Document:

English Translation of Amended and Restated Share Pledge Agreement

 Exhibit 10.19 
 English Translation 
 Amended and Restated Equity Pledge Agreement 
 THIS EQUITY PLEDGE AGREEMENT (“this Agreement”) is entered into among the following parties in Beijing on June 14, 2007: 
  

			
	Party A:	 	AirMedia Technology (Beijing) Co., Ltd.
		
	Party B:	 	Guo Man, Wang Zhenyu, Xu Qing, Zhang Xiaoya, Beijing Shengshi Lianhe Advertising Co., Ltd.
		
	Party C:	 	Beijing AirMedia Advertising Co., Ltd.

 WHEREAS: 
  

	(1)	Guo Man, Wang Zhenyu, Xu Qing and Zhang Xiaoya signed the Equity Pledge Agreement with Party A and Party C on November 29, 2006 to provide a guaranty for Party C’s payment
obligations under the Technology Development Agreement and the Technology Support and Service Agreement entered into between Party C and Party A on November 31, 2005 (collectively “Original Master Contracts”) by pledging the 49.83%,
37.6%, 7.45% and 5.12% equities held by the said four persons in Party C respectively to Party A. 

  

	(2)	Party A and Party C signed the Amended and Restated Technology Development Agreement and the Amended and Restated Technology Support and Service Agreement on June 14, 2007
(collectively “Amended Master Contracts”), which make some amendments to the Master Contracts. 

  

	(3)	Due to the capital increase of Party C, the equity percentages of its shareholders in Party C are changed as follows: Guo Man holds 8.07% equity in Party C; Wang Zhenyu holds 6.09%
equity in Party C; Xu Qing holds 1.21% equity in Party C; Zhang Xiaoya holds 0.83% equity in Party C; Beijing Shengshi United Advertising Co., Ltd. holds 83.8% equity in Party C. All the shareholders agree to continue to provide a guaranty for Party
C’s payment obligations under the Original Master Contracts and the Amended Master Contracts. 

 NOW, THEREFORE, Party A, Party B and
Party C, through friendly negotiations and abiding by the principle of equality and mutual benefit, hereby enter into this Agreement to replace the Equity Pledge Agreement signed by Guo Man, Wang Zhenyu, Xu Qing and Zhang Xiaoya with Party A and
Party C on November 29, 2006: 
  

	1.	Pledge 

 Guo Man, Wang Zhenyu, Xu Qing, Zhang
Xiaoya, Beijing Shengshi Lianhe Advertising Co., Ltd. agree to pledge all their respective 8.07%, 6.09%, 1.21%, 0.83% and 83.8% equities in Party C (“Pledged Equity”) to Party A, as a guaranty for Party C’s payment obligations under
the Original Master Contracts and the Amended Master Contracts. 
  

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	2.	Scope of Pledge Guarantee 

 The guaranty
scope of pledged equity under this Agreement covers any arrear, payment, liquidated damages, compensation and expenses from realization of principal claims and right of pledge payable but unpaid by Party C to Party A under the Master Contracts.

  

	3.	Term of Pledge 

  

	3.1	The pledge under this Agreement shall become effective on the date when equity pledge is recorded in Party C’s register of shareholders. 

  

	3.2	After the guaranteed liabilities under the Master Contracts are fully repaid and Party C no longer undertakes any obligation under the Master Contracts, this Agreement is
terminated. So far as reasonably practicable, Party A shall assist in undergoing necessary procedures so as to discharge the pledge of equity. 

  

	3.3	During pledge, if Party C fails to perform its obligations under any Master Contract, Party A shall be entitled to dispose of right of pledge pursuant to the provisions of this
Agreement. 

  

	4.	Registration 

  

	4.1	Party B undertakes to Party A that its execution of this Agreement and performance of the obligations under this Agreement has obtained and/or will obtain the consent of Party
C’s shareholders’ meeting and the equity pledge under this Agreement will be recorded in Party C’s register of shareholders. Party C agrees to render assistance. Party B and Party C shall deliver the certificates of Party B’s
capital contributions to Party C and register of shareholders to Party A for keeping on the date of this Agreement. 

  

	4.2	The Parties agree that they will try to handle and cause the registration of the pledge under this Agreement with the Industrial and Commercial Administration of Party C’s
place of registration. The Parties confirm that the failure to register the pledge under this Agreement with the Industrial and Commercial Administration of Party C’s place of registration after the execution of this Agreement will not affect
the validity of this Agreement, unless such registration is mandatory as specified by laws. 

  

	5.	Fruits 

 Within the period of pledge, Party A
shall be entitled to the fruits arising from the Pledged Equity, including, but not limited to, the bonus, dividends, profit distribution, distributable profits, etc arising from or received with respect to the Pledged Equity. 
  

	6.	Representations of Party B 

  

	 	6.1	Party B is the owner of the equity. 

  

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	 	6.2	Party B has not created any other security interest or third-party interests on the Pledged Equity except the pledge under this Agreement. 

  

	7.	Representations and warranties of Party B 

  

	7.1	Within the term of this Agreement, Party B undertakes to Party A that 

  

	 	7.1.1	 	Without Party A’s prior written consent, it will not transfer the Pledged Equity or create or allow to be created any security interest on the Pledged Equity, unless otherwise
agreed upon by both parties. 

  

	 	7.1.2	 	It will comply with all the laws and regulations with respect to the pledge of rights; present to Party A the notices, orders or suggestions with respect to the right of pledge
issued or made by the competent authority within five (5) days upon receipt thereof; and comply with such notices, orders or suggestions; or make an objection to or a statement on the foregoing matters at the reasonable request of Party A or
with the consent from Party A. 

  

	 	7.1.3	 	It will not distribute Party C’s income and will also cause Party C’s other shareholders not to distribute Party C’s income. 

  

	 	7.1.4	 	It will do or permit to be done any act that may adversely affect Party A’s interests under the Amended Master Contracts and this Agreement or the Pledged Equity.

  

	7.2	Party B agrees that for the purpose of this Agreement, Party A is entitled to dispose of right of pledge in the manner as specified in this Agreement and Party A’s right to
exercise the right of pledge obtained from this Agreement will not be interrupted or hindered by Party B or any of its successors or principals or any other person through legal proceedings. 

  

	7.3	Party B warrants to Party A that in order to protect or improve the guaranty for the repayment of the expenses under the Master Contracts in this Agreement, Party B will execute in
good faith and cause other interested persons relating to right of pledge to execute all right certificates and contracts relating to the implementation of this Agreement as required by Party A and/or perform and cause other interested persons to
perform the acts relating to the implementation of this Agreement as required by Party A and provide convenience for the exercise of the rights and authority granted to Party A under this Agreement. 

  

	7.4	Party B warrants to Party A that in order to ensure Party A’s interests, Party B will comply with and perform all warranties, undertakings, agreements, representations and
conditions. Where Party B does not perform, in whole or in part, its warranties, undertakings, agreements, representations or conditions, Party B shall compensate all losses thus incurred to Party A. 

  

	8.	Disposal of the Pledged Equity 

  

	8.1	 Party A and Party B hereby agree that in case of any default, Party A shall be entitled to exercise all the remedies and powers under PRC laws, transaction 

  

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agreement and this Agreement upon giving a written notice to Party B, including, but not limited to, auctioning or selling the Pledged Equity and being first
compensated with the proceeds from such disposal. Party A shall not be liable for any loss arising from its reasonable exercise of such rights and powers. 

  

	8.2	Party A shall be entitled to designate in writing its lawyer or other agent to exercise any or all said rights and powers and Party B shall not raise any objection thereto.

  

	8.3	The reasonable expenses of Party A when it exercises any or all said rights and powers shall be borne by Party B. Party A shall have the right to deduct such expenses from the
payments obtained by Party A from the exercise of its rights and powers. 

  

	8.4	The payments obtained by Party A from the exercise of its rights and powers shall be used in the following order: 

  

	 	1)	Pay all the expenses arising out of the disposal of the Pledged Equity and Party A’s exercise of its rights and powers (including the remunerations for its lawyer and agent);

  

	 	2)	Pay the taxes payable with respect to the disposal of the Pledged Equity; and 

  

	 	3)	Pay the guaranteed liabilities to Party A. 

 If there is
any balance after the above deductions, Party A shall return such balance to Party B or the other person which is entitled to such balance in accordance with law or regulations or place such balance under escrow with the notary public office in the
place where Party A is located (all the expenses arising therefrom shall be borne by Party B). 
  

	8.5	Party A shall be entitled to exercise any of its remedies simultaneously or successively. Before Party A exercises the right to auction or sell the Pledged Equity under this
Agreement, it does not need to first exercise other remedies. 

  

	9.	Transfer 

  

	9.1	Without Party A’s prior written consent, Party B shall have no right to donate or transfer any of its rights and obligations under this Agreement, excluding the Amended and
Restated Call Option Agreement signed by Party B and Party A. 

  

	9.2	This Agreement shall bind upon Party B and its successors and inure to Party A and its successors and assigns. 

  

	9.3	Party A may, at any time, transfer any or all of its rights and obligations under the Master Contracts to the person designated by it (natural person/legal person). In this case,
the transferee shall take over Party A’s rights and obligations under this Agreement as if it is a party to this Agreement. When Party A transfers its rights and obligations under the Master Contracts, at its request, Party B shall execute the
related agreements and/or documents with respect to such transfer. 

  

	9.4	If the above transfer results in the change of pledgee, two new parties to pledge shall sign a new pledge agreement. 

  

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	10.	Confidentiality 

 This Agreement and all its
terms are confidential information. Neither Party shall disclose such information to any third party except its officers, directors, employees, agents and professional consultants relating to this project, unless the information about this document
is disclosed to government, the public or shareholders in accordance with law or this document is filed with related institution. 
 This
article shall survive the change, cancellation or termination of this Agreement. 
  

	11.	Defaulting Liabilities 

 Where either Party
fails to perform any of its obligations under this Agreement, or any of its representations or warranties under this Agreement is materially untrue or inaccurate, such Party shall be deemed to default under this Agreement and shall hold liable for
all the losses thus incurred to the other Party. 
  

	12.	Force Majeure 

 Should either Party be
prevented from performing this Agreement owing to force majeure, the prevented Party shall without any delay notify the other Parties by cable, fax or other electronic means and within fifteen (15) working days thereafter, provide the written
documentary evidence thereof. The Parties may negotiate whether or not to terminate this Agreement or exempt part of the obligations under this Agreement or delay the performance of this Agreement depending on the effect of such event of force
majeure upon the performance of this Agreement. 
  

	13.	Supplementary Provisions 

  

	 	13.1	 	Any dispute arising from the performance of this Agreement shall be resolved by the Parties through friendly negotiations. In case no resolution can be reached, such dispute shall
be submitted to Beijing Arbitration Commission for arbitration in accordance with its arbitration rules. Seat of arbitration shall be Beijing and arbitral award shall be final. 

  

	 	13.2	 	This Agreement shall go into effect as of the date of signing by the Parties. The Equity Pledge Agreement signed by the Parties on November 29, 2006 is terminated on the
effective date of this Agreement. 

  

	 	13.3	 	This Agreement is executed in six (6) originals in Chinese, one (1) original for each Party. All the originals shall be equally authentic. 

 [No text below] 
 Signing page attached below 
  

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 Party A: AirMedia Technology (Beijing) Co., Ltd. 
  

			
	 Authorized representative (signature):
	 	/s/ Guo Man

			
	Name:	 	Guo Man
	Title:	 	

			
	Common seal:	 	AirMedia Technology (Beijing) Co., Ltd. (Seal)

 Party B: 
  

			
	Signature:	 	/s/ Guo Man
		
	Signature:	 	/s/ Wang Zhenyu
		
	Signature:	 	/s/ Xu Qing
		
	Signature:	 	/s/ Zhang Xiaoya

 Party C: Beijing AirMedia Advertising Co., Ltd. 
  

			
	Authorized representative (signature):	 	/s/ Guo Man

			
	Name:	 	Guo Man
	Title:	 	

			
	Common seal:	 	Beijing AirMedia Advertising Co., Ltd. (Seal)

 Party C: Beijing Shengshi Lianhe Advertising Co., Ltd. 
  

			
	Authorized representative (signature):	 	/s/ Guo Man

			
	Name:	 	Guo Man
	Title:	 	

			
	Common seal:	 	Beijing Shengshi Lianhe Advertising Co., Ltd. (Seal)

  

 6English Translation of Amended and Restated Call Option Agreement

 Exhibit 10.20 
 English Translation 
 Amended and Restated Call Option Agreement 
 THIS CALL OPTION AGREEMENT (“this Agreement”) is entered into among the following parties in Beijing on June 14, 2007: 
  

			
	 Party A:
	 	AirMedia Technology (Beijing) Co., Ltd.
		
	 Party B:
	 	Guo Man, Wang Zhenyu, Xu Qing, Zhang Xiaoya and Beijing Shengshi Lianhe Advertising Co., Ltd. (hereafter individually a “Shareholder” and collectively the “Shareholders”)

		
	 Party C:
	 	Beijing AirMedia Advertising Co., Ltd.

 WHEREAS: 
  

	(1)	Guo Man, Wang Zhenyu, Xu Qing and Zhang Xiaoya are the citizens of the People’s Republic of China (“China”, except Hong Kong Special Administrative Region, Macao
Special Administrative Region and Taiwan), Beijing Shengshi Lianhe Advertising Co., Ltd. is a limited liability company incorporated in Beijing under the laws of the People’s Republic of China, and hold their respective 8.07%, 6.09%, 1.21%,
0.83% and 83.8% equities in Party C. 

  

	(2)	Guo Man, Wang Zhenyu, Xu Qing, Zhang Xiaoya signed the Call Option Agreement with Party A and Party C on November 29, 2006, respectively, by which to grant Party A the right to
purchase the equity held by each Shareholder in Party C in the specified situation. Party A, Shareholders and Party C confirm that the Parties shall have performed the Call Option Agreement in a friendly way from the effective date of the Call
Option Agreement until the date of this Agreement. 

  

	(3)	Now, Party A, Shareholders and Party C agree to amend and restate the said Call Option Agreement and define their respective rights and obligations according to the amended and
restated Call Option Agreement. 

 Now therefore, the Parties hereby enter into this Agreement with respect to Party A purchasing the equities
held by the Shareholders in Party C, on and subject to the terms and conditions as set forth below: 
  

	1.	Purchase and Sale of Equity 

  

	1.1	Granting of Rights 

 The Shareholders hereby irrevocably
grant to Party A an option (“Call Option”) to purchase or cause any person or persons designated by Party A (“Designee”) to purchase from the Shareholders at any time, to the extent permitted by PRC laws and according to the
steps as determined by Party A at its own discretion, all or part of their equity in Party C (“Target Equity”) at the price specified in Article 1.3 of this Agreement. The Shareholders shall not sell, sell by offer, transfer, donate or
pledge 

  

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the equity to any other third person other than Party A and/or the Designee. Party C hereby agrees to the granting of the Call Option by the Shareholders to
Party A and/or the Designee. The “person” set forth in this article and this Agreement means an individual, corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 
  

	1.2	Exercising Steps 

 Subject to PRC laws and regulations,

  

	 	1.2.1	 	When this Agreement is signed, Party B shall agree that it will deliver the Equity Transfer Contract signed as per the format in Annex 1 below and the Letter of Consent signed as
per Annex 2 below with respect to equity transfer to Party A for keeping. 

  

	 	1.2.2	 	If Party A decides to purchase the Target Equity pursuant to Article 1.1 hereof, it shall give a written notice to Party B, indicating the percentage of the Target Equity to be
purchased and the identity of purchaser. Party B and Party C shall, within seven (7) days of receiving the notice from Party A, provide all the materials and documents necessary to handle equity transfer. 

  

	 	1.2.3	 	Except the notice as stated in Article 1.2.2, there are no other preconditions or additional conditions or procedures for Party A’s exercise of the option to purchase the
Target Equity. 

  

	1.3	Purchase Price 

  

	 	1.3.1	 	In the event that applicable PRC laws and regulations require appraisal of the Target Equity or have other restrictions on the price of the Target Equity at the time when Party A
exercises the Call Option, the Parties agree that the Purchase Price of the Target Equity shall be the lowest price permitted by applicable laws. 

  

	 	1.3.2	 	In the event that Party A opts to purchase part of the Target Equity, the Purchase Price shall be adjusted on the basis of the ratio of the purchased equity to all the equity of
Party C. 

  

	1.4	Transfer of the Target Equity 

 At each exercise of the
Call Option: 
  

	 	1.4.1	 	Each Shareholder shall cause Party C to convene a shareholders’ meeting in time, at which to adopt a resolution on the transfer by the Shareholders of the Target Equity to
Party A and/or the Designee, and cause other Shareholders to waive the preemptive right to the Target Equity in writing; 

  

	 	1.4.2	 	Each Shareholder shall, subject to the terms and conditions of this Agreement and the Purchase Notice related to the Target Equity, enter into an equity transfer contract with Party
A and/or the Designee (as applicable) for each transfer; 

  

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	 	1.4.3	 	The related Parties shall execute all other requisite contracts, agreements or documents, obtain all requisite government approvals and consents and take all necessary actions;
without any security interest, transfer the valid ownership of the Target Equity to Party A and/or the Designee, and cause Party A and/or the Designee to be the legal owner of the Target Equity. In this Article and this Agreement, “Security
Interest” means guaranty, mortgage, pledge, third-party right or interest, any share option, right of acquisition, preemptive right, right of set-off, retention of title or other security arrangements, but excluding any security interest
arising under the Amended and Restated Equity Pledge Agreement signed by Party A, Shareholders and Party C on June 14, 2007. 

  

	1.5	Payment 

 The payment of the Purchase Price shall be
subject to the negotiations between Party A and/or the Designee and the Shareholders according to the laws applicable at the exercise of the Call Option. 
  

	2.	Undertakings Relating to Equity 

  

	2.1	Undertakings of Party C 

 Shareholders and Party C hereby
undertake that: 
  

	 	2.1.1	 	They will not supplement, amend or modify Party C’s articles of association in any way, or increase or decrease its registered capital, or change its share by other means
without Party A’s prior written consent; 

  

	 	2.1.2	 	Based on good financial and commercial standards and practices, Party C will maintain its existence, prudently and effectively deal with its businesses and affairs and make its best
efforts to ensure that it continuously has the permits, licenses and approvals necessary for its business operations and that these permits, licenses and approvals are not cancelled; make its best efforts to keep its existing organization structure
and senior management personnel unchanged and continue to maintain its relations with customers so as to ensure that the exercise of the Call Option by Party A has no material adverse influence on Party C’s goodwill and operations;

  

	 	2.1.3	 	Without Party A’s prior written consent, Party C will not sell, transfer, mortgage or otherwise dispose of, or cause any other security interest to be created on, any of Party
C’s legal or beneficial rights on assets, business or income at any time after the date of this Agreement; 

  

	 	2.1.4	 	Without Party A’s prior written consent, Party C will not distribute dividends to its shareholders in any way. However, Party C shall promptly distribute all or part of its
distributable profits to its shareholders upon Party A’s request; 

  

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	 	2.1.5	 	If Party A exercises the Call Option pursuant to the provisions of this Agreement, Party C will do its best to obtain all the government approvals and other consents (if applicable)
necessary for the completion of equity transfer as early as possible; 

  

	 	2.1.6	 	At Party A’s request, they will appoint the person nominated by Party A as the director of Party C. 

  

	2.2	Undertakings of the Shareholders 

 The Shareholders hereby
undertakes: 
  

	 	2.2.1	 	Not to sell, transfer, mortgage or otherwise dispose of, or cause any other security interest to be created on, the legal or beneficial right of any Target Equity at any time after
the date of this Agreement without Party A’s prior written consent, except the right of pledge under the Amended and Restated Equity Pledge Agreement; 

  

	 	2.2.2	 	Without Party A’s prior written consent, at the shareholders’ meeting of Party C, not to agree to, support or execute a resolution on selling, transferring, mortgaging or
otherwise disposing of, or cause any other security interest to be created on, its legal or beneficial right of any Target Equity, except to Party A or the Designee; 

  

	 	2.2.3	 	Without Party A’s prior written consent, at the shareholders’ meeting of Party C, not to agree to, support or execute a resolution on approving Party C to be merged or
consolidated with, acquire or invest in any person; 

  

	 	2.2.4	 	To promptly inform Party A of any litigation, arbitration or administrative proceedings pending or threatened against its Target Equity; 

  

	 	2.2.5	 	To cause the shareholders’ meeting to approve the transfer of the Target Equity under this Agreement 

  

	 	2.2.6	 	To execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate claims or make all necessary and appropriate
defenses against all claims in order to maintain its ownership over the Target Equity; 

  

	 	2.2.7	 	At Party A’s request, to appoint the person nominated by Party A as the director of Party C; 

  

	 	2.2.8	 	Upon Party A’s request as may be made from time to time, to transfer the Target Equity unconditionally and promptly to Party A and/or the Designee at any time and cause other
Shareholders to waive the preemptive right to the Target Equity; 

  

	 	2.2.9	 	To fully comply with the provisions of this Agreement and other agreements entered into by and among Shareholders, Party C and Party A , to perform all obligations under such
agreements and not to do any act or omission that affects the validity and enforceability of such agreements. 

  

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	3.	Assignment of Agreement 

  

	3.1	The Shareholders and Party C shall not transfer any of their rights and obligations under this Agreement to any third party without Party A’s prior written consent.

  

	3.2	The Shareholders and Party C hereby agree that Party A may transfer all its rights and obligations under this Agreement to a third party without the consent of Shareholders and
Party C, but such equity shall be notified in writing to Shareholders and Party C. 

  

	4.	Annex 

 When the Target Equity is transferred, if
the format of the equity transfer contract as set forth in Annex 1 to this Agreement needs to be amended in accordance with PRC laws and regulations until then, the Parties shall make relevant amendments in good faith and in accordance with the
requirements of PRC laws and regulations. 
 The annex attached hereto shall form an integral part of this Agreement and have the same legal
effect as the main body of this Agreement. 
  

	5.	Guaranty 

 If the Shareholders satisfy the relevant
provisions of this Agreement, Party A agrees to act as Party C’s performance guarantor in any contract, agreement or transaction signed by Party C with any other third party with respect to Party C’s business operations to provide a
comprehensive performance guaranty for Party C to perform such contract, agreement or transaction. In addition, Party A agrees to provide the loans for Party C in the manner permitted by laws when necessary to meet Party C’s business needs or
solve Party C’s possible difficulty in fund turnover. 
  

	6.	Confidentiality 

 This Agreement and all its terms
are confidential information. No Party shall disclose such information to any third party except its officers, directors, employees, agents and professional consultants relating to this project, unless the information about this document is
disclosed to government, the public or shareholders in accordance with law or this document is filed with related institution. 
 This article
shall survive the change, cancellation or termination of this Agreement. 
  

	7.	Defaulting Liabilities 

 Where any Party fails to
perform any of its obligations under this Agreement, or any of its representations or warranties under this Agreement is materially untrue or inaccurate, such Party shall be deemed to default under this Agreement and shall hold liable for all the
losses thus incurred to the other Parties. 
  

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	8.	Force Majeure 

 Should any Party be prevented from
performing this Agreement owing to force majeure, the prevented Party shall without any delay notify the other Parties by cable, fax or other electronic means and within fifteen (15) working days thereafter, provide the written documentary
evidence thereof. The Parties may negotiate whether or not to terminate this Agreement or exempt part of the obligations under this Agreement or delay the performance of this Agreement depending on the effect of such event of force majeure upon the
performance of this Agreement. 
  

	9.	Supplementary Provisions 

  

	9.1	Any dispute arising from the performance of this Agreement shall be resolved by the Parties through friendly negotiations. In case no resolution can be reached, such dispute shall
be submitted to Beijing Arbitration Commission for arbitration in accordance with its arbitration rules. Seat of arbitration shall be Beijing and arbitral award shall be final. 

  

	9.2	This Agreement shall go into effect as of the date of signing by the Parties. This Agreement shall be terminated after Party A exercises the call option over all Party C’s
equity pursuant to the provisions of this Agreement, unless prematurely terminated in accordance with the provisions of this Agreement or the other related agreement signed by the Parties. 

  

	9.3	Where Party A or Party C is terminated for expiry or its operating term (including any extension thereof) or other reason within the time as set forth in Article 9.2, this Agreement
shall be terminated simultaneously, unless Party A has transferred its rights and obligations pursuant to Article 3.2. 

  

	9.4.	The Call Option Agreement signed by the Parties on November 29, 2006 shall be terminated on the effective date of this Agreement. 

  

	9.5	This Agreement is executed in six (6) originals in Chinese, one (1) original for each Party. 

 [No text below] 
  

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 Party A: AirMedia Technology (Beijing) Co., Ltd. 
  

			
	 Authorized representative (signature):
	 	 /s/ Guo Man

			
		
	Name:	 	Guo Man
		
	Title:	 	

			
		
	Common seal:	 	AirMedia Technology (Beijing) Co., Ltd. (Seal)

 Party B: 
  

			
	Signature:	 	 /s/ Guo Man

		
	Signature:	 	 /s/ Wang Zhenyu

		
	Signature:	 	 /s/ Xu Qing

		
	Signature:	 	 /s/ Zhang Xiaoya

 Beijing Shengshi Lianhe Advertising Co., Ltd. 
  

			
	Authorized representative (signature):	 	 /s/ Guo Man

			
	Common seal: Beijing Shengshi Lianhe Advertising Co., Ltd. (Seal)]

 Party C: Beijing AirMedia Advertising Co., Ltd. 
  

			
	Authorized representative (signature):	 	 /s/ Guo Man

			
		
	Name:	 	Guo Man
		
	Title:	 	

			
		
	Common seal:	 	Beijing AirMedia Advertising Co., Ltd. (Seal)

  

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 [Annex 1] 
 Equity Transfer Contract 
 This Equity Transfer Contract (“this Contract”) is entered into among the
following parties in Beijing, China: 
 The Transferor: Guo Man 
 The Transferee:                  
 Through friendly
negotiations, it is hereby agreed by both parties with respect to equity transfer as follows: 
  

	1.	The Transferor agrees to transfer its     % equity in Beijing AirMedia Advertising Co., Ltd. (“Target Equity”) to the Transferee, and the
Transferee agrees to accept the Target Equity. 

  

	2.	Upon completion of equity transfer, the Transferor will no longer have any right or obligation as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target
Equity, and the Transferee will have the rights and obligations as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target Equity. 

  

	3.	In case of anything not covered herein, both parties may sign a supplementary agreement. 

  

	4.	This Contract shall go into effect as of the date of signing by both parties. 

  

	5.	This Contract is executed in quadruplicate, one (1) copy for each party and the other copies to be used to handle industrial and commercial changes. 

 

			
	The Transferor: Guo Man	 	The Transferee:
		
	Signature:	 	Authorized representative (signature):
		
	Date:	 	Name:
		 	Title:
		 	Common seal
		 	Date:

  

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 [Annex 1] 
 Equity Transfer Contract 
 This Equity Transfer Contract (“this Contract”) is entered into among the
following parties in Beijing, China: 
 The Transferor: Wang Zhenyu 
 The Transferee:                   
 Through friendly
negotiations, it is hereby agreed by both parties with respect to equity transfer as follows: 
  

	1.	The Transferor agrees to transfer its     % equity in Beijing AirMedia Advertising Co., Ltd. (“Target Equity”) to the Transferee, and the
Transferee agrees to accept the Target Equity. 

  

	2.	Upon completion of equity transfer, the Transferor will no longer have any right or obligation as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target
Equity, and the Transferee will have the rights and obligations as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target Equity. 

  

	3.	In case of anything not covered herein, both parties may sign a supplementary agreement. 

  

	4.	This Contract shall go into effect as of the date of signing by both parties. 

  

	5.	This Contract is executed in quadruplicate, one (1) copy for each party and the other copies to be used to handle industrial and commercial changes. 

 

			
	The Transferor: Wang Zhenyu	 	The Transferee:
		
	Signature:	 	Authorized representative (signature):
		
	Date:	 	Name:
		 	Title:
		 	Common seal
		 	Date:

  

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 [Annex 1] 
 Equity Transfer Contract 
 This Equity Transfer Contract (“this Contract”) is entered into among the
following parties in Beijing, China: 
 The Transferor: Xu Qing 
 The Transferee:                  
 Through friendly
negotiations, it is hereby agreed by both parties with respect to equity transfer as follows: 
  

	1.	The Transferor agrees to transfer its     % equity in Beijing AirMedia Advertising Co., Ltd. (“Target Equity”) to the Transferee, and the
Transferee agrees to accept the Target Equity. 

  

	2.	Upon completion of equity transfer, the Transferor will no longer have any right or obligation as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target
Equity, and the Transferee will have the rights and obligations as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target Equity. 

  

	3.	In case of anything not covered herein, both parties may sign a supplementary agreement. 

  

	4.	This Contract shall go into effect as of the date of signing by both parties. 

  

	5.	This Contract is executed in quadruplicate, one (1) copy for each party and the other copies to be used to handle industrial and commercial changes. 

 

			
	The Transferor: Xu Qing	 	The Transferee:
		
	Signature:	 	Authorized representative (signature):
		
	Date:	 	Name:
		 	Title:
		 	Common seal
		 	Date:

  

 10 

 [Annex 1] 
 Equity Transfer Contract 
 This Equity Transfer Contract (“this Contract”) is entered into among the
following parties in Beijing, China: 
 The Transferor: Zhang Xiaoya 
 The Transferee:                  
 Through friendly
negotiations, it is hereby agreed by both parties with respect to equity transfer as follows: 
  

	1.	The Transferor agrees to transfer its     % equity in Beijing AirMedia Advertising Co., Ltd. (“Target Equity”) to the Transferee, and the
Transferee agrees to accept the Target Equity. 

  

	2.	Upon completion of equity transfer, the Transferor will no longer have any right or obligation as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target
Equity, and the Transferee will have the rights and obligations as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target Equity. 

  

	3.	In case of anything not covered herein, both parties may sign a supplementary agreement. 

  

	4.	This Contract shall go into effect as of the date of signing by both parties. 

  

	5.	This Contract is executed in quadruplicate, one (1) copy for each party and the other copies to be used to handle industrial and commercial changes. 

 

			
	The Transferor: Zhang Xiaoya	 	The Transferee:
		
	Signature:	 	Authorized representative (signature):
		
	Date:	 	Name:
		 	Title:
		 	Common seal
		 	Date:

  

 11 

 [Annex 1] 
 Equity Transfer Contract 
 This Equity Transfer Contract (“this Contract”) is entered into among the
following parties in Beijing, China: 
 The Transferor: Beijing Shengshi Lianhe Advertising Co., Ltd. 
 The Transferee:                  
 Through friendly negotiations, it is hereby agreed by both parties with respect to equity transfer as follows: 
  

	1.	The Transferor agrees to transfer its     % equity in Beijing AirMedia Advertising Co., Ltd. (“Target Equity”) to the Transferee, and the
Transferee agrees to accept the Target Equity. 

  

	2.	Upon completion of equity transfer, the Transferor will no longer have any right or obligation as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target
Equity, and the Transferee will have the rights and obligations as a shareholder of Beijing AirMedia Advertising Co., Ltd. with respect to the Target Equity. 

  

	3.	In case of anything not covered herein, both parties may sign a supplementary agreement. 

  

	4.	This Contract shall go into effect as of the date of signing by both parties. 

  

	5.	This Contract is executed in quadruplicate, one (1) copy for each party and the other copies to be used to handle industrial and commercial changes. 

 

			
	The Transferor:	 	The Transferee:
		
	Signature:	 	Authorized representative (signature):
		
	Date:	 	Name:
		 	Title:
		 	Common seal
		 	Date:

  

 12 

 [Annex 2] 
 Letter of Consent 
 To: Beijing AirMedia Advertising Co., Ltd. 
 As a shareholder of Beijing AirMedia Advertising Co., Ltd., I hereby agree and acknowledge as follows: 
  

	1.	Agree that the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co.,
Ltd. or a third party designated by it; 

  

	2.	Agree to waive the preemptive right when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to
AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it; 

  

	3.	Agree to execute or provide such documents as being necessary to handle equity transfer when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities
in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it. 

 This Letter of
Consent shall become effective as of its signing date. 
  

			
	  

	Signature: Guo Man
	Date:

  

 13 

 [Annex 2] 
 Letter of Consent 
 To: Beijing AirMedia Advertising Co., Ltd. 
 As a shareholder of Beijing AirMedia Advertising Co., Ltd., I hereby agree and acknowledge as follows: 
  

	1.	Agree that the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co.,
Ltd. or a third party designated by it; 

  

	2.	Agree to waive the preemptive right when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to
AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it; 

  

	3.	Agree to execute or provide such documents as being necessary to handle equity transfer when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities
in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it. 

 This Letter of
Consent shall become effective as of its signing date. 
  

	
	  

	Signature: Wang Zhenyu
	Date:

  

 14 

 [Annex 2] 
 Letter of Consent 
 To: Beijing AirMedia Advertising Co., Ltd. 
 As a shareholder of Beijing AirMedia Advertising Co., Ltd., I hereby agree and acknowledge as follows: 
  

	1.	Agree that the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co.,
Ltd. or a third party designated by it; 

  

	2.	Agree to waive the preemptive right when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to
AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it; 

  

	3.	Agree to execute or provide such documents as being necessary to handle equity transfer when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities
in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it. 

 This Letter of
Consent shall become effective as of its signing date. 
  

	
	  

	Signature: Xu Qing
	Date:

  

 15 

 [Annex 2] 
 Letter of Consent 
 To: Beijing AirMedia Advertising Co., Ltd. 
 As a shareholder of Beijing AirMedia Advertising Co., Ltd., I hereby agree and acknowledge as follows: 
  

	1.	Agree that the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co.,
Ltd. or a third party designated by it; 

  

	2.	Agree to waive the preemptive right when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to
AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it; 

  

	3.	Agree to execute or provide such documents as being necessary to handle equity transfer when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities
in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it. 

 This Letter of
Consent shall become effective as of its signing date. 
  

	
	  

	Signature: Zhang Xiaoya
	Date:

  

 16 

 [Annex 2] 
 Letter of Consent 
 To: Beijing AirMedia Advertising Co., Ltd. 
 As a shareholder of Beijing AirMedia Advertising Co., Ltd., we hereby agree and acknowledge as follows: 
  

	1.	Agree that the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co.,
Ltd. or a third party designated by it; 

  

	2.	Agree to waive the preemptive right when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities in Beijing AirMedia Advertising Co., Ltd. to
AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it; 

  

	3.	Agree to execute or provide such documents as being necessary to handle equity transfer when the other shareholders of Beijing AirMedia Advertising Co., Ltd. transfer their equities
in Beijing AirMedia Advertising Co., Ltd. to AirMedia Technology (Beijing) Co., Ltd. or a third party designated by it. 

 This Letter of
Consent shall become effective as of its signing date. 
  

	
	  

	Signature: Beijing Shengshi Lianhe Advertising Co., Ltd.
	Date:

  

 17

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