Voting Agreement



 Exhibit 10.25 
 VOTING AGREEMENT 
 THIS VOTING AGREEMENT (this “Agreement”) is made and
entered into as of the 6th day of July, 2006, by and among (1) James Yujun Hu (the “Beneficiary”), (2) The 2004 Trust for Robert W. Roche’s Descendants and (3) Acorn Composite Corporation (each of The 2004 Trust for
Robert W. Roche’s Descendants and the Acorn Composite Corporation a “Company Shareholder”, and collectively being referred to herein as the “Company Shareholders”), shareholders of Acorn International, Inc., a
Cayman Islands exempted company (the “Company”). 
 WHEREAS, as of the date hereof, the Company Shareholders are the legal
and beneficial owner of the number of ordinary shares, US$0.01 par value per share, of the Company listed opposite each of the Company Shareholder’s names on Schedule I attached hereto (the “Company Shareholder Shares”);

 WHEREAS, the Company is considering an initial public offering of Shares and American Depositary Shares (“ADS”) and the
listing of the ADS on the New York Stock Exchange (“IPO”); and 
 WHEREAS, the Company Shareholders have agreed to the
Shares specified in Schedule II hereto (the “Subject Shares”) being voted in respect of all Corporate Actions (defined below) in the manner contemplated hereto. 
 ARTICLE I 
 RIGHT TO VOTE SUBJECT SHARES 
 1.1 The Company Shareholders each hereby agrees that on and after the Company’s IPO the Subject Shares may be voted by the Beneficiary at each and
every meeting of the shareholders of the Company called and at any adjournment or postponement thereof and in any other circumstances upon which a vote, consent or other approval, solely in its capacity as a shareholder of the Company is sought
(“Corporate Action”). For the avoidance of doubt, this Agreement shall not (i) provide for or vest any other rights to the Subject Shares in the Beneficiary whether in relation to right of transfer, dividends or return of
capital and (ii) apply to any Corporate Action taken prior to the completion of the Company’s IPO. 
 1.2 Contemporaneous with the
signing of this Agreement, the Company Shareholders each shall execute the proxy of favour of the Beneficiary in the form set out in Schedule III hereto, which proxy shall be irrevocable so long as this Agreement remains in effect. 
 1.3 The Company Shareholders each represents that any proxies heretofore given in respect of the Subject Shares held by it is revocable, and that any
such proxies are hereby revoked or will be revoked by appropriate notice (or other instrument) prior to or concurrently with the execution and delivery of this Agreement. 
  

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 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY SHAREHOLDERS 
 Each of the Company Shareholders hereby represents and warrants to the Beneficiary as follows as of the date hereof and as of the closing date of the
IPO: 
 2.1 Ownership of Subject Shares. On the date hereof, each of the Company Shareholders owns, directly or indirectly, the Company
Shareholder Shares in the amounts set forth in Schedule I attached hereto. Each Company Shareholders have sole voting power and sole power to issue instructions with respect to the ordinary shares set forth opposite each of the Company
Shareholder’s names on Schedule I. 
 2.2 Power; Binding Agreement. The Company Shareholders each has all requisite power
and authority to enter into and perform all of its obligations under this Agreement. The execution, delivery and performance of this Agreement by the Company Shareholders shall not violate any agreement to which the Company Shareholders are,
separately or jointly, a party, including, without limitation, any voting agreement, proxy arrangement, pledge agreement, shareholders agreement, voting trust or trust agreement. This Agreement has been duly and validly executed and delivered by the
Company Shareholders, and constitutes a legally valid and binding obligation of the Company Shareholders, enforceable against the Company Shareholders in accordance with its terms, except as may be limited by (a) applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally, or (b) general principles of equity relating to enforceability, whether considered in a proceeding at law or in equity. There is no
beneficiary or holder of a voting trust certificate or other interest of any trust of which either of the Company Shareholders is a trustee whose consent is required for the execution and delivery of this Agreement or the compliance by either of the
Company Shareholders with the terms hereof. 
 2.3 No Conflicts. Neither the execution and delivery of this Agreement by either
of the Company Shareholders nor the compliance by the Company Shareholders with any of the provisions hereof shall (a) conflict with or violate any agreement, law, rule, regulation, order, judgment or decision or other instrument binding upon
either of the Company Shareholders or any of the Company Shareholders’ individual or collective properties or assets, nor require any consent, notification, regulatory filing or approval which has not been obtained, (b) result in any
violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give to any third party a right of termination, cancellation, material modification or acceleration) under any of the terms, conditions or
provisions of any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which either of the Company Shareholders is a party or by which either of the Company Shareholders or any
of its properties or assets may be bound or affected, or (c) if either of the Company Shareholders is other than a natural person, conflict with, or result in any breach of, any organizational documents applicable to either of the Company
Shareholders. 
  

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 ARTICLE III 
 3.1 The obligations of the Company Shareholders under this Agreement and the representations, warranties, covenants and agreements of the Company Shareholders contained herein or granted pursuant hereto shall
automatically terminate upon the earlier to occur of (i) the Beneficiary ceasing to hold the office of chief executive officer of the Company, (ii) any transfer of all of the Subject Shares by a Company Shareholder to a person who is not
an Affiliate of such Company Shareholder, or (iii) upon one month notice in writing by either of the Company Shareholders to the Company. 
 3.2 For the purposes of this Article III, an “Affiliate” means (i) in the case of a natural person, such person’s parents, parents-in-law, spouse, children or grandchildren, a trust for the benefit of any of the
foregoing, a company, partnership or any natural person or entity wholly or majority owned by the foregoing, (ii) in the case of an entity, a partnership, a corporation or any natural person or entity which directly, or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with, such entity. The term “majority owned” or “control” shall mean the ownership, directly or indirectly, of shares possessing more than
fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, share having such power only be reason of the happening of a contingency), or having the power to control the
management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity. 
  

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 ARTICLE IV 
 Neither Company Shareholder shall transfer any of the Subject Shares to an Affiliate unless the Affiliate has signed a deed of adherence to this Agreement and thereby agree to the Subject Shares transferred to him being voted in accordance
with the terms of this Agreement. For the avoidance of doubt, 25% of the Subject Shares received by such Affiliate shall be voted in accordance with the terms of this Agreement. Such Company Shareholder (i) shall promptly notify the Beneficiary
of any transfer of Subject Shares, (ii) shall cooperate and deliver to the Beneficiary promptly upon his request details regarding Company Shareholders’ ownership of the Subject Shares (including such details as are necessary to make all
filings as may be required by the U.S. securities laws), (iii) agrees that the Beneficiary may make such filings as may be required under U.S. securities law as may be required (iv) shall take such further actions and execute such
documents or instruments as the Beneficiary may reasonably request in connection with the foregoing and the purposes and intentions of this Agreement and (v) shall deposit Company Shareholder Shares with Citibank, N.A., the depositary of the
Company’s American Depositary Receipt facility (the “Depositary Facility”) established for the IPO, only when such Company Shareholder has a good-faith intention to sell such Company Shareholder Shares and shall promptly withdraw such
Company Shareholder Shares from the Depositary Facility if the intended sale does not occur after deposit of such shares into Depositary Facility. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1 Specific Performance. Each party hereto recognizes and agrees that, if for any reason any of the provisions of this Agreement are not performed by the other parties in accordance with their specific
terms or are otherwise breached, immediate and irreparable harm or injury would be caused to the non-breaching parties for which money damages would not be an adequate remedy. Accordingly, the parties agree that, in addition to any other available
remedies, the non-breaching parties shall be entitled to an injunction restraining any violation or threatened violation of the provisions of this Agreement without the necessity of the non-breaching parties posting a bond or other form of security.
In the event that any action should be brought in equity to enforce the provisions of this Agreement, the breaching party will not allege, and the breaching party hereby waives the defense, that there is an adequate remedy at law. 
 5.2 Severability. Any term or provision of this Agreement which is invalid, illegal or unenforceable in any jurisdiction by any rule or law or
public policy shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the
validity, legality or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Without limiting the foregoing, upon such determination that any term or other provision is invalid, illegal or unenforceable, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the
transactions contemplated hereby are fulfilled to the fullest extent possible. 
  

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 5.3 Entire Agreement; Amendments. This Agreement constitutes the entire agreement of the parties
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement may not be amended except by an instrument in writing signed by each of the parties against
whom such amendment is sought to be enforced. 
 5.4 Assignment. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by either of the parties without the prior written consent of the other party. Subject to the preceding sentence, this Agreement shall be
binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. 
 5.5
Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 5.6 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed given if delivered personally, sent by express courier (providing proof
of delivery) or communicated by confirmed facsimile to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
 (a) if to the Company Shareholders, to, 
 AS SET FORTH ON SCHEDULE I and 
 (b) if to the Beneficiary, to: 
 3/F, Enji Building, 
 No. 130 Liangjiadian, 
 Haidian District, Beijing 100036 
 5.7 Governing Law; Consent to Jurisdiction. This Agreement shall be constructed and interpreted in accordance with, and the respective rights and obligations of the parties shall be governed by, the laws of the Cayman Islands, and
each party hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of the Cayman Islands. 
 5.8
Counterparts; Effectiveness. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other parties. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as a deed as
of the date first written above. 
  

											
	 EXECUTED AS A DEED AND DELIVERED BY
	 	)	  		 		  	
	 JAMES YUJUN HU
	 	)	  		 		  	
		  		 	)	  		 	 /s/ James Yujun Hu
	  	
	 in the presence of:
	 	)	  		 		  	
	 Witness Name:
	  	  
	 	)	  		 		  	
	 Address:
	  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  		 		  		 		  	
		  		 		  		 		  	
	 EXECUTED AS A DEED AND DELIVERED BY
	 	)	  		 		  	
	 The 2004 Trust
	 	)	  		 	 /s/ Edward J. Roche
	  	
	 for Robert W. Roche’s Descendants
	 	)	  		 	Authorised Signatory	  	
	 in the presence of:
	 	)	  		 		  	
						
	 Witness Name:
	  	  
	 	)	  		 		  	
	 Address:
	  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  		 		  		 		  	
		  		 		  		 		  	
	 EXECUTED AS A DEED AND DELIVERED BY
	 	)	  		 		  	
	 Acorn Composite Corporation
	 	)	  		 	 /s/ Robert W. Roche
	  	
	 in the presence of:
	 	)	  		 	Authorised Signatory	  	
		  		 		  		 		  	
	 Witness Name:
	  	  
	 	)	  		 		  	
	 Address:
	  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	

 [SIGNATURE PAGE TO VOTING AGREEMENT] 
  

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 SCHEDULE I 
 COMPANY SHAREHOLDERS 
  

			
	 Company Shareholders
	  	Number of Shares held
	 The 2004 Trust for Robert W. Roche’s Descendants at 10536 S Lorel Ave. Oak Lawn IL 60453, U.S.A
	  	1,952,962
	 Acorn Composite Corporation at 350 S. Center St., Suite 500, Reno NV 89501, U.S.A.
	  	14,583,117

  

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 SCHEDULE II 
 COMPANY SHAREHOLDERS 
 SUBJECT SHARES 
  

			
	 Company Shareholders
	  	 Number of Shares Subject to
 This Agreement

	 The 2004 Trust for Robert W. Roche’s Descendants
	  	_25% of the Shares registered in the name of the Company Shareholder_ at any time            
	 Acorn Composite Corporation
	  	_25% of the Shares registered in the name of the Company Shareholder_ at any time            








 SCHEDULE III 
 FORM OF COMPANY SHAREHOLDERS PROXY 
 We, each being a holder (a “Company Shareholder” and
collective the “Company Shareholders”) of shares of US$0.01 each in the share capital of Acorn International, Inc., a Cayman Islands exempted company (the “Company”), hereby appoint James Yujun Hu (the “Proxy Holder”)
the true and lawful attorney and proxy of us for and in our name, place and stead to attend all meetings of the shareholders of the Company and to vote in respect of twenty-five per cent of the total number of registered shares of US$0.01 each in
the capital of the Company at the time standing in our name and to exercise all consensual rights in respect of such shares (including without limitation giving or withholding written consents of shareholders and calling special general meetings of
shareholders) in accordance with the terms of a voting agreement dated July 6, 2006 between us and the Proxy Holder and referred to therein (the “Voting Agreement”). 
 The authority vested in this proxy shall terminate upon the termination of the Voting Agreement in accordance with Article III of the Voting Agreement.

 We hereby affirm that this proxy is given pursuant to Article 1.2 of the Voting Agreement. THIS PROXY IS COUPLED WITH AN INTEREST AND IS
IRREVOCABLE, BUT SUCH PROXY SHALL BE IRREVOCABLE ONLY SO LONG AS THE VOTING AGREEMENT REMAINS IN EFFECT. 
 We hereby ratify and confirm and
undertake to ratify and confirm all that the Proxy Holder may lawfully do or cause to be done by virtue hereof provided that such action is in accordance with the Voting Agreement. 
 If at any time this proxy shall or for any reason be ineffective or unenforceable, we shall execute a replacement instrument which provides the Proxy
Holder with substantially rights as contemplated herein. This irrevocable proxy shall be governed by the laws of the Cayman Islands and the Company Shareholders irrevocably submit to the non-exclusive jurisdiction of the courts of the Cayman Islands
in relation to the matters contained herein. 








											
	 EXECUTED AS A DEED AND DELIVERED BY
	 	)	  		 		  	
	 The 2004 Trust
	 	)	  		 	  
	  	
	 for Robert W. Roche’s Descendants
	 	)	  		 	Authorised Signatory	  	
	 in the presence of:
	 	)	  		 		  	
						
	 Witness Name:
	  	  
	 	)	  		 		  	
	 Address:
	  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  		 		  		 		  	
		  		 		  		 		  	
	 EXECUTED AS A DEED AND DELIVERED BY
	 	)	  		 		  	
	 Acorn Composite Corporation
	 	)	  		 	  
	  	
	 in the presence of:
	 	)	  		 	Authorised Signatory	  	
		  		 		  		 		  	
	 Witness Name:
	  	  
	 	)	  		 		  	
	 Address:
	  	  
	 	)	  		 		  	
		  	  
	 	)	  		 		  	
		  	  
	 	)