve months ended December 31, 2010 (the “Updated Fiscal
Period”) and the Company, in its sole discretion, shall have accepted
that projection (the “Updated Projection”)
– the Closing will then be subject to CD Media BVI having at least 80% of such
projection in net income for such fiscal period, such results to have been
verified by the Auditors, such Auditors verifying to each of the Company and CD
Media BVI that it has reviewed such results consistent with the requirements of
the Auditing Standards.
ARTICLE
VIII
TERMINATION
8.1 Termination. This
Agreement may be terminated at any time before or, at Closing, by:
(a) The
mutual agreement of the Parties;
(b) Any
party if:
(i) Any
provision of this Agreement applicable to a party shall be materially untrue or
fail to be accomplished; or
(ii) Any
legal proceeding shall have been instituted or shall be imminently threatening
to delay, restrain or prevent the consummation of this Agreement;
or
- 15
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(c) By
the Company
(i) if
CD Media BVI’s net income for the Fiscal Period is not at least US$8,500,000
(Eight Million Five Hundred Thousand), as verified by the Auditors, such
Auditors verifying to each of the Company and CD Media BVI that it has reviewed
such results consistent with the requirements of the Accounting
Standards;
(ii) at
any time on or after July 12, 2010; or
(iii) in
the event the Company does not terminate the Agreement further to Section
8.1(c)(ii) herein and the Company, in its sole discretion, shall have
accepted the Updated Projection, if CD Media BVI does not have at least 80% of
the Updated Projection in net income for the Updated Fiscal Period, such results
to have been verified by the Auditors, such Auditors verifying to each of the
Company and CD Media BVI that it has reviewed such results consistent with the
requirements of the Auditing Standards.
(d) Upon
termination of this Agreement for any reason, in accordance with the terms and
conditions set forth in this paragraph, each said party shall bear all costs and
expenses as each party has incurred.
ARTICLE
IX
COVENANTS
SUBSEQUENT TO CLOSING
9.1 Registration
Rights. The Company shall file, within sixty (60) days after
the final closing of the Equity Financing and at its expense, with the U.S.
Securities and Exchange Commission (the “Commission”) a
registration statement (the “Initial Registration
Statement”) covering the resale of Common Shares held by those persons
(and/or their designees) that are shareholders of the Company immediately prior
to the Closing (the “Pre-Existing
Shareholders”), provided however, that the Company shall not be required
to register the Common Stock held by such shareholders who are affiliates of
WestPark Capital, Inc. (the “WestPark
Affiliates”), as specified in Item 9.1 of the Disclosure Schedule, who
shall instead receive registration rights to require the Company to file a
registration statement (the “Second Registration
Statement”) to register such Common Shares within ten (10) days following
the end of the six (6) month period that immediately follows the date on which
the Company files the Initial Registration Statement with the
Commission. The Company shall enter into a Registration Rights
Agreement acceptable to the WestPark Affiliates with respect to rights described
in this Section 9.1
9.2 Listing on a Senior U.S.
National Securities Exchange. The Company shall take
reasonable efforts to cause the Company’s securities to be listed on the NYSE
Amex and/or The Nasdaq Stock Market as soon as practicable after the final
closing of the Equity Financing.
9.3 Engagement of Public
Relations Firm and Equity Research Firm. Within sixty (60)
days of the Closing, the Company shall engage (i) a public relations firm, which
shall conduct two (2) non-Share Exchange related road shows each year for two
(2) years, that is mutually acceptable to the Company and WestPark, and (ii) a
Company-sponsored equity research firm that is mutually acceptable to the
Company and WestPark.
- 16
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9.4
Transfer Agent Fees and
Costs. From the Closing Date until the expiration of the
entire lock-up period provided in the lock-up agreements to be executed upon the
Closing by each of the Company’s current stockholders as provided in Section
7.2(d) hereof, the Company agrees to pay, on a timely basis, all amounts
invoiced to the Company by its transfer agent on a timely basis.
ARTICLE
X
MISCELLANEOUS
10.1 Survival of Representations,
Warranties and Agreements. Each of the Parties hereto is
executing and carrying out the provisions of this Agreement in reliance upon the
representations, warranties and covenants and agreements contained in this
Agreement or at the closing of the transactions herein provided for and not upon
any investigation which it might have made or any representations, warranty,
agreement, promise or information, written or oral, made by the other party or
any other person other than as specifically set forth herein. Except
as specifically set forth in this Agreement, representations and warranties and
statements made by a party to in this Agreement or in any document or
certificate delivered pursuant hereto shall not survive the Closing Date, and no
claims made by virtue of such representations, warranties, agreements and
covenants shall be made or commenced by any party hereto from and after the
Closing Date.
10.2 Access to Books and
Records. During the course of this transaction through
Closing, each party agrees to make available for inspection all corporate books,
records and assets, and otherwise afford to each other and their respective
representatives, reasonable access to all documentation and other information
concerning the business, financial and legal conditions of each other for the
purpose of conducting a due diligence investigation thereof. Such due
diligence investigation shall be for the purpose of satisfying each party as to
the business, financial and legal condition of each other for the purpose of
determining the desirability of consummating the proposed
transaction. The Parties further agree to keep confidential and not
use for their own benefit, except in accordance with this Agreement any
information or documentation obtained in connection with any such
investigation.
10.3 Further
Assurances. If, at any time after the Closing, the Parties
shall consider or be advised that any further deeds, assignments or assurances
in law or that any other things are necessary, desirable or proper to complete
the Exchange in accordance with the terms of this Agreement or to vest, perfect
or confirm, of record or otherwise, the title to any property or rights of the
parties hereto, the Parties agree that their proper officers and directors shall
execute and deliver all such proper deeds, assignments and assurances in law and
do all things necessary, desirable or proper to vest, perfect or confirm title
to such property or rights and otherwise to carry out the purpose of this
Agreement, and that the proper officers and directors of the Parties are fully
authorized to take any and all such action.
10.4 Notice. All
communications, notices, requests, consents or demands given or required under
this Agreement shall be in writing and shall be deemed to have been duly given
when delivered to, or received by prepaid registered or certified mail or
recognized overnight courier addressed to, or upon receipt of a facsimile sent
to, the party for whom intended, as follows, or to such other address or
facsimile number as may be furnished by such party by notice in the manner
provided herein:
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Attention:
If to the
CD Media Parties:
Xxxx 000,
Xx. 0, Xxxxxxxx Er Road, Huicheng District,
Huizhou,
People’s Republic of China 516001
With
a copy to:
K&L
Gates LLP
00000
Xxxxx Xxxxxx Xxxx., Xxxxxxx Xxxxx
Xxx
Xxxxxxx, Xxxxxxxxxx 00000
Attn: Xxxxxx
X. Xxxxxxx, Esq.
Fax.:
(000) 000-0000
If
to the Company:
SRKP 25, Inc.
0000 Xxxxxx xx xxx Xxxxx, Xxxxx
000
Xxx Xxxxxxx, XX 00000
Attn: Xxxxxxx Xxxxxxxxx
Fax: (000) 000-0000
10.5 Entire
Agreement. This Agreement, the Disclosure Schedule and any
instruments and agreements to be executed pursuant to this Agreement, sets forth
the entire understanding of the Parties hereto with respect to its subject
matter, merges and supersedes all prior and contemporaneous understandings with
respect to its subject matter and may not be waived or modified, in whole or in
part, except by a writing signed by each of the Parties hereto. No
waiver of any provision of this Agreement in any instance shall be deemed to be
a waiver of the same or any other provision in any other
instance. Failure of any party to enforce any provision of this
Agreement shall not be construed as a waiver of its rights under such
provision.
10.6 Successors and
Assigns. This Agreement shall be binding upon, enforceable
against and inure to the benefit of, the parties and designees hereto and their
respective heirs, administrators, executors, personal representatives,
successors and assigns, and nothing herein is intended to confer any right,
remedy or benefit upon any other person. This Agreement may not be
assigned by any party hereto except with the prior written consent of the other
parties, which consent shall not be unreasonably withheld.
10.7 Governing
Law. This Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of Delaware are applicable to
agreements made and fully to be performed in such state, without giving effect
to conflicts of law principles.
- 18
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10.8 Counterparts. This
Agreement may be executed in multiple counterparts, which may be facsimiles,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.
10.9 Construction. Headings
contained in this Agreement are for convenience only and shall not be used in
the interpretation of this Agreement. References herein to Articles,
Sections and Exhibits are to the articles, sections and exhibits, respectively,
of this Agreement. The Disclosure Schedule is hereby incorporated
herein by reference and made a part of this Agreement. As used
herein, the singular includes the plural, and the masculine, feminine and neuter
gender each includes the others where the context so indicates.
10.10 Severability. If
any provision of this Agreement is held to be invalid or unenforceable by a
court of competent jurisdiction, this Agreement shall be interpreted and
enforceable as if such provision were severed or limited, but only to the extent
necessary to render such provision and this Agreement enforceable.
[SIGNATURE PAGES FOLLOW]
- 19
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IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of
the date first set forth above.
SRKP
25, INC.
|
|
By:
|
/s/ Xxxxxxx Xxxxxxxxx
|
Name:
Xxxxxxx Xxxxxxxxx
|
|
Title:
President
|
|
CD
MEDIA (HOLDING) CO., LIMITED
|
|
By:
|
/s/ Li HuiHua
|
Name:
|
|
Title:
President
|
|
HUIZHOU
CD MEDIA CO., LTD.
|
|
By:
|
/s/ Li HuiHua
|
Name:
|
|
Title:
President
|
|
BEIJING
CD MEDIA ADVERTISEMENT CO., LTD.
|
|
By:
|
/s/ Li HuiHua
|
Name:
|
|
Title:
President
|
[SIGNATURE PAGES FOR SHAREHOLDERS
FOLLOW]
- 20
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CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/ Yan Zhifeng
|
|
(Signature)
|
|
Yan Zhifeng
|
|
(Type
or print name)
|
|
Yan Zhifeng
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,381
- 21
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Fu Haiming
|
|
(Signature)
|
|
Fu
Haiming
|
|
(Type
or print name)
|
|
Fu
Haiming
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,852
- 22
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CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Wang Tianyi
|
|
(Signature)
|
|
Wang
Tianyi
|
|
(Type
or print name)
|
|
Wang
Tianyi
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,773
- 23
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CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATEDSHARE EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxx Xxxxxxx
|
|
(Signature)
|
|
Xxx
Xxxxxxx
|
|
(Type
or print name)
|
|
Xxx
Xxxxxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,403
- 24
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CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Li Huihua
|
|
(Signature)
|
|
Li
Huihua
|
|
(Type
or print name)
|
|
Li
Huihua
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 16,745
- 25
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxxx Xxxx
|
|
(Signature)
|
|
Xxxx
Xxxx
|
|
(Type
or print name)
|
|
Xxxx
Xxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,381
- 26
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CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Zhang Xia
|
|
(Signature)
|
|
Zhang
Xia
|
|
(Type
or print name)
|
|
Zhang
Xia
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,117
- 27
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxx Xxxxxx
|
|
(Signature)
|
|
Xxx
Xxxxxx
|
|
(Type
or print name)
|
|
Xxx
Xxxxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,326
- 28
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxxx Xxxxxxx
|
|
(Signature)
|
|
Xxxx
Xxxxxxx
|
|
(Type
or print name)
|
|
Xxxx
Xxxxxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,851
- 29
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxx Xxxxxxx
|
|
(Signature)
|
|
Xxx
Xxxxxxx
|
|
(Type
or print name)
|
|
Xxx
Xxxxxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,982
- 30
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Ye Yuqing
|
|
(Signature)
|
|
Ye
Yuqing
|
|
(Type
or print name)
|
|
Ye
Yuqing
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 1,924
- 31
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxxx Xx
|
|
(Signature)
|
|
Xxxx
Xx
|
|
(Type
or print name)
|
|
Xxxx
Xx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 53
- 32
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxxx Xxxx
|
|
(Signature)
|
|
Xxxx
Xxxx
|
|
(Type
or print name)
|
|
Xxxx
Xxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,628
- 33
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/ Xxxxx Xxxx Xxxx
|
|
(Signature)
|
|
Goldwide
Holdings Limited
|
|
By:
|
Xxxxx Xxxx Rong
|
Title:
|
|
(Type or print name and title of
signatory)
|
|
Goldwide Holdings
Limited
|
|
(Type
or print name as it should appear on certificate, if
different)
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,646
- 34
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/ Xxxxx Xxxx Xxxx
|
|
(Signature)
|
|
Joyrise
Holdings Limited
|
|
By:
|
Xxxxx Xxxx Rong
|
Title:
|
|
(Type or print name and title of
signatory)
|
|
Joyrise Holdings Limited
|
|
(Type
or print name as it should appear on certificate, if
different)
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 2,646
- 35
-
CD MEDIA
(HOLDING) CO., LIMITED
SHAREHOLDERS’
SIGNATURE PAGE TO
AMENDED
AND RESTATED
SHARE
EXCHANGE AGREEMENT
Among
SRKP 25, Inc.,
CD Media
(Holding) Co., Limited,
Huizhou
CD Media Co., Ltd.,
Beijing
CD Media Advertisement Co., Ltd., and
The
Shareholders of CD Media (Holding) Co., Limited
The undersigned Shareholder hereby
executes and delivers the Amended and Restated Share Exchange Agreement (the
“Agreement”) to
which this Signature Page is attached, which, together with all counterparts of
the Agreement and Signature Pages of the other parties named in said Agreement,
shall constitute one and the same document in accordance with the terms of the
Agreement.
/s/
Xxxxx Xxxxxx
|
|
(Signature)
|
|
Xxxxx
Xxxxxx
|
|
(Type
or print name)
|
|
Xxxxx
Xxxxxx
|
|
(Type
or print name as it should appear on certificate, if
different)
|
|
Address:
|
|
|
|
Telephone:
|
|
Facsimile:
|
|
No.
of CD Media Shares Held: 5,292
- 36
-
EXHIBIT
A
FORM OF OPINION
LETTER
- 37
-
EXHIBIT
B
AMENDED AND
RESTATED
SHARE AND WARRANT
CANCELLATION AGREEMENT
- 38
-
EXHIBIT
C
FORM
OF LOCK-UP AGREEMENT FOR COMPANY STOCKHOLDERS
______________,
2010
CD Media
(Holding) Co., Limited
Xxxx 000,
Xx. 0, Xxxxxxxx Er Road, Huicheng District,
Huizhou,
People’s Republic of China 516001
WestPark
Capital, Inc.
0000
Xxxxxx xx xxx Xxxxx, Xxxxx 000
Xxx
Xxxxxxx, XX 00000
The undersigned is a security holder of
China Century Dragon Media, Inc. (formerly known as SRKP 25, Inc. and referred
to herein as the “Company”) and hereby
delivers this Lock-Up Agreement to the Company.
The
undersigned recognizes that, as a condition to the Share Exchange and the
transactions contemplated therein, it is in the best financial interests of the
Company and of the undersigned, as a stockholder of the Company that the
securities of the Company held by the undersigned be subject to certain
restrictions and hereby agrees as follows:
Other than as set forth below, the
undersigned shall not: (a) sell, assign, exchange, transfer, pledge, distribute
or otherwise dispose of (i) any shares of the Company’s Common Stock held by the
undersigned or (ii) any interest (including, without limitation, an option to
buy or sell) in any such shares of the Company’s Common Stock, in whole or in
part, and no such attempted transfer shall be treated as effective for any
purpose; or (b) engage in any transaction in respect to any such shares of the
Company’s Common Stock held by the undersigned or any interest therein, the
intent or effect of which is the effective economic disposition of such shares
(including, but not limited to, engaging in put, call, short-sale, straddle or
similar market transactions) (the foregoing restrictions are referred to herein
as “Lock-Up
Restrictions”).
If the
aggregate dollar amount of shares sold in the underwritten public offering,
including the dollar amount of shares sold in any over-allotment options
exercised in connection therewith (the “Public Offering”), that the Company
intends to conduct in connection with its application for listing or quotation
of the Company's Common Stock on either the New York Stock Exchange, NYSE Amex,
NASDAQ Global Market, NASDAQ Capital Market or the OTC Bulletin Board (the
“Listing”) is
in an amount that is equal to or greater than $10 million, the Lock-up
Restrictions shall be released in full on the date that is six (6) months from
the date of such Listing (the “Listing
Date”).
If the
aggregate dollar amount of shares sold by the Company in the Public Offering is
less than $10 million, one-tenth (1/10) of the shares of the Company’s Common
Stock held as of the date hereof by the undersigned shall be released from the
Lock-Up Restrictions on the date that is ninety (90) days after the Listing Date
(the “Initial Release
Date”), and the undersigned’s shares will automatically be released from
the Lock-Up Restrictions every thirty (30) days after the Initial Release Date
on a pro rata basis over the next nine (9) months, until all of the shares are
released from the Lock-Up Restrictions.
- 39
-
WestPark Capital, Inc., in its
discretion, may release from the Lock-up Restrictions some or all the
undersigned’s shares of the Company’s Common Stock earlier than the schedule set
forth in this Lock-up Agreement.The certificates evidencing the Company Common
Stock held by the undersigned shall bear a legend as set forth below (the “CD Media Lock-Up
Legend”) and such CD Media Lock Up Legend shall remain during the term of
this Lock-Up Agreement as set forth above:
THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS SET
FORTH IN THAT CERTAIN LOCK-UP AGREEMENT BY AND BETWEEN THE COMPANY, A DELAWARE
CORPORATION, AND THE HOLDER HEREOF (THE “LOCK-UP AGREEMENT”),
AND MAY NOT BE SOLD, ASSIGNED, EXCHANGED, TRANSFERRED, ENCUMBERED, PLEDGED,
DISTRIBUTED OR OTHERWISE DISPOSED OF PRIOR TO THAT CERTAIN TIME PERIOD DETAILED
IN THE LOCK-UP AGREEMENT. UPON SATISFACTION OF THE REQUIREMENTS SET FORTH
HEREIN, THE ISSUER AGREES TO REMOVE THIS RESTRICTIVE LEGEND (AND ANY STOP ORDER
PLACED WITH THE TRANSFER AGENT) UPON THE EXPIRATION OF THE TIME PERIOD SPECIFIED
IN THE LOCK-UP AGREEMENT. A COPY OF THE LOCK-UP AGREEMENT IS AVAILABLE FOR
REVIEW AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER.
IN WITNESS WHEREOF, the undersigned has
executed this Lock-Up Agreement as of the date first written above.
|
Printed
Name of Holder
|
Signature
|
|
Date:
|
|
Amount
of Shares___________________________
- 40
-
EXHIBIT
D
FORM OF LOCK-UP
AGREEMENT
___________,
2010
CD Media
(Holding) Co., Limited
Xxxx 000,
Xx. 0, Xxxxxxxx Er Road, Huicheng District,
Huizhou,
People’s Republic of China 516001
WestPark
Capital, Inc.
0000
Xxxxxx xx xxx Xxxxx, Xxxxx 000
Xxx
Xxxxxxx, XX 00000
The
undersigned is a security holder of China Century Dragon Media, Inc. (formerly
known as SRKP 25, Inc. and referred to herein as the “Company”) and hereby
delivers this Lock-Up Agreement to the Company.
The
undersigned recognizes that, as a condition to the Share Exchange and the
transactions contemplated therein, it is in the best financial interests of the
Company and of the undersigned, as a stockholder of the Company that the
securities of the Company held by the undersigned be subject to certain
restrictions and hereby agrees as follows:
As a
condition to the Share Exchange Agreement, and in recognition of the benefit
that such Share Exchange will confer upon the undersigned as a stockholder of
the Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned irrevocably
agrees, with each of the recipients identified above, joint and severally, for
the benefit of the Company and you, that the undersigned will not publicly
announce any intention to, will not allow any affiliate or subsidiary, if
applicable, to, and will not itself, without the prior written consent of
WestPark, directly or indirectly, (i) offer, pledge, sell, offer to sell,
contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend or
otherwise transfer or dispose of any of the shares of Common Stock or any
securities convertible into, or exercisable or exchangeable for, shares of
Common Stock, or (ii) enter into any swap or other agreement that transfers, in
whole or in part, any of the economic consequences of ownership of the shares of
Common Stock or such other securities convertible into, or exercisable or
exchangeable for, shares of Common Stock (whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of the shares of Common
Stock or such other securities, in cash or otherwise), in each case,
beneficially owned (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) or otherwise controlled by the undersigned on
the date hereof or hereafter acquired or otherwise controlled, for a period
beginning from the date of listing or quotation of the Company's Common Stock on
either the New York Stock Exchange, NYSE Amex, NASDAQ Global Market, NASDAQ
Capital Market or the OTC Bulletin Board (the “Listing Date”) and
continuing to and including the date twenty-four (24) months after the Listing
Date; provided, however, that, if the undersigned is an individual, the
undersigned may, without the prior written consent of WestPark,
(i) transfer shares of Common Stock or any securities convertible into, or
exercisable or exchangeable for, Common Stock either during his or her lifetime
or, on death, by bona fide gifts, will or intestacy to members of the
undersigned’s immediate family or to trusts exclusively for the benefit of
members of the undersigned’s immediate family, provided that, prior to any such
transfer, such transferee executes an agreement, satisfactory to WestPark,
pursuant to which such transferee agrees to receive and hold such shares subject
to the provisions hereof and that there shall be no further transfer except in
accordance with the provisions hereof, and (ii) exercise options held in
the undersigned's name to purchase shares of Common Stock provided that, any
securities obtained upon the exercise of such option will be held subject to the
provisions hereof and that there shall be no further transfer of any such
securities except in accordance with the provisions hereof. For purposes of this
paragraph, “immediate family” shall mean the undersigned’s spouse, lineal
descendents, father, mother, brothers or sisters (including any such relatives
by adoption).
- 41
-
The
undersigned confirms that he, she or it understands that WestPark and the
Company will rely upon the representations set forth in this agreement as a
condition to the Share Exchange. The undersigned agrees and consents to the
entry of stop transfer instructions with the Company’s transfer agent against
the transfer of Common Stock except in compliance with this agreement. This
agreement shall be binding on the undersigned and his, her or its respective
successors, heirs, personal representatives and assigns.
Sincerely, |
|
Signature
|
|
Name
|
|
Title
|
- 42
-
SCHEDULE
I
SHAREHOLDERS AND COMPANY
SHARES
Name
|
Number of Company Shares
|
|||
LI
HUIHUA
|
6,261,500 | |||
XXXX
XXXX
|
900,000 | |||
ZHANG
XIA
|
800,000 | |||
XXX
XXXXXX
|
880,000 | |||
XXXX
XXXXXXX
|
700,000 | |||
XXX
XXXXXXX
|
750,000 | |||
YE
YUQING
|
727,000 | |||
XXXX
XX
|
20,000 | |||
Joyrise
Holdings limited
|
1,000,000 | |||
Goldwide
Holdings limited
|
1,200,000 | |||
XXXXX
XXXXXX
|
2,000,000 | |||
XXXX
XXXX
|
993,000 | |||
YAN
ZHIFENG
|
900,000 | |||
FU
HAIMING
|
700,000 | |||
WANG
TIANYI
|
670,000 | |||
XXX
XXXXXXX
|
530,000 | |||
Richever
Limited
|
68,500 | |||
Total
|
19,100,000 |
- 43
-
SCHEDULE
II
CD MEDIA
SHARES
Name
|
Number of CD Media Shares
|
|||
LI
HUIHUA
|
16,745 | |||
XXXX
XXXX
|
2,381 | |||
ZHANG
XIA
|
2,117 | |||
XXX
XXXXXX
|
2,326 | |||
XXXX
XXXXXXX
|
1,851 | |||
XXX
XXXXXXX
|
1,982 | |||
YE
YUQING
|
1,924 | |||
XXXX
XX
|
53 | |||
Joyrise
Holdings limited
|
2,646 | |||
Goldwide
Holdings limited
|
2,646 | |||
XXXXX
XXXXXX
|
5,292 | |||
XXXX
XXXX
|
2,628 | |||
YAN
ZHIFENG
|
2,381 | |||
FU
HAIMING
|
1,852 | |||
WANG
TIANYI
|
1,773 | |||
XXX
XXXXXXX
|
1,403 | |||
Total
|
50,000 |
- 44
-
SCHEDULE
III
WestPark
Financial Services, LLC
|
Xxxxxxx
Xxxxxxxxx
|
The
Xxxxxx Xxxxxxxxx Trust
|
The
Xxxxxx Xxxxxxxxx Trust
|
Xxxxxx
Xxxxxxxxxxxx
|
The
Xxxxx Xxxxxxxxxxxx Trust dated 2/9/2000
|
The
Xxxxx X. Xxxxxxxx Trust dated 2/3/2000
|
Xxxxxxx
Xxxxxxxxxxxx
|
Xxxxxx
Xxxxxx
|
Xxxxx
XxXxxxxx
|
Xxxxx
Xxxxx
|
Xxxxxx
Xxxxxxx
|
- 45
-
TABLE OF
CONTENTS
Page | ||
ARTICLE
I THE EXCHANGE
|
2
|
|
1.1
|
The
Exchange
|
2
|
1.2
|
Time
and Place of Closing
|
2
|
1.3
|
Effective
Time
|
2
|
1.4
|
Tax
Consequences
|
2
|
ARTICLE
II
|
2
|
|
2.1
|
Due
Organization and Qualification; Due Authorization
|
2
|
2.2
|
No
Conflicts or Defaults
|
3
|
2.3
|
Capitalization
|
3
|
2.4
|
Financial
Statements
|
4
|
2.5
|
No
Assets or Liabilities
|
4
|
2.6
|
Taxes
|
4
|
2.7
|
Indebtedness;
Contracts; No Defaults
|
4
|
2.8
|
Real
Property
|
4
|
2.9
|
Compliance
with Law
|
4
|
2.10
|
Permits
and Licenses
|
5
|
2.11
|
Litigation
|
5
|
2.12
|
Insurance.
|
5
|
2.13
|
Patents;
Trademarks and Intellectual Property Rights
|
5
|
2.14
|
Securities
Law Compliance
|
5
|
2.15
|
Conflicts
of Interest
|
5
|
ARTICLE
III REPRESENTATIONS AND WARRANTIES OF THE CD MEDIA
ENTITIES
|
5
|
|
3.1
|
Due
Organization and Qualification; Due Authorization
|
6
|
3.2
|
No
Conflicts or Defaults
|
6
|
3.3
|
Capitalization
|
7
|
3.4
|
Taxes
|
7
|
3.5
|
Indebtedness;
Contracts; No Defaults
|
7
|
3.6
|
Compliance
with Law
|
8
|
3.7
|
Litigation.
|
8
|
3.8
|
Conflict
of Interest
|
8
|
ARTICLE
IV REPRESENTATION AND WARRANTIES OF THE SHAREHOLDERS
|
9
|
|
4.1
|
Title
to Shares
|
9
|
4.2
|
Due
Authorization
|
10
|
4.3
|
Purchase
for Investment
|
10
|
4.4
|
Investment
Experience
|
10
|
4.5
|
Information
|
10
|
4.6
|
Restricted
Securities
|
11
|
4.7
|
Exempt
Issuance
|
11
|
- 46
-
4.8
|
Conflict
of Interest
|
12
|
ARTICLE
V COVENANTS
|
12
|
|
5.1
|
Further
Assurances
|
12
|
ARTICLE
VI DELIVERIES
|
12
|
|
6.1
|
Items
to be delivered to the Shareholders prior to or at Closing by the
Company
|
12
|
6.2
|
Items
to be delivered to the Company prior to or at Closing by CD Media and the
Shareholder
|
13
|
ARTICLE
VII CONDITIONS PRECEDENT
|
13
|
|
7.1
|
Conditions
Precedent to Closing
|
13
|
7.2
|
Conditions
to Obligations of the Shareholder
|
14
|
7.3
|
Conditions
to Obligations of the Company
|
14
|
ARTICLE
VIII TERMINATION
|
15
|
|
8.1
|
Termination
|
15
|
ARTICLE
IX COVENANTS SUBSEQUENT TO CLOSING
|
16
|
|
9.1
|
Registration
Rights
|
16
|
9.2
|
Listing
on a Senior U.S. National Securities Exchange
|
16
|
9.3
|
Engagement
of Public Relations Firm and Equity Research Firm
|
16
|
ARTICLE
X MISCELLANEOUS
|
17
|
|
10.1
|
Survival
of Representations, Warranties and Agreements
|
17
|
10.2
|
Access
to Books and Records
|
17
|
10.3
|
Further
Assurances
|
17
|
10.4
|
Notice
|
17
|
10.5
|
Entire
Agreement
|
18
|
10.6
|
Successors
and Assigns
|
18
|
10.7
|
Governing
Law
|
18
|
10.8
|
Counterparts
|
19
|
10.9
|
Construction
|
19
|
10.10
|
Severability
|
19
|
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