Document:

OPTION
      AGREEMENT

     

    May
      3,
      2006

     

     

    Insider
      Optionees listed on Schedule
      A 
c/o
      Shine
      Media Acquisition Corp. 
Rockefeller
      Center 

    1230
      Avenue of the Americas, 7th
      Floor

    New
      York,
      New York 10020 

     

    Gentlemen:

     

    Shine
      Media Acquisition Corp. (the “Company”) hereby grants to the persons and
      entities identified on Schedule
      A
      attached
      hereto (the “Insiders”) options to purchase up to an aggregate of 225,000 (the
“Insider Options”) shares of common stock, par value $.0001 per share, of the
      Company at an exercise price of $.017 per share (the “Exercise Price”), to be
      distributed on a pro rata basis, in the event, and to the extent, the
      underwriters exercise their option to purchase up to an additional 900,000
      Units
      (the “Over-allotment Option”) in connection with the Company’s initial public
      offering.

     

    The
      Insider Options shall become exercisable only upon the exercise of the
      Over-allotment Option and shall expire at 5:00 p.m. New York time on the third
      day thereafter. The number of Insider Options that shall be distributed to
      the
      Insiders upon exercise of the Over-allotment Option shall be the product of
      (i)
      the number of Units exercised under the Over-allotment Option multiplied by
      .25
      and (ii) the percentage set forth on Schedule A (the “Available Options”).
      Exercise of the Available Options may then be made on behalf of all the Insiders
      by the payment of the Exercise Price to the Company by any one or more Insiders.
      

     

    Very
      truly yours,

     

    SHINE
      MEDIA ACQUISITION CORP.

     

    By:
      _______________________________________

     

    Richard
      L
      Chang, Chairman 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Accepted
      and Agreed:

    

    ______________________________

    Richard
      L. Chang

    

    
      ______________________________

    

    David
      Y.
      Chen

    

    
      ______________________________

    

    Hock
      Seng
      Ong

    

    
      ______________________________

    

    Estelle
      Lau

    

    
      ______________________________

    

    Jean
      Chalopin

    

    
      ______________________________

    

    Robert
      B.
      Hersov

    

    
      ______________________________

    

    Hoe
      Seong
      Ooi

    

    
      ______________________________

    

    Steven
      Chang

    

    
      ______________________________

    

    Thomas
      Doctoroff

    

    
      ______________________________

    

    Carl
      Meyer

    

    
      ______________________________

    

    Lisa
      L.
      Tseng

    

    
      ______________________________

    

    Richard
      L. Chen

    

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
Schedule
      A

     

    
      	
               
                

               

              Stockholders
                

            	
               
                

            	
               
                

              Percentage
                of
Over-Allotment Option

            
	
              Richard
                L. Chang

            	 	
              24.0%

            
	
              David
                Y. Chen

            	 	
              24.0%

            
	
              Hock
                Seng Ong

            	 	
              8.0%

            
	
              Estelle
                Lau

            	 	
              1.0%

            
	
              Jean
                Chalopin

            	 	
              9.5%

            
	
              Robert
                B. Hersov

            	 	
              9.5%

            
	
              Hoe
                Seong Ooi

            	 	
              20.0%

            
	
              Steven
                Chang

            	 	
              0.5%

            
	
              Thomas
                Doctoroff

            	 	
              0.5%

            
	
              Carl
                Meyer

            	 	
              0.5%

            
	
              Lisa
                L. Tseng

            	 	
              1.0%

            
	
              Richard
                L. Chen

            	 	
              1.5%June
      [  ], 2006

    

    

    Shine
      Media Acquisition Corp.

    Rockefeller
      Center

    1230
      Avenue of the Americas, 7th
      Floor

    New
      York,
      New York 10020

     

    Merriman
      Curhan Ford & Co.

    600
      California Street, 9th
      Floor

    San
      Francisco, CA 94108

    

    
      	 	 	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    AFG
      Trust
      Assets Ltd. (“AFG”), a stockholder of Shine Media Acquisition Corp. (“Company”),
      in consideration of Merriman Curhan Ford & Co. (“Merriman”) entering into a
      letter of intent (“Letter of Intent”) to underwrite an initial public offering
      of the securities of the Company (“IPO”) and embarking on the IPO process,
      hereby agrees as follows (certain capitalized terms used herein are defined
      in
      paragraph 9 hereof):

    

    1. If
      the
      Company solicits approval of its stockholders of a Business Combination, AFG
      will vote all Insider Shares owned by it and all shares of Common Stock of
      the
      Company acquired by it in the IPO or aftermarket in accordance with the majority
      of the votes cast by the holders of the IPO Shares. 

    

    2. In
      the
      event that the Company fails to consummate a Business Combination within 18
      months from the effective date (“Effective Date”) of the registration statement
      relating to the IPO or 24 months under the circumstances described in the
      prospectus relating to the IPO (such later date being referred to herein as
      the
“Termination Date”), AFG shall (i) take all such action reasonably within its
      power as is necessary to (a) dissolve the Company and liquidate the Trust Fund
      to holders of IPO Shares as soon as reasonably practicable, and after approval
      of the Company’s stockholders and subject to the requirements of the Delaware
      General Corporation Law (the “GCL”), including voting for the adoption of a
      resolution by the board of directors, prior to such Termination Date, pursuant
      to Section 275(a) of the GCL, which shall deem the dissolution of the Company
      advisable and (b) cause to be prepared such notices as are required by said
      Section 275(a) of the GCL as promptly thereafter as possible, and (ii) vote
      its
      shares in favor of any plan of dissolution and distribution recommended by
      the
      Company’s board of directors. If the Company does not consummate a Business
      Combination by the Termination Date, AFG hereby agrees, with respect to any
      plan
      of dissolution and distribution, to take all such action reasonably within
      its
      power to (x) cause the board of directors to convene, adopt a plan of
      dissolution and distribution, which AFG will vote to recommend to stockholders,
      and (y) on such date cause the Company to prepare and file a proxy statement
      with the Securities and Exchange Commission (the “SEC”) setting out the plan of
      dissolution and distribution. If the Company seeks approval from its
      stockholders to consummate a Business Combination within 90 days of the
      expiration of 24 months from the Effective Date, AFG agrees to take all such
      action reasonably within its power to ensure that the proxy statement related
      to
      such Business Combination will also seek stockholder approval for the plan
      of
      dissolution and distribution in the event the stockholders do not approve the
      Business Combination. If no proxy statement seeking the approval of the
      stockholders for a Business Combination has been filed within 30 days prior
      to
      the date which is 24 months from the date of the IPO, AFG agrees, prior to
      such
      date to take all such action reasonably within its power as is necessary to
      convene and adopt a plan of dissolution and distribution and on such date file
      a
      proxy statement with the SEC seeking stockholder approval for such plan. AFG
      hereby waives any and all right, title, interest or claim of any kind in or
      to
      any distribution of the Trust Fund (as defined in the Letter of Intent) and
      any
      remaining net assets of the Company as a result of such liquidation with respect
      to its Insider Shares (“Claim”) and will not seek recourse against the Trust
      Fund for any reason whatsoever.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. AFG
      acknowledges and agrees that the Company will not consummate any Business
      Combination which involves a company which is affiliated with any of the
      Insiders unless
      the Company obtains an opinion from an independent investment banking firm
      that
      the Business Combination is fair to the Company’s stockholders from a financial
      perspective.

    

    4. Prior
      to
      a Business Combination, neither AFG, any control person, nor any affiliate
      (“Affiliate”) of AFG will be entitled to receive and will not accept any
      compensation for services rendered to the Company. Notwithstanding the foregoing
      to the contrary, AFG shall be entitled to reimbursement from the Company for
      its
      out-of-pocket expenses incurred in connection with seeking and consummating
      a
      Business Combination and commencing on the Effective Date, Enjoy Media (Hong
      Kong) Limited, an affiliate of the Company’s chief executive officer (“Related
      Party”), shall be allowed to charge the Company $10,000 per month to compensate
      it for the Company’s use of the Related Party’s office space and certain
      technology and administrative and secretarial services. 

     

    5. Neither
      AFG, any control person, nor any Affiliate of AFG will be entitled to receive
      or
      accept a finder’s fee or any other compensation in the event AFG, any control
      person or any Affiliate of AFG originates a Business Combination. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6. AFG
      will
      escrow its Insider Shares for the three year period commencing on the Effective
      Date subject to the terms of a Stock Escrow Agreement which the Company will
      enter into with AFG and an escrow agent acceptable to the Company.

    

    7. AFG’s
      Questionnaire furnished to the Company and Merriman and annexed as
      Exhibit A hereto is true and accurate in all respects. AFG represents and
      warrants that no control person:

    

    (a)  is
      subject to or a respondent in any legal action for, any injunction,
      cease-and-desist order or order or stipulation to desist or refrain from any
      act
      or practice relating to the offering of securities in any
      jurisdiction;

    

    (b)  has
      ever
      been convicted of or pleaded guilty to any crime (i) involving any fraud or
      (ii)
      relating to any financial transaction or handling of funds of another person,
      or
      (iii) pertaining to any dealings in any securities and he is not currently
      a
      defendant in any such criminal proceeding; and

    

    (c)  has
      ever
      been suspended or expelled from membership in any securities or commodities
      exchange or association or had a securities or commodities license or
      registration denied, suspended or revoked.

    

    8. This
      letter agreement shall be governed by and construed and enforced in accordance
      with 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. AFG hereby (i) agrees that any action, proceeding or
      claim
      against him arising out of or relating in any way to this letter agreement
      (a
“Proceeding”) shall be brought and enforced in the courts of the State of New
      York of the United States of America for the Southern District of New York,
      and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive,
      (ii) waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenient forum and (iii) irrevocably agrees to appoint Loeb
      & Loeb LLP as agent for the service of process in the State of New York to
      receive, for AFG and on its behalf, service of process in any Proceeding. If
      for
      any reason such agent is unable to act as such, AFG will promptly notify the
      Company and Merriman and appoint a substitute agent acceptable to each of the
      Company and Merriman within 30 days and nothing in this letter will affect
      the
      right of either party to serve process in any other manner permitted by
      law.

    

    9. As
      used
      herein, (i) a “Business Combination” shall mean an acquisition by merger,
      capital stock exchange, asset or stock acquisition, reorganization or otherwise,
      of one or more operating businesses in the media and advertising industry in
      China selected by the Company; (ii) “Insiders” shall mean all officers,
      directors and stockholders of the Company immediately prior to the IPO; (iii)
      “Insider Shares” shall mean all of the shares of Common Stock of the Company
      owned by an Insider prior to the IPO and any shares of common stock issuable
      to
      the Insider upon exercise of options existing on the date hereof; (iv) “IPO
      Shares” shall mean the shares of Common Stock issued in the Company’s IPO; and
      (v) “Trust Fund” shall mean the trust account established by the Company at the
      consummation of its IPO and into which a certain amount of the net proceeds
      of
      the IPO is deposited.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	        
              	AFG
              Trust Assets Ltd.
	 	
              
Print
              Name of Insider
	 	 

      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

              Authorized
                Signatory

            
	 	 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    [Insider
      questionnaire]

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