Document:

Exhibit 10.3

 

EXECUTION COPY

 

LOCK-UP
AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of September 6, 2019 by and among (i)
TKK Symphony Acquisition Corporation, a Cayman Islands exempted company, which will be known after the consummation of
the transactions contemplated by the Share Exchange Agreement (as defined below) as “Glory Star New Media Group Holdings
Limited” (including any successor entity thereto, “Purchaser”), (ii) TKK Symphony Sponsor 1,
a Cayman Islands exempted company, in the capacity under the Share Exchange Agreement as the Purchaser Representative (including
any successor Purchaser Representative appointed in accordance therewith, the “Purchaser Representative”),
and (iii) the undersigned (“Holder”). Any capitalized term used but not defined in this Agreement will
have the meaning ascribed to such term in the Share Exchange Agreement.

 

WHEREAS,
on September 6, 2019, Purchaser, the Purchaser Representative and Holder entered into that certain Share Exchange Agreement (as
amended from time to time in accordance with the terms thereof, the “Share Exchange Agreement”), by
and among Purchaser, the Purchaser Representative, Glory Star New Media Group Limited, a Cayman Islands exempted company (the
“Company”), Glory Star New Media (Beijing) Technology Co., Ltd. (耀世星辉新文娱(北京)科技有限公司),
a wholly foreign-owned enterprise limited liability company incorporated in the People’s Republic of China (“PRC”)
and indirectly wholly-owned by the Company, Xing Cui Can International Media (Beijing) Co., Ltd. (星璀璨国际传媒(北京)有限公司),
a limited liability company incorporated in the PRC, Horgos Glory Star Media Co., Ltd. (霍尔果斯耀世星辉文化传媒有限公司),
a limited liability company incorporated in the PRC, the shareholders of the Company named therein, including Holder (the “Sellers”),
and Zhang Bing, in the capacity as the Seller Representative thereunder, pursuant to which, subject to the terms and conditions
thereof, Purchaser will acquire from the Sellers all of the issued and outstanding equity interests of the Company in exchange
for Purchaser Common Shares, a portion of which will be set aside in escrow and held in an escrow account in accordance with the
terms and conditions of the Share Exchange Agreement and the Escrow Agreement to be entered into by the Purchaser, the Purchaser
Representative, the Seller Representative and the Escrow Agent;

 

WHEREAS,
Holder is a holder of the capital stock of the Company in such amount as set forth underneath Holder’s name on the signature
page hereto; and

 

WHEREAS,
pursuant to the Share Exchange Agreement, and in view of the valuable consideration to be received by Holder thereunder, including
the rights under the Registration Rights Agreement being entered into by and among Purchaser, the Purchaser Representative and
the Sellers, including Holder, on or about the date hereof in connection with the Share Exchange Agreement (the “Registration
Rights Agreement”), the parties desire to enter into this Agreement, pursuant to which the Exchange Shares and the
Earnout Shares, if any, to be issued to Holder (including any shares held in escrow as Escrow Shares) (such Exchange Shares and
Earnout Shares, together with any securities paid as dividends or distributions with respect to such securities or into which
such securities are exchanged or converted, the “Restricted Securities”) shall become subject to limitations
on disposition as set forth herein.

 

    1

     

    

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth
below, and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.
Lock-Up Provisions.

 

(a)
Holder hereby agrees not to, during the period commencing from the Closing and ending on the earlier of, (i) with respect to fifty
percent (50%) of each type of the Restricted Securities (including Escrow Shares), (x) the six (6) month anniversary of the date
of the Closing, (y) the date on which the closing sale price of the Purchaser Ordinary Shares equals or exceeds $12.50 per share
(as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any twenty (20) trading days within
any thirty (30) trading day period commencing after the Closing, and (z) the date after the Closing on which Purchaser consummates
a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in all of Purchaser’s
shareholders having the right to exchange their equity holdings in Purchaser for cash, securities or other property (a “Subsequent
Transaction”), and (ii) with respect to the remaining fifty percent (50%) of the Restricted Securities, (x) the
one (1) year anniversary of the date of the Closing and (y) the date after the Closing on which Purchaser consummates a Subsequent
Transaction (the “Lock-Up Period”): sell, transfer, assign, pledge, hypothecate or otherwise dispose
of, directly or indirectly, the Restricted Securities, or publicly disclose the intention to do any of the foregoing (a “Prohibited
Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned
by Holder (other than Escrow Shares until such Escrow Shares are disbursed to Holder from the Escrow Account in accordance with
the terms and conditions of the Share Exchange Agreement and the Escrow Agreement) (i) by gift, will or intestate succession upon
the death of Holder, (ii) to any Permitted Transferee, (iii) pursuant to a court order or settlement agreement related to the
distribution of assets in connection with the dissolution of marriage or civil union; provided, however, that in any of cases
(i), (ii) or (iii) it shall be a condition to such transfer that the transferee executes and delivers to Purchaser and the Purchaser
Representative an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions
of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except in accordance
with this Agreement. As used in this Agreement, the term “Permitted Transferee” shall mean: (I) Purchaser’s
officers, directors or their respective affiliates, (II) the members of Holder’s immediate family (for purposes of this
Agreement, “immediate family” shall mean with respect to any natural person, any of the following: such person’s
spouse, the siblings of such person and his or her spouse, and the direct descendants and ascendants (including adopted and step
children and parents) of such person and his or her spouses and siblings), (III) any trust for the direct or indirect benefit
of Holder or the immediate family of Holder, (IV) if Holder is a trust, to the trustor or beneficiary of such trust or to the
estate of a beneficiary of such trust, (V) as a distribution to partners, shareholders, members of, or owners of similar equity
interests in Holder upon the liquidation and dissolution of Holder, or (VI) to any affiliate of Holder. Holder further agrees
to execute such agreements as may be reasonably requested by Purchaser or the Purchaser Representative that are consistent with
the foregoing or that are necessary to give further effect thereto.

 

(b)
Holder further acknowledge and agrees that notwithstanding Section 1(a) above, it shall not be permitted to engage in any
Prohibited Transfer with respect to any Escrow Shares until such Escrow Shares are disbursed to Holder from the Escrow Account
in accordance with the terms and conditions of the Share Exchange Agreement and the Escrow Agreement.

 

(c)
If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer
shall be null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities
as one of its equity holders for any purpose. In order to enforce this Section 1, Purchaser may impose stop-transfer
instructions with respect to the Restricted Securities of Holder (and permitted transferees and assigns thereof) until the end
of the Lock-Up Period.

 

    2

     

    

 

(d)
During the Lock-Up Period (and with respect to any Escrow Shares, if longer, the during the period when such Escrow Shares are
held in the Escrow Account), each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with
a legend in substantially the following form, in addition to any other applicable legends:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS
OF SEPTEMBER 6, 2019, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER
NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF
UPON WRITTEN REQUEST.”

 

(e)
For the avoidance of any doubt, Holder shall retain all of its rights as a shareholder of Purchaser during the Lock-Up Period,
including the right to vote any Restricted Securities.

 

2.
Miscellaneous.

 

(a)
Termination of Share Exchange Agreement. Notwithstanding anything to the contrary contained herein, in the event that the
Share Exchange Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations
of the parties hereunder shall automatically terminate and be of no further force or effect.

 

(b)
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit
of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are
personal to Holder and may not be transferred or delegated by Holder at any time. Purchaser may freely assign any or all of its
rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset
sale or otherwise) without obtaining the consent or approval of Holder. If the Purchaser Representative is replaced in accordance
with the terms of the Share Exchange Agreement, the replacement Purchaser Representative shall automatically become a party to
this Agreement as if it were the original Purchaser Representative hereunder.

 

(c)
Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection
with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any
person or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

(d)
Governing Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of law
principles thereof. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any
state or federal court located in New York, New York (or in any appellate courts thereof) (the “Specified Courts”).
Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising
out of or relating to this Agreement brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient
forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced
in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the service
of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party
to serve legal process in any other manner permitted by applicable law.

 

    3

     

    

 

(e)
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING
WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 2(e).

 

(f)
Interpretation. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs
shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means
including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case
to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,” and
“hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement
as a whole and not to any particular section or other subdivision of this Agreement; and (iv) the term “or” means
“and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.

 

    4

     

    

 

(g)
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt,
(iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3)
Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case
to the applicable party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 

                                                                                                                                                              If
                                         to the Purchaser Representative or, at or prior to the Closing, Purchaser, to:

                                                                                                                                                               

        TKK
        Symphony Sponsor 1

        c/o Texas Kang Kai Capital Management (Hong Kong) Limited

        2039, 2/F United Center, 95 Queensway Admiralty, Hong Kong

        Attention: Sing Wang, Chairman and CEO

        Telephone No.: +852 3643 1693

        Email: sw@tkkcapital.com
	 	 

                                                                                                                                                              With
                                         a copy to (which shall not constitute notice):

                                                                                                                                                               

        Ellenoff
        Grossman & Schole, LLP

        1345 Avenue of the Americas, 11th Floor

        New York, NY 10105

        Attn:      Stuart Neuhauser, Esq.

                       Matthew A. Gray, Esq.

        Fax:        (212) 370-7889

        Tel:        (212) 370-1300

        Email:    sneuhauser@egsllp.com

                      mgray@egsllp.com

         

        and

         

        Goodwin
        Procter

        Suite 2801, One Exchange Square

        8 Connaught Place, Central, Hong Kong

        Attn:     Douglas Freeman, Esq.

                      Victor Chen, Esq.

        Facsimile No.:    +852 2801 5515

        Telephone No.: +852 3658 5300

        Email:    DFreeman@goodwinlaw.com

                      VChen@goodwinlaw.com

         

	 

                                                                                                                     If
                                         to Purchaser after the Closing, to:

                                                                                                                      

        Glory
        Star New Media Group Holdings Limited

        22nd Floor, Block B, Xinhua Technology Building,

        No. 8 Tuofangying Road,

        Chaoyang District, Beijing, China

        Attn: Zhang Bing, CEO and President

        Telephone No.: +86-13810355988

        Email: 81320382@qq.com
	 	 

                                                                                                                     With
                                         copies to (which shall not constitute notice):

                                                                                                                      

        Lewis
        Brisbois Bisgaard & Smith LLP

        633 West 5th Street, Suite 4000

        Los Angeles, CA 90071

        Attention: Scott E. Bartel, Esq.

        Facsimile No.:    (213) 250-7900

        Telephone No.: (213) 358-6174

        Email: scott.bartel@LewisBrisbois.com

         

        and

         

        the
        Purchaser Representative (and its copy for notices hereunder)

         

	 

                                                                                                                                 If to Holder, to:  the address set forth below Holder’s name on the signature page to this Agreement.

                                                                                 

 

(h)
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent
of Purchaser, the Purchaser Representative and Holder. No failure or delay by a party in exercising any right hereunder shall
operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or
more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

(i)
Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction,
such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same
valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any
way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries
out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

    5

     

    

 

(j)
Specific Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms
that in the event of a breach of this Agreement by Holder, money damages will be inadequate and Purchaser (and the Purchaser Representative
on behalf of Purchaser) will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed by Holder in accordance with their specific terms or were otherwise
breached. Accordingly, each of Purchaser and the Purchaser Representative shall be entitled to an injunction or restraining order
to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement
to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right
or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

(k)
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect
to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the
parties is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights
and obligations of the parties under the Share Exchange Agreement or any Ancillary Document, including the Registration Rights
Agreement. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of Purchaser and
the Purchaser Representative or any of the obligations of Holder under any other agreement between Holder and Purchaser or the
Purchaser Representative or any certificate or instrument executed by Holder in favor of Purchaser or the Purchaser Representative,
and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of Purchaser or the Purchaser
Representative or any of the obligations of Holder under this Agreement.

 

(l)
Further Assurances. From time to time, at another party’s request and without further consideration (but at the requesting
party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further
action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m)
Counterparts; Facsimile.  This Agreement may also be executed and delivered by facsimile signature or by email in
portable document format 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.

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

 

    6

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	Purchaser:
	 	 	 	 
	 	TKK SYMPHONY ACQUISITION CORPORATION
	 	 	 	                    
	 	By:	 
	 	Name:	
	 	Title:	
	 	 	 	 
	 	The Purchaser Representative:
	 	 	 	 
	 	TKK SYMPHONY SPONSOR 1,
	 	 	 	 
	 	in its capacity under the Share Exchange Agreement as the Purchaser Representative
	 	 	 	 
	 	By:	                                           
	 	Name:	
	 	Title:	

 

{Additional
Signature on the Following Page}

 

{Signature Page to Lock-Up Agreement}

 

    

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above. 

 

Holder:

 

Name
of Holder: [                                                    ]

 

	By:	 	 

Name:

Title:

 

Number
and Type of Shares of Company Capital Stock:

 

 

 

 

 

Address
for Notice:

 

Address:                                                                                     

                                                                                                     

                                                                                                     

                                                                                                     

Facsimile
No.:                                                                            

Telephone
No.:                                                                          

Email:
                                                                                          

 

{Signature
Page to Lock-Up Agreement}Exhibit 10.4

 

Execution Copy

 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as
of September 6, 2019 by Happy Starlight Limited, a Cayman Islands company (the “Seller”), and
the Seller’s principal shareholder Zhang Bing (the “Principal” and, together with Seller,
the “Subject Parties”) in favor of and for the benefit of TKK Symphony Acquisition Corporation,
a Cayman Islands exempted company, which will be known after the consummation of the transactions contemplated by the Share Exchange
Agreement (as defined below) as “Glory Star New Media Group Holdings Limited” (including any successor entity thereto,
“Purchaser”), Glory Star New Media Group Limited, a Cayman Islands exempted company (including
any successor entity thereto, the “Company”), and each of Purchaser’s and/or the Company’s
respective present and future Affiliates, successors and direct and indirect Subsidiaries (collectively with Purchaser and the
Company, the “Covered Parties”). Any capitalized term used, but not defined in this Agreement will have
the meaning ascribed to such term in the Share Exchange Agreement.

 

WHEREAS,
on September 6, 2019, Purchaser, the Company and Seller entered into that certain Share Exchange Agreement (as amended from time
to time in accordance with the terms thereof, the “Share Exchange Agreement”), by and among (i) Purchaser,
(ii) TKK Symphony Sponsor 1, a Cayman Islands exempted company, in the capacity as the Purchaser Representative thereunder (including
any successor Purchaser Representative appointed in accordance therewith, the “Purchaser Representative”),
(iii) the Company, (iv) Glory Star New Media (Beijing) Technology Co., Ltd. (耀世星辉新文娱(北京)科技有限公司),
a wholly foreign-owned enterprise limited liability company incorporated in the People’s Republic of China (“PRC”)
and indirectly wholly-owned by the Company, (v) Xing Cui Can International Media (Beijing) Co., Ltd. (星璀璨国际传媒(北京)有限公司),
a limited liability company incorporated in the PRC, Horgos Glory Star Media Co., Ltd. (霍尔果斯耀世星辉文化传媒有限公司),
a limited liability company incorporated in the PRC, (vi) the shareholders of the Company named therein, including the Seller,
and (v) Zhang Bing, in the capacity as the Seller Representative thereunder, pursuant to which, subject to the terms and conditions
thereof, Purchaser will acquire all of the issued and outstanding equity interests of the Company in exchange for shares of Purchaser’s
common stock;

 

WHEREAS,
the Company is in the business of online media and entertainment services (the “Business”);

 

WHEREAS,
in connection with, and as a condition to the consummation of the transactions contemplated by the Share Exchange Agreement (the
“Transactions”), and to enable Purchaser to secure more fully the benefits of the Transactions, including
the protection and maintenance of the goodwill and confidential information of the Company and its Subsidiaries, Purchaser has
required that the Subject Parties enter into this Agreement;

 

WHEREAS,
the Subject Parties are entering into this Agreement in order to induce Purchaser to consummate the Transactions, pursuant to
which the Subject Parties will directly or indirectly receive a material benefit; and

 

WHEREAS,
the Seller and/or the Principal, as a former and/or current shareholder, director, officer or employee of the Company or its Subsidiaries,
has contributed to the value of the Company and has obtained extensive and valuable knowledge and confidential information concerning
the business of the Company and its Subsidiaries.

 

    

     

    

 

NOW,
THEREFORE, in order to induce Purchaser to consummate the Transactions, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, each Subject Party hereby agrees as follows:

 

1. Restriction
on Competition.

 

(a) Restriction.
The Subject Parties hereby agree that during the period from the Closing until the three (3) year anniversary of the Closing Date
(the “Restricted Period”), the Subject Parties will not, and will cause their respective Affiliates
not to, without the prior written consent of Purchaser (which may be withheld in its sole discretion), anywhere in the PRC or
in any other markets in which the Covered Parties are engaged, or are actively contemplating to become engaged, in the Business
as of the Closing Date or during the Restricted Period (the “Territory”), directly or indirectly engage
in the Business (other than through a Covered Party) or own, manage, finance or control, or participate in the ownership, management,
financing or control of, or become engaged or serve as an officer, director, member, partner, employee, agent, consultant, advisor
or representative of, a business or entity (other than a Covered Party) that engages in the Business (a “Competitor”).
Notwithstanding the foregoing, the Subject Parties and their respective Affiliates may own passive investments of no more than
three percent (3%) of any class of outstanding equity interests in a Competitor that is publicly traded, so long as the Subject
Parties and their Affiliates and their respective directors, officers, managers and employees who were involved with the business
of the Company or its Subsidiaries, and the immediate family members of the Subject Parties or their respective Affiliates, are
not involved in the management or control of such Competitor (“Permitted Ownership”).

 

(b) Acknowledgment.
Each Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or such Subject Party’s own education,
experience and training, that (i) such Subject Party possesses knowledge of confidential information of the Company and its Subsidiaries
and the Business, (ii) such Subject Party’s execution of this Agreement is a material inducement to Purchaser to consummate
the Transactions and to realize the goodwill of the Company and its Subsidiaries, for which such Subject Party will receive a
substantial direct or indirect financial benefit, and that Purchaser would not have entered into the Share Exchange Agreement
or consummated the Transactions but for the Subject Parties’ agreements set forth in this Agreement; (iii) it would impair
the goodwill of the Company and its Subsidiaries and reduce the value of the assets of the Company and its Subsidiaries and cause
serious and irreparable injury if such Subject Party were to use its ability and knowledge by engaging in the Business in competition
with a Covered Party, and/or to otherwise breach the obligations contained herein and that the Covered Parties would not have
an adequate remedy at law because of the unique nature of the Business, (iv) neither such Subject Party nor its Affiliates have
any intention of engaging in the Business (other than through the Covered Parties) during the Restricted Period other than through
Permitted Ownership, (v) the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation
provisions have been discussed, and every effort has been made to limit the restrictions placed upon such Subject Party to those
that are reasonable and necessary to protect the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct
and intend to conduct the Business everywhere in the Territory and compete with other businesses that are or could be located
in any part of the Territory, (vii) the foregoing restrictions on competition are fair and reasonable in type of prohibited activity,
geographic area covered, scope and duration, (viii) the consideration provided to such Subject Party under this Agreement and
the Share Exchange Agreement is not illusory, and (ix) such provisions do not impose a greater restraint than is necessary to
protect the goodwill or other business interests of the Covered Parties.

 

    2

     

    

 

2. No
Solicitation; No Disparagement.

 

(a) No
Solicitation of Employees and Consultants. The Subject Parties agree that, during the Restricted Period, the Subject Parties
will not, and will not permit their respective Affiliates to, without the prior written consent of Purchaser (which may be withheld
in its sole discretion), either on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party
in the performance of a Subject Party’s or its Affiliate’s duties on behalf of the Covered Parties), directly or indirectly:
(i) hire or engage as an employee, independent contractor, consultant or otherwise any Covered Personnel (as defined below); (ii)
solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing) any Covered Personnel to leave
the service (whether as an employee, consultant or independent contractor) of any Covered Party; or (iii) in any way interfere
with or attempt to interfere with the relationship between any Covered Personnel and any Covered Party; provided, however,
the Subject Parties and their Affiliates will not be deemed to have violated this Section 2(a) if any Covered Personnel
voluntarily and independently solicits an offer of employment from a Subject Party or its Affiliate (or other Person whom a Subject
Party or its Affiliate is acting on behalf of) by responding to a general advertisement or solicitation program conducted by or
on behalf of such Subject Party or its Affiliate (or such other Person whom a Subject Party or its Affiliate is acting on behalf
of) that is not targeted at such Covered Personnel or Covered Personnel generally, so long as such Covered Personnel is not hired.
For purposes of this Agreement, “Covered Personnel” shall mean any Person who is or was an employee,
consultant or independent contractor of the Covered Parties as of the date of the relevant act prohibited by this Section 2(a)
or during the one (1) year period preceding such date.

 

(b) Non-Solicitation
of Customers and Suppliers. The Subject Parties agree that, during the Restricted Period, the Subject Parties will not, and
will not permit their Affiliates to, without the prior written consent of Purchaser (which may be withheld in its sole discretion),
individually or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of a Subject Party’s
or its Affiliate’s duties on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise
knowingly cause (or attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become,
a client or customer of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered Customer
with any Covered Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either case,
with respect to or relating to the Business; (ii) interfere with or disrupt (or attempt to interfere with or disrupt) the contractual
relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer relating
to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any Covered
Customer for products or services that are part of the Business; or (v) interfere with or disrupt (or attempt to interfere with
or disrupt), any Person that was a vendor, supplier, distributor, agent or other service provider of a Covered Party at the time
of such interference or disruption, for a purpose competitive with a Covered Party as it relates to the Business. For purposes
of this Agreement, a “Covered Customer” shall mean any Person who is or was an actual customer or client
(or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action to make a proposal)
of a Covered Party as of the date of the relevant act prohibited by this Section 2(b) or during the one (1) year period
preceding such date.

 

(c) Non-Disparagement.
The Subject Parties agree that from and after the Closing until the second (2nd) anniversary of the end of the Restricted
Period, the Subject Parties will not, and will not permit their Affiliates to, directly or indirectly engage in any conduct that
involves the making or publishing (including through electronic mail distribution or online social media) of any written or oral
statements or remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports or comments)
that are disparaging, deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties or their
respective management, officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject to
Section 3 below, the provisions of this Section 2(c) shall not restrict a Subject Party or its Affiliates from providing
truthful testimony or information in response to a subpoena or investigation by a Governmental Authority or in connection with
any legal action by a Subject Party or its Affiliate against any Covered Party under this Agreement, the Share Exchange Agreement
or any other Ancillary Document that is asserted by such Subject Party or its Affiliate in good faith.

 

    3

     

    

 

3. Confidentiality.
From and after the Closing Date, the Subject Parties will, and will cause their respective Representatives to, keep confidential
and not (except, if applicable, in the performance of a Subject Party’s duties on behalf of the Covered Parties) directly
or indirectly use, disclose, reveal, publish, transfer or provide access to, any and all Covered Party Information without the
prior written consent of Purchaser (which may be withheld in its sole discretion). As used in this Agreement, “Covered
Party Information” means all material and information relating to the business, affairs and assets of any Covered
Party, including material and information that concerns or relates to such Covered Party’s bidding and proposal, technical
information, computer hardware or software, administrative, management, operational, data processing, financial, marketing, customers,
sales, human resources, employees, vendors, business development, planning and/or other business activities, regardless of whether
such material and information is maintained in physical, electronic, or other form, that is: (A) gathered, compiled, generated,
produced or maintained by such Covered Party through its Representatives, or provided to such Covered Party by its suppliers,
service providers or customers; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service
providers or customers to be kept in confidence. Covered Party Information also includes information disclosed to any Covered
Party by third parties to the extent that a Covered Party has an obligation of confidentiality in connection therewith. The obligations
set forth in this Section 3 will not apply to any Covered Party Information where a Subject Party can prove that such material
or information: (i) is known or available through other lawful sources not bound by a confidentiality agreement with, or other
confidentiality obligation with respect to such material or information; (ii) is or becomes publicly known through no violation
of this Agreement or other non-disclosure obligation of the Subject Parties or their Representatives; (iii) is already in the
possession of such Subject Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or
other confidentiality obligation as evidenced by such Subject Party’s documents and records; or (iv) is required to be disclosed
pursuant to an order of any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party
is given reasonable prior written notice, (B) such Subject Party cooperates (and causes its Representatives to cooperate) with
any reasonable request of any Covered Party to seek to prevent or narrow such disclosure and (C) if after compliance with clauses
(A) and (B) such disclosure is still required, such Subject Party and its Representatives only disclose such portion of the Covered
Party Information that is expressly required by such order, as it may be subsequently narrowed).

 

4. Representations
and Warranties. The Subject Parties hereby jointly and severally represent and warrant, to and for the benefit of the Covered
Parties as of the date of this Agreement and as of the Closing Date, that: (a) each Subject Party has full power and capacity
to execute and deliver, and to perform all of such Subject Party’s obligations under, this Agreement; and (b) neither the
execution and delivery of this Agreement nor the performance of a Subject Party’s obligations hereunder will result directly
or indirectly in a violation or breach of any agreement or obligation by which a Subject Party is a party or otherwise bound.
By entering into this Agreement, each Subject Party certifies and acknowledges that such Subject Party has carefully read all
of the provisions of this Agreement, and that such Subject Party voluntarily and knowingly enters into this Agreement.

 

5. Remedies.
The covenants and undertakings of the Subject Parties contained in this Agreement relate to matters which are of a special,
unique and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered
Parties, the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. Each Subject
Party agrees that, in the event of any breach or threatened breach by a Subject Party of any covenant or obligation contained
in this Agreement, each applicable Covered Party will be entitled to obtain the following remedies (in addition to, and not in
lieu of, any other remedy at law or in equity or pursuant to the Share Exchange Agreement or the other Ancillary Documents that
may be available to the Covered Parties, including monetary damages), and a court of competent jurisdiction may award: (i) an
injunction, restraining order or other equitable relief restraining or preventing such breach or threatened breach, without the
necessity of proving actual damages or posting bond or security or that monetary damages would be insufficient, which each Subject
Party expressly waives; and (ii) recovery of the Covered Party’s attorneys’ fees and costs incurred in enforcing the
Covered Party’s rights under this Agreement. Each Subject Party hereby consents to the award of any of the above remedies
to the applicable Covered Party in connection with any such breach or threatened breach. Each Subject Party hereby acknowledges
and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement (or any other
non-competition agreement with a Subject Party) under or in connection with the Share Exchange Agreement shall not be considered
a measure of, or a limit on, the damages of the Covered Parties.

 

    4

     

    

 

6. Survival
of Obligations. The expiration of the Restricted Period will not relieve a Subject Party of any obligation or liability arising
from any breach by such Subject Party of this Agreement during the Restricted Period. The Subject Parties further agree that the
time period during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective
will be computed by excluding from such computation any time during which a Subject Party is in violation of any provision of
such Sections.

 

7. Miscellaneous.

 

(a) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 

                                                                                                                                                              If
                                         to the Purchaser Representative or, at or prior to the Closing, Purchaser (or any other
                                         Covered Party), to:

         

        TKK
        Symphony Sponsor 1

        c/o Texas Kang Kai Capital Management (Hong Kong) Limited

        2039, 2/F United Center, 95 Queensway Admiralty, Hong Kong

        Attention: Sing Wang, Chairman and CEO

        Telephone No.: +852 3643 1693

        Email: sw@tkkcapital.com
	 	 

                                                                                                                                                              With
                                         a copy to (which shall not constitute notice):

         

        Ellenoff
        Grossman & Schole, LLP

        1345 Avenue of the Americas, 11th Floor

        New York, NY 10105

        Attn:     Stuart Neuhauser, Esq.

                       Matthew A. Gray, Esq.

        Fax:        (212) 370-7889

        Tel:        (212) 370-1300

        Email:    sneuhauser@egsllp.com

                       mgray@egsllp.com

         

        and

         

        Goodwin
        Procter

        Suite 2801, One Exchange Square

        8 Connaught Place, Central, Hong Kong

        Attn:      Douglas Freeman, Esq.

                        Victor Chen, Esq.

        Facsimile No.:    +852 2801 5515

        Telephone No.: +852 3658 5300

        Email: DFreeman@goodwinlaw.com

                   VChen@goodwinlaw.com

         

	

    5

     

    

 

	 

                                                                                                                                                              If
                                         to Purchaser (or any other Covered Party) after the Closing, to:

         

        Glory
        Star New Media Group Holdings Limited

        22nd Floor, Block B, Xinhua Technology Building,

        No. 8 Tuofangying Road,

        Chaoyang District, Beijing, China

        Attn: Zhang Bing, CEO and President

        Telephone No.: +86-13810355988

        Email: 81320382@qq.com

         

        and

         

        TKK
        Symphony Sponsor 1

        c/o Texas Kang Kai Capital Management (Hong Kong) Limited

        2039, 2/F United Center, 95 Queensway Admiralty, Hong Kong

        Attn: Sing Wang, Chairman and CEO

        Telephone No.: +852 3643 1693

        Email: sw@tkkcapital.com
	 	 

                                                                                                                              with
                                         copies (that will not constitute notice) to: 

         

        Lewis
        Brisbois Bisgaard & Smith LLP

        633 West 5th Street, Suite 4000

        Los Angeles, CA 90071

        Attention: Scott E. Bartel, Esq.

        Facsimile No.: (213) 250-7900

        Telephone No.: (213) 358-6174

        Email: scott.bartel@LewisBrisbois.com

         

        and

         

        Ellenoff
        Grossman & Schole, LLP

        1345 Avenue of the Americas, 11th Floor

        New York, NY 10105

        Attn:    Stuart Neuhauser, Esq.

                     Matthew A. Gray, Esq.

        Fax:      (212) 370-7889

        Tel:      (212) 370-1300

        Email:  sneuhauser@egsllp.com

                     mgray@egsllp.com

         

        and

         

        Goodwin
        Procter

        Suite 2801, One Exchange Square

        8 Connaught Place, Central, Hong Kong

        Attn:     Douglas Freeman, Esq.

                      Victor Chen, Esq.

        Facsimile No.:     +852 2801 5515

        Telephone No.:  +852 3658 5300

        Email: DFreeman@goodwinlaw.com

                   VChen@goodwinlaw.com

         

	

 

If to a Subject Party, to: 

 

the address
below such Subject Party’s name on the signature page to this Agreement.

 

 

(b) Integration
and Non-Exclusivity. This Agreement, the Share Exchange Agreement and the other Ancillary Documents contain the entire agreement
between the Subject Parties and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights
and remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which
they may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without
limiting the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities
of the Subject Parties and their Affiliates, under this Agreement, are in addition to their respective rights, remedies, obligations
and liabilities (i) under the laws of unfair competition, misappropriation of trade secrets, or other requirements of statutory
or common law, or any applicable rules and regulations and (ii) otherwise conferred by contract, including the Share Exchange
Agreement and any other written agreement between a Subject Party or its Affiliate and any of the Covered Parties. Nothing in
the Share Exchange Agreement will limit any of the obligations, liabilities, rights or remedies of the Subject Parties or the
Covered Parties under this Agreement, nor will any breach of the Share Exchange Agreement or any other agreement between a Subject
Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or remedy of the Covered Parties under
this Agreement. If any term or condition of any other agreement between a Subject Party or its Affiliate and any of the Covered
Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive terms will control
as to such Subject Party or its Affiliate, as applicable.

 

    6

     

    

 

(c) Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision
of this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction,
then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest
possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality
or enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality
or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision
or the validity, legality or enforceability of any other provision of this Agreement. The Subject Parties and the Covered Parties
will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far
as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting
the foregoing, if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration,
geographic area covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic
area covered or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable.
Each Subject Party will, at a Covered Party’s request, join such Covered Party in requesting that such court take such action.

 

(d) Amendment;
Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject
Parties, Purchaser and the Purchaser Representative (or their respective permitted successors or assigns). No waiver will be effective
unless it is expressly set forth in a written instrument executed by the waiving party (and if such waiving party is a Covered
Party, the Purchaser Representative) and any such waiver will have no effect except in the specific instance in which it is given.
Any delay or omission by a party in exercising its rights under this Agreement, or failure to insist upon strict compliance with
any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor
will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment
of such right or power at any other time or times.

 

(e) Dispute
Resolution. Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question
occurring under, this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary
injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this Section
7(e)) (a “Dispute”) shall be governed by this Section 7(e). A party must, in the first instance,
provide written notice of any Disputes to the other parties subject to such Dispute, which notice must provide a reasonably detailed
description of the matters subject to the Dispute. Any Dispute that is not resolved may at any time after the delivery of such
notice immediately be referred to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the
Commercial Arbitration Rules (the “AAA Procedures”) of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period.
To the extent that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration
shall be conducted by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the
submission of the Dispute to the AAA and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be
a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept
his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or
her nomination and acceptance by the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator
shall decide the Dispute in accordance with the substantive law of the State of New York. Time is of the essence. Each party shall
submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment
of the arbitrator. The arbitrator shall have the power to order any party to do, or to refrain from doing, anything consistent
with this Agreement, the Ancillary Documents and applicable Law, including to perform its contractual obligation(s); provided,
that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order)
the relevant party (or parties, as applicable) to comply with only one or the other of the proposals. The arbitrator’s award shall
be in writing and shall include a reasonable explanation of the arbitrator’s reason(s) for selecting one or the other proposal.
The seat of arbitration shall be in New York County, State of New York. The language of the arbitration shall be English.

 

    7

     

    

 

(f) 
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of
the State of New York without regard to the conflict of laws principles thereof. Subject to Section 7(e), all Actions arising
out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any appellate courts thereof) (the “Specified Courts”). Subject to Section 7(e),
each party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising
out of or relating to this Agreement brought by any party hereto, (b) irrevocably waives, and agrees not to assert by way of motion,
defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that
the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or
by any Specified Court and (c) waives any bond, surety or other security that might be required of any other party with respect
thereto. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by Law or in equity. Each party irrevocably consents to the service of
the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by
this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 7(a). Nothing in this Section 7(f) shall affect the right of any party to serve legal
process in any other manner permitted by Law.

 

(g) WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION 7(g) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL
BY JURY.

 

(h) Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon each Subject Party and each Subject Party’s
estate, successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns.
Each Covered Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person
which acquires, in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or otherwise)
of such Covered Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole,
without obtaining the consent or approval of either Subject Party. Each Subject Party agrees that the obligations of such Subject
Party under this Agreement are personal and will not be assigned by such Subject Party. Each of the Covered Parties are express
third party beneficiaries of this Agreement and will be considered parties under and for purposes of this Agreement.

 

    8

     

    

 

(i) Purchaser
Representative Authorized to Act on Behalf of Covered Parties. The parties acknowledge and agree that the Purchaser Representative
is authorized and shall have the sole right to act on behalf of Purchaser and the other Covered Parties under this Agreement,
including the right to enforce Purchaser’s rights and remedies under this Agreement. Without limiting the foregoing, in
the event that a Subject Party serves as a director, officer, employee or other authorized agent of a Covered Party, such Subject
Party shall have no authority, express or implied, to act or make any determination on behalf of a Covered Party in connection
with this Agreement or any dispute or Action with respect hereto.

 

(j) Construction.
Each Subject Party acknowledges that such Subject Party has been represented, or had the opportunity to be represented, by counsel
of its choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party will not
be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history of
this Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings
and subheadings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. In this Agreement: (i) the words “include,” “includes” and “including”
when used herein shall be deemed in each case to be followed by the words “without limitation”; (ii) the definitions
contained herein are applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context,
any pronoun shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and
verbs shall include the plural and vice versa; (iv) the words “herein,” “hereto,” and “hereby”
and other words of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular
Section or other subdivision of this Agreement; (v) the word “if” and other words of similar import when used herein
shall be deemed in each case to be followed by the phrase “and only if”; (vi) the term “or” means “and/or”;
and (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein
means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent and
references to all attachments thereto and instruments incorporated therein.

 

(k) Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same
validity and enforceability as an originally signed copy.

 

(l) Effectiveness.
This Agreement shall be binding upon each Subject Party upon such Subject Party’s execution and delivery of this Agreement,
but this Agreement shall only become effective upon the consummation of the Transactions. In the event that the Share Exchange
Agreement is validly terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall
automatically terminate and become null and void, and the parties shall have no obligations hereunder.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    9

     

    

 

IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the
date first written above.

 

	 	Seller:
	 	 
	 	HAPPY STARLIGHT LIMITED
	 	 	 
	 	By:	                               
	 	Name:  Zhang Bing
	 	Title:  Director
	 	 	 
	 	Address for Notice:
	 	 
	 	Address:                                                
	 	                                                                   
	 	                                                                
	 	Facsimile No.:
                                          
	 	Telephone No.:
                                       
	 	Email:
                                                        
	 	 	 
	 	Principal:
	 	 
	 	 
	 	Name:  Zhang Bing
	 	 
	 	Address for Notice:
	 	 
	 	Address:                                                
	 	                                                                   
	 	                                                                
	 	Facsimile No.:
                                          
	 	Telephone No.:
                                       
	 	Email:
                                                        

 

{Signature Page to Non-Competition
Agreement}

 

    

     

    

 

Acknowledged
and accepted as of the date first written above:

 

Purchaser:

 

TKK
SYMPHONY ACQUISITION CORPORATION

 

	By:	 	 

Name:

Title:

 

The
Company:

 

GLORY
STAR NEW MEDIA GROUP LIMITED

 

	By:	 	 

Name:

Title:

 

The
Purchaser Representative:

 

TKK
SYMPHONY SPONSOR 1,

in its capacity as the Purchase Representative

 

	By:	 	 

Name:

Title:

 

{Signature Page to Non-Competition
Agreement}

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