Document:

FORM OF

ASSIGNMENT, ASSUMPTION AND AMENDMENT OF

WARRANT AGREEMENT

 

THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT
OF WARRANT AGREEMENT (this “Agreement”), made as of , 2013, is by and among Azteca Acquisition Corporation,
a Delaware corporation (the “Company”), Hemisphere Media Group, Inc., a Delaware corporation (“Parent”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS, the Company and the Warrant Agent
are parties to that certain Warrant Agreement, dated as of June 29, 2011 and filed with the United States Securities and Exchange
Commission on July 6, 2011 (the “Existing Warrant Agreement”), pursuant to which the Company has
issued warrants (collectively, the “Warrants”) to purchase 14,666,667 shares of the Company’s common
stock, par value $0.0001 per share (“Common Stock”);

 

WHEREAS, the terms of the Warrants are governed
by the Existing Warrant Agreement and capitalized terms used herein, but not otherwise defined, shall have the meanings given to
such terms in the Existing Warrant Agreement;

 

WHEREAS, on January 22, 2013, Parent,
the Company, Hemisphere Merger Sub I, LLC, a Delaware limited liability company and an indirect wholly-owned subsidiary of
Parent (“IM Merger Sub”), Hemisphere Merger Sub III, Inc., a Delaware corporation and an indirect
wholly-owned subsidiary of Parent (“Cinelatino Merger Sub”), Hemisphere Merger Sub II, Inc., a Delaware
corporation and an indirect wholly-owned subsidiary of Parent (“Azteca Merger Sub” and, together with
IM Merger Sub and Cinelatino Merger Sub, the “Merger Subsidiaries”), InterMedia Español Holdings, LLC,
a Delaware limited liability company (“IM”), and Cine Latino, Inc., a Delaware corporation (“Cinelatino”),
entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”);

 

WHEREAS, the Merger Agreement provides,
among other things, for the merger of Azteca Merger Sub with and into the Company, with the Company surviving (the “Azteca
Merger”), pursuant to which, (i) each share of Common Stock issued and outstanding immediately prior to the
Effective Time (as defined in the Merger Agreement) (other than (x) any shares of Common Stock to be cancelled pursuant to
Section 2.1(b) of the Merger Agreement, (y) any shares of Common Stock redeemed pursuant to the redemption provisions
of the Azteca Charter (as defined in the Merger Agreement) and (z) Dissenting Shares (as defined in the Merger Agreement))
will be automatically converted into and will thereafter represent the right to receive one validly issued, fully paid and non-assessable
share of Class A common stock, par value $0.0001 per share, of Parent (“Parent Class A Common Stock”)
and (ii) each Warrant that is outstanding immediately prior to the Effective Time shall cease to represent a right to acquire
shares of Common Stock and shall be converted, at the Effective Time, into a right to acquire shares of Parent Class A Common
Stock, on the same contractual terms and conditions as were in effect immediately prior to the Effective Time under the terms of
the Existing Warrant Agreement as amended by this Agreement;

 

WHEREAS, upon consummation of the Merger,
as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants will no longer be exercisable for shares of Common
Stock but instead will be exercisable (subject to the terms and conditions of the Existing Warrant Agreement as amended hereby)
for shares of Parent Class A Common Stock;

 

WHEREAS, the Board of Directors of the Company
has determined that the consummation of the transactions contemplated by the Merger Agreement will constitute a Business Combination
(as defined in Section 3.2 of the Existing Warrant Agreement);

 

WHEREAS, in connection with the Merger,
the Company desires to assign all of its right, title and interest in the Existing Warrant Agreement to Parent;

 

WHEREAS, it is a condition to the closing
of the Azteca Merger that, among other things, the Warrantholders Approval (as defined in the Merger Agreement) has been obtained;

 

WHEREAS, at a duly convened and held Warrantholders
Meeting (as defined in the Merger Agreement), the Warrant Amendment (as defined in the Merger Agreement) received the Warrantholders
Approval such that, effective upon the Effective Time, each Warrant shall become exercisable for one-half a share of Parent Class A
Common Stock with an exercise price of $6.00 per Warrant and each holder of a Warrant shall receive a special distribution of $0.50
per Warrant; and

 

    	 

    	 

    

 

WHEREAS, Section 9.8 of the Existing
Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement without the consent
of any Registered Holder (as defined in the Existing Warrant Agreement) for the purpose of curing any ambiguity, or curing, correcting
or supplementing any defective provision contained therein or adding or changing any other provisions with respect to matters or
questions arising under the Existing Warrant Agreement as the Company and the Warrant Agent may deem necessary or desirable and
that the Company and the Warrant Agent deem shall not adversely affect the interest of the Registered Holders.

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Assignment and Assumption; Consent.

 

1.1 Assignment and Assumption.
The Company hereby assigns to Parent all of the Company’s right, title and interest in and to the Existing Warrant Agreement
(as amended hereby) as of the Effective Time. Parent hereby assumes, and agrees to pay, perform, satisfy and discharge in full,
as the same become due, all of the Company’s liabilities and obligations under the Existing Warrant Agreement (as amended
hereby) arising from and after the Effective Time.

 

1.2 Consent. The Warrant
Agent hereby consents to the assignment of the Existing Warrant Agreement by the Company to Parent pursuant to Section 1.1
hereof effective as of the Effective Time, and the assumption of the Existing Warrant Agreement by Parent from the Company pursuant
to Section 1.1 hereof effective as of the Effective Time, and to the continuation of the Existing Warrant Agreement in full
force and effect from and after the Effective Time, subject at all times to the Existing Warrant Agreement (as amended hereby)
and to all of the provisions, covenants, agreements, terms and conditions of the Existing Warrant Agreement and this Agreement.

 

2. Amendment of Existing Warrant Agreement.
The Company, Parent and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this Section 2, effective
as of the Effective Time.

 

2.1 Preamble. The preamble
to the Existing Warrant Agreement is hereby amended by deleting “Azteca Acquisition Corporation” and replacing it with
“Hemisphere Media Group, Inc.” As a result thereof, all references to the “Company” in the Existing
Warrant Agreement shall be references Hemisphere Media Group, Inc. rather than Azteca Acquisition Corporation.

 

2.2 Recitals. The recitals
in the Existing Warrant Agreement are hereby deleted and replaced in their entirety as follows.

 

“WHEREAS, Azteca Acquisition Corporation
(“Azteca Acquisition”) has entered into that certain Sponsor Warrants Purchase Agreement, dated April 21,
2011, as amended by that certain Amendment No. 1 to the Sponsor Warrants Purchase Agreement, dated June 28, 2011 (as
amended, the “Sponsor Warrants Purchase Agreement”), with Azteca Acquisition Holdings, LLC (the
“Sponsor”) pursuant to which the Sponsor purchased an aggregate of 4,666,667 warrants of Azteca Acquisition,
bearing the legend set forth in Exhibit B hereto (such warrants, together with the Investor Warrants (as defined below), the
“Sponsor Warrants”), sold to the Sponsor simultaneously with the closing of the Offering (as defined
below); and

 

WHEREAS, on March 6, 2012, the Sponsor
transferred 4,666,667 Sponsor Warrants to Brener International Group, LLC (“BIG”) and on December 7,
2012, BIG transferred 311,111 Sponsor Warrants to Clive Fleissig and 311,111 Sponsor Warrants to Juan Pablo Alban; and

 

WHEREAS, Azteca Acquisition, the Company,
BIG, Clive Fleissig, Juan Pablo Alban, John Engelman, Alfredo E. Ayub, InterMedia Partners VII, L.P., InterMedia Cine Latino, LLC,
Cinema Aeropuerto, S.A. de C.V. and James M. McNamara are parties to that certain Equity Restructuring and Warrant Purchase
Agreement, dated January 22, 2013 (the “Equity Restructuring and Warrant Purchase Agreement”), pursuant
to which BIG, Mr. Fleissig and Mr. Alban contributed an aggregate of 2,333,334 Sponsor Warrants to Azteca Acquisition
(which Sponsor Warrants were cancelled by Azteca Acquisition);

 

WHEREAS, pursuant to the Equity Restructuring
and Warrant Purchase Agreement, the Company issued an aggregate of 2,333,334 warrants with substantially the same terms as the
Public Warrants (as defined below) to InterMedia Partners VII, L.P., InterMedia Cine Latino, LLC, Cinema Aeropuerto, S.A.
de C.V. and James M. McNamara (collectively, the “Investor Warrants”); and

 

    	 

    	 

    

 

WHEREAS, on July 6, 2011, Azteca Acquisition
consummated its initial public offering (the “Offering”) of units of Azteca Acquisition’s equity
securities, each such unit comprised of one share of Azteca Acquisition Common Stock (as defined below) and one Public Warrant
(as defined below) (the “Units”) and, in connection therewith, issued and delivered 10,000,000 warrants
to public investors in the Offering (the “Public Warrants” and, together with the Sponsor Warrants, the
“Warrants”), each such Warrant evidencing the right of the holder thereof to purchase one share of common
stock of Azteca Acquisition, $.0001 par value per share (“Azteca Acquisition Common Stock”), for $12.00
per share, subject to adjustment as described herein; and

 

WHEREAS, Azteca Acquisition has filed with
the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1,
No. 333-173687 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and Azteca Acquisition Common Stock included in the Units; and

 

WHEREAS, on , 2013, Azteca Acquisition,
the Company and the Warrant Agent entered into an Assignment, Assumption and Amendment of Warrant Agreement (the “Warrant
Assumption Agreement”), pursuant to which Azteca Acquisition assigned this Agreement to the Company and the Company
assumed this Agreement from Azteca Acquisition; and

 

WHEREAS, Azteca Acquisition, the Company,
Hemisphere Merger Sub I, LLC, a Delaware limited liability company and an indirect wholly-owned subsidiary of the Company
(“IM Merger Sub”), Hemisphere Merger Sub III, Inc., a Delaware corporation and an indirect
wholly-owned subsidiary of the Company (“Cinelatino Merger Sub”), Hemisphere Merger Sub II, Inc.,
a Delaware corporation and an indirect wholly-owned subsidiary of the Company (“Azteca Merger Sub” and,
together with IM Merger Sub and Cinelatino Merger Sub, the “Merger Subsidiaries”), InterMedia Español
Holdings, LLC, a Delaware limited liability company (“IM”) and Cine Latino, Inc., a Delaware
corporation (“Cinelatino”), are parties to that certain Agreement and Plan of Merger, dated as of January 22,
2013 (as amended from time to time, the “Merger Agreement”) pursuant to which, among other things, each
share of Azteca Acquisition Common Stock (other than (x) any shares of Azteca Acquisition Common Stock held by Azteca Acquisition
as treasury stock, (y) any shares of Azteca Acquisition Common Stock redeemed pursuant to the redemption provisions of the
Azteca Charter (as defined in the Merger Agreement) and (z) Dissenting Shares (as defined in the Merger Agreement)) will be
automatically converted into and will thereafter represent the right to receive one validly issued, fully paid and non-assessable
share of Class A common stock, par value $0.0001 per share, of the Company (“Company Class A Common Stock”);
and

 

WHEREAS, pursuant to the Merger Agreement
and Section 4.4 of this Agreement, each Warrant has been converted into the right to purchase one-half share of Company Class A
Common Stock rather than one-half share of Azteca Acquisition Common Stock (in each case, after giving effect to the Warrant Amendment
described in the Merger Agreement and approved by the holders of Public Warrants pursuant to Section 9.8 of this Agreement);
and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:”

 

2.3 Detachability of Warrants.
Section 2.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY OMITTED.]”

 

    	 

    	 

    

 

2.4 Warrant Price. Section 3.1
of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“3.1 Warrant Price. Each Warrant
shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant
and of this Warrant Agreement, to purchase from the Company one-half of the number of shares of Common Stock stated therein, at
the price of $6.00 per half share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Warrant Agreement shall mean the price per half a share
at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant
Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days,
provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.”

 

2.5 Duration of Warrants.
The first sentence of Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“A Warrant may be exercised
only during the period (the “Exercise Period”) commencing on the date that is thirty (30) days after
the consummation of the transactions contemplated by the Merger Agreement (a “Business Combination”),
and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years
after the date on which the Company completes the Business Combination, (y) the liquidation of the Company, or (z) other
than with respect to the Sponsor Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement.”

 

2.6 Issuance of Shares of Common
Stock on Exercise. The last sentence of Section 3.3.2 of the Existing Warrant Agreement is hereby deleted and replaced
with the following:

 

“Subject to Section 4.6
of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common Stock
(i.e., only an even number of Warrants may be exercised at any given time by a Registered Holder). In no event will the Company
be required to net cash settle the Warrant exercise.”

 

2.7 Replacement of Securities
Upon Reorganization, etc. Section 4.4 of the Existing Warrant Agreement is hereby amended to delete the following language:

 

“provided further, however,
that if more than 30% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in
the form of common stock in the successor entity that is not listed for trading on a national securities exchange or on the OTC
Bulletin Board, or is not to be so listed for trading immediately following such event, then the Warrant Price shall be reduced
by an amount (in dollars) equal to the quotient of (x) $18.00 (subject to adjustment in accordance with Section 6.1 hereof)
minus the Per Share Consideration (as defined below) (but in no event, less than zero), and (y) if the applicable event is
announced on or prior to the third anniversary of the closing date of the initial Business Combination, 2; if the applicable event
is announced after the third anniversary of the closing date of the initial Business Combination and on or prior to the fourth
anniversary of the closing date of the initial Business Combination, 2.5; if the applicable event is announced after the fourth
anniversary of the closing date of the initial Business Combination and on or prior to the Expiration Date, 3. “Per
Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively
of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price
of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date
of the applicable event. If any reclassification or reorganization also results in a change in Common Stock covered by subsection 4.1.1,
then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions
of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales
or other transfers.”

 

    	 

    	 

    

 

2.8 No Fractional Shares.
Section 4.6 of the Existing Warrant Agreement is hereby amended and restated in its entirety as follows:

 

“4.6 No Fractional Shares.
Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares
upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4 after the Effective Time (as
defined in the Merger Agreement), the holder of any Warrant would be entitled, upon the exercise of such Warrant (which, for the
avoidance of doubt, is required to be exercised only for an even number of Warrants), to receive a fractional interest in a share,
the Company shall, upon such exercise, at its option either (i) round up to the nearest whole number, the number of the shares
of Common Stock to be issued to such holder or (ii) in lieu of such fractional share interests, pay to such holder an amount
in cash equal to the product obtained by multiplying (x) the fractional share interest to which such holder would otherwise
be entitled by (y) the Fair Market Value on the exercise date. Solely for purposes of this Section 4.6, “Fair Market
Value” shall mean the average last sale price of the Common Stock for the ten (10) trading days ending on the trading
day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent.”

 

2.9 Redemption. Section 6.1
of the Existing Warrant Agreement is hereby amended to add at the end thereof the following.

 

“unless the warrants are subject
to exercise on a “cashless basis” pursuant to Section 3.3.1(b).”

 

2.10 Mandatory Cash Distribution.
A new Section 6.5 is added to the Existing Warrant Agreement as follows:

 

“6.5 Mandatory Cash Distribution.
Notwithstanding anything contained in this Agreement to the contrary, at the Effective Time (as defined in the Merger Agreement),
each Warrant issued and outstanding immediately prior to the Effective Time shall, automatically and without any action by the
Registered Holder thereof, be entitled to receive a cash distribution payable by or at the direction of Parent as soon as reasonably
practicable following the Effective Time, but no later than three (3) Business Days following the date on which the Effective
Time occurs, in the amount of $0.50.”

 

2.11 Registration of Common
Stock. Section 7.4 of the Existing Warrant Amendment is hereby amended and restated in its entirety as follows:

 

“7.4 Registration of Common
Stock. The Company may, but shall not be required to, file with the Commission a new registration statement for the registration
under the Securities Act of the Common Stock issuable upon exercise of the Warrants. If the Company shall elect to file such new
registration statement, it shall use its commercially reasonable efforts to take such action as is necessary to register or qualify
for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise
of the Warrants, to the extent an exemption is not available. In such event, the Company shall use its commercially reasonable
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the earlier of (x) the expiration of the Warrants in accordance with the provisions of this Agreement
and (y) the date the Company shall determine to suspend such effectiveness or withdraw such registration statement. If the
Company shall have filed a new registration statement following the closing of the Business Combination and such registration statement
has not been declared effective by the 60th Business Day after the closing of the Business Combination, holders of the Warrants
shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and
ending upon such registration statement being declared effective by the Commission, and during any other period when the Company
shall otherwise not have an effective registration statement covering the Common Stock issuable upon exercise of the Warrants,
to exercise such Warrants on a “cashless basis,” as provided below. If the Company shall not have filed a new registration
statement within 30 days following the closing of the Business Combination, holders of the Warrants shall have the right,
beginning on the 31st day following the closing of the Business Combination, to exercise such Warrants on a “cashless
basis,” as provided below. Holders may exercise warrants on a “cashless basis” by exchanging the Warrants (in
accordance with Section 3(a)(9) of the Act or another exemption) for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the Warrant Price and the Fair Market Value (as defined below) by (y) the Fair Market Value. Solely for purposes of
this Section 7.4, “Fair Market Value” shall mean the volume weighted average price of the Common
Stock as reported during the ten trading day period ending on the trading day prior to the date that notice of exercise is received
by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless
exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. The Company shall provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered
under the Securities Act and (ii) the Common Stock issued upon such exercise shall be freely tradable under the United States
federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of
the Company and , accordingly, shall not be required to bear a restrictive legend. If, by reason of any exercise of warrants on
a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant (which, for the
avoidance of doubt, is required to be exercised only for an even number of Warrants), to receive a fractional interest in a share,
the Company shall, upon such exercise, at its option either (i) round up to the nearest whole number, the number of the shares
of Common Stock to be issued to such holder or (ii) in lieu of such fractional share interests, pay to such holder an amount
in cash equal to the product obtained by multiplying (x) the fractional share interest to which such holder would otherwise
be entitled by (y) the Fair Market Value on the exercise date.”

 

    	 

    	 

    

 

3. Miscellaneous Provisions.

 

3.1 Effectiveness of Warrant.
Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly subject to the occurrence
of the Azteca Merger (as defined in the Merger Agreement) and shall automatically be terminated and shall be null and void if the
Merger Agreement shall be terminated for any reason.

 

3.2 Successors. All the
covenants and provisions of this Agreement by or for the benefit of the Company, Parent or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

3.3 Applicable Law. The
validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

3.4 Counterparts. This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

3.5 Effect of Headings.
The section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

3.6 Severability. This
Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

3.7 Entire Agreement. The
Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding of the parties and supersedes all
prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating
to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby
canceled and terminated.

 

[Signature page follows]

 

    	 

    	 

    

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

 

	 	AZTECA ACQUISITION CORPORATION
	 	By:	

	 	 	Name:	 
	 	 	Title:	 
	 	HEMISPHERE MEDIA GROUP, INC.
	 	By:	

	 	 	Name:	 
	 	 	Title:	 
	 	CONTINENTAL STOCK TRANSFER & TRUST

COMPANY, as Warrant Agent
	 	By:	

	 	 	Name:	 
	 	 	Title:	 

[Signature Page to Assignment, Assumption
and Amendment of Warrant Agreement]CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (“Agreement”)
is made and entered into effective as of November 1, 2012 (the “Effective Date”) by and between Loton Corp., a Nevada
Corporation (the “Company”) and Andrew Schleimer (“Consultant”). Company and Consultant are sometimes referred
to individually as a “Party” or collectively as the “Parties.”

 

1.          Term of the Agreement. This
Agreement will begin on the Effective date and shall continue for a period of one (1) year, unless terminated sooner as provided
herein. Thereafter, the Agreement will continue on a month-to-month basis, during which the Company can terminate the Agreement
by giving Consultant not less than one (1) month written notice (collectively, the “Term”).

 

2.          Independent Consultant Status.
Company hereby engages Consultant as a consultant, and Consultant accepts such engagement to provide Consulting Services to Company
in accordance with the terms and conditions of this Agreement in the capacity of a consultant. Company and Consultant agree that
Consultant is solely an independent contractor for all purposes including, but not limited to, payroll and tax purposes, and that
Consultant shall not represent himself to be an employee, and/or officer of Company, and Consultant shall have no power, express
or implied, to bind the Company in any manner.

 

3.          Potential Conflict of Interest.
Company acknowledges that Consultant is an employee of Trinad Capital Management, a substantial stockholder of the Company, which
is owned by Robert Ellin, the Executive Chairman of the Company. Neither the Company nor the Consultant believes that any actual
conflict of interest exists on the Effective Date, but if an actual conflict of interest arises Consultant will promptly notify
the Company.

 

4.          Consulting Services. Consultant
agrees to perform all duties and responsibilities, as and when reasonably requested, related to the Company’s general corporate
activities, as well as possible merger and acquisition activities, including, without limitation, negotiating business terms, managing
outside advisors, reviewing and negotiating transaction documents and implementing the transactions, and such other services that
may be requested by the Board from time to time, all in accordance with the terms and conditions of this Agreement (collectively,
the “Consulting Services”). In performing the Consulting Services, Consultant agrees to travel domestically and/or
internationally, as and when reasonably requested. Consultant agrees to devote all commercially reasonable efforts in the performance
of the Consulting Services.

 

5.          Compensation.

 

5.1          Consulting Fee. In consideration
for the Consulting Services provided by Consultant herein, Company shall pay Consultant a consulting fee of $30,000, payable in
equal monthly increments (the “Consulting Fee”). On an annual basis, the Board of Directors will review the Consulting
Fee. Any increases to the Consulting Fee will be within the discretion of the Board, taking into account Company performance, CPI
and other related factors.

 

5.2          Bonus Payment. The Company shall
pay Consultant a bonus payment, as determined by the Board in its discretion, subject to the completion by the Company of each
material acquisition with respect to which Consultant has provided Consulting Services requested by the Company’s Board of
Directors. In addition, the Company may, but is not required to, award the Consultant additional bonuses in its complete discretion.

 

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5.3          Stock Grant. The Company shall
grant Consultant 100,000 shares of restricted common stock, which shall vest in its entirety on January 15, 2013 provided this
Agreement remains in effect. The stock grant will be evidenced by a separate restricted stock grant agreement to be executed by
the Parties. The Company may, but is not required to, award Consultant additional equity in its complete discretion relating to
the successful completion of a material acquisition, as defined by the Company’s Board of Directors.

 

6.          Tax Reporting and Filing. Consultant
acknowledges and agrees that he shall be responsible (as a self-employed individual) for filing all tax returns, tax declarations,
and tax schedules, and for the payment of all taxes required, when due, with respect to any and all compensation earned by Consultant
under this Agreement. The Company will not withhold any employment taxes from compensation it pays Consultant. Rather, the Company
will report the amount it pays Consultant on IRS Form 1099, to the extent required to do so under applicable Internal Revenue Code
provisions and state or local law.

 

7.          Expense Reimbursement. Company
shall reimburse Consultant for all out-of-pocket expenses actually incurred by Consultant to the extent such expenses are reasonable
and necessary for the performance of the Consulting Services under this Agreement (“Expenses”). As a prerequisite for
Company’s reimbursement of any Expenses, Consultant shall complete and submit to Company an expense report, in the form requested
by Company, for all Expenses reimbursable under this Section, which shall list such Expenses in reasonable detail and have attached,
for each Expense, a receipt or other documentation reasonably establishing such Expense and the amount thereof (“Expense
Report”). Upon request, Consultant shall provide Company with other documents and information regarding any Expenses. Company
shall pay any and all Expenses due and owning to Consultant as soon as practicable following Company’s receipt of the aforementioned
expense report.

 

8.          Confidentiality Agreement.

 

8.1          Acknowledgments. Consultant
acknowledges and agrees that during the course of performing services for the Company, the Company will furnish, disclose or make
available to him confidential and proprietary information related to the Company’s business. Consultant also acknowledge
that such confidential information has been developed and will be developed by the Company through the expenditure by the Company
of substantial time, effort and money and that all such confidential information could be used by you to compete with the Company.

 

8.2          Confidentiality; Protected Information.
Consultant shall at all times, both during and after any termination of this Agreement by either the Company or Consultant, maintain
in confidence and shall not, without the prior written consent of the Company, and except in the course of performance of your
duties for the Company as a consultant hereunder or in any manner related thereto, use in any way, disclose, or give to others
for any purpose any fact or information which was disclosed to or developed by you during the course of performing services for
the Company hereunder, and which is not generally available to the public, including but not limited to information and facts concerning
business plans, business targets, customers, future customers, suppliers, Licensors, licensees, partners, investors, affiliates
or other, training methods and materials, financial information, sales prospects, client lists, Inventions (as defined in Section
9.1), or any other scientific, technical, trade or business secret or product development plan or confidential or proprietary information
of the Company or of any third party provided to you in the course of your consultancy to the Company (sometimes herein referred
to as “Confidential Information”). Consultant also agrees not to file patent applications based on the Company’s
technology or confidential information, nor seek to make improvements thereon, without the Company’s prior written approval.
Consultant further agrees not to make any copies of such confidential or proprietary information of the Company (except when appropriate
for the furtherance of the business of the Company or duly and specifically authorized to do so) and promptly upon request, whether
during or after the term of this Agreement, to return to the Company any and all documentary, machine--readable or other elements
or evidence of such confidential or Proprietary information, and any copies that may be in Consultant’s possession or control.

 

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9.          Ownership of Ideas, Copyrights
and Patents.

 

9.1          Consultant agrees that all ideas, discoveries,
creations, materials, compounds, manuscripts and properties, innovations, improvements, know-how, inventions, designs, developments,
apparatus, techniques, algorithms, software, mask works, methods, and formulae made, developed or improved by Consultant in the
Company’s Field of Interest, as defined in Section 10.1, whether or not reduced to practice and whether patentable, copyrightable,
protectable as mask works or not, which Consultant may conceive, reduce to practice or develop during the Term (as defined in Section
1) alone or in conjunction with another, or others, and whether at the request or upon the suggestion of the Company, or otherwise,
which Consultant develops as a direct result of performing consulting services for the Company under this Agreement (the foregoing
being hereinafter referred to as the “Inventions”), shall be the sole and exclusive property of the Company, and that
Consultant shall not publish any of the Inventions without the prior written consent of the Company. Consultant hereby assigns
to the Company any right, title and/or interest in and to all Inventions. Consultant agrees to maintain and furnish to the Company
complete and current records of all such Inventions and disclose to the Company in writing any such Inventions. Upon termination
of this Agreement, Consultant shall provide to the Company in writing a full, signed statement of all Inventions in which Consultant
participated prior to termination of this Agreement. Consultant further represents and agrees that to the best of his knowledge
and belief none of the Inventions will violate or infringe upon any right, patent, copyright, trademark or right of privacy, or
constitute libel or slander against or violate any other rights of any person, firm or corporation, and that Consultant will use
your best efforts to prevent any such violation.

 

9.2          At any time during or after the Term,
Consultant agrees to fully cooperate with the Company, its attorneys and agents, in the preparation and filing of all papers and
other documents as may be required to perfect and protect the Company’s rights in and to any of such Inventions, including,
but not limited to, joining in any proceeding to obtain and enforce letters patent, copyrights, mask work registrations, trademarks
or other legal rights of the United States and of any and all other countries on such Inventions, provided that the Company will
bear the expense of such proceedings, and that any patent, copyright, mask work registration, trademark, or other legal right so
issued to Consultant, personally, shall be assigned by Consultant to the Company without charge. Consultant hereby designates the
Company as his agent for, and grants to the Company a power of attorney with full power of substitution, which power of attorney
shall be deemed coupled with an interest, for the purpose of effecting the foregoing assignments from Consultant to the Company.

 

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9.3          Severability. If any part of
this Section should be determined by a court of competent jurisdiction to be unreasonable in duration, geographic area, or scope,
then this Section is intended to and shall extend only for such period of time, in such area and with respect to such activity
as is determined to be reasonable,

 

10.          Representations And Warranties
Regarding Confidential Information. Consultant represents and warrants that his relationship with the Company does not and
will not breach any agreement or duty Consultant has to anyone else, including any agreement or duty to keep in confidence confidential
information belonging to others. Consultant represents and warrants that he has not been asked to disclose and has not provided
information which would be considered “confidential information” belonging to any of Consultant’s former employer(s)
to the Company, other than to the limited extent that a limited disclosure of such information is necessary to identify whether
related issues may exist. Consultant represents and warrants that he is not aware of any current or prior employment agreements
between Consultant and a former employer or third party, including but not limited to any employee code of conduct, non-competition,
non-solicitation or non-disclosure agreements, which would restrict or otherwise may adversely affect Consulting providing the
Consulting Services for the Company under this Agreement. To the extent Consultant has identified any such agreement, Consultant
agrees to provide copies to the Company before the execution of this Agreement so that they can be reviewed for this purpose. Consultant
further represents and warrants that Consultant providing the Consulting Services under this Agreement will not breach any of these
agreements, including as to any agreement to keep in confidence confidential, proprietary and trade secret information that Consultant
may have acquired during his the Company any items of confidential information” form his former employer(s) or third parties,
and will not engage in any activities that would violate any employment or other agreements Consultant may have with such employer(s)
or third parties. Consultant represents and acknowledges that he has not been asked by the Company to solicit any of his former
employer(s) employees to consider employment with the Company. Consultant agrees that he will not, while providing Consulting Services
for the Company, improperly use or disclose any proprietary information of any concurrent employer or other person or entity with
which Consultant has an agreement or duty to keep in confidence information acquired by Consultant.

 

11.          Injunctive Relief. The Consultant
agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by the Consultant
of the promises set forth in this Sections 8, 9 and 10 of this Agreement, and that in any event money damages may be an inadequate
remedy for any such breach. Accordingly, the Consultant agrees that if the Consultant breaches, or proposes to breach, any portion
of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other
appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company and without
the need to post a bond or other security.

 

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12.          Continuing Cooperation. During
and after the Consultant’s consulting for the Company, the Consultant shall cooperate reasonably with requests from the Company,
or the Company’s legal counsel, in the defense or prosecution of any claims or actions now in existence or which may be brought
in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Consultant was
consulting for the Company. The Consultant’s cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Consultant’s consulting for the Company, the Consultant also shall
cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority
as any such investigation or review relates to events or occurrences that transpired while the Consultant was consulting for the
Company, The Company shall reimburse the Consultant for any reasonable out-of-pocket expenses incurred in connection with the Consultant’s
performance of obligations pursuant to this Section.

 

13.          Termination of Agreement During
Initial Term.

 

13.1          Termination “For Cause”.
During the term of the Agreement, Company may terminate this Agreement on a “for cause” basis which shall mean any
of the following: (i) Consultant’s commission of a significant material act involving dishonesty to the detriment of
Company, (ii) material failure of Consultant to perform the Consulting Services defined in Section 3 of this Agreement, which have
not been corrected within fifteen (15) days of Consultant being notified in writing by Company of such material failure, (iii)
commission of a misdemeanor which causes material injury to the business, reputation or financial condition of Company, (iv) commission
of a felony, (v) Consultant’s disability which prevents him from performing the Consulting Services for a period of sixty
(60) consecutive days, (vi) Consultant’s death. In the event of a termination “for cause”, Company shall pay
consultant for services rendered until the date of the termination of this Agreement.

 

13.2          Termination Without Cause.
During the term of this Agreement, Company may terminate this Agreement on a “not for cause” basis by providing Consultant
with thirty (30) days written notice. Termination by Company of this Agreement without cause prior to the expiration of the initial
one year term shall not affect the Company’s obligations to pay Consultant monthly compensation pursuant to Section 5.1 of
this Agreement, and Company shall be required to pay Consultant (upon the date of termination) a sum equal to the aggregate remaining
monthly compensation through the end of the initial one year term. During the term of this Agreement, Consultant may terminate
this Agreement by providing not less than thirty (30) days written notice to Company. Company shall not be required to pay consultant
any further monthly compensation pursuant to Section 5.l of this Agreement as of the date of the termination of this Agreement
if Consultant terminates this Agreement other than due to a breach by the Company of its obligations under this Agreement,

 

13.3          Responsibilities Upon Termination.
Upon termination of the Agreement, Consultant will deliver to Company all papers, drawings, models, prototypes, contrivances, Confidential
Information, and other materials in which Company has exclusive rights, by virtue of Sections 8 and 9 of this Agreement, or which
were prepared or obtained by Consultant in connection with the Consulting Services.

 

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13.4          Survival. The provisions of
Sections 8, 9 and 10 of this Agreement shall survive termination of this Agreement, for any reason whatsoever, whether with cause
or without cause.

 

14.          Indemnification. The Company
shall defend and indemnify the Consultant against and hold the Consultant harmless from any costs, liabilities, losses and exposures
for the Consultant’s performance of the Consulting Services under this Agreement, including, but not limited to judgments,
fines, settlements and advancement of expenses incurred in the defense of actions, proceedings and appeals therefrom, whether before
or after the Effective Date, to the maximum extent permitted under applicable law. If the Consultant is made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact
that the Consultant was performing services for the Company, the Company shall indemnify the Consultant against all expenses (including
reasonable attorneys’ fees), judgments, fines and amounts paid in settlement, as actually and reasonably incurred by the
Consultant in connection therewith, to the maximum extent permitted under applicable law. If the Consultant is made a party to
any third-party action, complaint, suit or proceeding, the Consultant shall give prompt notice thereof to the Company, and the
Company shall have the right to assume and control the defense of such action, complaint, suit or proceeding. Notwithstanding the
foregoing, the Consultant shall not have, and the Consultant acknowledges and agrees that the Company does not have, any obligation
to indemnify the Consultant with respect to (a) any breach of representation, warranty or covenant committed by Consultant under
this Agreement, or (b) any action or inaction by the Consultant where the Consultant failed to act in good faith in a manner the
Consultant reasonably believed to be in, or not opposed to, the best interests of the Company, or (c) with respect to any criminal
action or proceeding, which the Consultant had reasonable cause to believe that his conduct was unlawful. Consultant will take
such steps as would be prudent to minimize his liability and any liability of the Company.

 

15.          Arbitration of Disputes. In
the event of any dispute or controversy arising out of, or relating to, any interpretation, construction, performance, termination
or breach of this Agreement, the parties hereto agree to submit such dispute or controversy to binding arbitration before one arbitrator
at .LAMS in Santa Monica, California, in accordance with the rules governing employment disputes of JAMS then in effect. A link
to the current JAMS Employment Arbitration Rules & Procedures can be found at the following link: http://www.jamsadr.com/rules-employment-arbitration!.
Such arbitration shall be conducted in accordance with Section 1280 et seq. of the California Code of Civil Procedure. Each party
hereby waives any right it may have to object to JAMS having sole and exclusive jurisdiction to adjudicate any such dispute and
stipulates that the Arbitrator shall have personal jurisdiction over each party for the purpose of litigating any dispute, controversy,
or proceeding arising out of or related to this Agreement.

 

The arbitrator shall be selected by the
mutual agreement of the parties. If the parties cannot agree on an arbitrator, the parties shall alternately strike names from
a list provided by the American Arbitration Association until only one name remains.

 

Notwithstanding anything to the contrary
in the rules governing employment disputes of JAMS, the arbitration shall provide (i) for written discovery and depositions as
provided under California law, and (ii) for a written decision by the arbitrator that includes the essential findings and conclusions
upon which the decision is based which shall be issued no later than thirty (30) days after a dispositive motion is heard and/or
an arbitration hearing has completed.

 

    	6

    	 

    

 

 

The Consultant and the Company shall have
the same amount of time to file any claim against any other party as such party would have if such a claim had been filed in state
or federal court. In conducting the arbitration, the arbitrator shall follow the rules of evidence of the State of California (including
but not limited to all applicable privileges), and the award of the arbitrator must follow California and/or federal law, as applicable.

 

The decision of the Arbitrator shall be
final and binding on all the parties to the arbitration, shall be non-appealable and may be enforced by a court of competent jurisdiction.
The Company shall advance all fees and costs in connection with the arbitration. The prevailing party shall be entitled to recover
from the non-prevailing party its reasonable attorney’s fees and costs, as well as the costs and fees paid to the arbitrator
or JAMS, to the extent allowed by law. The Arbitrator may grant any legal or equitable remedy appropriate including, without limitation,
injunctive relief or specific performance, but shall not have the power to grant any remedy that would not be available in a state
or federal court in California, By entering into this arbitration provision, the Company and/or Consultant are not waiving the
attorney-client privilege.

 

16.          Miscellaneous.

 

16.1          No Conflicting Agreements.
Consultant hereby represents and warrants that he has no commitments or obligations inconsistent with this Agreement. During the
Term of this Agreement, Consultant will not enter into any agreement either written or oral in conflict with this Agreement and
will arrange to provide Consultant’s services under this Agreement in such a manner and at times that Consultant’s
services will not conflict with Consultant’s responsibilities under any other agreement, arrangement or understanding or
pursuant to any employment relationship you have at any time with any third party. If Consultant is a party to any agreement which
may be in conflict with this Agreement, Consultant is required to so indicate by identifying that agreement below his signature
at the end of’ this Agreement and attaching a copy hereto.

 

16.2          No Employment Created. This
Agreement does not constitute, and shall not be construed as constituting, an undertaking by the Company to hire Consultant as
an employee of the Company. Consultant acknowledges that he will be working as a consultant only, and not as an employee. Consultant
will not be entitled to receive any of the benefits provided by the Company to its employees and Consultant will be solely responsible
for the payment of all federal, state and local taxes and contributions imposed or required on income, unemployment insurance,
social security and any other law or regulation.

 

16.3          Governing Law. Except as otherwise
expressly specified in this Agreement, this Agreement shall be governed by and construed and enforced in accordance with the laws
of the New York, without application of the conflicts of law provisions thereof.

 

16.4          Entire Agreement. This Agreement
embodies the entire agreement and understanding between the parties hereto and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any
kind not set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions
of this Agreement.

 

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16.5          Invalidity. This Agreement
is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and
regulations. If any provision of this Agreement, or the application thereof to any person or circumstance, shall, for any reason
and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provisions to other
persons or circumstances shall not be affected thereby, but rather shall be construed, reformed and enforced to the greatest extent
permitted by law.

 

16.6          Assignment. The Company may
assign its rights and obligations hereunder to any person or entity that succeeds to, all or substantially all of the Company’s
business or that aspect of the Company’s business in which Consultant is principally involved. Consultant’s rights
and obligations under this Agreement may not be assigned without the prior written consent of the Company.

 

16.7          Modification and Amendment.
This Agreement shall not be modified or amended except by an instrument in writing signed by or on behalf of the parties hereto.

 

16.8          Parties Benefited. Subject
to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Company and any parent, subsidiary or other
affiliate of the Company, and their respective successors and assigns, and shall be binding upon and inure to the benefit of you
and your heirs, executors and administrators.

 

16.9          Counterparts. This Agreement
may be executed in one or more counterparts each of which will be deemed an original, but all of which together shall constitute
one and the same instrument.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	8

    	 

    

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed and delivered as the day and year first above written.

 

	LOTON CORP.	 	CONSULTANT	 
	 	 	 	 
	 	 	 	 
	BY:	 	 	BY:	 	 
	 	 	 	 	 	 
	NAME:	 	 	NAME:	 	 

 

 

 

 

 

 

    	9

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