Document:

Form of Employment Agreement

 Exhibit 10.3 
 FORM OF EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the “Agreement”), is
entered into as of             , by and between AirMedia Group Inc., a company incorporated and existing under the laws of the Cayman Islands (the “Company”), and
                    , an individual (the “Executive”). Except with respect to the direct employment of the Executive by the
Company, the term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or
affiliates (collectively, the “Group”). 
 RECITALS 
 A. The Company desires to employ the Executive as its
                                 and to assure itself of the services of the
Executive during the term of Employment (as defined below). 
 B. The Executive desires to be employed by the Company as its
                     during the term of Employment and upon the terms and conditions of this Agreement. 
 AGREEMENT 
 The parties hereto agree
as follows: 
  

	1.	POSITION 

 The Executive hereby accepts a position
of                          of the Company (the “Employment”). 
  

	2.	TERM 

 Subject to the terms and conditions of this
Agreement, the initial term of the Employment shall be three years, commencing on                          (the
“Effective Date”), until             , unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial three-year term, the
Employment shall be automatically extended for successive one-year terms unless either party gives the other party hereto a one-month prior written notice to terminate the Employment prior to the expiration of such one-year term or unless terminated
earlier pursuant to the terms of this Agreement. 
  

	3.	LOCATION 

 The Executive acknowledges that the
Company’s principal executive offices are currently located in Room 707, No. 8 Yong An Dong Li, Jianguomen Wai, Chaoyang District, Beijing, China 100022. The Executive’s principal place of employment shall be the Company’s
principal executive offices. The Executive agrees that he will be regularly present at the Company’s principal executive offices. The Executive acknowledges that he may be required to travel from time to time in the course of performing his
duties for the Company. 

	4.	PROBATION 

 No probationary period. 
  

	5.	DUTIES AND RESPONSIBILITIES 

 The Executive’s
duties at the Company will include all jobs assigned by the Company’s Board of Directors (the “Board”) and/or the Chief Executive Officer of the Company. 
 The Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall faithfully and
diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company (the “Articles of Association”), and the guidelines, policies and procedures of the Company approved from time
to time by the Board. 
 The Executive shall use his best efforts to perform his duties hereunder. The Executive shall not hold any other
employment, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude
the Executive from holding up to 1% of shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, provided however, that the Executive shall notify the Company in writing
prior to his obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any
board or similar body which he may then serve if the Board reasonably determines in writing that the Executive’s service on such board or body interferes with the effective discharge of the Executive’s duties and responsibilities to the
Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates. 
  

	6.	NO BREACH OF CONTRACT 

 The Executive hereby
represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms
of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction
where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the
Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other
member(s) of the Group, as the case may be. 
  

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	7.	COMPENSATION AND BENEFITS 

  

	 	(a)	Cash Compensation. The Executive’s salary shall be provided by the Company pursuant to Schedule A hereto, subject to annual review and adjustment by the Company.

  

	 	(b)	Equity Incentives. Once the Board and the shareholders of the Company adopt a share incentive plan of the Company, the Executive will be entitled to receive an option to
purchase                      ordinary shares of the Company, and upon such other terms as determined by the Board. 

 

	 	(c)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the
future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan. 

  

	8.	TERMINATION OF THE AGREEMENT 

  

	 	(a)	By the Company. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if (1) the Executive is convicted or pleads guilty to a
crime which the Board reasonably believes has had or will have a detrimental effect on the Company’s reputation or business, (2) the Executive has been negligent or acted dishonestly to the detriment of the Company, (3) the Executive
has engaged in actions amounting to misconduct or failed to perform his duties hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure, (4) the Executive has died, or (5) the
Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his employment with the Company, even with reasonable
accommodation that does not impose an undue hardship on the Company, for more than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply. In addition, the Company may
terminate the Employment without cause, at any time, upon one month written notice, and upon termination without cause, the Company shall provide compensation to the Executive only to the minimum extent expressly required by applicable law of the
jurisdiction where the Executive is based. 

  

	 	(b)	By the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company, if (1) there is a material reduction in
the Executive’s authority, duties and responsibilities, or (2) there is a material reduction in the Executive’s annual salary before the next annual salary review. In addition, the Executive may resign prior to the expiration of the
Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board. 

  

	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating
party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination. 

  

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	9.	CONFIDENTIALITY AND NONDISCLOSURE 

  

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of his employment and after termination, to hold in the strictest confidence, and
not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that “Confidential
Information” means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group’s licensors, including, without limitation, technical data, trade secrets, research and
development information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during the term of his employment),
supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint
ventures, licensors, licensees, distributors and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or
obtained by the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or
reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive. 

  

	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection
with his work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive’s employment with the Company (or at any other time when requested by the
Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will
the Executive have, following his termination, in his possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information. 

  

	 	(c)	 Former Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any
proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the
Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless
from and against all 

  

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claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of
the foregoing. 

  

	 	(d)	Third Party Information. The Executive recognizes that the Group may have received, and in the future may receive, from third parties their confidential or proprietary
information subject to a duty on the Group’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Group and such third parties, during the
Executive’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for
the limited purposes permitted by, the Group’s agreement with such third party. 

 This Section 9 shall survive the
termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law. 
  

	10.	INVENTIONS 

  

	 	(a)	Inventions Retained and Licensed. The Executive has attached hereto, as Schedule B, a list describing all inventions, ideas, improvements, designs and discoveries,
whether or not patentable and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by or belonging to the Executive (whether made solely by the Executive or jointly with others) that (i) were
developed by Executive prior to the Executive’s employment by the Company (collectively, “Prior Inventions”), (ii) relate to the Group’s actual or proposed business, products or research and development, and
(iii) are not assigned to the Group hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions. Except to the extent set forth in Schedule B, the Executive hereby acknowledges and
represents that, if in the course of his service for the Group, the Executive incorporates into a Group product, process or machine a Prior Invention owned by the Executive or in which he has an interest, (a) the Group is hereby granted and
shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which may be freely transferred by the Group to any other person or entity) to make, have made, modify, use, sell, sublicense and otherwise distribute such
Prior Invention as part of or in connection with such product, process or machine, and (b) he has all necessary rights, powers and authorization to use such Prior Invention in the manner it is used and such use will not infringe any right of
any company, entity or person. The Executive hereby agrees to indemnify the Group and hold it harmless from all claims, liabilities, damages and expenses, including reasonable legal fees and costs for resolving disputes arising out of or in
connection with any violation or claimed violation of a third party’s rights resulting from any use, sub-licensing, modification, transfer or sale by the Group of such Prior Invention. 

  

	 	(b)	 Disclosure and Assignment of Inventions. The Executive understands that the Company engages in research and development and other activities in 

  

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connection with its business and that, as an essential part of the Employment, the Executive is expected to make new contributions to and create inventions
of value for the Company. 

 From and after the Effective Date, the Executive shall make full written disclosure in
confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works, concepts and trade secrets, whether or not patentable or
registrable under patent, copyright, circuit layout design or similar laws in China or anywhere else in the world, which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced
to practice, during the period of the Executive’s Employment at the Company (whether or not during business hours) that are either related to the scope of his Employment at the Company or make use, in any manner, of the resources of the Group
(collectively, the “Inventions”)The Executive hereby acknowledges that the Company or the Group shall be the sole owner of all rights, title and interest in the Inventions created hereunder. In the event the foregoing assignment of
Inventions to the Company or the Group is ineffective for any reason, each member of the Group is hereby granted and shall have a royalty-free, sub-licensable, transferable, irrevocable, perpetual, worldwide license to make, have made, modify, use,
and sell such Inventions as part of or in connection with any product, process or machine. Such exclusive license shall continue in effect for the maximum term as may now or hereafter be permissible under applicable law. Upon expiration, such
license, without further consent or action on the Executive’s part, shall automatically be renewed for the maximum term as is then permissible under applicable law, unless, within the six-month period prior to such expiration, the Company and
the Executive have agreed that such license will not be renewed. The Executive also hereby forever waives and agrees never to assert any and all rights he may have in or with respect to any Inventions even after termination of his employment with
the Company. The Executive hereby further acknowledges that all Inventions created by him (solely or jointly with others) are, to the extent permitted by applicable law, “works made for hire” or “inventions made for hire,” as
those terms are defined in the People’s Republic of China (“PRC”) Copyright Law, the PRC Patent Law and the Regulations on Computer Software Protection, respectively, and all titles, rights and interests in or to such
Inventions are or shall be vested in the Company. 
  

	 	(c)	 Patent and Copyright Registration. The Executive agrees to assist the Company or its designees in every proper way to obtain for the Company and enforce
patents, copyrights, mask work rights, trade secret rights, and other legal protection for the Inventions in any and all countries. The Executive will execute any documents that the Company may reasonably request for use in obtaining or enforcing
such patents, copyrights, mask work rights, trade secrets and other legal protections. The Executive’s obligations under this paragraph will continue beyond the termination of the Employment with the Company, provided that the Company will
reasonably compensate the Executive after such termination for time or expenses actually spent by the Executive at the Company’s request on such assistance. The Executive 

  

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appoints the Company and its duly authorized officers and agents as the Executive’s attorney-in-fact to execute documents on the Executive’s behalf
for this purpose. 

  

	 	(d)	Remuneration. The Executive hereby agrees that the remuneration received by the Executive pursuant to this Agreement with the Company includes any remuneration which the
Executive may be entitled to under applicable PRC law for any “works made for hire,” “inventions made for hire” or other Inventions assigned to the Company pursuant to this Agreement. 

  

	 	(e)	Return of Confidential Material. In the event of the Executive’s termination of employment with the Company for any reason whatsoever, Executive agrees promptly to
surrender and deliver to the Company all records, materials, equipment, drawings, documents and data of any nature pertaining to any confidential information or to his employment, and Executive will not retain or take with him any tangible materials
or electronically stored data, containing or pertaining to any confidential information that Executive may produce, acquire or obtain access to during the course of his employment. 

 This Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Company
shall have right to seek remedies permissible under applicable law. 
  

	11.	CONFLICTING EMPLOYMENT. 

 The Executive hereby
agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Group is now involved or becomes involved during the
term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company. 
  

	12.	NON-COMPETITION AND NON-SOLICITATION 

 In
consideration of the salary paid to the Executive by the Company, the Executive undertakes that for a period of two (2) years after he ceases to be employed by the Company, he will not, without the prior written consent of the Company:

  

	 	(a)	in the territory of the PRC (for the purpose of this Section 12, the PRC shall include Hong Kong, Macau and Taiwan) (the “Territory”), either on his own
account or through any of his affiliates, or in conjunction with or on behalf of any other person, carry on or be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise carry
on any business in direct competition with the business of the Group; 

  

	 	(b)	either on his own account or through any of his affiliates or in conjunction with or on behalf of any other person, solicit or entice away or attempt to solicit or entice away from
the Group, any person, firm, company or organization who is or shall at any time within two (2) years prior to such cessation have been a customer, client, representative or agent of the Group or in the habit of dealing with the Group;

  

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	 	(c)	either on his own account or through any of his affiliates or in conjunction with or on behalf of any other person, employ, solicit or entice away or attempt to employ, solicit or
entice away from the Group any person who is or shall have been at the date of or within twelve (12) months prior to such cessation of employment an officer, manager, consultant or employee of any such the Group whether or not such person would
commit a breach of contract by reason of leaving such employment; or 

  

	 	(d)	either on his own account or through any of his affiliates or in conjunction with or on behalf of any other person, in relation to any trade, business or company use a name
including the words “Air Media” or any other words hereafter used by the Group in its name or in the name of any of its products, services or their derivative terms, or the Chinese or English equivalent or any similar word in such a way as
to be capable of or likely to be confused with the name of the Group or the product or services or any other products or services of the Group, and shall use all reasonable endeavors to procure that no such name shall be used by any of his
affiliates or otherwise by any person with which he is connected. 

 Each and every obligation under Section 12 shall be
treated as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts which are unenforceable shall be deleted from such
section and any such deletion shall not affect the enforceability of the remainder parts of such section. 
 The Executive agrees that in
light of the circumstances, the restrictive covenants contained in Section 12 are reasonable and necessary for the protection of the Group, and further agrees that having regard to those circumstances the said covenants and are not excessive or
unduly onerous upon the Executive. However, it is recognized that restrictions of the nature in question may fail for technical reasons currently unforeseen and accordingly it is hereby agreed and declared that if any of such restrictions shall be
adjudged to be void as going beyond what is reasonable, in light of the circumstances, for the protection of the Group, but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area
dealt with thereby reduced in scope, the said restriction shall apply with such modification as may be necessary to make it valid and effective. 
 This Section 12 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 12, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be
entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable
law. 
  

	13.	WITHHOLDING TAXES 

 Notwithstanding anything else
herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or
other taxes as may be required to be withheld pursuant to any applicable law or regulation. 
  

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	14.	NOTIFICATION OF NEW EMPLOYER 

 In the event that the
Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his or her new employer about his or her rights and obligations under this Agreement. 
  

	15.	ASSIGNMENT 

 This Agreement is personal in its
nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any
rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the company with or to any other individual(s)
or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company
hereunder. 
  

	16.	SEVERABILITY 

 If any provision of this Agreement or
the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are
declared to be severable. 
  

	17.	ENTIRE AGREEMENT 

 This Agreement constitutes the
entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he
has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company. 
  

	18.	REPRESENTATIONS 

 The Executive hereby agrees to
execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive’s performance of all the terms of this Agreement will not breach any agreement to keep
in confidence proprietary information acquired by the Executive in confidence or in trust prior to his or her employment by the Company. The Executive has not entered into, and hereby agrees that he or she will not enter into, any oral or written
agreement in conflict with this Section 18. 
  

	19.	GOVERNING LAW 

 This Agreement shall be governed by
and construed in accordance with the law of the State of New York, USA. 
  

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	20.	AMENDMENT 

 This Agreement may not be amended,
modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto. 
  

	21.	WAIVER 

 Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the
same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
  

	22.	NOTICES 

 All notices, requests, demands and other
communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a
recognized courier with next-day or second-day delivery to the last known address of the other party. 
  

	23.	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

  

	24.	NO INTERPRETATION AGAINST DRAFTER 

 Each party
recognizes that this Agreement is a legally binding contract and acknowledges that it, he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to
entering into this Agreement and has ample opportunity to do so. 
 [Remainder of this page intentionally has been intentionally left
blank.] 
  

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 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 
  

			
	AirMedia Group Inc.
		
	By	 	  

	Name:	 	
	Title:	 	
	
	Executive
		
	Signature:	 	  

	Name:	 	

 Schedule A 
 Cash Compensation 
  

					
	 	  	Amount	  	Pay Period
	Salary	  		  	

 Schedule B 
 List of Prior Inventions 
  

					
	 Title
	  	 Date
	  	 Identifying Number
 or Brief Description

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

              No inventions or improvements

              Additional Sheets Attached 
 Signature of Executive:
                                 
 Print Name of Executive:
                              
 Date:                     , 2007 

 Schedule 
  

									
	 No.
	  	 Date of Agreement
	  	 Senior Executive Officer
	  	 Position
	  	 Term

	1	  	June 7, 2007	  	Man Guo	  	Chief Executive Officer	  	2007.06.07 – 2010.06.07
					
	2	  	June 7, 2007	  	Xiaoya Zhang	  	President	  	2007.06.07 – 2010.06.07
					
	3	  	June 7, 2007	  	Zhonghua Feng	  	Chief Operating Officer	  	2007.06.07 – 2010.06.07
					
	4	  	June 7, 2007	  	Conor Chia Hung Yang	  	Chief Financial Officer	  	2007.06.07 – 2010.06.07Investment Framework Agreement dated October 18, 2005

 Exhibit 10.4 
 CDH China Management Company Limited 
 Investment Framework Term Sheet 
 18 October, 2005 
  

			
	Company and Final Structure:	  	 This Term Sheets are to be signed by and among CDH China Management Company Limited,; and Guo Man and Xu Qing (referred herein collectively as
“Founders”) as well as Beijing United Shengshi Advertising Co., Ltd (“Shengshi”), representing United Media (defined below).
  
 Final Investment Structure
  
 CDH (as defined below) has established Air Media (China) Limited (“Holdco”), which is a limited liability company registered in Hong Kong. The Holdco will directly or indirectly hold, control or obtain the
executable rights to acquire controlling shareholding in all companies in the PRC related to the business of Shengshi including, but not limited to, Shengshi and additional related domestically-held companies that may be integrated during or after
the process of restructuring (above companies collectively named as “United Media”).

		
	Series A Preferred Investors:	  	 CDH China Growth Fund II, L.P. and affiliates (“CDH”);
  
 1 & 2 above are collectively referred to as “Investors”.

		
	Existing Shareholders:	  	 The existing Shengshi shareholders include:
  
 1.      Guo Man beneficially owns 88.06% shareholding of Shengshi through the Shareholding Trustee
Agreement with Guo Tao and Yu Xiao, among which approximately 8.2% shareholding of Shengshi will be transferred to Zhang Xiaoya or his designated person .
  
 2.      Xu Qing beneficially owns 11.94% shareholding of Shengshi through the Shareholding Trustee
Agreement with Yu Xiao.
  
 1 and 2 (Founders) are collectively referred to as
“Existing Shareholders”.

			
	Amount of Financing:	  	USD 12m in total. CDH will invest USD 12m.
		
	Use of Proceeds:	  	 1.      Expand and sustain current network, establish branches in other
cities;
  
 2.      Working capital;
  
 3.      Establish joint ventures with major airports or air lines to support the security of major resources; and
  
 4.      Support Founders to
purchase the shares of other shareholders of their associated companies.

		
	Proportion:	  	 The Investors will acquire 37.6% shareholding of United Media post investment. The shareholding ratio will be adjusted according to consolidated
financial performance of Holdco over the next 2 years. (See related terms below)
  
 See
Appendix 1 for the final ratio of shares in the offshore investment organization.

		
	Execution of Transaction:	  	The Holdco established a wholly-owned PRC subsidiary, Air Media Technology (Beijing) Co., Ltd (“WFOE”) with the registered capital of USD 6m. After the 1st Closing (as defined below), CDH will invest an aggregate amount of USD 12m in a special project company offshore and the WFOE. Holdco will through WFOE designate an individual to
hold 37.6% of Shengshi shares and inject a equity capital of about RMB 8.4m into Shengshi or other newly established advertising company designated by the shareholders of United Media. After the 2nd
 Closing (as defined below), the shares held by CDH in the offshore special project company will be converted into the Series A Preferred Shares of the ultimate offshore investment entity, which
represents 37.6% of the total shares of such entity.
		
	Restructuring:	  	The Holdco and United Media should be restructured prior to the 1st Closing (as defined below) in
order to control United Media. All related party transaction contracts and terms shall be gradually resolved before the 1st Closing (as defined below).

		
	Initial Structuring:	  	 •        Within 30 days of the signing of the Term Sheet, the Existing Shareholders, the Holdco
and United Media will cause the United Media business to be operated and beneficially owned by the WFOE, through contractual arrangements, to the extent permitted by law, in order to perform the 1st
 Closing once achieving the Initial Structuring “1st Closing.

  

 2/18 

			
		  	 •        The Investors will designate their trustees to hold
37.6% of the shares in each of United Media entity.
  
 •        Key persons (as defined below) will be employed by the WFOE and will assume management roles therein.
  
 •        The Board shall consist of 5 directors, of which CDH is entitled to appoint
2 directors (“CDH Director”), Founders are entitled to appoint 3 directors (“Founder Directors”) .
  
 •        The WFOE will enter into agreements with the Existing Shareholders or their
designated entity under which the Existing Shareholders will be entitled to a total 62.4% of the distributable profit and the absolute right to sharing 62.4% of the net assets upon dissolution of the WFOE in accordance with their respective
shareholding in Shengshi after the 1st Closing.
  
 •        Upon 1st Closing and to the extent permitted by PRC law, each entity of United Media’s corporate governance structure and rights of Investors therein should be identical with the related provisions after the 2nd Closing (shown in italic scripts below).

		
	 1st Closing
Documentation:
	  	 The following documents should be prepared and signed before the 1st Closing:
  
 •        amended and properly filed WFOE constituent documents, reflecting the above-mentioned initial structuring objectives; and
  
 •        amended and properly filed constituent documents of each entity of United Media, reflecting Investors’ designated individual(s)’s equity interest, including the Amendment of
Articles of Association and shareholders’ resolutions reflecting the arrangement regarding corporate governance and interests of Investors (see terms shown in italic scripts below) after 2nd Closing (as defined below) to the extent allowable
according to PRC laws. If the company constituent documents cannot fully reflect the aforementioned arrangement, the parties shall enter into separate agreements to reflect, to the maximum extent allowable under the PRC laws, the relevant
investors’ Liquidation Preference Option, Redemption Option, Anti-dilution Provisions, Right of First Refusal, Co-Sale Agreement Sales Restriction for the Existing Shareholders in accordance with the provisions below.

  

 3/18 

			
		  	
		  	 •        To exert the WFOE’s control on the Business, at
least the following agreements will be executed:
  
 Ø     Share Pledge Agreement;
  
 Ø     Technology Support and Service Agreement;
  
 Ø     Technology Development Agreement
  
 Ø     Voting Proxy;
  
 Ø     The HoldCo or WFOE’s entering into of an option agreement with Existing Shareholders under which HoldCo or WFOE will have a option to purchase United Media shares held by the Existing
Shareholders at a nominal price ;
  
 Ø     Key persons (as defined below) employment agreements; and
  
 •        The Founders and Investors shall also execute the Shareholder Agreement
(with Memorandum and Articles of Association attached thereto) which serves as the basis of terms and conditions for the 2nd Closing (as defined below).

		
	 Key Persons:
	  	Key persons include certain members of the Board and senior management team of United Media (see Appendix – 2). Key persons shall enter into a new Employment Contract with the Holdco and/or
United Media. The terms of this agreement shall include key persons’ obligations not to engage in business similar to or in connection with the business of United Media, not to leave the employment within 3 years, and not to engage in business
in direct competition with that of United Media (detailed terms to be discussed).
		
	Conflict of Interest and Disclosure:	  	Full and immediate disclosure to the Investors by Founders and Key Persons of any related party transaction and any existing or potential conflict of interest of United Media is required. Such
full disclosure shall include all measures to prevent and address such existing and potential conflict of interest.
		
	 Eventual Structuring:
	  	Immediately upon the clarification of the current legislation restricting an individual’s overseas investments and once a corresponding solution is available, the Investors, the Existing
Shareholders and related entitles shall achieve the 2nd Closing (as defined below). The Existing Shareholders’ shareholding interests will be
reflected at the offshore level.

  

 4/18 

			
	2nd Closing Documentation:	  	 The following documents should be prepared and signed before the 2nd Closing (2nd Closing):
  
 •        Stock Purchase Agreement;
  
 •        Amended Memorandum and Articles of Association (on the basis of the Memorandum and Articles of Association attached to the Shareholder Agreement signed prior to the 1st Closing).; and
  
 •        Shareholder Agreement (on the basis of the Shareholder Agreement signed
prior to the 1st Closing).

		
	Target Closing Dates:	  	 Target to have the 1st Closing tentatively on 30
October 2005.
  
 Target to have the 2nd Closing the earliest when it is possible and feasible under the legal and regulatory framework.
  
 The terms regarding the arrangement post 1st Closing are shown in italic script
below.

		
	Type of Securities:	  	 After the 1st Closing, the Existing Shareholders will
acquire the shares of Shengshi and the corresponding percentage of the WFOE’s distributable profit. After the 2nd Closing, the Existing shareholders
will keep holding the shares of Shengshi and acquire the corresponding percentage of the ordinary shares of the offshore special project company.
  
 After the 1st Closing, CDH will acquire the shares of Shengshi and all of
the WFOE and offshore special project company’s shares and corresponding percentage of the distributable profit through the designated person. After the 2nd Closing, CDH will keep holding the shares of Shengshi and acquire the corresponding percentage of the Series A Preferred shares of the offshore special project company through the designated person.
  
 See Appendix 1 for the shares proportion

		
	Dividend Rights:	  	No dividend, including but not limited in cash, in property, in assets or in shares of the Issuer, shall be allowed to be paid on any other class or series of shares of the Issuer to
shareholders other than the Investors unless and until dividend in like amount is first paid in full to the Investors.
		
	Co-Investment Rights:	  	Investors shall be entitled to participate in any investment or new business entities in business fields similar or related to that of United Media initiated by Key Persons or subsidiaries and
branches of United Media under the same terms and

  

 5/18 

			
		  	conditions as the Key Persons.
		
	Qualified IPO:	  	 A “Qualified IPO” shall at least satisfy following criteria:
  
 1)      The Holdco meets the
basic requirements of initial public offering on an internally recognized stock exchange;
  
 2)      Valuation shall be at least 2.0 times the valuation of Series A round investment with an
offering representing at least 25% of the pro forma shares outstanding of the issuer on a fully diluted basis before the IPO.

		
	Liquidation Preference Option:	  	In the event of any liquidation, dissolution or winding up of Holdco (“Liquidation”), the holders of the Investors will be entitled to receive, in preference to the holders of common
stock and all other classes of shares and preferred shares, the original Principal Amount outstanding plus all declared and unpaid cumulative dividends (the “Preference Amount”). Thereafter, the Investors shall be pari passu with holders
of common shares.
		
		  	 A merger or consolidation of Holdco in which i) its shareholders did not retain a majority of the voting power in the surviving corporation, or ii) a
sale of all or substantially all of Holdco’s assets, would each be deemed to be a Liquidation for Investors. Investors may execute their Limited Liquidation rights.
  

Liquidation Preference will be waived if it is resulted in a cash sale of the Holders shares and the sales proceeds net of transaction costs allocated to the Investors
is not less than 200% of the Investors’ investment cost.

		
	Redemption Option:	  	 Subject to any legal restrictions on Holdco’s redemption of shares, beginning on and after the 3rd anniversary of the consummation of this
Investment, the Investors may require the Holdco or United Media to purchase all or part of the outstanding shares at a purchase price (the “Repurchase Price”), payable in US dollars or some other freely convertible currency, that could
promise the Investors with 12.0% of IRR (in US dollar terms) if Holdco and United Media has not achieved IPO or Trade Sale.
  
 When these Redemption Rights are exercised, the Existing Shareholders will take all actions within their power to cause Holdco or United Media, as applicable, to declare
a dividend at least equivalent to the lower of (i) accumulated IAS audited net income of Holdco or United Media, as applicable and (ii) the maximum allowable dividends according to then

  

 6/18 

			
		  	 prevailing law or regulations. The Existing Shareholders’ pro rata share of such dividends will first be paid to Investors, as applicable,
against the Repurchase Price.
  
 If such payments cannot fully satisfy the Repurchase
Price in the year of exercise, the Existing Shareholders will continue to take all actions within their power to cause the Holdco and United Media to pay the lower of (i) 60% of all future net income as dividends and (ii) the maximum allowable
dividends according to prevailing law or regulations, and shall pay their pro rata share of such dividends to the Investors, as applicable, until the Repurchase Price has been paid in full to the Investors, as applicable.

		
	 [Intentionally Omitted]
	  	
		
	 Anti-dilution Provisions:
	  	In the event that Holdco issues new equity securities (or rights to acquire such equity securities or securities convertible into, or exchangeable for, such securities) (“Subsequent Fund
Raising”) at a valuation effectively lower than the valuation for this round of financing, the Investors’ shareholding ration will be subject to all effective Valuation Adjustments to the effect that the valuation of the Investors’
Interests shall remain at its existing valuation in the Subsequent Fund Raising. In the Subsequent Fund Raising, the pre-money valuation of the Company shall not go below current round of post-money valuation at US$30,000,000.
		
	 Corporate Governance:
	  	 Except for certain “Major Actions” listed below, approval of any Board decision requires affirmative votes from at least 3 Directors.
Approval of certain Major Actions requires affirmative votes from at least 3 Directors and the affirmative vote by the CDH Directors and Founders Director in writing.
  
 The “Major Actions” that will require the affirmative vote by both the CDH Directors and Founders Directors shall include but not limited to the
following:
  
 (a)    change
of articles of association;
  
 (b)    acquisitions, mergers, integration, changing control rights; sale or transfer of assets, transfer and sale of shares of United Media (including its subsidiaries or associated companies); establishment of or
capital injection into any joint venture; purchase or acquire companies with similar business of United Media;
  
 (c)    change in registered capital; change in share capital, issuance and sale of shares or other
equity-like securities, issuance of corporate debt;
  

  

 7/18 

			
		  	 (d)    change or expansion of business scope; non-ordinary course of transactions and
any investment out of existing business scope;
  
 (e)    dividend policy and dividend distribution;
  
 (f)     any related party transaction;
  
 (g)    Appointment of key management staff, including but not limited to CEO, CFO, COO;
  
 (h)    appointment and change of
auditors and changes in accounting policies and procedures;
  
 (i)     compensation schemes, welfare and incentive schemes for management, any purchase of automobiles and accommodation for the management;
  
 (j)     determination of the stock
exchange, timing, valuation of the IPO;
  
 (k)    changes to shareholding structure based on Performance-Based Valuation Adjustment clause;
  
 (l)     approval of business plan and annual budget of United Media; and
  
 (m)   any loan, or liability in the normal
course of business accumulated over a year that exceeds RMB5 million.

		
	Right of First Refusal, Co-Sale Agreement and Sales Restriction for the Existing Shareholders:	  	 Before Qualified IPO or Trade Sale, if United Media issues or sells equity-like securities (including common shares, preferred shares and convertible
bonds with equity features), Investor will have the same right as other common shareholders to participate on a pro rata basis under the same terms and conditions. But the terms are not applicable to situations below:
  
 (a) ESOP for employees; or
  
 (b) A Qualified IPO.
  

If any Existing Shareholder of United Media decides to sell part or all of its shares, Investors have the option to either (i) purchase a proportionate part of such
shares under the same terms as the proposed transferee, or (ii) sell a proportionate part of their shares on the same terms offered by the proposed transferee. Such Co-Sale Right shall expire upon Qualified IPO or Trade Sale.
  
 Post Investment, Existing Shareholders are not permitted to

  

 8/18 

			
		  	sell more than the shares held by Investors, and are not permitted to sell more than 30% of the shares they own in United Media. This Restriction on transfer of shares will expire
automatically when Investor sells all shares it owns in United Media.
		
	 Reps and Warranties:
	  	 According to international standards, Founders and United Media makes the following representations and warranties (to be supplemented in the
final legal documents):
  
 1.      United Media and Founders warrant that they will not violate the agreements executed, all information and materials provided regarding major items is complete, truthful, reliable and not misleading.
Founders will pledge their shares in Holdco offshore to secure their representations and warranties.
  
 2.      Founders and United Media warrant that United Media post Investment, will possess the
ownership and right to use of licenses, trademarks, related IPs, patents, qualifications, domain names etc that are currently under United Media. For licenses and trademarks etc that can not be transferred to United Media, they shall make the
necessary effort to allow United Media to have exclusive right to the above licenses and trademarks etc. Under any circumstance, the original owners of the licenses or trademarks etc are not permitted to participate in businesses that are similar,
related or competing against to United Media;
  
 3.      Founders warrant their best effort to transfer client contracts previously under related companies to United Media at no or nominal costs in the most expedite manner; for client contracts that can not
be transferred temporarily, they shall make the necessary arrangement such that United Media will become the only company that will be able to bear the rights and responsibilities to such contracts at no or nominal cost.
  
 4.      United Media and
Founders will undertake to indemnify Investors from any undisclosed liability and civil action litigation liability.
  
 5.      United Media and Founders warrant to clean account receivables from related party
transaction in the most expedite manner and undertake any possible liabilities during the process;
  
 6.      United Media and Founders undertake to disclose all major events or events that may lead to
potential liabilities

  

 9/18 

			
		  	 on United Media to shareholders of United Media. Such events include legal proceedings taken against United Media and any
other events that may lead to potential liability.
  
 7.      Indemnify Investors from any liability that include tax and other liabilities, not reflected in the financial statements provided prior to the Investment.
  
 8.      Unless unanimously
approved by the Board of directors, no Existing Shareholders shall pledge its shares in United Media to third party;
  
 9.      Other customary “Reps and Warranties” terms. Representations and warranties
provisions that will survive for a period of three years secured by the pledged shares of Founders in Holdco and Founders Onshore in United Media.

		
	 Financial Reporting:
	  	 Holdco and United Media will deliver to CDH (i) monthly key operating indicators and management accounts of United Media within 15 days from the
end of each month for a period of 6 months after the completion of the Investment; and ii) quarterly financial statements (consolidated and for each subsidiary and branch) within 15 days from the end of each season. Management accounts and financial
accounts include an income statement, balance sheet and cash flow statement.
  
 Annual
financial statements audited by an international “Big Four” accounting firm to be jointly selected by Holdco and CDH within 4 month from the end of each fiscal year. An annual budget within 30 days prior to the start of each fiscal year.

		
	 Transaction Expenses:
	  	 If the Investment is not completed, Shengshi and CDH shall equally share the audit fees and the legal expenses. If the Investment is completed, such
expenses shall be born by United Media post investment.
  
 For expenses other than
professional fees mentioned above, CDH, Holdco and its branch companies and subsidiaries shall each bear other expenses incurred on their own.

		
	 Exclusivity:
	  	This term sheet shall give the Investor exclusivity to invest in United Media. During the course of cooperation, United Media and Founders shall not unilaterally decide to negotiate or enter
into investment agreement or agreements of the like with investors other than Investors.
		
	 Confidentiality:
	  	The terms of this investment, and the identity of the Investors and its constituent entities, will be kept strictly confidential by

  

 10/18 

			
		  	all parties unless the Investor consents to the release of any such information in writing or unless Holdco or United Media and the Existing Shareholders are obligated by law or existing
contracts to disclose such information.
		
	 Conditions Precedent:
	  	 Conditions precedent for Signing include but not limited to the following:
  
 a)      Approval by Investment
Committee of the CDH;
  
 b)      Financial review of FY2003 and 2004, and financial audit of 1H2005 results of United Media performed by a “Big Four” accounting firms. Investors find the results satisfactory;
  
 c)      Establish effective
accounting policy and cash flow management system satisfactory to Investors;
  
 d)      Business Plan and detailed budget of United Media for the 4th quarter of FY2005
satisfactory to Investors;
  
 e)      All employees of United Media and Key Persons execute new employment agreements with United Media that will include Confidentiality and Non-compete terms; and
  
 f)      Other customary terms.

		
		  	 Conditions precedent for the 1st Closing include but are not limited to the following:
  
 (a)    Completion of Restructuring and
the above-mentioned corresponding closing documents;
  
 (b)    Establish internal management system satisfactory to Investors;
  
 (c)    Employees entitled by related parties are taken place by professionals recruited by United
Media;
  
 (d)    Investors
are satisfied with the result of the legal and finance due diligences;
  
 (e)    Establishing audit committee and salary committee a member of which could be appointed by Investors;
  
 (f)     No material adverse change to the business and financial condition of United Media prior to
Closing;
  
 (g)    Contracts
of Airports and Air Companies are

  

 11/18 

			
		  	 transferred to United Media; for client contracts that can not be transferred temporarily, related parties shall make the
necessary arrangement such that United Media will become the only company that will be able to bear the rights and responsibilities to such contracts at no or nominal cost.
  
 a)      The Existing
shareholders shall provide satisfactory TV advertisement resources regarding airports and planes and assets list; and
  
 b)      Other customary terms

		
	 Legal Jurisdiction:
	  	Law of Hong Kong SAR for off shore companies and PRC Law for onshore companies.
		
	 Binding Effect:
	  	This document is intended to be a legally-binding agreement between the Investor and United Media with respect to the subject matter hereof.
		
	 Language:
	  	This document and any related definitive agreements will be prepared in English and any Chinese translation will be for reference proposes only.

  

 12/18 

			
	CDH China Management Company Limited
		
	Signature:	 	 /s/ Wu Shangzhi

	
	Authorized representative: Wu Shangzhi, Director

  

 13/18 

			
	 Beijing United Shengshi Advertising Co., Ltd

		
	 Signature:
	 	 /s/ Guo Man

	
	 Authorized representative: Guo Man

  

 14/18 

			
	 Guo Man

		
	 Signature:
	 	 /s/ Guo Man

  

 15/18 

			
	Xu Qing
		
	 Signature:
	 	 /s/ Xu Qing

  

 16/18 

 Appendix – 1 
 Capitalization Table 
  

 17/18 

 Appendix – 2 
 Key
Persons 
  

 18/18 

 AMENDMENT TO 
 INVESTMENT FRAMEWORK AGREEMENT 
 THIS
AMENDMENT (this “Amendment”) to the Investment Framework Agreement (as defined hereinafter) is executed as of this 27th day of September
2007 by and among CDH China Management Company Limited ( “CDH”), Beijing Shengshi Lianhe Advertising Co., Ltd. (“Shengshi Lianhe”), AirMedia Group Inc. (the “Company”) and GUO Man and XU Qing
(collectively, the “Founders”). Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Investment Framework Agreement referred to below. 
 W I T N E S S E T H: 
 WHEREAS, CDH,
Shengshi Lianhe and the Founders are party to that certain Investment Framework Agreement dated as of October 18, 2005 (as amended, the “Investment Framework Agreement”); 
 WHEREAS, pursuant to a series of contractual arrangement agreements executed subsequent to the Investment Framework Agreement, Shengshi Lianhe became a
consolidated variable interest entity of the Company. 
 WHEREAS, CDH, Shengshi Lianhe, the Company and the Founders wish to amend the
Investment Framework Agreement as set forth in this Amendment; 
 NOW, THEREFOR, for mutual consideration the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Amendment to Investment Framework Agreement. The
section titled “Performance-Based Valuation Adjustment” of the Investment Framework Agreement is hereby amended by deleting its text in its entirety and inserting in lieu thereof the phrase “[intentionally omitted]”. 

2. Governing Law; Counterparts. 
  

	 	a.	This Amendment and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this Amendment, shall be governed by and construed
exclusively in accordance with the laws of People’s Republic of China applicable to agreements made and to be performed entirely within such jurisdiction, without regard to the conflicts of laws principles. 

  

	 	b.	This Amendment may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single agreement.

 3. Agreement Otherwise Unchanged. Except as herein provided, the Investment Framework Agreement shall remain
unchanged and in full force and effect, and each reference to 

 
“the Agreement” and words of similar import in the Investment Framework Agreement, as amended hereby, shall be a reference to the Investment
Framework Agreement as amended hereby and as the same may be further amended, supplemented and otherwise modified and in effect from time to time. 
 (signature pages to follow) 

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

  

			
	 BEIJING SHENGSHI LIANHE
 ADVERTISING CO., LTD.

		
	By:	 	 /s/ Man Guo

	Name:	 	
	Title:	 	
	
	AIRMEDIA GROUP INC.
		
	By:	 	 /s/ Man Guo

	Name:	 	
	Title:	 	

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

  

			
	CDH CHINA MANAGEMENT COMPANY LIMITED
		
	 By:
	 	 /s/ Wang Zhenyu

	 Name:
	 	
	 Title:
	 	

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

  

	
	MAN GUO
	
	 /s/ Man Guo

	
	QING XU
	
	 /s/ Qing Xu

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