Exhibit 10.16


 


AMENDMENT NO. 14


 


TO NOTE EXCHANGE AND OPTION AGREEMENT


 


This AMENDMENT NO. 14 to the NOTE EXCHANGE AND
OPTION AGREEMENT is entered into as of June 1, 2021 (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, Amendment No. 11 to Note Exchange and
Option Agreement, dated as of December 31, 2015, Amendment No. 13 to Note Exchange and Option Agreement, dated as of December 27, 2017
Amendment No. 12 to Note Exchange and Option Agreement, dated as of December 31, 2019 (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
153 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 fifty-three (153) month period commencing on the Closing Date (the “Exercise Period”), the Noteholder
shall have the right to purchase from the Company an aggregate of 11,764,756 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 	/s/ Shirley Cheng
	 	Name: Shirley Cheng
	 	Title: Director and Chief Financial Officer
	 	 
	 	 
	 	 
	 	Keywin Holdings Limited 
	 	 
	 	 
	 	By 	/s/ Earnest Leung
	 	Name: Earnest Leung
	 	Title: Director


 


 


 


 


 


Amendment No. 14 Note Exchange and Option
Agreement