Document:

EX-10.4

 Exhibit 10.4 
  

 
 AGREEMENT AND PLAN OF MERGER

 BY AND AMONG 

PCI MEDIA, INC., 
 ALL
ASIA DIGITAL ENTERTAINMENT INC. 
 AND 

[●], ITS SOLE STOCKHOLDER 

Dated as of [            ], 2019 

 
  

 AGREEMENT AND PLAN OF MERGER 

THIS AGREEMENT AND PLAN OF MERGER, dated as of [●], 2019 (this “Agreement”), is by and among All Asia Digital
Entertainment Inc., a Delaware corporation (“AADE”), PCI Media, Inc., a Delaware corporation (the “Company”) and [●], the sole stockholder of AADE (the “Stockholder”, and together with AADE
and the Company, the “Parties”). Capitalized terms used but not otherwise defined herein have the meanings given to them in Section 7.14. 

RECITALS 

A.    In accordance with the applicable provisions of the Delaware General Corporation Law (the “DGCL”),
the board of directors of each of AADE and the Company has (a) determined it to be advisable and in the best interests of each such entity that AADE and the Company enter into this Agreement and consummate, on the terms and subject to the
conditions set forth in this Agreement, a merger of AADE with and into the Company (the “Merger”), after which the Company will be the surviving corporation, and (b) approved this Agreement, the Merger, and the other
transactions contemplated hereby, all in accordance with the DGCL. 
 B.    This Agreement has been submitted to the
Stockholder and the sole stockholder of the Company, in each case, for their approval and adoption. 

C.    Concurrently with the execution and delivery of this Agreement, the Company is entering into (a) the Psyop
Merger Agreement with Psyop, Inc. (“Psyop, Inc.”), a member of Psyop Media Company, LLC (“PMC”), which provides for the merger of Psyop, Inc. with and into the Company as provided therein (the “Psyop, Inc.
Merger”); and (b) a Contribution Agreement with all of the members of PMC other than AADE and Psyop, Inc. Pursuant to the agreements referenced in this Recital, the Company will acquire all of the limited liability company units of
PMC, other than those held by AADE. The transactions contemplated by such agreements are referred to herein as the “Concurrent Pre-IPO Transactions”. 

D.    Also, concurrently with the execution and delivery of this Agreement, the Company, the Shareholders and the other
parties thereto are entering into a Stockholders’ Agreement, dated as of the date hereof (the “Stockholders’ Agreement”), which shall become effective at the Effective Time. 

E.    The Parties are entering into this Agreement in connection with the transactions contemplated by that certain
Underwriting Agreement (the “Underwriting Agreement”), to be entered into by and between the Company and Roth Capital Partners, LLC, as representative of the several underwriters described therein. 

In consideration of the mutual covenants contained in this Agreement, the Parties, intending to be legally bound, agree as follows: 

AGREEMENT 

ARTICLE I 
 THE MERGER

 1.1    The Merger. Upon the terms and subject to the conditions of this Agreement, at the
Effective Time (as defined below) and in accordance with the DGCL, (a) AADE shall be merged with and into the Company, (b) the separate existence of AADE shall cease, (c) the Company shall be the surviving corporation in the Merger
(the “Surviving Entity”) which shall continue its existence under the 

 
laws of the State of Delaware, and (d) all of the properties, rights, privileges, powers and franchises of AADE will vest in the Surviving Entity, and all of the debts, liabilities,
obligations and duties of AADE will become the debts, liabilities, obligations and duties of the Surviving Entity. 

1.2    Closing; Effective Time. 

(a)    The closing of the Merger (the “Closing”) shall take place on the Closing Date (as defined in the
Underwriting Agreement); provided, however, that, the Closing shall be conditioned upon (i) either (A) the price per share of the PCI Media Common Stock offered to the public pursuant to the Underwriting Agreement shall be no less
than the bottom of the estimated offering price range set forth on the cover page of the prospectus included in the Form S-1 to be filed by the Company on the date of this Agreement and the number of shares of
PCI Media Common Stock issued to the public shall be no greater than the number of shares set forth on such cover page, including the number of shares subject to the underwriter’s over-allotment option or (B) the Company and the
Stockholder shall have agreed to a lower price per share or a greater number of shares, as applicable, of such PCI Media Common Stock; and (ii) the closing of the Concurrent Pre-IPO Transactions, which
shall be deemed to occur at the same time as the Closing. 
 (b)    On the Closing Date, the Parties shall cause a
certificate of merger in substantially the form attached hereto as Exhibit A to be executed and filed with the Secretary of State of the State of Delaware (the “Certificate of Merger”) in accordance with the provisions of the
DGCL. The Merger shall become effective upon such time as the Certificate of Merger has been filed with the Secretary of the State of Delaware or such other time as provided in the Certificate of Merger (the “Effective Time”). The
certificates of merger to effectuate the Psyop, Inc. Merger shall be filed with the applicable Secretaries of State substantially concurrently with the filing of the Certificate of Merger and shall state that the Psyop, Inc. Merger shall become
effective upon such time as both such certificates of merger have been filed with such Secretaries of State or such other time as provided in such certificates of merger (but in any case prior to the closing under the Underwriting Agreement).

 (c)    Notwithstanding anything to the contrary contained herein, if the Closing Date does not occur within 60 days
of the date of this Agreement, this Agreement shall terminate on such date and shall be of no further force and effect; provided, that, nothing in this Agreement shall relieve any Party of any liability for any willful material breach of this
Agreement prior to such termination. 
 1.3    Certificate of Incorporation and Bylaws. 

(a)    The certificate of incorporation of the Company as in effect immediately prior to the Effective Time shall be the
certificate of incorporation of the Surviving Entity, to remain unchanged until thereafter amended in accordance with the terms thereof and as provided by applicable law. 

(b)    The bylaws of the Company as in effect immediately prior to the Effective Time shall be the bylaws of the Surviving
Entity, to remain unchanged until thereafter amended in accordance with the terms thereof and as provided by applicable law. 

1.4    Directors; Officers. The directors and officers of the Company immediately prior to the
Effective Time shall remain the directors and officers of the Surviving Entity until the earlier of their resignation or removal or until their successors are duly appointed, including any successors appointed pursuant to the Stockholders’
Agreement. 
 1.5    Subsequent Actions. If, at any time after the Effective Time, the Surviving
Entity shall consider or be advised that any deeds, bills of sale, assignments, assurances or any other actions or things 

  
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are necessary or desirable to vest, perfect or confirm of record or otherwise in the Surviving Entity its right, title or interest in, to or under any of the rights, properties or assets of AADE
acquired or to be acquired by the Surviving Entity as a result of or in connection with the Merger or otherwise to carry out this Agreement, the Parties shall use their commercially reasonable efforts promptly to execute and deliver all such deeds,
bills of sale, assignments and assurances and to take and do all such other actions and things as may be reasonably necessary or desirable to vest, perfect or confirm any and all right, title and interest in, to and under such rights, properties or
assets in the Surviving Entity or otherwise to carry out this Agreement. 
 1.6    Conversion of
Shares. At the Effective Time, by virtue of the Merger and without any further action on the part of the Company or AADE or any holders of outstanding shares of the capital stock of the Company or AADE, each common share of AADE, par value
$[●] per share (the “AADE Common Shares”), issued and outstanding immediately prior to the Effective Time held by the Stockholder shall be converted into the right to receive [●] fully paid and nonassessable shares of
common stock, par value $0.001 per share, of the Surviving Entity (“PCI Media Common Stock”). Schedule A sets forth the number of shares of PCI Media Common Stock to be received by the Stockholder in the Merger under the
heading “Shares of PCI Media, Inc. Common Stock Received”. Promptly after the Effective Time, the Company shall deliver to the Stockholder a certificate representing such shares of PCI Media Common Stock issued to the Stockholder in the
Merger. 
 1.7    FIRPTA Certificate. At or prior to Closing, AADE shall deliver to the Company
(a) an original signed statement from AADE that AADE is not, and has not been at any time during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code, a “United States real property holding corporation,” as
defined in Section 897(c)(2) of the Code, conforming to the requirements of Treasury Regulations Sections 1.1445-2(c)(3) and 1.897-2(h), and (b) an original
signed notice to be delivered to the IRS in accordance with the provisions of Treasury Regulations Section 1.897-2(h)(2), together with written authorization for the Company to deliver such notice to the
IRS on behalf of the AADE following the Closing, each dated as of the Closing Date, duly executed by an authorized officer of AADE, and in form and substance reasonably acceptable to the Company. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Stockholder as of the date hereof and as of the Closing Date that: 

2.1    Organization; Good Standing. The Company (a) has been duly organized, is validly existing
and is in good standing under the laws of the State of Delaware; and (b) has the requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

2.2    Organizational Documents. The Company has made available to the Stockholder true, correct and
complete copies of the forms of certificate of incorporation and bylaws of the Company that shall be in effect as of the Closing Date. 

2.3    Authorization. The Company has the full corporate power and authority to execute, deliver and
perform its obligations under this Agreement and to consummate the transactions contemplated by this Agreement, and its execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereunder, have been
authorized by all necessary corporate action of the Company, and this Agreement is its legal, valid and binding obligation, enforceable against it in accordance with this Agreement’s terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity.  

  
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 2.4    Compliance with Laws and Other Instruments.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder by the Company does not conflict with, or result in any violation of or default under, the
Company’s certificate of incorporation or bylaws, or any agreement or other instrument to which it is a party or by which it or any of its assets are bound, or any permit, franchise, judgment, decree, law, statute, order, rule or regulation
applicable to the Company or its business. 
 2.5    Common Stock Duly Authorized. All of the PCI
Media Common Stock to be issued to the Stockholder under this Agreement, when issued and delivered in accordance with the terms of this Agreement, will be duly authorized, validly issued, fully paid and nonassessable, and free and clear of all
liens, preemptive rights, rights of first refusal, subscription and similar rights (other than those arising under applicable securities laws or the Stockholders’ Agreement). 

2.6    Capitalization. The authorized capital stock of the Company consists, as of the date of this
Agreement, and will consist, as of the Closing Date, of (a) 100,000,000 shares of PCI Media Common Stock, [●] of which will be issued and outstanding on the Closing Date (after giving effect to the issuance of shares of PCI Media Common Stock
pursuant to this Agreement, the Contribution Agreement and the Psyop Merger Agreement but excluding the shares of PCI Media Common Stock to be issued pursuant to the Underwriting Agreement) and (b) 10,000,000 shares of preferred stock of the
Company, par value $0.001 per share, none of which are issued and outstanding. Except as set forth in the Registration Statement on Form S-1 filed by the Company (as amended from time to time), no shares of
capital stock of the Company are reserved for any purpose, and there are no issued or outstanding securities or other instruments convertible into or exchangeable for any shares of capital stock of, or other equity interests in, the Company and
there are no outstanding options, rights (preemptive or otherwise) or warrants or other instruments to purchase or subscribe for shares of capital stock or other securities of the Company. 

2.7    USRPHC Status. 

(a)    The Company is not and never has been a “United States real property holding corporation” as defined in
Section 897 of the Code. 
 (b)    PMC would not be and at no time would it have been treated as a “United
States real property holding corporation” as defined in Section 897 of the Code, if it had been a domestic corporation at all times during the period beginning five years and one day prior to the date of this Agreement and ending on the
day immediately following the day on which the Effective Time occurs. 
 2.8    CIM. To the
knowledge of the Company, the CIM (as defined in Section 4.4) does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading. The financial
statements (together with the related notes and schedules) of PMC and its consolidated subsidiaries included in the CIM present fairly in all material respects the financial position of PMC and its consolidated subsidiaries as of the dates indicated
and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in all material respects in conformity with generally accepted accounting principles in the United States
applied on a consistent basis throughout the periods covered thereby. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF AADE 

AADE hereby represents and warrants to the Company that as of the date hereof and as of the Closing Date: 

3.1    Organization; Good Standing. AADE (a) has been duly organized, is validly existing and is
in good standing under the laws of its jurisdiction of formation and (b) has the requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

3.2    Organizational Documents. AADE has made available to the Company true, correct and complete
copies of the forms of certificate of incorporation and bylaws of AADE. 
 3.3    Authorization.
AADE has the full corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated by this Agreement, and its execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereunder, have been authorized by all necessary corporate action of AADE, and this Agreement is its legal, valid and binding obligation, enforceable against it in accordance with this
Agreement’s terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity.
 
 3.4    Compliance with Laws and Other Instruments. The execution and delivery of this
Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder by AADE does not conflict with, or result in any violation of or default under, AADE’s certificate of incorporation or bylaws,
or any agreement or other instrument to which it is a party or by which it or any of its assets are bound, or any permit, franchise, judgment, decree, law, statute, order, rule or regulation applicable to AADE or its business. 

3.5    No Assets or Liabilities; Subsidiaries. Other than 190,476
Class A-2 Units of PMC (the “PMC Units”), AADE (x) does not have any assets of any kind, other than cash in AADE bank accounts that will be withdrawn prior to the Closing, and rights
to receive refunds of Taxes attributable to Pre-Closing Tax Periods pursuant to Section 7.13 and is not subject to any liabilities or obligations of any kind, whether secured or
unsecured, accrued, determined, absolute or contingent, asserted or unasserted or otherwise, other than intercompany loans that will be extinguished prior to Closing and (y) does not own, of record or beneficially, or control any direct or
indirect equity interest, or any right (contingent or otherwise) to acquire equity interests, in any corporation, partnership, limited liability company, joint venture, association or other entity. 

3.6    Capitalization. The authorized capital stock of AADE consists, as of the date of this
Agreement, and will consist, as of the Closing Date, of [●] [Common Shares], [●] of which are, and will be on the Closing Date, issued and outstanding. No shares of capital stock of AADE are reserved for any purpose, and there are no
issued or outstanding securities or other instruments convertible into or exchangeable for any shares of capital stock of, or other equity interests in, AADE and there are no outstanding options, rights (preemptive or otherwise) or warrants or other
instruments to purchase or subscribe for shares of capital stock or other securities of AADE or any other contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of capital stock of AADE, any such
convertible or exchangeable securities or any such rights, warrants or options. 

  
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 3.7    Employee Benefit Plans. AADE does not have,
nor at any time has it had, any “employee benefit plans” as defined in Section 3(3) of ERISA, including (a) any such plans that are “employee welfare benefit plans” as defined in Section 3(1) of ERISA, including
retiree medical and life insurance plans, (b) any such plans that are pension benefit plans which are subject to Title IV of ERISA and (c) any such plans that are “multiemployer plans” as defined in Section 4001(a)(3) of
ERISA. 
 3.8    No Employees. AADE does not have, and has not at any time had, any employees. 

3.9    No Contracts. AADE is not, and has not at any time been, a party to any contract other than
the limited liability company agreement of PMC, as amended. 
 3.10    Taxes. 

(a)    AADE has timely (after giving effect to applicable extension periods) filed all U.S. federal income and other
material Tax Returns required to be filed by AADE and all such Tax Returns are true, correct and complete in all material respects. AADE has paid all Taxes due by or with respect to it (whether or not shown on any Tax Return). AADE is not currently
the beneficiary of any extension of time within which to file any Tax Return, other than any income Tax Returns not yet filed due to IRS Schedule K-1s (and any comparable state income tax forms) not yet
received from PMC. No written claim has ever been made by an authority in a jurisdiction where AADE does not file Tax Returns that AADE is or may be subject to taxation by that jurisdiction. 

(b)    AADE has withheld and timely (after giving effect to applicable extension periods) paid to the applicable Tax
Authority all material amounts required to be withheld by it in respect of Taxes (including, but not limited to, Taxes arising as a result of amounts allocable to foreign partners), and, to the extent applicable, all forms W-2 and 1099 with respect thereto have been properly completed and timely filed. 

(c)    There are no liens for Taxes (other than Taxes not yet due and payable) upon any of the assets of AADE. 

(d)    AADE has not received from any U.S. federal, state, local or foreign Tax Authority (including jurisdictions where
AADE has not filed Tax Returns) any (i) written notice indicating an intent to open an audit or other review, or (ii) notice of deficiency or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any Tax Authority
against AADE. There are no matters under discussion with any Tax Authority, or known to AADE, with respect to Taxes that are likely to result in an additional liability for Taxes with respect to the AADE. No issues relating to Taxes of the AADE were
raised by the relevant Tax authority in any completed audit or examination that would reasonably be expected to result in a material amount of Taxes in a later taxable period. 

(e)    AADE has not waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect
to a Tax assessment or deficiency. 
 (f)    AADE has not been a party to any “reportable transaction,” as
defined in Section 6707A(c)(i) of the Code and Treasury Regulations Section 1.6011-4(b). 

(g)    AADE is not liable for the Taxes of any other Person. 

(h)    At all times since its formation, AADE has been classified for U.S. federal income Tax purposes as a C corporation.

  
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 (i)    AADE is not, and has never been, a “United States real
property holding corporation” as defined in Section 897 of the Code. 
 (j)    AADE (i) is not, and has
never been, a member of an affiliated (within the meaning of Section 1504 of the Code), combined or unitary group of corporations filing a consolidated, combined or unitary Tax Return; (ii) is not, and has never been, a successor to any
other entity for Tax purposes by way of merger, liquidation or other transaction; and (iii) has no liability for the Taxes of any Person under Treasury Regulations Section 1.1502-6 (or any similar
provision of state, local, or non-U.S. law), as a transferee or successor, by contract (other than commercial agreements entered into in the ordinary course of business with respect to which Taxes are not a
principal subject matter), or otherwise. 
 (k)    AADE will not be required to include any item of income in, or
exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting for a taxable period ending on or prior to the Closing Date;
(ii) “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local, or non-U.S. income Tax law) executed on or prior to the Closing
Date; (iii) intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local, or non-U.S.
income Tax law); (iv) installment sale or open transaction disposition made on or prior to the Closing Date; (v) prepaid amount received on or prior to the Closing Date; or (vi) election under Section 108(i) of the Code. 

(l)    AADE has not distributed stock of another Person, or had its stock distributed by another Person, in a transaction
that was purported or intended to be governed in whole or in part by Sections 355 or 361 of the Code. 

3.11    Operations of AADE. AADE does not engage, and has not engaged, in any business or activity
other than the ownership of the PMC Units. AADE has complied in all respects with, and is not in violation of, any applicable law. AADE has not received any written notice of non-compliance with any such
applicable law. AADE is not in default or violation of any term, condition or provision of any of its organizational documents. 
 ARTICLE
IV 
 REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER 

The Stockholder hereby represents and warrants to the Company as of the date hereof and as of the Closing Date: 

4.1    Organization; Good Standing. The Stockholder (a) has been duly organized,
is validly existing and is in good standing under the laws of its jurisdiction of formation and (b) has the requisite corporate or other entity power and authority to own, lease and operate its properties and to carry on its business as now
being conducted. 
 4.2    Authorization. The Stockholder has the full corporate power and
authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and to consummate the transactions contemplated by this Agreement, and its execution, delivery and performance of this Agreement and consummation of
the transactions contemplated hereunder, has been authorized by all necessary corporate action on the Stockholder’s behalf (if any), and this Agreement is the Stockholder’s legal, valid and binding obligation, enforceable against such
Stockholder in accordance with this Agreement’s terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights in general and subject
to general principles of equity. 

  
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 4.3    Compliance with Laws and Other Instruments.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder by the Stockholder does not conflict with, or result in any violation of or default under, any
provision of any governing instrument applicable to the Stockholder, or any material agreement or other material instrument to which it is a party or by which it or any of its assets are bound, or any material permit, franchise, judgment, decree,
law, statute, order, rule or regulation applicable to the Stockholder or its business. 
 4.4    Ownership
Interest; Investment Purpose.  
 (a)    The Stockholder holds of record and owns beneficially the number of AADE
Common Shares set forth on Schedule A, free and clear of any and all liens, claims, security interests, charges and encumbrances of any sort whatsoever (other than restrictions on transfer arising under applicable securities laws). 

(b)    The Stockholder (i) is acquiring the PCI Media Common Stock solely for his, her or its own account for
investment purposes, and not with a view to the distribution thereof, (ii) is a sophisticated investor with knowledge and experience in business and financial matters, (iii) has received sufficient information concerning the Company in
order to evaluate the merits and risks inherent in holding the PCI Media Common Stock and has not relied on any person or entity in connection with its investigation of the accuracy or sufficiency of such information or its investment decision,
(iv) is able to bear the economic risk inherent in holding the PCI Media Common Stock and has read and understands the risk factors described in that certain Confidential Information Memorandum of the Company dated [●], 2019 (the
“CIM”), (v) is an “accredited investor” (as defined in Regulation D promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), (vi) acknowledges that the shares of PCI Media
Common Stock acquired hereunder are “restricted securities” under applicable securities laws and that, pursuant to these laws, must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such
registration is available, (vii) has received and reviewed the CIM and has had an opportunity to discuss the Company’s business, management and financial affairs with the Company’s management and the opportunity to inspect Company
facilities and such books and records and material contracts as the Stockholder deemed necessary to the Stockholder’s determination to acquire the PCI Media Common Stock, (viii) acknowledges that the PCI Media Common Stock acquired
hereunder will be subject to the terms of the Stockholders’ Agreement and a Lock-Up Agreement (as defined in the Stockholders’ Agreement) and will be subject to certain transfer restrictions as set
forth therein and the federal securities laws and (ix) acknowledges and agrees that the Stockholder has relied upon the advice of his, her or its own tax advisors in connection with the transactions contemplated by this Agreement. 

(c)    The Stockholder understands that the stock certificate(s) representing the shares of PCI Media Common Stock issued
to him, her or it will bear a restrictive legend under the Securities Act. 
 4.5    Acknowledgement by
Stockholder. The Stockholder acknowledges that neither the Company nor any of its directors, officers, employees, agents or representatives has made, or is making, any representation or warranty whatsoever, express or implied (and the
Stockholder has not relied on any representation, warranty or statement) in connection with the transactions contemplated by this Agreement beyond the representations and warranties expressly made in Article II and the statements made by the
Company in the CIM, including any implied warranty or representation as to the condition, merchantability, suitability or fitness for a particular purpose or trade of any of the assets of the Company or any of its subsidiaries. Without limiting the
generality of the foregoing, it is understood by the Stockholder that any materials, presentations or other information made available to the Stockholder or its 

  
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agents or representatives (other than the CIM) are not and shall not be deemed to be or to include representations or warranties of the Company or its directors, officers, employees, agents or
representatives, and are not and shall not be deemed to be relied upon by the Stockholder. 
 ARTICLE V 

INDEMNIFICATION 

5.1    Indemnification by Stockholder. 

(a)    The Stockholder shall indemnify and hold harmless the Company from and against, without duplication, (i) any
and all Losses (including, for the avoidance of doubt, Taxes) of AADE with respect to any period (or portion thereof) ending on or prior to the Closing Date, (ii) any and all Losses arising or resulting from a breach of any of the
representations or warranties made by AADE contained in Article III and (iii) any Taxes of AADE relating to any Pre-Closing Tax Period. With respect to any Taxes attributable to a Straddle Period,
the portion of such Tax allocable to the portion of such Straddle Period ending on the Closing Date shall be: (A) in the case of Property Taxes, the amount of such Taxes for the entire Straddle Period multiplied by a fraction, the numerator of
which is the number of calendar days of such Straddle Period in the Pre-Closing Tax Period and the denominator of which is the number of calendar days in the entire Straddle Period, and (B) in the case of
all other Taxes, determined as though the taxable year of AADE terminated at the close of business on the Closing Date. 

(b)    The Stockholder shall indemnify and hold harmless the Company from and against, without duplication, any and all
Losses arising or resulting from a (i) breach of any of the representations or warranties made by the Stockholder contained in Article IV or (ii) breach of any covenant or agreement made by the Stockholder in this Agreement. 

(c)    The Stockholder shall control any audit, examination or proceeding or other matter subject to indemnification under
this Section 5.1, except as otherwise provided in Section 5.1(d). The Company shall have the opportunity to participate in any such audit, examination, proceeding or other matter, limited solely to
the portion of such audit, examination, proceeding or other matter with respect to which indemnity is provided under this Agreement. The Stockholder shall not resolve, settle, compromise or abandon any issue or claim that would adversely affect any
Tax or other liability of the Company or result in another obligation of the Company without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. 

(d)    The Company shall control any audit, examination or proceeding or other matter subject to indemnification under
this Section 5.1 with respect to (i) Taxes of AADE attributable to a Straddle Period or a Post-Closing Tax Period and (ii) any Tax Return filed by the Company. The Stockholder shall have the opportunity to
participate in any such audit, examination, proceeding or other matter, limited solely to the portion of such audit, examination, proceeding or other matter with respect to which indemnity is provided under this Agreement. The Company shall not
resolve, settle, compromise or abandon any issue or claim that would adversely affect any Tax or other liability of the Stockholder or result in another obligation of the Stockholder without the prior written consent of the Stockholder, which
consent shall not be unreasonably withheld, conditioned or delayed. 
 5.2    Indemnification by the
Company. 
 (a)    The Company shall indemnify and hold harmless the Stockholder from and against any and all
Losses arising or resulting from a (i) breach of any of the representations or warranties made by the Company contained in Article II or (ii) breach of any covenant or agreement made by the Company in this Agreement. 

  
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 (b)    The Company shall control any audit, examination or proceeding or
other matter subject to indemnification under this Section 5.2. The Stockholder shall have the opportunity to participate in any such audit, examination, proceeding or other matter, limited solely to the portion of such
audit, examination, proceeding or other matter with respect to which indemnity is provided under this Section 5.2. The Company shall not resolve, settle, compromise or abandon any issue or claim that would adversely affect
any Tax or other liability of the Stockholder or result in another obligation of the Stockholder without the prior written consent of the Stockholder, which consent shall not be unreasonably withheld, conditioned or delayed. 

ARTICLE VI 
 WAIVER OF
REGISTRATION RIGHTS 
 6.1    Waiver of Registration Rights. Subject to the provisions
of Section 6.3, AADE hereby permanently and irrevocably waives any and all rights to which it may be entitled under the Third Amended and Restated Limited Liability Company Agreement of PMC, dated as of August 1, 2014
(the “PMC LLC Agreement”) with respect to the registration of Registrable Securities (as defined in the PMC LLC Agreement) (such rights, the “Registration Rights”) and, effective upon the Closing, Section 11.11
of the PMC LLC Agreement shall be terminated. 
 6.2    Waiver of Notice. Subject to the provisions
of Section 6.3, AADE hereby permanently and irrevocably waives any and all rights of notice to which it may be entitled under the PMC LLC Agreement related to the Registration Rights or with respect to the registration of
Registrable Securities. 
 6.3    Effectiveness. Notwithstanding the provisions of
Section 6.1 and Section 6.2, if this Agreement is terminated without the Closing occurring, including pursuant to Section 1.2(c), the provisions of
Section 6.1 and Section 6.2 shall terminate on such date and shall be of no force and effect. 

ARTICLE VII 

MISCELLANEOUS 

7.1    Notices. All notices, requests, consents and other communications hereunder shall be in
writing, shall be addressed to the receiving Party’s address set forth below or to such other address as a Party may designate by notice under this Section 7.1, and shall be either (a) delivered by hand,
(b) sent by e-mail or (c) sent by Federal Express, DHL, UPS or another internationally recognized delivery service. 
  

			
	If to the Company:	  	PCI Media, Inc.
		  	523 Victoria Avenue
		  	Venice, California 90291
		  	Attention: Chief Executive Officer and Chief Financial Officer
		  	E-mail: hramsbottom@psyop.tv; tom@psyop.tv
		
	With a copy to	  	
	(which shall not constitute notice):	  	Latham & Watkins LLP
		  	140 Scott Drive
		  	Menlo Park, California 94025
		  	Attention: Anthony J. Richmond and David Zaheer
		  	 E-mail: tony.richmond@lw.com;

david.zaheer@lw.com

  
 10 

			
	 If to AADE or the Stockholder:
	  	 [●]

		  	 Attention: [●]

		  	 E-mail: [●]

		
	 With a copy to
	  	
	 (which shall not constitute notice):
	  	 Clifford Chance US LLP

		  	 31 West 52nd Street

		  	 New York, New York 10019

		  	 Attention: Kathleen L. Werner and Sarah Jones

	 	  	 E-mail: kathleen.werner@cliffordchance.com;

sarah.jones@cliffordchance.com

 All notices, requests, consents and other communications hereunder shall be deemed to have been given
(i) if by hand, at the time of the delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if by e-mail, on the day that receipt thereof has been acknowledged by
electronic confirmation or otherwise or (iii) if sent by internationally recognized delivery service, on the day of actual receipt as reported by such delivery service. 

7.2    Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the
Parties hereto and their respective successors and assigns. 
 7.3    Assignability. Neither this
Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any Party without the prior written consent of the Company and the Stockholder (on behalf of itself and AADE). 

7.4    Severability. If any provision of this Agreement or the application thereof to any person or
any circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent
permitted by law. 
 7.5    Amendment or Modification. This Agreement may be amended or modified
from time to time only by the written agreement of the Company and the Stockholder (on behalf of itself and AADE). 

7.6    Integration. This Agreement supersedes all previous understandings or agreements among
the Parties hereto, whether oral or written, with respect to its subject matter. This Agreement contains the entire understanding of the Parties hereto with respect to its subject matter. 

7.7    Further Assurances. In connection with this Agreement and the transactions contemplated
hereby, each Party hereto shall execute and deliver any additional documents and instruments and perform any additional acts that may be reasonably necessary or appropriate to effectuate and perform the provisions of this Agreement and the
transactions contemplated herein. 
 7.8    No Third Party Rights. The provisions of this Agreement
are intended to bind the Parties signatory hereto as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies, and no person is or is intended to be a third
party beneficiary of any of the provisions of this Agreement. 
 7.9    Counterparts. This
Agreement may be executed in any number of counterparts, all of which together will constitute one agreement binding on the Parties. 

  
 11 

 7.10    Governing Law. This Agreement and the
rights and obligations of the Parties hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflict of law principles thereof that would cause the application of the laws
of any jurisdiction other than the State of Delaware. 
 7.11    Consent to Jurisdiction. Each
Party to this Agreement irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if
the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), in any action or proceeding arising out of or relating to this Agreement or the
agreements delivered in connection herewith or the transactions contemplated by this Agreement or the agreements delivered in connection herewith or for recognition or enforcement of any judgment relating thereto, and each of the Parties irrevocably
and unconditionally (a) agrees not to commence any such action or proceeding except in such courts, (b) agrees that any claim in respect of any such action or proceeding may be heard and determined in such courts, (c) waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in any such courts, and (d) waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such courts. Each of the Parties hereto agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Each Party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 7.1. Nothing in this
Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by law. 

7.12    Specific Performance. The Parties hereto agree that irreparable damage could occur and that a
Party may not have any adequate remedy at law in the event that any of the provisions of this Agreement are not performed in accordance with their terms or were otherwise breached. Accordingly, each Party shall without the necessity of proving the
inadequacy of money damages or posting a bond be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms, provisions and covenants contained therein, this being in addition to any
other remedy to which they are entitled at law or in equity. 
 7.13    Tax Treatment and Tax
Refunds. 
 (a)    To the extent permitted by applicable law, the Parties shall, for U.S. federal income tax
purposes, treat the Merger as a “reorganization” (as defined in section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”)) and as a transaction, together with the initial public offering of stock of the
Surviving Entity and other applicable related transactions (including those described in the Contribution Agreement), as being subject to section 351 of the Code. This Agreement is intended to constitute a “plan of reorganization” as
described in Treasury Regulation Section 1.368-2(g). 
 (b)    The Company
shall pay or cause to be paid to Stockholder any refunds of Taxes attributable to any Tax Returns filed prior to the date of this Agreement with respect to any Pre-Closing Tax Period that are received by the
Surviving Entity within 30 days after the receipt of such refund. All refunds of Taxes that are attributable to any Post-Closing Tax Period, and that are received by the Surviving Entity shall be for its benefit. Any notices, requests for
information, queries or similar communications from Tax Authorities related to Tax refunds with respect to the Pre-Closing Tax Period that are received by the Company shall be promptly sent to the Stockholder,
and any notices, requests for information, queries or similar communications from Tax Authorities related to Tax refunds with respect to the Post-Closing Tax Period that are received by the Stockholder shall be promptly sent to the Surviving Entity.
All proceedings, if any, related to such matters shall be handled in accordance with Article V. 

  
 12 

 7.14    Defined Terms. As used in this Agreement,
the terms below will have the following meanings. Any such term, unless the context otherwise requires, may be used in the singular or plural, depending upon the reference. 

“Contribution Agreement” means that certain Contribution Agreement, dated as of the date hereof, by and among the Company,
the members of PMC party thereto and the Founders Committee (as defined therein). 
 “Governmental Entity” means any
domestic or foreign governmental, regulatory or administrative authority, agency or commission, or any court of competent jurisdiction. 

“Losses” means any claims, losses, liabilities, damages, interest, penalties and costs and expenses, including reasonable
attorneys’, accountants’ and expert witnesses’ fees, and costs and expenses of investigation and amounts paid in settlement, court costs, and other expenses of litigation, including in respect of enforcement of indemnity rights
hereunder. 
 “Person” means an individual, corporation, partnership, limited partnership, trust, association or
Governmental Entity. 
 “Pre-Closing Tax Period” means any Tax period ending on or
before the Closing Date and that portion of any Straddle Period ending on (and including) the Closing Date. 
 “Post-Closing Tax
Period” means any Tax period beginning after the Closing Date and that portion of any Straddle Period beginning after the Closing Date. 

“Property Taxes” means all real property Taxes, personal property Taxes and similar ad valorem Taxes. 

“Psyop Merger Agreement” means that certain Agreement and Plan of Merger, dated as of the date hereof, by and among the
Company, Psyop, Inc., the shareholders of Psyop, Inc. party thereto and the Founders Committee (as defined therein). 
 “Straddle
Period” means any Tax period beginning before or on and ending after the Closing Date. 
 “Tax Authority” means
any domestic or foreign Governmental Entity responsible for the imposition of any Tax. 
 “Tax Return” (and, with
correlative meaning, “Tax Returns”) means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 “Taxes” means any and all taxes of any kind (together with any and all interest, penalties, additions to tax and
additional amounts imposed with respect thereto) imposed by any United States or non-United States national, federal, state or local governmental, regulatory or administrative authority, agency or commission
or any judicial or arbitral body. 

  
 13 

 (Signature Pages Follow) 

  
 14 

 This Agreement has been duly executed by the undersigned as of the date first written above.

  

			
	COMPANY:
	
	PCI MEDIA, INC.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	AADE:
	
	ALL ASIA DIGITAL ENTERTAINMENT INC.
		
	By:	 	
                    

	Name:	 	
	Title:	 	
	
	STOCKHOLDER:
		
	[●]	 	
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  
 [Signature Page to All
Asia Digital Entertainment Inc. Agreement and Plan of Merger] 

 SCHEDULE A 

 

					
	 	  	Shares of All Asia
Digital Entertainment
Inc. Owned	 	Shares of PCI Media,
Inc. Common Stock
Received
	 [●]
	  	[●]	 	[●]

 EXHIBIT A 

CERTIFICATE OF MERGEREX-10.5

 Exhibit 10.5 
  

 
  

STOCKHOLDERS’ AGREEMENT 

BETWEEN 
 PCI MEDIA,
INC. 
 AND 
 THE
STOCKHOLDERS LISTED ON THE SIGNATURE PAGES HERETO 
 Dated as of
[                    ], 2019 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I CERTAIN DEFINITIONS 
	  	 	1	 
		
	 ARTICLE II FOUNDERS COMMITTEE 
	  	 	2	 
	 2.1
	 	 Formation; Membership
	  	 	2	 
	 2.2
	 	 Actions by the Founders Committee
	  	 	2	 
	 2.3
	 	 Consents and Waivers
	  	 	2	 
		
	 ARTICLE III FOUNDERS’ BOARD RIGHTS 
	  	 	2	 
	 3.1
	 	 Founders’ Designee
	  	 	2	 
	 3.2
	 	 Nominations
	  	 	3	 
	 3.3
	 	 Voting Agreement
	  	 	4	 
	 3.4
	 	 Founders Observer
	  	 	4	 
	 3.5
	 	 Board Approvals
	  	 	5	 
		
	 ARTICLE IV ASTRO’S BOARD RIGHTS 
	  	 	5	 
	 4.1
	 	 Astro Designee
	  	 	5	 
	 4.2
	 	 Voting Agreement
	  	 	7	 
	 4.3
	 	 Astro Observer
	  	 	7	 
		
	 ARTICLE V ACCESS RIGHTS 
	  	 	8	 
	 5.1
	 	 Access
	  	 	8	 
	 5.2
	 	 Termination
	  	 	8	 
		
	 ARTICLE VI FOUNDERS’ LOCK-UP
 
	  	 	8	 
	 6.1
	 	 Founders’
Lock-Up
	  	 	8	 
	 6.2
	 	 Stock Transfer Instructions; Prohibited Transfers
	  	 	10	 
	 6.3
	 	 Legend
	  	 	10	 
	 6.4
	 	 New Certificates
	  	 	10	 
		
	 ARTICLE VII REGISTRATION RIGHTS 
	  	 	10	 
	 7.1
	 	 Demand Registrations
	  	 	10	 
	 7.2
	 	 Shelf Registration
	  	 	12	 
	 7.3
	 	 Piggyback Registrations
	  	 	13	 
	 7.4
	 	 Underwriters’ Lock-Up Agreements

	  	 	14	 
	 7.5
	 	 Registration Procedures
	  	 	14	 
	 7.6
	 	 Indemnification
	  	 	18	 
	 7.7
	 	 Participation in Underwritten Registrations
	  	 	19	 
	 7.8
	 	 Reports Under The Securities Laws
	  	 	20	 
	 7.9
	 	 Certain Limitations in Connection with Future Grants of Registration Rights

	  	 	20	 
	 7.10
	 	 Transfer Of Registration Rights
	  	 	20	 
	 7.11
	 	 Reporting Sales and Shares Held
	  	 	20	 
		
	 ARTICLE VIII MISCELLANEOUS 
	  	 	21	 
	 8.1
	 	 Notices
	  	 	21	 

							
	 	 	 	  	Page	 
	 8.2
	 	 Entire Agreement
	  	 	21	 
	 8.3
	 	 Amendments
	  	 	21	 
	 8.4
	 	 Parties in Interest
	  	 	21	 
	 8.5
	 	 Governing Law
	  	 	22	 
	 8.6
	 	 Jurisdiction; Venue
	  	 	22	 
	 8.7
	 	 Waiver of Jury Trial
	  	 	22	 
	 8.8
	 	 Severability
	  	 	22	 
	 8.9
	 	 Headings and Captions
	  	 	22	 
	 8.10
	 	 Interpretation
	  	 	22	 
	 8.11
	 	 No Waiver of Rights, Powers and Remedies
	  	 	23	 
	 8.12
	 	 Counterparts
	  	 	23	 
	 8.13
	 	 Rules of Construction
	  	 	23	 
	 8.14
	 	 Specific Performance
	  	 	23	 
	 8.15
	 	 Effectiveness
	  	 	23	 

  
 ii 

 STOCKHOLDERS’ AGREEMENT 

This STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of
[                    ], 2019, is by and between PCI Media, Inc., a Delaware corporation (the “Company”), and the
Persons identified as Stockholders on the signature pages hereto (the “Stockholders”). 
 RECITALS 

A. Pursuant to the Contribution Agreement, dated as of
[                    ], 2019 (the “Contribution Agreement”), between the Company and each of the members of Psyop Media
Company, LLC (other than AADE and Psyop, Inc.), at the Effective Time (as defined in the Contribution Agreement), such members are exchanging all of their units representing membership interests in Psyop Media Company, LLC for shares of common stock
of the Company, par value $0.001 per share (the “Common Stock”), as further provided therein, in connection with the Company’s initial public offering. 

B. Pursuant to the Agreement and Plan of Merger, dated as of
[                    ], 2019 (the “AADE Merger Agreement”), by and among the Company, AADE and the sole stockholder of AADE,
at the Effective Time (as defined in the AADE Merger Agreement), AADE shall be merged with and into the Company and all of the shares of capital stock of AADE shall be converted into the right to receive shares of Common Stock, as further provided
therein. 
 C. Pursuant to the Agreement and Plan of Merger, dated as of
[                    ], 2019 (the “Psyop, Inc. Merger Agreement”), by and among the Company, Psyop, Inc., the shareholders of
Psyop, Inc. and the Shareholders’ Representative (as defined in the Psyop, Inc. Merger Agreement), at the Effective Time (as defined in the Psyop, Inc. Merger Agreement), Psyop shall be merged with and into the Company and all of the shares of
capital stock of Psyop shall be converted into the right to receive shares of Common Stock, as further provided therein. 
 D. Pursuant to
Articles of Dissolution to be filed by Psyop Services on the closing date of the Company’s initial public offering and the related Written Consent of the Members of Psyop Services, dated as of
[                    ], 2019 (the “Psyop Services Member Consent”), Psyop Services shall be dissolved and the shares of
Common Stock received by Psyop Services pursuant to the Contribution Agreement shall be distributed to the members of Psyop Services, as further provided therein. 

E. The parties are entering into this Agreement as required by the Contribution Agreement, the AADE Merger Agreement, the Psyop, Inc. Merger
Agreement and the Psyop Services Member Consent. 
 In consideration of the mutual covenants contained in this Agreement, the parties,
intending to be legally bound, agree as follows: 
 AGREEMENT 

ARTICLE I 

CERTAIN DEFINITIONS 

Capitalized terms used herein shall have the respective meanings set forth in Schedule A. 

 ARTICLE II 

FOUNDERS COMMITTEE 
 
2.1    Formation; Membership. The Stockholders hereby form a committee (the “Founders Committee”) comprised of three of the Founders, which committee will exercise the rights permitted or
required to be exercised by the Founders Committee hereunder. On the date of this Agreement, the three Founders serving on the Founders Committee are Eben Mears, Robert Todd Mueller and Marco Spier. Any member of the Founders Committee may resign
from such position by delivering written notice of such resignation to the Company and the other members of the Founders Committee. In the event of any vacancy on the Founders Committee for any reason other than a resignation, the remaining members
of the Founders Committee shall provide the Company with written notice of such vacancy within three Business Days of its occurrence. Any vacancy in any of the three positions on the Founders Committee may be filled by the approval of a Majority-in-Interest of the Founders; provided that only a Founder may serve on the Founders Committee. 

2.2    Actions by the Founders Committee. Any decision, act, consent or
instruction of the Founders Committee must be approved in writing by a majority of the Founders then serving on the Founders Committee; provided, however, that (a) if there are only two Founders serving on the Founders Committee
at any time, any such decision, act, consent or instruction must be approved in writing by both of the Founders then serving on the Founders Committee and (b) if there is only one Founder serving on the Founders Committee at any time, any such
decision, act, consent or instruction must be approved in writing by the sole Founder serving on the Founders Committee. The Company may conclusively rely upon any such decision, act, consent or instruction for purposes of this Agreement. No member
of the Founders Committee will be held liable by any Stockholder for actions or omissions in exercising or failing to exercise all or any of the power and authority of the Founders Committee pursuant to this Agreement, except in the case of bad
faith or willful misconduct by such member. Each Founder will jointly and severally indemnify and defend each member of the Founders Committee from any losses arising out of a Founder serving as a member of the Founders Committee hereunder, except
in the case of bad faith or willful misconduct by such member. 

2.3    Consents and Waivers. In the event that the Company makes a
written request for a consent or waiver of the Founders Committee required to be given under this Agreement and the Founders Committee does not respond to the request in a writing (signed by the requisite number of Founder(s) as provided in the
first sentence of Section 2.2) within five Business Days following the date such written request is given (as provided in Section 8.1), the consent or waiver shall be deemed to be given for all
purposes of this Agreement. 
 ARTICLE III 

FOUNDERS’ BOARD RIGHTS 

3.1    Founders’ Designee. 

(a)    So long as the Founders, collectively, hold at least 15% of the outstanding Common Stock, the Founders Committee
shall have the right to nominate one person (the “Founders’ Designee”) for election to the Board. If the Founders Committee has the right to so nominate the Founders’ Designee in a given year, the Company shall, at the
annual meeting of stockholders of the Company during such year, nominate the Founders’ Designee for election; provided, however, that (i) such Founders’ Designee shall be reasonably acceptable to the Nominating Committee
and (ii) the Company must receive timely notice of such nomination. To be timely, the Founders Committee’s notice of its nomination must be received by the Company not less than 90 days nor more than 120 days prior to the one-year anniversary 

  
 2 

 
of the preceding year’s annual meeting; provided, however, that if the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date,
notice by the Founders Committee to be timely must be received by the Company not later than the 90th day prior to such annual meeting or, if later, the 10th day following the day on which Public Disclosure of the date of such annual meeting was
first made. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of timely notice as described above. As a condition to such nomination by the Founders
Committee, the Founders’ Designee must complete and submit to the Board any questionnaires that the Company requires of its directors generally and submit any other information that the Company or the Nominating Committee reasonably requests in
connection with the Company’s obligations under the Securities Laws or in connection with the satisfaction of the Nominating Committee’s fiduciary duties. 

(b)    If, following election to the Board, the Founders’ Designee resigns or is removed or his or her seat on the
Board otherwise becomes vacant and the Founders Committee still has the right to nominate the Founders’ Designee for election to the Board pursuant to Section 3.1(e), then the Founders Committee shall be entitled to
designate a replacement Founders’ Designee reasonably acceptable to the Nominating Committee and the Board, and the Board shall elect such replacement Founders’ Designee to the Board for the remainder of the term of the replaced
Founders’ Designee and until such replacement’s successor shall have been elected and qualified. In determining whether such replacement Founders’ Designee is reasonably acceptable, the Nominating Committee and the Board may consider,
among other things, whether the designation of such replacement is consistent with the exercise of their fiduciary duties. 

(c)    So long as the Founders, collectively, hold at least 15% of the outstanding Common Stock and the Founders’
Designee is a member of the Board, the Founders Committee may designate the Founders’ Designee to serve on the Nominating Committee, provided that such Founders’ Designee satisfies all then-applicable independence and other
requirements of membership on a board of directors and a nominating committee (or similar committee) imposed by the rules of the Principal Market (other than the requirements of Rule 10A-3(b)(1)(ii) under the
Exchange Act). Notwithstanding the immediately preceding sentence, such Founders’ Designee need not be an “independent director” (as defined in the rules of the Principal Market) until one year after the listing of the Common Stock on
Nasdaq in connection with the Company’s initial public offering. 
 (d)    In the event that the Founders,
collectively, cease to hold at least 15% of the outstanding Common Stock during the term of the Founders’ Designee as a director, the Founders’ Designee shall not be required to resign solely as a result thereof and may continue the
remainder of his or her term in office, but the Board shall have no further obligation to nominate any person for election to the Board, to designate any person to serve on the Nominating Committee or to designate a replacement Founders Designee
under this Article III. 
 (e)    From and after such time as the Founders, collectively, cease to hold at least
15% of the outstanding Common Stock, the foregoing provisions of this Section 3.1 (other than Section 3.1(d)) shall be of no further force or effect. 

3.2    Nominations. So long as the Founders, collectively, hold at
least 25% of the outstanding Common Stock, the Nominating Committee will consult with and seek the advice of the Founders Committee before recommending the nomination of any person for election to the Board, other than the Astro Designee (as defined
below). From and after such time as the Founders, collectively, cease to hold at least 25% of the outstanding Common Stock, this Section 3.2 shall be of no further force or effect. 

  
 3 

 3.3    Voting
Agreement. 
 (a)    So long as the Founders, collectively, hold at least 15% of the outstanding Common Stock,
each Founder covenants to, and agrees with, the Company that it will take all actions so that, (i) on any action to elect any director of the Company, all of the shares of Common Stock that are Beneficially Owned by such Founder shall be voted
(or consented) in favor of any nominee to the Board recommended by the Board; and (ii) such Founder shall be present, in person or by proxy, at all meetings of stockholders of the Company at which directors will be elected so that all shares of
Common Stock Beneficially Owned by such Founder may be counted for the purposes of determining the presence of a quorum at such meeting. Each Founder shall not grant any proxies, enter into any agreement or arrangement or nominate any individuals
for election to the Board or take any other action with respect to shares of Common Stock that are Beneficially Owned by such Founder that would be inconsistent with his or her obligations, or that would provide any third party with the ability to
exercise his or her rights, under this Agreement. 
 (b)    Each Founder hereby irrevocably and unconditionally grants
to, and appoints, the Company or any designee thereof as such Founder’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and
stead of such Founder, to vote or cause to be voted (including by proxy or written consent, if applicable) all shares of Common Stock Beneficially Owned by such Founder as provided in Section 3.3(a). Each Founder hereby
affirms that the irrevocable proxy set forth in this Section 3.3(b) is given in connection with the execution of the Contribution Agreement, the Psyop, Inc. Merger Agreement and the Psyop Services Member Consent, and that
such irrevocable proxy is given to secure the performance of the duties of such Founder under this Agreement. Each Founder hereby further affirms that the irrevocable proxy set forth in this Section 3.3(b) is coupled with
an interest and, except upon the time the Founders, collectively, cease to hold at least 15% of the outstanding Common Stock, is intended to be irrevocable. 

(c)    From and after such time as the Founders, collectively, cease to hold at least 15% of the outstanding Common Stock,
this Section 3.3 shall be of no further force or effect. 

3.4    Founders Observer. So long as the Founders, collectively, hold at
least 15% of the outstanding Common Stock, the Founders Committee shall have the right to appoint one observer (the “Founders Observer”) to the Board who shall be reasonably acceptable to the Company. The Founders Observer shall be
permitted to attend and observe all meetings (other than executive sessions) of (a) the Board and (b) if the Founders’ Designee does not serve on the Nominating Committee, the Nominating Committee. The Founders Observer shall not have
the right to vote on any matter that comes before the Board or the Nominating Committee. The Founders Observer shall receive copies of all written materials distributed to the Board and shall receive notice of each meeting or action by written
consent of the Board at the same time and in the same manner as notice is given to the Board. If the Founders’ Designee does not serve on the Nominating Committee, the Founders Observer shall receive copies of all written materials distributed
to the Nominating Committee and shall receive notice of each meeting or action by written consent of the Nominating Committee at the same time and in the same manner as notice is given to the Nominating Committee. Notwithstanding the foregoing, the
Company shall be entitled to withhold any information from the Founders Observer and exclude the Founders Observer from any meeting, or any portion thereof, (i) if the Company determines that such withholding or exclusion is reasonably
necessary to preserve attorney-client privilege, to protect highly confidential competitively sensitive information or for other similar reasons, or (ii) if the Company believes in good faith that the Founders Observer has a conflict of
interest. As a condition to the appointment of the Founders Observer, such Founders Observer shall execute a confidentiality agreement with the Company in customary form with respect to the information and discussions to which the Founders Observer
will have access. From and after such time as the Founders, collectively, cease to hold at least 15% of the outstanding Common Stock, the foregoing provisions of this Section 3.4 shall be of no further force or effect
(except that such confidentiality agreement shall survive in accordance with its terms). 

  
 4 

 ARTICLE IV 

ASTRO’S BOARD RIGHTS 

4.1    Astro Designee. 

(a)    So long as Astro holds more than 5% of the outstanding Common Stock, Astro shall have the right to nominate one
person (the “Astro Designee”) for election to the Board. If Astro has the right to so nominate the Astro Designee in a given year, (i) the Board shall, as promptly as practicable after receipt of notice from Astro that it is
exercising such right of nomination, appoint the Astro Designee to the Board in the class of directors in which the Astro Designee is required to be nominated for election by the Company under clause (ii), and (ii) the Company shall, at the
annual meeting of stockholders of the Company during such year, nominate the Astro Designee for election, and the Board shall recommend the Astro Designee for election; provided, however, that, in the case of each of clause
(i) and (ii), (A) such Astro Designee satisfies all then-applicable independence and other requirements of membership on a board of directors and each of its committees imposed by the rules of the Principal Market (including the

  
 5 

 
requirements of Rule 10A-3(b)(1)(ii) under the Exchange Act), (B) such Astro Designee shall be reasonably acceptable to the Nominating Committee,
(C) rather than appointing the Astro Designee to the Board in the class of directors up for election in the year Astro exercises its right of nomination, in its sole discretion, the Board may appoint such Astro Designee to another class of
directors so that the number of directors in each class is as nearly equal as possible and (D) the Company must receive timely notice of such nomination. To be timely, Astro’s notice of its nomination must be received by the Company not
less than 90 days nor more than 120 days prior to the one-year anniversary of the preceding year’s annual meeting; provided, however, that if the date of the annual meeting is more than 30
days before or more than 60 days after such anniversary date, notice by Astro to be timely must be received by the Company not later than the 90th day prior to such annual meeting or, if later, the 10th day following the day on which Public
Disclosure of the date of such annual meeting was first made. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of timely notice as described above. As a
condition to such nomination by Astro, the Astro Designee must complete and submit to the Board any questionnaires that the Company requires of its directors generally and submit any other information that the Company or the Nominating Committee
reasonably requests in connection with the Company’s obligations under the Securities Laws or in connection with the satisfaction of the Nominating Committee’s fiduciary duties. 

(b)    If, following election to the Board, the Astro Designee resigns or is removed or his or her seat on the Board
otherwise becomes vacant and Astro still has the right to nominate the Astro Designee for election to the Board pursuant to Section 4.1(e), then Astro shall be entitled to designate a replacement Astro Designee reasonably
acceptable to the Nominating Committee and the Board, and the Board shall elect such replacement Astro Designee to the Board for the remainder of the term of the replaced Astro Designee and until such replacement’s successor shall have been
elected and qualified. In determining whether such replacement Astro Designee is reasonably acceptable, the Nominating Committee and the Board may consider, among other things, whether the designation of such replacement is consistent with the
exercise of their fiduciary duties. 
 (c)    So long as Astro holds more than 5% of the outstanding Common Stock and the
Astro Designee is a member of the Board, Astro may designate the Astro Designee to serve on the Audit Committee of the Board and the Board shall accept such designation, provided that such Astro Designee satisfies all then-applicable
independence and other requirements of membership on a board of directors and an audit committee (or similar committee) imposed by the rules of the Principal Market (including the requirements of Rule
10A-3(b)(1)(ii) under the Exchange Act). 
 (d)    In the event that Astro ceases
to hold more than 5% of the outstanding Common Stock during the term of the Astro Designee as a director, if requested by the Board, Astro shall use reasonable best efforts to have the Astro Designee resign as a director and any failure of the Astro
Designee to so resign at such time shall constitute “cause” for removal of such director by the other members of the Board. As a condition to the nomination of the Astro Designee, such Astro Designee shall execute and deliver to the Board
an irrevocable letter of resignation to be deemed tendered upon the date that Astro ceases to hold more than 5% of the outstanding Common Stock. 

(e)    From and after the date that Astro ceases to hold more than 5% of the outstanding Common Stock, the foregoing
provisions of this Section 4.1 (other than Section 4.1(d)) shall be of no further force or effect. 

  
 6 

 4.2    Voting
Agreement. 
 (a)    From the date of on which Astro first exercises its right pursuant to
Section 4.1(a) to nominate an Astro Designee to the Board and for so long as an Astro Designee serves on the Board and Astro holds more than 5% of the outstanding Common Stock, Astro covenants to, and agrees with, the
Company that it will take all actions so that, (i) on any action to elect any director of the Company, all of the shares of Common Stock that are Beneficially Owned by Astro shall be voted (or consented) in favor of any nominee to the Board
recommended by the Board; and (ii) Astro shall be present, in person or by proxy, at all meetings of stockholders of the Company at which directors will be elected so that all shares of Common Stock Beneficially Owned by Astro may be counted
for the purposes of determining the presence of a quorum at such meeting. Astro shall not grant any proxies, enter into any agreement or arrangement or nominate any individuals for election to the Board or take any other action with respect to
shares of Common Stock that are Beneficially Owned by Astro that would be inconsistent with its obligations, or that would provide any third party with the ability to exercise its rights, under this Agreement. 

(b)    Astro hereby irrevocably and unconditionally grants to, and appoints, the Company or any designee thereof as
Astro’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of Astro, to vote or cause to be voted (including by
proxy or written consent, if applicable) all shares of Common Stock Beneficially Owned by Astro as provided in Section 4.2(a). Astro hereby affirms that the irrevocable proxy set forth in this
Section 4.2(b) is given in connection with the execution of the AADE Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of Astro under this Agreement. Astro hereby further
affirms that the irrevocable proxy set forth in this Section 4.2(b) is coupled with an interest and, except upon the time this Section 4.2 ceases to have further force and effect under
Section 4.2(c), is intended to be irrevocable. 
 (c)    Upon the date that Astro ceases to
hold more than 5% of the outstanding Common Stock, this Section 
4.2 shall be of no further force or effect. 
 4.3    Astro
Observer. 
 (a)    So long as Astro holds more than 5% of the outstanding Common Stock, Astro shall have the
right to appoint one observer (the “Astro Observer”) to each committee of the Board (other than the Audit Committee) who shall be reasonably acceptable to the Company. The Astro Observer shall be permitted to attend and observe all
meetings (other than executive sessions) of each committee of the Board (other than the Audit Committee). The Astro Observer shall not have the right to vote on any matter that comes before the Board or any committee thereof. The Astro Observer
shall receive copies of all written materials distributed to each committee of the Board (other than the Audit Committee) and shall receive notice of each meeting or action by written consent of each such committee at the same time and in the same
manner as notice is given to such committee. Notwithstanding the foregoing, the Company shall be entitled to withhold any information from the Astro Observer and exclude the Astro Observer from any meeting, or any portion thereof, (i) if the
Company determines that such withholding or exclusion is reasonably necessary to preserve attorney-client privilege, to protect highly confidential competitively sensitive information or for other similar reasons, or (ii) if the Company
believes in good faith that the Astro Observer has a conflict of interest. 
 (b)    From and after the date that Astro
ceases to hold more than 5% of the outstanding Common Stock through the date that Astro ceases to hold at least 50% of the shares of Common Stock issued to it pursuant to the AADE Merger Agreement, Astro shall have the right to appoint the Astro
Observer to the Board who shall be reasonably acceptable to the Company. The Astro Observer shall be permitted to attend and observe all meetings (other than executive sessions) of the Board and each committee thereof. The Astro Observer shall not
have the right to vote on any matter that comes before the 

  
 7 

 
Board or any committee thereof. The Astro Observer shall receive copies of all written materials distributed to the Board and each committee thereof and shall receive notice of each meeting or
action by written consent of the Board and each committee thereof at the same time and in the same manner as notice is given to the Board or such committee. Notwithstanding the foregoing, the Company shall be entitled to withhold any information
from the Astro Observer and exclude the Astro Observer from any meeting, or any portion thereof, (i) if the Company determines that such withholding or exclusion is reasonably necessary to preserve attorney-client privilege, to protect highly
confidential competitively sensitive information or for other similar reasons, or (ii) if the Company believes in good faith that the Astro Observer has a conflict of interest. 

(c)    As a condition to the appointment of the Astro Observer, such Astro Observer shall execute a confidentiality
agreement with the Company in customary form with respect to the information and discussions to which the Astro Observer will have access. 

(d)    From and after such time as Astro ceases to hold more than 5% of the outstanding Common Stock, the provisions of
this Section 4.3(a) shall be of no further force or effect. From and after such time as Astro ceases to hold at least 50% of the shares of Common Stock issued to it pursuant to the AADE Merger Agreement, the provisions of
Section 4.3(b) and 4.3(c) shall be of no further force or effect (except that the confidentiality agreement described above shall survive in accordance with its terms). 

ARTICLE V 

ACCESS RIGHTS 
 
5.1    Access. So long as the Founders, collectively, hold at least 25% of the outstanding Common Stock, each member of the Founders Committee will have reasonable access, during normal business hours, with
reasonable prior notice and so long as such access does not interfere with the operations of the Company or its subsidiaries, (a) to examine and make copies (at the Company’s expense) of the books and records of the Company and its
subsidiaries, and (b) to the Chief Executive Officer and the Chief Financial Officer of the Company (or their respective designee) to discuss the affairs, finances and operations of the Company and its subsidiaries, in each case, subject to
such member’s entry into a confidentiality agreement with the Company in customary form. Notwithstanding the foregoing, the Company may place reasonable limitations on books and records that may be copied (e.g., in the case of sensitive
information the dissemination of which could cause competitive harm to the Company or its subsidiaries). The Founders Committee shall be permitted to disclose information obtained from such access to another Founder; provided that such
Founder enters into a confidentiality agreement with the Company in customary form. 

5.2    Termination. From and after such time as the Founders,
collectively, cease to hold at least 25% of the outstanding Common Stock, Section 5.1 shall be of no further force or effect (except that the confidentiality agreement described above shall survive in accordance with its
terms). Furthermore, but without limiting the foregoing, the Founders Committee may irrevocably elect to terminate its rights under Section 5.1 at any time by written notice to the Company. 

ARTICLE VI 

FOUNDERS’ LOCK-UP 

6.1    Founders’ Lock-Up. 
 (a)    Except as provided in
Section 6.1(b), Section 6.1(c) and Section 6.1(d), each Founder shall not, without the prior written consent of the Board, which consent may be withheld for any

  
 8 

 
or no reason, directly or indirectly, (i) offer, pledge, hypothecate, sell, contract to sell, enter any agreement to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any shares of Common Stock he or she receives pursuant to the Contribution Agreement, the Psyop, Inc. Merger Agreement and/or the Psyop
Services Member Consent (or as a result of a stock dividend, stock split or recapitalization relating thereto), or any interest therein (with respect to each Founder, the “Founder Shares”), (ii) enter into any swap or any other
agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of any Founder Shares, whether any such transaction is to be settled by delivery of Founder Shares or other securities, in cash or
otherwise (each of the foregoing in clause (i) and clause (ii), a “Transfer”) or (iii) file any registration statement under the Securities Act with respect to any of the foregoing. 

(b)    Notwithstanding the provisions of Section 6.1(a), each Founder may Transfer his or her
Founder Shares without the consent of the Board according to the following schedule: 
 (i)    during the
first six months after the date of this Agreement, none of the Founder Shares; 
 (ii)    during the
period from the six-month anniversary of the date of this Agreement through the 18-month anniversary of such date (such 18-month
anniversary, the “Initial Release Date”), up to 25% of the aggregate number of Founder Shares originally issued to such Founder; 

(iii)    during the period from the Initial Release Date through the
30-month anniversary of the date of this Agreement (such 30-month anniversary, the “Second Release Date”), up to 50% of the aggregate number of Founder
Shares originally issued to such Founder (less the aggregate number of Founder Shares Transferred by such Founder under Section 6.1(b)(ii)); 

(iv)    during the period from the Second Release Date through the date that is the 36-month anniversary of the date of this Agreement (such 36-month anniversary, the “Third Release Date”), up to 75% of the aggregate number of Founder Shares
originally issued to such Founder (less the aggregate number of Founder Shares Transferred by such Founder pursuant to Section 6.1(b)(ii) or Section 6.1(b)(iii)); and 

(v)    after the Third Release Date, up to 100% of the aggregate number of Founder Shares originally issued
to such Founder (less the aggregate number of Founder Shares Transferred by such Founder pursuant to Section 6.1(b)(ii), Section 6.1(b)(iii) or Section 6.1(b)(iv)). 

(c)    Notwithstanding the provisions of Section 6.1(a), each Founder may Transfer his or her
Founder Shares to his or her Immediate Family Members, to his or her former spouse in connection with any marital separation, asset allocation agreement or qualified domestic relations order, to a trust established for the benefit of such Founder or
his or her Immediate Family Members, to an entity owned, directly or indirectly, by such a trust, to a beneficiary of his or her will through a disposition under such will or to an intestate heir in the absence of a will; provided that, in
each case, the transferee enters into a joinder to this Agreement in form and substance reasonably satisfactory to the Company (and the addition of such transferee as a party to this Agreement shall not be deemed to be an amendment or modification
to this Agreement). Transfers of Founder Shares by a Founder and any of the foregoing transferees will be aggregated for purposes of the schedule described in Section 6.1(b). 

  
 9 

 (d)    Notwithstanding the provisions of
Section 6.1(a)(iii), after the expiration of the Lock-up Agreement a Founder has entered into in connection with the Company’s initial public offering, such Founder may exercise
the right to request the Company file a shelf registration statement in accordance with Section 7.2(a) with respect to all of his or her Founder Shares; provided that such Founder does not Transfer any Founder Shares
pursuant to such shelf registration statement (or otherwise) in violation of this Article VI and the shelf registration statement clearly describes the restrictions on Transfer provided in this Article VI. 

(e)    From time to time, upon the request of the Company, each Founder shall confirm to the Company in writing the number
of shares of Common Stock he or she (or a transferee thereof) has Transferred pursuant to each of the clauses of Section 6.1(b). 

6.2    Stock Transfer Instructions; Prohibited Transfers. Each Founder
agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent against the Transfer of any of his or her Founder Shares, except in compliance with this Agreement. In the event a Founder attempts to Transfer his
or her Founder Shares in violation of this Article VI, such Transfer shall be void ab initio. 
 
6.3    Legend. Each Founder acknowledges and agrees that all of his or her Founder Shares will be held in certificated form so long as such Founder Shares are subject to the restrictions on Transfer set
forth in Section 6.1. Each Founder understands and agrees that the Company will cause the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s) or other documents or
instruments evidencing ownership of his or her Founder Shares, which shall be in addition to any restricted legend included thereon under the Securities Act: 

“The securities represented by this certificate are subject to a Stockholders’ Agreement dated as of
[                    ], 2019, by and between PCI Media, Inc. and the Stockholders identified therein, and any sale, transfer,
assignment or other disposition of such securities is subject to such Stockholders’ Agreement.” 

6.4    New Certificates. Upon surrender to the Company or its transfer
agent of any certificate representing any Founder Shares transferred in accordance with Section 6.1(b), the Company shall promptly cause to be issued: 

(a)    to the transferee or transferees of such Founder Shares one or more certificates without the legend set forth in
Section 6.3, and 
 (b)    to the holder of Founder Shares represented by such certificates so
surrendered one certificate representing such Founder Shares, if any, as shall not have been so transferred, with the legend set forth in Section 6.3. 

ARTICLE VII 

REGISTRATION RIGHTS 
 
7.1    Demand Registrations. 
 (a)    Upon the terms and subject
to the conditions hereof, and subject to Article VI, Section 7.4(a) and the provisions of the Lock-up Agreements, if (i) a Majority-in-Interest of the Stockholders (other than Astro) or (ii) Astro requests in writing registration under the Securities Act of any of their Registrable Securities (a
“Registration”), which request specifies the approximate number of Registrable Securities requested to be registered, then within 10 days after receipt of any such request, the 

  
 10 

 
Company shall give written notice of such requested registration to all other holders of Registrable Securities and shall include in the Registration all Registrable Securities with respect to
which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s notice. The registration requested pursuant to this Section 7.1(a) is referred to herein as a
“Demand Registration.” 
 (b)    Not more than one Demand Registration in any one year period and not
more than two Demand Registrations, in the aggregate, may be required of the Company pursuant to this Section 7.1. No request for a Demand Registration shall be permitted unless the Registrable Securities sought to be
included in such Demand Registration have an aggregate expected market value of at least $2,000,000 (as determined in good faith by the Board). A registration shall not count as a Demand Registration until the registration statement relating thereto
has become effective, and any Registration shall not count as a Demand Registration unless the initiating holder or holders of Registrable Securities are able to register and sell at least 70% of the Registrable Securities requested to be included
in such registration. 
 (c)    Notwithstanding anything to the contrary in Section 7.1(a), if
a Demand Registration is an underwritten offering and the managing underwriter(s) in such offering advise the Company in writing that in their opinion the number of Registrable Securities and other securities requested to be included in such
offering, exceeds the number of Registrable Securities and other securities, if any, which can be sold in an orderly manner in such offering within a price range acceptable to the holders of a majority of the Registrable Securities covered by such
registration, the Company shall include in the offering, prior to the inclusion of any securities which are not Registrable Securities, the number of Registrable Securities requested to be included which, in the opinion of the managing
underwriter(s), can be sold in an orderly manner within the price range of the offering, pro rata among the respective holders thereof on the basis of the amount of Registrable Securities requested to be registered by each such holder;
provided, that if the number of Registrable Securities to be included in the offering is less than 85% of the number requested to be so included, the holders of
662⁄3% of Registrable Securities covered by such Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, the Demand
Registration shall not count as a permitted Demand Registration hereunder, and the Company shall pay all Registration Expenses in connection with the withdrawn registration. 

(d)    Notwithstanding anything to the contrary in Section 7.1(a), the Company shall not be
obligated to effect any Demand Registration within six months after the effective date of a registration statement for a registration demanded by the holders of registration rights in which the holders of Registrable Securities were given piggyback
rights pursuant to Section 7.3 and in which there was no reduction in the number of Registrable Securities requested to be included in such registration (except to the extent permitted under the provisions of
Section 7.1(c) if such registration was treated as a Demand Registration for purposes of such provisions). The Company may postpone, for up to three months in any 12 month period, the filing or the effectiveness of a
registration statement for a Demand Registration if the Board determines in good faith that it is reasonably foreseeable that the Demand Registration would have a material adverse effect on the Company or if the Company determines that it is
required to disclose in the Demand Registration a financing, acquisition, corporate reorganization or other similar corporate transaction or other material event or circumstance affecting the Company or its securities, and that such disclosure of
such information at such time would be seriously detrimental to the Company; provided, that, in such event, the holders of 662⁄3% of Registrable Securities
covered by the Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, the Demand Registration shall not count as a permitted Demand Registration hereunder, and the Company shall pay all Registration
Expenses in connection with the withdrawn registration. Notwithstanding anything in this Agreement to the contrary, during any postponement pursuant to the immediately preceding sentence, the Company shall not be permitted to file a registration
statement, to register for sale, or to conduct any registered securities offering (including any “take-downs” off of an effective shelf registration statement) of, any of its securities either for its own account or the account of any
security holder or holders, in each case, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar successor form or another form used for
a purpose similar to the intended use of such forms. 

  
 11 

 (e)    If a Demand Registration is an underwritten offering, the Company
shall have the right to select the underwriters for such offering. 

7.2    Shelf Registration. 

(a)    Subject to Article VI, Section 7.4(a) and the provision of the Lock-up Agreements, and further subject to the Company’s eligibility to use a registration statement on Form S-3 (“Form
S-3”), the Company shall, within 30 days of a written request from (i) a Majority-in-Interest of the holders of
Registrable Securities other than Astro or (ii) Astro, use commercially reasonable efforts to file with the Commission a shelf registration statement on Form S-3 pursuant to Rule 415 under the Securities
Act for the offer and sale of the Registrable Securities by the requesting holders and, thereafter, shall use commercially reasonable efforts to cause such registration statement to be declared effective under the Securities Act as soon as
reasonably practicable after the filing thereof. Within 10 days after receipt of any such request, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and shall include in such
registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s notice. The registration requested pursuant to this
Section 7.2(a) is referred to herein as a “Shelf Registration”. The Company may, not more than once in any 12 month period, postpone for up to three months the filing or the effectiveness of a registration
statement for a Shelf Registration if the Board determines in good faith that it is reasonably foreseeable that the Shelf Registration would have a material adverse effect on the Company or if the Company determines that it is required to disclose
in the Shelf Registration a financing, acquisition, corporate reorganization or other similar corporate transaction or other material event or circumstance affecting the Company or its securities, and that such disclosure of such information at such
time would be seriously detrimental to the Company and its stockholders. Notwithstanding anything in this Agreement to the contrary, during any postponement pursuant to the immediately preceding sentence, the Company shall not be permitted to file a
registration statement, to register for sale, or to conduct any registered securities offering (including any “take-downs” off of an effective shelf registration statement) of, any of its securities either for its own account or the
account of any security holder or holders, in each case, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar successor form or another
form used for a purpose similar to the intended use of such forms. 
 (b)    The Company shall use commercially
reasonable efforts to keep the Form S-3 for a Shelf Registration continuously effective until the earlier of (i) one year after the Form S-3 is declared effective
and (ii) the date on which there are no Registrable Securities registered thereunder. 
 (c)    Notwithstanding
anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time by providing written notice to the holders of Registrable Securities, to require the holders to suspend the use of the prospectus for sales of
Registrable Securities under the Shelf Registration for a reasonable period of time not to exceed 90 days in succession or 180 days in the aggregate in any 12 month period (a “Suspension Period”) if the Company shall determine that
it is required to disclose in the Shelf Registration a financing, acquisition, corporate reorganization or other similar corporate transaction or other material event or circumstance affecting the Company or its securities, and that such disclosure
of such information at such time would be seriously detrimental to the Company and its stockholders. Immediately upon receipt of such notice, the holders of Registrable Securities covered by the Shelf Registration shall suspend the use of the
prospectus for such Shelf Registration until requisite 

  
 12 

 
changes to the prospectus have been made as required below. Any Suspension Period shall terminate at such time as the Public Disclosure of such information or, if earlier, at such time as the
Company determines that disclosure of such information would not be seriously detrimental to the Company and its stockholders. After the expiration of any Suspension Period and without any further request from a holder of Registrable Securities, the
Company shall as promptly as reasonably practicable prepare a post-effective amendment to the registration statement or a supplement to the prospectus for the Shelf Registration or file any other required document to the extent necessary so that, as
thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any
registered securities offering (including any “take-downs” off of an effective shelf registration statement) of, any of its securities, either for its own account or the account of any such security-holder during a Suspension Period, in
each case, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar successor form or another form used for a purpose similar to the
intended use of such forms. 
 7.3    Piggyback Registrations. 

(a)    Subject to Article VI, Section 7.4(a) and the provision of the Lock-up Agreements, whenever the Company proposes to register (including for this purpose a registration effected by the Company for holders of securities other than holders of Registrable Securities) any of its
Equity Securities for cash under the Securities Act and the registration statement to be used may be used for the registration of Registrable Securities (excluding, without limitation, a registration statement on Form
S-4 or Form S-8 or any similar successor form or another form used for a purpose similar to the intended use of such forms) (a “Piggyback
Registration”), the Company shall give prompt written notice to all holders of Registrable Securities of the Company’s intention to effect such a registration and shall include in the registration all Registrable Securities with
respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s notice. The Company shall have the right to terminate or withdraw any Piggyback Registration initiated under this
Section 7.3 prior to the effectiveness of the registration statement related thereto whether or not any holder has elected to include Registrable Securities in such Piggyback Registration. 

(b)    If a Piggyback Registration is an underwritten primary offering on behalf of the Company and the managing
underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such Piggyback Registration exceeds the number which can be sold in an orderly manner in such offering within a price range
acceptable to the Company, the Company shall include in such Piggyback Registration (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in the Piggyback Registration and
securities requested to be included in the Piggyback Registration pursuant to other registration rights granted by the Company pro rata among the holders of such Registrable Securities and other securities on the basis of the number of securities
requested to be registered by each such holder, and (iii) third, such other securities requested to be included in the Piggyback Registration. 

(c)    If a Piggyback Registration is an underwritten secondary offering on behalf of holders of the Company’s
securities and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in the Piggyback Registration exceeds the number which can be sold in an orderly manner in such offering
within a price range acceptable to the holders initially requesting the Piggyback Registration, the Company shall include in such Piggyback Registration (i) first, the securities requested to be included in the Piggyback Registration pursuant
to 

  
 13 

 
demand registration rights granted by the Company, and (ii) second, the Registrable Securities requested to be included in the Piggyback Registration and securities requested to be included
in the Piggyback Registration pursuant to other piggyback registration rights granted by the Company pro rata among the holders of such Registrable Securities and such other securities on the basis of the number of shares requested to be registered
by each such holder. 
 (d)    If any Piggyback Registration is an underwritten offering, the Company shall select the
underwriters for the offering. 

7.4    Underwriters’ Lock-Up Agreements. 
 (a)    Each Stockholder agrees in connection with any
underwritten offering of securities of the Company (whether or not such Stockholder is participating in such offering) not to effect (other than pursuant to such offering) any sale, transfer or distribution of the securities of the Company,
including any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, enter into any hedging or similar transaction with the same economic effect as a sale or otherwise dispose of any securities of the
Company, or any securities convertible into or exchangeable or exercisable for any such securities, without the prior written consent of the managing underwriter(s) for such offering for a customary period to be determined by such managing
underwriter(s); provided that such restrictions shall not exceed 90 days after the consummation of the offering. Each Stockholder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or such
managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto; provided that if such Stockholder fails to execute and deliver such other agreements, each Stockholder agrees that the
restrictions imposed by this Section 7.4(a) shall be specifically enforceable by the Company and such underwriters. The Company may impose stop transfer instructions and may stamp each such certificate with appropriate
legends with respect to the securities of the Company subject to the foregoing restriction until the end of the applicable restricted period. 

(b)    To the extent requested by the managing underwriter(s) for any underwritten offering of securities of the Company,
the Company agrees not to effect (other than pursuant to such offering) any sales of securities of the Company, or make any short sale of, loan, grant any option for the purchase of, enter into any hedging or similar transaction with the same
economic effect as a sale or otherwise dispose of any securities of the Company, or any securities convertible into or exchangeable or exercisable for any such securities, without the prior written consent of such managing underwriter(s);
provided that such restrictions shall not exceed 90 days after the consummation of the offering. If requested by such managing underwriter(s), the Company agrees to use commercially reasonable efforts to cause each director and executive
officer of the Company to agree to restrictions on the sale, transfer or distribution of securities of the Company substantially similar to those contained in the first sentence of Section 7.4(a). 

7.5    Registration Procedures. 

(a)    Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant
to this Article VII, the Company shall use commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as expeditiously as possible: 
 (i)    Prepare and, in the case of a Demand Registration, no later
than 60 days after a request for a Demand Registration, file with the Commission, a registration statement with respect to such Registrable Securities and use commercially reasonable efforts to cause the registration statement to become effective
and remain effective until the earlier of (A) the date 

  
 14 

 
when all Registrable Securities covered by the registration statement have been sold, or (B) other than in the case of a Shelf Registration, 180 days from the effective date of the
registration statement; provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities
covered by the registration statement copies of all such documents proposed to be filed to the extent specifically requested by such counsel, including documents that are to be incorporated by reference into the registration statement, amendment or
supplement, which documents shall be subject to the review of such counsel, and which proposed registration statement or amendment or supplement thereto shall not be filed by the Company if the holders of a majority of the Registrable Securities
covered by the registration statement, amendment or supplement reasonably object to such filing and; provided, further, that the period for the preparation and filing of a Demand Registration shall be 90 days if a request for a Demand
Registration is made in the first 45 days of any year, and the Company cannot file such Demand Registration without audited financial statements for the prior calendar year under the rules of the Commission; 

(ii)    Prepare and file with the Commission such amendments and supplements to the registration statement
and the prospectus used in connection therewith as may be necessary to keep the registration statement effective for the period referred to in Section 7.2(b) or Section 7.5(a)(i) and comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by the registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in the
registration statement; 
 (iii)    Furnish to each seller of Registrable Securities such number of
copies of the registration statement, each amendment and supplement thereto, the prospectus included in the registration statement (including each preliminary prospectus) and such other documents as such holder may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such holder; 
 (iv)    Use
commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such domestic jurisdictions as any holder thereof reasonably requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable such holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holder; provided, however, that the Company shall not be required to qualify
to do business or file a general consent to service of process in any such jurisdiction; 
 (v)    Notify
each holder of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration
statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such holder, the Company shall prepare a supplement or amendment to the prospectus so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 

(vi)    Promptly notify the holders of Registrable Securities and the underwriters, if any, of the
following events and (if requested by any such Persons) confirm such notification in writing: (A) the filing of the prospectus or any supplement thereto and the registration statement and any amendment or post-effective amendment thereto and,
with respect to the registration 

  
 15 

 
statement or any post-effective amendment thereto, the declaration of the effectiveness of such document (unless they become automatically effective upon filing); (B) any written comments by the
Commission or any requests by the Commission for amendments or supplements to the registration statement or the prospectus or for additional information; (C) the issuance or, to the knowledge of the Company, threat of issuance by the Commission
of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose; and (D) the receipt by the Company of any notification with respect to the suspension of the qualification of
the Registrable Securities for sale in any jurisdiction or the initiation or threat of initiation of any proceeding for such purpose; 

(vii)    Cause all such Registrable Securities to be listed on each securities exchange on which securities
of the same class issued by the Company are then listed; 
 (viii)    Provide a transfer agent and
registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(ix)    Enter into such customary agreements (including, without limitation, underwriting agreements in
customary form) and take all such other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including, without limitation, effecting a stock split or a combination of shares); 
 (x)    Upon
execution of a confidentiality agreement in form and substance reasonably satisfactory to the Company, make available for inspection by any holder of Registrable Securities, any underwriter participating in any disposition pursuant to the
registration statement and any attorney, accountant or other agent retained by any such holder or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers,
directors, employees and independent accountants to supply all information reasonably requested by any such holder, underwriter, attorney, accountant or agent in connection with the registration statement, in each case, as shall be reasonably
necessary or desirable to enable such holder or underwriter to maintain a due diligence defense in connection with the registration; 

(xi)    Otherwise comply with all applicable rules and regulations of the Commission, and make available to
its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xii)    Make every commercially reasonable effort to prevent the entry of any order suspending the
effectiveness of the registration statement and, in the event of the issuance of any such stop order, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any security included in such
registration statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts promptly to obtain the withdrawal of such order; 

(xiii)    Use commercially reasonable efforts to cause such Registrable Securities covered by the
registration statement to be registered with or approved by such other governmental agencies or authorities under “blue sky” laws as may be necessary to enable the holders thereof to consummate the disposition of such Registrable
Securities; 

  
 16 

 (xiv)    Cooperate with the selling holders of
Registrable Securities and the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to
be in such lots and registered in such names as the underwriters may request at least two Business Days prior to any delivery of Registrable Securities to the underwriters; 

(xv)    Make available on a reasonable basis senior management personnel of the Company to participate in,
and cause them to cooperate with the managing underwriter(s) in any underwritten offering in connection with “road show” and other customary marketing activities, including
“one-on-one” meetings with prospective purchasers of the Registrable Securities to be sold in the underwritten offering and otherwise to facilitate, cooperate
with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, in each case to the same extent as if the Company were engaged in a primary registered offering of its capital stock; 

(xvi)    Provide a CUSIP number for all Registrable Securities not later than the effective date of the
registration statement; and 
 (xvii)    In connection with an underwritten offering, (A) make such
representations and warranties to the selling holders of such Registrable Securities and the underwriters with respect to the Registrable Securities and the registration statement as are customarily made by issuers to selling holders or
underwriters, as applicable, in comparable offerings, (B) obtain opinions of counsel to the Company (which counsel and which opinions shall be reasonably satisfactory to the underwriters) addressed to the underwriters covering the matters
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such underwriters or their counsel, (C) obtain “cold comfort” letters and updates thereof from the
Company’s independent certified public accountants addressed to the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters by underwriters in connection with
primary underwritten offerings, and (D) deliver such documents and certificates as may be reasonably requested by the underwriters to evidence compliance with clause (A) above and with any customary conditions contained in the underwriting
agreement or other agreement entered into by the Company. 
 (b)    Registration Expenses. 

(i)    All expenses incident to the Company’s performance of or compliance with this Article
VII, including without limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and
all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), shall be borne by the
Company, and the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense
of any D&O liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which such securities are listed. 

(ii)    In connection with each Demand Registration, each Shelf Registration and each Piggyback
Registration, the Company shall reimburse the holders of Registrable Securities 

  
 17 

 
covered by such registration for the reasonable fees and disbursements of one counsel to all holders of Registrable Securities which shall be chosen by the holders of a majority of the
Registrable Securities covered by such registration (which in no event shall exceed $50,000 in the aggregate for each such registration). 

(iii)    To the extent Registration Expenses are not required to be paid by the Company, each holder of
securities included in any registration hereunder shall pay those expenses allocable to the registration of the holder’s securities so included, and any expenses not so allocable shall be borne by all sellers of securities included in the
registration in proportion to the aggregate selling price of the securities to be so registered. 

7.6    Indemnification. 

(a)    The Company agrees to indemnify, to the fullest extent permitted by law, each holder of Registrable Securities, its
Affiliates and their respective officers, directors, employees and agents, as the case may be, and each Person who controls the holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities and expenses caused
by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use therein as provided in
Section 7.6(b). In connection with an underwritten offering, the Company shall, to the extent required in the applicable underwriting agreement, indemnify the underwriters, their officers and directors, as the case may be,
and each Person who controls the underwriters (within the meaning of the Securities Act), to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 

(b)    In connection with any registration statement in which a holder of Registrable Securities is participating, each
holder shall furnish to the Company in writing information regarding such holder, the Registrable Securities and the intended method of distribution thereof for use in connection with any such registration statement or prospectus and as shall be
reasonably required in connection with any registration, qualification or compliance required in connection with this Article VII and, to the fullest extent permitted by law, shall indemnify the Company, its directors and officers and each
Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information or affidavit furnished in writing by the holder specifically stating that it has been provided for inclusion in the registration statement and not corrected in a
subsequent writing prior to the sale of the Registrable Securities; provided, that the obligation to indemnify shall be individual to each holder and shall be limited to the net amount of proceeds received by the holder from the sale of
Registrable Securities pursuant to the registration statement. 
 (c)    Any Person entitled to indemnification hereunder
shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in the indemnified party’s reasonable judgment a conflict of interest between the indemnified
and the indemnifying parties may exist with respect to such claim, permit the indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party
shall not be subject to any liability for any settlement made by the 

  
 18 

 
indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall
not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by the indemnifying party with respect to such claim. 

(d)    The indemnification provided for under this Article VII shall remain in full force and effect regardless of
any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities and the termination of this Agreement. 

(e)    The holders of Registrable Securities included on any registration statement agree that if, for any reason, the
indemnification provisions contemplated by this Article VII are unavailable to or are insufficient to hold harmless any indemnified party in respect of all expenses, claims, losses, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of all such expenses, claims, losses, damages or liabilities (or actions in respect thereof) in such proportion as
is appropriate to reflect the relative fault of, and benefits derived by, the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such
indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant
to this Section 7.6(e) were determined (i) by pro rata allocation (even if the holders of Registrable Securities included on a registration statement or any agents for, or underwriters of, the Registrable Securities,
or all of them, were treated as one entity for such purpose); or (ii) by any other method of allocation which does not take account of the equitable considerations referred to in this Section 7.6(e). The amount paid or
payable by an indemnified party as a result of the expenses, claims, losses, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include (subject to any limitations set forth thereon) any legal or other fees
or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action, proceeding or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, the obligation for contribution hereunder shall be individual to each holder and shall be
limited to the net amount of proceeds received by the holder from such sale of Registrable Securities pursuant to the registration statement. 

7.7    Participation in Underwritten Registrations. No holder of
Registrable Securities may participate in any registration hereunder which is underwritten unless the Person (a) agrees to accept the terms of the underwriting agreement as agreed upon by the Company and the underwriters selected in accordance
with this Article VII, and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily required under the terms of such underwriting arrangements;
provided, however, that this Section 7.7 will not require any holder of Registrable Securities to agree to any lock-up agreement or market standoff agreement other than
those permitted by Section 7.4(a) and that no holder of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters other
than representations and warranties regarding the holder and the holder’s intended method of distribution. 

  
 19 

 7.8    Reports Under The
Securities Laws. With a view to making available to the holders of Registrable Securities the benefits of Rule 144, so long as any Registrable Securities are outstanding, the Company agrees to use commercially reasonable efforts to: 

(a)    Make and keep public information available, as those terms are understood and defined in Rule 144, at all times
subsequent to 90 days after the effective date of the registration statement covering the Company’s initial public offering; 

(b)    File with the Commission in a timely manner (taking into account all valid extensions) all reports and other
documents required of the Company under the Securities Act and the Exchange Act at any time after it is subject to the reporting requirements; and 

(c)    Furnish to any holder so long as the holder owns any of the Registrable Securities forthwith upon request a written
statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after 90 days after the effective date of the registration statement covering the Company’s initial public offering), and of the Securities
Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as may be reasonably
requested by any the holder in availing itself of any rule or regulation of the Commission permitting the selling of any the securities without registration (except the Company need not provide such copies if they are publicly available on the
Commissions EDGAR database). 
 7.9    Certain Limitations in Connection
with Future Grants of Registration Rights. From and after the date of this Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company providing for the granting to the
holder of registration rights unless the agreement (a) includes as a term the equivalent of Section 7.3(c); and (b) is otherwise not inconsistent with the rights granted to the holders of Registrable Securities in
this Article VII. 
 7.10    Transfer Of Registration Rights.
Provided that the Company is given written notice by the holder of Registrable Securities at the time of any transfer of Registrable Securities by the holder stating the name and address of the transferee of such Registrable Securities and
identifying the Registrable Securities with respect to which the rights under this Article VII are being assigned, the rights of the Stockholders under this Article VII may be transferred (but only with the related obligations) at any
time to (a) any Affiliate of such Stockholder or (b) any Immediate Family Member of such Stockholder, any trust established for the benefit of such Stockholder or his or her Immediate Family Members, an entity owned, directly or
indirectly, by such a trust, any beneficiary of such Stockholder’s will through a disposition under such will or any intestate heir in the absence of a will; provided that, in each case, (i) such transfer of securities is in
accordance with all applicable state and federal securities laws and regulations and with this Agreement and (ii) the transferee enters into a joinder to this Agreement in form and substance reasonably satisfactory to the Company (and the
addition of such transferee as a party to this Agreement shall not be deemed to be an amendment or modification to this Agreement). In connection with any transfer by a holder of less than the entire amount of its Registrable Securities, such holder
shall continue to control the rights hereunder but shall be entitled to include such transferee in any elections it makes under this Article VII. If a holder of Registrable Securities transfers all of its Registrable Securities, all
rights hereunder shall be controlled by such transferee, if one, or by the transferee designated by the holder transferring such rights if more than one. 

7.11    Reporting Sales and Shares Held. Each holder of Registrable
Securities shall report to the Company sales made pursuant to any registration of such Registrable Securities. Furthermore, from time to time, upon the request of the Company, each Founder and Astro shall confirm to the Company in writing the number
of shares of Common Stock held of record and Beneficially Owned by such Founder or Astro, as applicable. 

  
 20 

 ARTICLE VIII 

MISCELLANEOUS 
 
8.1    Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address set forth below or to such other address as a
party may designate by notice under this Section 8.1, and shall be either (a) delivered by hand, (b) sent by e-mail or (c) sent by Federal Express, DHL, UPS or another
internationally recognized delivery service. 
  

			
	If to the Company:	  	PCI Media, Inc.
		  	523 Victoria Avenue
		  	Venice, California 90291
		  	Attention: Chief Executive Officer and Chief Financial Officer
		  	E-mail: hramsbottom@psyop.tv; tom@psyop.tv
		
	With a copy to	  	
	(which shall not constitute notice):	  	Latham & Watkins LLP
		  	140 Scott Drive
		  	Menlo Park, California 94025
		  	Attention: Anthony J. Richmond and David Zaheer
		  	E-mail: tony.richmond@lw.com; david.zaheer@lw.com

 If to a Stockholder, to such Stockholder’s address as shown on its signature page to this Agreement. 

All notices, requests, consents and other communications hereunder shall be deemed to have been given (i) if by hand, at the time of the delivery thereof
to the receiving party at the address of such party set forth above, (ii) if by e-mail, on the day that receipt thereof has been acknowledged by electronic confirmation or otherwise or (iii) if sent
by internationally recognized delivery service, on the day of actual receipt as reported by such delivery service. 
 
8.2    Entire Agreement. This Agreement, including the schedule hereto, embody the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all
prior oral or written agreements and understandings relating to the subject matter hereof. 

8.3    Amendments. Except as provided in
Section 7.10, the terms and provisions of the Agreement may be modified, amended or waived, or consent for the departure from such terms and provisions may be granted, only by written consent of the Company, the Founders
Committee and, with respect to Article IV and Article VII, the written consent of Astro; provided, however, that any modification, amendment or waiver that would adversely affect in any material respect a Stockholder in a
manner materially disproportionate to other Stockholders shall also require the consent of such adversely and materially disproportionately impacted Stockholder. Each such waiver or consent shall be effective only in the specific instance and for
the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

8.4    Parties in Interest. Nothing in this Agreement, express or
implied, is intended to confer upon any Person other than the parties hereto, their successors and permitted assigns and the indemnified persons under Section 7.6, any benefits, rights or remedies. Except as provided in
Section 6.1(c) and Section 7.10, neither this Agreement nor the rights or obligations of any party hereto may be assigned or delegated without the prior written consent of the Company and the
Founders Committee. 

  
 21 

 8.5    Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflict of law principles thereof that would
cause the application of the laws of any jurisdiction other than the State of Delaware. 

8.6    Jurisdiction; Venue. Each of the parties hereto hereby
irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of Chancery Court of the State of Delaware (provided, that if, and only after, such court determines that it lacks subject matter
jurisdiction over any such legal action, suit or proceeding, such legal action, suit or proceeding shall be brought in the Federal courts of the United States of America located in the State of Delaware or any of the courts of the State of Delaware)
and any appellate court thereof, in any action or proceeding arising out of or relating to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to
any representation or warranty made in or in connection with this Agreement), or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined in such courts,
(b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or the negotiation,
execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) in any such courts, (c) waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such legal action, suit or proceeding in any such courts and (d) agrees that a final judgment in any such legal action, suit or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 
8.7    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 legal action, suit or
proceeding directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby. 
 
8.8    Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be unenforceable in any respect, then
such provision shall be deemed limited to the extent that such court deems it enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable,
the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 

8.9    Headings and Captions. The headings and captions of the various
subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or constructions of any of the terms or provisions hereof. 

8.10    Interpretation. 

(a)    Unless the context of this Agreement otherwise clearly requires, (i) references to the plural include the
singular, and references to the singular include the plural, (ii) references to one gender include the other gender, (iii) the words “include,” “includes” and “including” do not limit the preceding terms or
words and shall be deemed to be followed by the words “without limitation,” (iv) the terms “hereof,” “herein,” “hereunder,” “hereto” and similar terms in this Agreement refer to this Agreement
as a 

  
 22 

 
whole and not to any particular provision of this Agreement, (v) the terms “day” and “days” mean and refer to calendar day(s), (vi) the terms “year” and
“years” mean and refer to calendar year(s) and (vii) all references to “the date hereof,” “the date of this Agreement” or similar terms refer to the date first above written, notwithstanding that the parties may
have executed this Agreement on a later date. 
 (b)    Unless otherwise set forth herein, references in this Agreement
to (i) any document, instrument or agreement (including this Agreement) include and incorporate all exhibits, schedules and other attachments thereto, as amended, modified or supplemented, and (ii) a particular law, rule or regulation
referenced herein means such law, rule or regulation as amended, modified, supplemented or succeeded. When a reference is made in this Agreement to Articles, Sections or any other subdivision, such reference is to an Article, a Section or other
subdivision of this Agreement, unless otherwise indicated. When a reference is made in this Agreement to a party or parties, such reference is to parties to this Agreement, unless otherwise indicated. Unless otherwise specified, all references to
“$” shall be deemed to be references to the lawful currency of the United States. 

8.11    No Waiver of Rights, Powers and Remedies. No failure or delay
by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the party. No single or partial exercise of any
right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from other or further exercise thereof or the exercise of any other
right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any
circumstances without such notice or demand. 

8.12    Counterparts. This Agreement may be executed in counterparts
(including by facsimile, e-mail or similar means of electronic communication), each of which shall be deemed an original and all of which together shall constitute one agreement. 

8.13    Rules of Construction. The parties hereto agree that they have
been represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other
document will be construed against the party drafting such agreement or document. 

8.14    Specific Performance. The parties hereto agree that
irreparable damage could occur and that the a party may not have any adequate remedy at law in the event that any of the provisions of this Agreement are not performed in accordance with their terms or were otherwise breached. Accordingly, each
party shall without the necessity of proving the inadequacy of money damages or posting a bond be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms, provisions and covenants
contained therein, this being in addition to any other remedy to which they are entitled at law or in equity. 
 
8.15    Effectiveness. Notwithstanding anything contained in this Agreement to the contrary, this Agreement shall be effective (a) with respect to each member of Psyop Media Company, LLC (other than
AADE and Psyop, Inc.), at the Effective Time (as defined in the Contribution Agreement), (b) with respect to Astro, at the Effective Time (as defined in the AADE Merger Agreement), (c) with respect to the shareholders of Psyop, Inc. at the Effective
Time (as defined in the Psyop, Inc. Merger Agreement) and (d) with respect to the members of Psyop Services, at the Effective Time (as defined in the Psyop Services Member Consent). If each of the foregoing Effective Times does not occur within
60 days of the date of this Agreement, this Agreement shall terminate on such date and shall be of no further force and effect. 

(Signature pages follow) 

  
 23 

 Executed as of the date first set forth above. 

 

			
	COMPANY:
	
	PCI MEDIA, INC.

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	
	STOCKHOLDERS:
	
	[SOLE STOCKHOLDER OF AADE]

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	
	Address and E-mail Address:
	
	   

	D. Hunt Ramsbottom, Jr.
	
	Address and E-mail Address:
	
	   

	Thomas Boyle
	
	Address and E-mail Address:
	
	   

	Hejung Marie Hyon
	
	Address and E-mail Address:

  
 [Signature page to
Stockholders’ Agreement] 

 
	
	
	   

	Kylie Matulick
	
	Address and E-mail Address:
	
	   

	Eben Mears
	
	Address and E-mail Address:
	
	   

	Robert Todd Mueller
	
	Address and E-mail Address:
	
	   

	Marco Spier
	
	Address and E-mail Address:
	
	   

	Laurent Ledru
	
	Address and E-mail Address:
	
	   

	Neysa Horsburgh
	
	Address and E-mail Address:

  
 [Signature page to
Stockholders’ Agreement] 

 
	
	
	   

	Stuart McLean
	
	Address and E-mail Address:
	
	   

	David Chontos
	
	Address and E-mail Address:
	
	   

	Christopher Staves
	
	Address and E-mail Address:

  
 [Signature page to
Stockholders’ Agreement] 

 SCHEDULE A 

(to the Agreement) 

Certain Definitions 

“AADE” means All Asia Digital Entertainment Inc., a Delaware corporation. 

“AADE Merger Agreement” is defined in the Preamble. 

“Affiliate” has the meaning given to such term in Rule 405 under the Securities Act. 

“Agreement” is defined in the Preamble. 

“Astro” means [__], the sole stockholder of AADE immediately prior to the closing under the AADE Merger Agreement. 

“Astro Designee” is defined in Section 4.1(a). 

“Astro Observer” is defined in Section 4.3. 

“Beneficially Own” with respect to any securities means having “beneficial ownership” of such securities (as
determined pursuant to Rule 13d-3 under the Exchange Act). The terms “Beneficially Owned” and “Beneficially Owning” shall have correlative meanings. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or Los Angeles
are authorized by law to close. 
 “Bylaws” means the Amended and Restated Bylaws of the Company, as amended from time to
time. 
 “Certificate of Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as
amended from time to time. 
 “Commission” means the Securities and Exchange Commission or any successor agency. 

“Common Stock” is defined in the Recitals. 

“Company” is defined in the Preamble. 

“Compensation Committee” means the Compensation Committee of the Board. 

“Contribution Agreement” is defined in the Preamble. 

“Demand Registration” is defined in Section 7.1(a). 

“Equity Securities” means shares of Common Stock and all securities convertible into or exercisable or exchangeable for
Common Stock, and rights to purchase Common Stock or other equity interests in the Company, including any Equity Securities Equivalent. 

  
 Sched. A-1 

 “Equity Security Equivalent” means any option, warrant, right or similar
security or right convertible into, or exercisable or exchangeable for, Equity Securities. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Form S-3” is defined in Section 7.2(a). 
 “Founder Shares”
is defined in Section 6.1(a). 
 “Founders” means Hejung Marie Hyon, Kylie Matulick, Eben Mears,
Robert Todd Mueller and Marco Spier. 
 “Founders Committee” is defined in Section 2.1. 

“Founders’ Designee” is defined in Section 3.1(a). 

“Founders Observer” is defined in Section 3.4. 

“Immediate Family Members” means, with respect to an individual, his or her spouse, parents, siblings or children (by blood,
marriage or adoption). 
 “Initial Release Date” is defined in Section 6.1(b)(ii). 

“Lock-up Agreement” means the lock-up
agreement each Stockholder has entered into with Roth Capital Partners, LLC in connection with the Company’s initial public offering. 

“Majority-in-Interest” means, with respect to
any relevant group of Stockholders, Stockholders holding more than 50% of the shares of Common Stock held by such group. 

“Nominating Committee” means the Nominating and Corporate Governance Committee of the Board. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, joint venture, or other
entity. 
 “Piggyback Registration” is defined in Section 7.3(a). 

“Principal Market” means the principal securities exchange on which the Common Stock is listed which, on the date of this
Agreement, is The Nasdaq Capital Market. 
 “Psyop, Inc.” means Psyop, Inc., a New York corporation. 

“Psyop, Inc. Merger Agreement” is defined in the Preamble. 

“Psyop Services” means Psyop Services, LLC, a New York limited liability company. 

“Psyop Services Member Consent” is defined in the Preamble. 

  
 Sched. A-2 

 “Public Disclosure” means disclosure in a press release reported by a
national news service or in a document publicly filed with or furnished to the Commission by the Company pursuant to Sections 13, 14 or 15(d) of the Exchange Act. 

“Registrable Securities” means the shares of Common Stock issued to the Stockholders pursuant to the Contribution Agreement,
but excluding any such shares of Common Stock then eligible for resale under Rule 144 or that are registered on a registration statement on Form S-8 (or any successor form). As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (a) a registration statement registering such securities under the Securities Act has been declared effective and such securities have been sold or otherwise transferred
by the holder thereof pursuant to such effective registration statement or (b) such securities have been transferred in a transaction in which the registration rights relating thereto cannot be assigned to the transferee in accordance with
Section 7.10. 
 “Registration” is defined in Section 7.1(a). 

“Registration Expenses” is defined in Section 7.5(b)(i). 

“Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule thereto. 

“Second Release Date” is defined in Section 6.1(b)(iii). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Securities Laws” means the Securities Act, the Exchange Act and the rules of any exchange on which the Common Stock is
trading. 
 “Shelf Registration” is defined in Section 7.2(a). 

“Stockholders” is defined in the Preamble. 

“Suspension Period” is defined in Section 7.2(c). 

“Third Release Date” is defined in Section 6.1(b)(iv). 

“Transfer” is defined in Section 6.1(a). “Transferred” shall have the correlative
meaning. 

  
 Sched. A-3

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