Exhibit 10.18


AMENDMENT NO. 12


 


TO NOTE EXCHANGE AND OPTION AGREEMENT


 


This AMENDMENT NO. 12 to the NOTE EXCHANGE AND OPTION
AGREEMENT is entered into as of December 28, 2017 (this “Amendment”), by and among Keywin
Holdings Limited, a British Virgin Islands company (“Keywin”), and NETWORK CN INC., a Delaware corporation
(the “Company”). Each of the parties hereto is referred to as a “Party” and collectively
as the “Parties.” Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such
terms in the Original Agreement (as defined below).


 


BACKGROUND


 


The Parties entered into a Note Exchange
and Option Agreement, dated as of April 2, 2009, as amended by Amendment No. 1 to Note Exchange and Option Agreement, dated as
of July 1, 2009, Amendment No. 2 to Note Exchange and Option Agreement, dated as of September 30, 2009, Amendment No. 3 to Note
Exchange and Option Agreement, dated as of January 1, 2010, Amendment No. 4 to Note Exchange and Option Agreement, dated as of
September 30, 2010, Amendment No. 5 to Note Exchange and Option Agreement, dated as of June 1, 2011, Amendment No. 6 to Note Exchange
and Option Agreement, dated as of December 30, 2011, Amendment No. 7 to Note Exchange and Option Agreement, dated as of June 28,
2012, Amendment No. 8 to Note Exchange and Option Agreement, dated as of December 28, 2012,Amendment No. 9 to Note Exchange and
Option Agreement, dated as of December 31, 2013, Amendment No. 10 to Note Exchange and Option Agreement, dated as of December 12,
2014 and Amendment No. 11 to Note Exchange and Option Agreement, dated as of December 31, 2015 (together, the “Original
Agreement”), pursuant to which the Company (a) issued 61,407,093 shares (before reverse split) of its common stock, par
value $0.001 per share in exchange for certain notes payable by the Company held by Keywin, (b) agreed to grant Keywin an option
(the “Option”) to purchase from the Company an aggregate of 2,020,202 shares of the Common Stock for an aggregate
purchase price of $2,000,000, exercisable within 105 months after April 2, 2009 and (c) the Company shall have the right, at its
sole discretion, to terminate the Option by providing Keywin with thirty (30) days’ advance written notice of such termination.
The Parties now desire to enter into this Amendment to modify the terms of the Original Agreement as more specifically set forth
herein.


 


AGREEMENT


 


NOW, THEREFORE, in consideration
of the mutual promises of the Parties, and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:


 


1.       Amendment
to Exercise Period and Exercise Price: Subsection (a) of Section 2, of the Original Agreement is deleted in its entirety and
in lieu thereof the following provision is inserted:


 


(a)       For
a one hundred and twenty-nine (129) month period commencing on the Closing Date (the “Exercise Period”), the
Noteholder shall have the right to purchase from the Company an aggregate of 2,020,202 shares of the Common Stock for an aggregate
purchase price of $2,000,000 (the “Purchase Price”). The Option may be exercised by the Noteholder at any time
during the Exercise Period by giving written notice to the Company.


 


2.       Agreement.
In all other respects, the Original Agreement shall remain in full force and effect.


 


3.       Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.


 



    			 



     


    

 





IN WITNESS WHEREOF, the parties hereto
have duly executed this Amendment as of the date first above written.


 


	NETWORK CN INC.
	 
	 
	By	 	 
	Name: Shirley Cheng
	Title: Director and Chief Financial Officer
	 
	 
	 
	Keywin Holdings Limited 
	 
	 
	By	 	 
	Name: Earnest Leung
	Title: Director