Document:

Subscription Agreement

 Exhibit 10.28 
 Subscription Agreement 
 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of April
17, 2007, by and among Acorn International, Inc., a Cayman Islands corporation (the “Company”), Alibaba.com Corporation, a Cayman Islands corporation (the “Investor”), Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“Merrill Lynch”) and Deutsche Bank Securities Inc. (“Deutsche Bank,” which together with Merrill Lynch are hereinafter referred to as the “Underwriters”). 
 RECITALS 
 WHEREAS, the Company has filed a registration statement on
Form F-1 with the United States Securities and Exchange Commission in connection with the offering by the Company and certain selling shareholders of American Depositary Shares (“ADSs”), representing ordinary shares of the Company (the
“Offering”); 
 WHEREAS, in connection with and as part of the Offering, the Investor wishes to acquire ADSs from the
Underwriters in a transaction exempt from registration pursuant to Regulation S of the US Securities Act of 1933, as amended (“Regulation S” and the “Securities Act”, respectively). The Underwriters are entering into this
Agreement in their capacity as representatives of the underwriters in the Offering. 
 NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows: 
  

	1.	Investment. 

 1.1 The Investor hereby agrees to
purchase, and the Underwriters agree to sell, in the Offering that number of ADSs (rounded down to the nearest whole ADS) equal to US$10,000,000 divided by the Offer Price (the “Firm ADSs”). To the extent that the number of Firm ADSs
purchased pursuant to the preceding sentence is less than 770,000 ADSs, the Underwriters shall make available for purchase by the Investor in the Offering an additional number of ADSs (the “Additional ADSs”) equal to the difference between
770,000 ADSs and the number of Firm ADSs. For the avoidance of doubt, the Investor shall have the option, but not the obligation, to purchase the Additional ADSs (if any). All such sales shall be made (i) on the same terms as the other ADSs being
offered in the Offering and (ii) pursuant to and in reliance upon Regulation S. The “Offer Price” means the price per ADS set forth on the cover of the final prospectus. Any ADSs reserved for, but not purchased by, the Investor will be
offered by the Underwriters to the general public in the Offering. 
  

	2.	Conditions. 

 2.1 The Investor’s and
Underwriters’ obligations under Section 1 are conditional upon (i) the underwriting agreement relating to the Offering being entered into and having become unconditional, (ii) successful completion of the Offering and (iii) listing of the ADSs
on the New York Stock Exchange subject official notice of issuance, in each case by no later than June 30, 2007. 

 2.2 The Underwriters’ obligations under Section 1 are conditional upon delivery on the date hereof
of an executed Lock-up Agreement in the form attached hereto. 
  

	3.	Closing. 

 3.1 Subject to Section 2, settlement of
the Investor’s purchase of ADSs pursuant to Section 1 will take place contemporaneously with and as part of the settlement of the Offering. Delivery of the ADSs purchased by the Investor to the Investor will be on the same basis on which ADSs
are delivered to other investors under the Offering and in the manner contemplated in the Form F-1 filed with the United States Securities Exchange Commission (the “SEC”) on April 3, 2007. 
  

	4.	Representations and Warranties. 

 4.1 The Investor
hereby represents and warrants to the Company that: 
 (i) it has full power and authority (corporate or otherwise) to enter into this
Agreement, and that this Agreement, when executed and delivered, will constitute a valid and legally binding obligation of the Investor; 
 (ii) it has received and reviewed the Company’s registration statement on Form F-1 filed with the SEC on April 3, 2007, including the related prospectus, with respect to the Offering; 
 (iii) it is not a U.S. Person (as defined in Rule 902 of Regulation S); 
 (iv) it is acquiring the ADSs in an offshore transaction in reliance on Regulation S; and 
 (v) it does not,
directly or indirectly, own more than five per cent, of the outstanding common stock (or other voting securities) of any member of the National Association of Securities Dealers, Inc. (“NASD”) or a holding company for a NASD member, and is
not otherwise a “restricted person” for the purposes of the Free-Riding and Withholding Interpretation of NASD. 
 4.2 The Company
hereby represents and warrants to the Investor that: 
 (i) The Company has been duly incorporated as a corporation with limited liability
and is validly existing under the laws of Cayman Islands. 
 (ii) The Company has the right, power and authority and has taken all actions
required, including obtaining of all necessary governmental or regulatory approvals and consents from third parties, in order to execute and deliver, and to exercise their respective rights and perform their respective obligations under this
Agreement and the transactions contemplated hereunder. 

 (iii) This Agreement has been duly authorized, executed and delivered by the Company and constitutes
valid, legal and binding obligations of the Company. 
 (iv) Neither the execution of this Agreement, nor the performance by the Company or
its respective obligations under this Agreement (x) violates or will violate its memorandum and articles of association, (y) violates or will violate any law, rule or regulation of any jurisdiction or stock exchange where the ADSs will be listed or
(z) conflicts with or results in a breach of any agreement of the Company or to which the Company or any of its respective assets are bound or will be bound, except where such violation, conflicts or breach will not have an adverse material effect
on the Company. 
 (v) No directed selling efforts (as defined in Rule 902 of Regulation S) have been made by the Company, any of its
affiliates or any person acting on its behalf with respect to any ADSs that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of the Firm ADSs and Additional ADSs (if any) to
the Investor under this Agreement requiring registration under the Securities Act; and the Company is a “foreign issuer” (as defined in Regulation S). 
 (vi) Each of the Firm ADSs and the Additional ADSs (if any), when issued or sold, as the case may be, in accordance with the terms of this Agreement will have been duly and validly authorized and issued, fully paid
and non-assessable, free from any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind or another type of preferential
arrangement, including without limitation, a title transfer or retention arrangement having similar effect, and will conform in all material respects to the description of the ADSs contained in the Company’s registration statement on Form F-1
filed with the SEC on April 3, 2007. 
 (vii) The Company’s registration statement on Form F-1 filed with the SEC on April 3, 2007,
including the related prospectus, with respect to the Offering, except for the absence of pricing related information and estimated operating results for the quarter ended March 31, 2007, does not, as of the date hereof contain any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  

	5.	Amendment 

 This Agreement may not be amended or
varied without the prior written consent of the parties hereto. 
  

	6.	Miscellaneous. 

 6.1 (i) Unless otherwise notified
by the relevant parties, all notices delivered hereunder shall be in writing and may be delivered by hand or given by facsimile to the related addresses listed beneath each party’s signature hereto. 

 (ii) Any notice delivered by hand shall be deemed to have been received when physically received by the
person referred to in this Section 6.1 (including receipt by facsimile). 
 6.2 This Agreement and the documents referred to herein
constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
 6.3 The representations, warranties and covenants of the Company and the Investor contained in or trade pursuant to this Agreement shall survive the
execution and delivery of this Agreement and the closing of the Offering. 
 6.4 Neither this Agreement nor any of the rights, interests or
obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the parties without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be
binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. 
 6.5 This Agreement
shall be governed by and construed under the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. 
 6.6 Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong
International Arbitration Centre in accordance with its Securities Arbitration Rules. The language to be used in the arbitration proceedings shall he English. Each of the parties hereto irrevocably waives any immunity to jurisdiction to which it may
be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based
on this Agreement or the transactions contemplated hereby. 
 6.7 This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 6.8 The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

 6.9 If one or more provisions of this Agreement are held to be unenforceable under applicable law, such
provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were se excluded and shall be enforceable in accordance with its terms. 
 IN WITNESS of the agreement set out above, each of the parties has executed this Agreement by its duly authorized signature as the date first set forth above.

 ACORN INTERNATIONAL, INC. 
 By: /s/ Wang
Xiaogang                         

	Name:	Wang Xiaogang 

	Title:	CFO 

 Address: 
  
  
 ALIBABA.COM CORPORATION

 By: /s/ Joseph C.
Tsai                             

	Name:	Joseph C. Tsai 

	Title:	Group Chief Financial Officer 

 Address: 2403-05 Jubilee Center, 18
Fenwick Street, Wanchai, Hong Kong, 
 Fax no.: +852 2215 5211 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 By: /s/ Robert
Chiu                                 

	Name:	Robert Chiu 

	Title:	Managing Director 

 Address: 
  

			
	DEUTSCHE BANK SECURITIES INC.	 	
		
	 By: /s/ John
Fei                                
 Name:  John Fei
 Title:    Director
 Address:
	 	 /s/ Charles
Wang                                    
 Name:  Charles Wang
 Title:    Managing DirectorForm of Employee Stock Option Agreement

 Exhibit 10.1 
 CARMIKE CINEMAS, INC. 
 2004 INCENTIVE STOCK PLAN 
 EMPLOYEE 
 NON-INCENTIVE STOCK OPTION

 OPTION CERTIFICATE 
 Carmike
Cinemas, Inc., a Delaware corporation, in accordance with the Carmike Cinemas, Inc. 2004 Incentive Stock Plan, hereby grants an Option to [NAME], or “Eligible Employee”, to purchase from Carmike [NUMBER OF SHARES] shares of
Stock at an Option Price per share equal to [$XX], which grant shall be subject to all of the terms and conditions set forth in this Option Certificate and in the Plan. This grant has been made on [GRANT DATE], which shall be referred
to as the “Grant Date”. This Option is not intended to satisfy the requirements of § 422 of the Code and thus shall be referred to as a “Non-ISO”. 
  

			
	CARMIKE CINEMAS, INC.
		
	By:	 	  

		
	Date:	 	  

 TERMS AND CONDITIONS 
 § 1. Plan. This Non-ISO grant is subject to all the terms and conditions set forth in the Plan and this Option Certificate, and all
the terms in this Option Certificate which begin with a capital letter either are defined in this Option Certificate or in the Plan. If a determination is made that any term or condition set forth in this Option Certificate is inconsistent with the
Plan, the Plan shall control. A copy of the Plan will be made available to Eligible Employee upon written request to the Chief Financial Officer of Carmike. Carmike does not intend that the special tax treatment for an ISO be available to Eligible
Employee upon the exercise of this Option. 
 § 2. Section 16(a). If Eligible Employee, at the time he or she
proposes to exercise any rights under this Non-ISO, is an officer or director of Carmike, or is filing ownership reports with the Securities and Exchange Commission under Section 16(a) of the Exchange Act, then Eligible Employee should consult
Carmike before he or she exercises such rights to determine whether the securities law might subject him or her to additional restrictions upon the exercise of such rights. 

 § 3. Vesting and Exercise. 
  

	 	(a)	Vesting. Subject to § 3(b), Eligible Employee automatically shall vest in this Option with respect to 

  

	 	(1)	one third of the number of shares of Stock underlying the grant of this Option (rounding down to the nearest whole share) if and when the Fair Market Value of Carmike’s Stock
has stayed at a level equal to at least 125% of the Option Price for this Option for a period of 20 consecutive trading days; 

  

	 	(2)	an additional one third of the number of shares of Stock underlying the grant of this Option (rounding down to the nearest whole share) if and when the Fair Market Value of
Carmike’s Stock has stayed at a level equal to at least 130% of the Option Price for this Option for a period of 20 consecutive trading days; and 

  

	 	(3)	all remaining unvested shares of Stock underlying the grant of this Option (rounding down to the nearest whole share) if and when the Fair Market Value of Carmike’s Stock has
stayed at a level equal to at least 135% of the Option Price for this Option for a period of 20 consecutive trading days. 

  

	 	(b)	Exercise. 

  

	 	(1)	Cause. If Eligible Employee’s employment with Carmike is terminated for “Cause” (as defined in § 3(c)), Eligible Employee shall forfeit his or her
right under § 3(a) to exercise all or any part of this Non-ISO at the time of his or her termination of employment. 

  

	 	 (2)
	 Death or Disability. If Eligible Employee’s employment with Carmike terminates by reason of his or her death
or Disability (as defined in § 3(c)), the right of Eligible Employee or his or her estate (whichever is applicable) to exercise this Non-ISO shall expire on the earlier of (A) the first anniversary of the date his or her employment
with Carmike terminates, or (B) the 10th anniversary of the Grant Date. 

  

	 	 (3)
	 Other Reason. If Eligible Employee’s employment with Carmike terminates for any reason (other than a reason
described in § 3(b)(1) or § 3(b)(2)), his or her right, if any, under § 3(a) to exercise this Non-ISO shall expire on the earlier of (A) the date which is 90 days after his or her termination of employment with
Carmike, or (B) the 10th anniversary of the Grant Date. 

	 	(c)	Definitions. 

  

	 	(1)	Affiliate. The term “Affiliate” for purposes of this Option Certificate shall mean any Subsidiary and any other organization designated as such by the Committee.

  

	 	(2)	Cause. The term “Cause” for purposes of this Option Certificate shall mean: 

 (a) Eligible Employee is convicted of, pleads guilty to, or confesses or otherwise admits to any felony or any act of fraud, misappropriation or
embezzlement, or Eligible Employee otherwise engages in a fraudulent act or course of conduct; 
 (b) There is any act or omission by
Eligible Employee involving malfeasance or negligence in the performance of Eligible Employee’s duties and responsibilities for Carmike or an Affiliate, or the exercise of Eligible Employee’s powers as an employee of Carmike, where such
act or omission is reasonably likely to materially and adversely affect Carmike’s or an Affiliate’s business; 
 (c) Eligible
Employee violates any provision of any code of conduct adopted by Carmike or an Affiliate which applies to Eligible Employee and any other employee of Carmike if the consequence to such violation for any employee of Carmike ordinarily would be the
termination of his or her employment. 
  

	 	(3)	Disability. Eligible Employee will cease to be an employee of Carmike by reason of a “Disability” if (i) Carmike determines that he or she no longer is able to
perform the essential functions of his or her job at Carmike as a result of a physical or mental illness with or without a reasonable accommodation by Carmike with respect to such illness or (ii) Eligible Employee becomes entitled to long-term
disability benefits under any plan of Carmike providing such benefits. 

 § 4. Life of Non-ISO. This Non-ISO shall expire and shall not be exercisable for any reason on or after the 10th anniversary of the Grant Date. 
 § 5. Method of Exercise of Non-ISO. Eligible Employee may
exercise this Non-ISO in whole or in part (to the extent this Non-ISO is otherwise exercisable under § 3) on any normal business day of Carmike by (1) delivering this Option Certificate to Carmike, together with written notice of the
exercise of such Non-ISO and (2) simultaneously paying to Carmike the Option Price. The payment of such Option Price shall be made (1) in cash or by check acceptable to Carmike, (2) by delivery to Carmike of certificates (properly
endorsed) for 

 
shares of Stock registered in Eligible Employee’s name which he or she has held for at least six months or an attestation by Eligible Employee
sufficient to the Committee that he or she then owns such shares, (3) in any combination of such cash, check, and Stock which results in payment in full of the Option Price or (4) by authorizing a third party to sell shares of Stock (or a
sufficient portion of the shares) acquired upon exercise of the Option and remit to Carmike a sufficient portion of the sale proceeds to pay the entire Option Price and any tax withholding resulting from such exercise. Stock, which is so tendered as
payment (in whole or in part) of the Option Price shall be valued at its Fair Market Value on the date the Non-ISO is exercised. 
 §
6. Delivery. Carmike shall deliver a properly issued certificate for any Stock purchased pursuant to the exercise of this Non-ISO as soon as practicable after such exercise, and such delivery shall discharge Carmike of all of its duties
and responsibilities with respect to this Non-ISO. 
 § 7. Nontransferable. No rights granted under this Non-ISO shall be
transferable by Eligible Employee other than by will or by the laws of descent and distribution, and the rights granted under this Non-ISO shall be exercisable during Eligible Employee’s lifetime only by Eligible Employee. The person or
persons, if any, to whom this Non-ISO is transferred by will or by the laws of descent and distribution shall be treated after Eligible Employee’s death the same as Eligible Employee under this Option Certificate. 
 § 8. No Right to Continue Employment or Service. Neither the Plan, this Non-ISO, nor any related material shall give Eligible Employee
the right to continue employment or other service with Carmike or any Affiliate or shall adversely affect the right of Carmike to terminate Eligible Employee’s employment with or without Cause at any time. 
 § 9. Stockholder Status. Eligible Employee shall have no rights as a stockholder with respect to any shares of Stock under this
Non-ISO until such shares have been duly issued and delivered to Eligible Employee, and no adjustment shall be made for dividends of any rights or any kind or description whatsoever or for distributions of other rights of any kind or description
whatsoever respecting such Stock, except as set forth in the Plan. 
 § 10. Other Laws. Carmike shall have the right to
refuse to issue or transfer any shares of Stock under this Non-ISO if Carmike, acting in its absolute discretion, determines that the issuance or transfer of such shares of Stock might violate any applicable law or regulation, and any payment
tendered in such event to exercise this Non-ISO shall be promptly refunded to Eligible Employee and Carmike at that point shall have the right to cancel this Non-ISO or to take such other action with respect to this Non-ISO as Carmike deems
appropriate under the circumstances. 
 § 11. Governing Law. The Plan and this Non-ISO shall be governed by the laws of
the State of Delaware. 
 § 12. Binding Effect. This Non-ISO shall be binding upon Carmike and Eligible Employee and their
respective heirs, executors, administrators and successors. 

 § 13. References. Any references to sections (§) in this Option Certificate
shall be to sections (§) of this Option Certificate unless otherwise expressly stated as part of such reference.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]