Document:

Exhibit 10.11

 

EQUITY PLEDGE AGREEMENT

 

This EQUITY PLEDGE AGREEMENT
(hereinafter, this "AGREEMENT") is entered into as of October 15,
2018 (“SIGNING DATE”) in
Shenyang, the People’s Republic of China (“CHINA”
or “PRC”)
by and among the following Parties:

 

(1) BO JIANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(2) TAO JIANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(3)  DI
WANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(4) YUEZHONG (SHENYANG)
TECHNOLOGY CO., LTD. (“YUEZHONG SHENYANG” or
the “PLEDGEE”), a wholly foreign-owned enterprise
legally established and existing under the laws of PRC,

REGISTERED ADDRESS: Unit A (705), No.208, Changjiangnan Street,
Huanggu District, Shenyang, Liaoning Province

 

(The above Parties hereinafter each referred
to as a "PARTY" individually, and collectively, the "PARTIES". Among them, BO JIANG, TAO JIANG and DI WANG
hereinafter referred to as a "PLEDGOR" individually, and collectively, the "PLEDGORS".)

 

WHEREAS: 

 

1. As of the execution date of this Agreement,
BO JIANG, TAO JIANG and DI WANG are the enrolled shareholders of LMG, legally holding all the equity in LMG, of which Bo Jiang
holding 50% interest, Tao Jiang holding 25% and Di Wang holding 25%.

 

2. Yuezhong Shenyang and the Target Company
dated the Exclusive Service Agreement as of October 15, 2018; the Pledgors, Target Company and Yuezhong Shenyang dated the Call
Option Agreement and Shareholders’ Voting Rights Proxy Agreement as of October 15, 2018;

 

3. As security for performance by the Pledgors
of the Contract Obligations (as defined below), the Pledgors agree to pledge all of their Target Company Equity to the Pledgees
and grant the Pledgees the right to request for repayment in first priority and the Target Company agree such equity pledge arrangement.

 

    	 	1	 

     

    

THEREFORE, the Parties hereby have reached
the following agreement upon mutual consultations:

 

ARTICLE 1 – DEFINITION

 

1.1  Except
as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following meanings:

 

"TRANSACTION AGREEMENTS" shall
mean the Exclusive Service Agreement dated among the Pledgees and the Target Company as of October 15, 2018; the Call Option Agreement
and the Proxy Agreement dated among the Pledgors, the Target Company and the Pledgees; as well as other agreements dated among
the Pledgors, the Target Company and the Pledgees, for performance of the above-mentioned agreements.

 

"TARGET COMPANY" shall mean the
Leaping Media Group Co., Ltd. ("LMG"), a limited company legally established and existing under the law of PRC. Registered
Address: Unit 4, No.1, Hengshan Road, Huanggu District, Shenyang, Liaoning Province.

 

"CONTRACT OBLIGATIONS" shall
mean all contractual obligations of the Pledgors and Target Company under the Transaction Agreements.

 

"DEBTORS" shall mean the debtors
under provisions of the Transaction Agreements, including the Pledgors and the Target Company.

 

"CREDITORS" shall mean the creditors
under provisions of the Transaction Agreements, including Yuezhong Shenyang and its successors.

 

"PRINCIPLE CREDITOR’S RIGHTS"
shall mean the creditor’s rights owned by Creditors towards Debtors according to the Transaction Agreements.

 

"PLEADGED EQUITY" shall mean
the equity of Target Company held by each Pledgors, including the dividend, transfer and allotment of shares.

 

"BREACHING EVENT" shall mean
any breach by Pledgors and/or Target Company of their Contract Obligations under the Transaction Agreements.

 

    	 	2	 

     

    

 

"PRC LAW" shall mean the then
valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory
documents of the People's Republic of China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region
and Taiwan Region).

 

1.2  The
references to any laws and regulations (the "LAWS") herein shall be deemed:

 

(1)  to
include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and

 

(2)  to
include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3  Except
as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

ARTICLE 2 - EQUITY PLEDGE

 

2.1  Each
Pledgor hereby agrees to pledge the Pledged Property, which they legally own and have the right to dispose of, to Pledgees according
to the provisions hereof as security for performance of the Contract Obligations and repayment of the guaranteed liabilities. The
Pledgees agree to accept such pledge.

 

2.2 Under the provisions of this Agreement,
the guaranteed liabilities and guaranteed scope of the equity pledge include:

 

(1) All the obligations under
the provisions of the Transaction Agreements, including but not limited to, all the principle and profit of the payable expenses
to the Creditors under the provisions of the Transaction Agreement, and the payable interest penalties, compound interests, liquidated
damages, compensations, as well as the expenses owed by the Debtors to the Creditors and the expenses to excise the Creditors rights
and encumbrance rights, due to Breaching Events of the Debtors; and

 

(2) All the expenses for the
exercise of the Debtors’ rights, including but not limited to litigation fees (or arbitration fees), lawyers’ fees,
assessment fees, auction fees and travelling expenses, etc.

 

    	 	3	 

     

    

 

2.3 The Pledgors hereby undertakes that
it will do its best to cooperate with the Pledgors to complete the registration with authorities of industry and commerce under
this Article. And it will be responsible for, recording the arrangement of the equity pledge hereunder on the shareholder register
of the Target Company as well as the capital contribution certificate within ten (10) days of execution of this Agreement. The
Pledgors and Target Company shall submit all the required documents and complete all the procedures under the PRC Law, in order
to secure that the Pledgees are registered as the only pledgees of the pledged equity.

 

2.4 During the valid term of this Agreement,
except for the willful misconduct or gross negligence of Pledgees, Pledgees shall not be liable in any way to, nor shall Pledgors
have any right to claim in any way or propose any demands on Pledgees, in respect of the reduction in value of the Pledged Property.

 

2.5 Only upon prior consent by Pledgees
shall Pledgors be able to increase their capital contribution to the Target Company. Further capital contribution made by Pledgor
(s) in the Target Company shall also be part of the Pledged Property. The Pledgors and Target company shall complete modification
of registration for the pledged equity as stipulated by Article 2.3.

 

2.6 During the term of pledge, Pledgees
are entitled to receive dividends or share profits, which shall be pledged together with the pledged property. The dividends or
share profits shall be used in priority to offset the expenses due to claiming such fructus.

 

2.7 Upon prior written notice to Pledgors,
the Pledgees may transfer their main principle creditor’s rights as well as other rights and interests under this Agreement,
without being required the consent of Pledgors. Pledgors shall do its best to cooperate with Pledgees or the transferees to complete
all the required approval or registration procedures.

 

ARTICLE 3 - TERM OF PLEDGE

 

3.1 The term of pledge shall terminate
as of the latest date of the following:

 

(1) the secured debts in the scope
of pledge is cleared off;

 

(2) Pledgees exercises its pledge
rights pursuant to provisions and conditions of this Agreement, in order to fully realize their principle creditor’s rights
and other rights related to the guaranteed liabilities; or

 

(3) Pledgors transfer all the
pledged equity to Pledgees according to the Call Option Agreement, or other entity or individual designated by it, no longer holding
equity of Target Company.

 

    	 	4	 

     

    

 

3.2 In respect of equity interest of Target
Company, upon full and complete performance by relevant Pledgors of all of their Contractual Obligations, Pledgees shall, at the
request of relevant Pledgors, release the pledge created on such Target Company under this Agreement, and shall cooperate with
relevant Pledgors to go through the formalities to cancel the record of the Equity Pledge in the shareholder register of the relevant
Target Company, with the reasonable fees incurred in connection with such release to be borne by Pledgees with the same proportion.

 

ARTICLE 4 - REALIZATION OF RIGHT OF PLEDGE

 

4.1 Under any of the following circumstances,
Pledgees are entitled to exercise their rights of pledge immediately:

 

(1) Debtors violate any provisions
of the Transaction Agreements or Pledgors violate any provisions of this Agreement;

 

(2) Pledgors or Debtors apply
(or applied) for bankruptcy, reorganization or reconciliation; or they are announced bankruptcy, reorganization or reconciliation,
or dismissed, canceled, withdrawn, closed, suspended, out of business, merged, divided or there are other changes or similar circumstances
concerning their structures.

 

(3) Other events detrimental to
Pledgees’ rights and interests happen to Pledgors or Debtors.

 

4.2  The
Pledgors, Target Company and Pledgees hereby agree that, in case of any Breaching Event, Pledgees shall give written notice to
Pledgors. Unless the Breaching Event has been rectified, Pledgees shall have the right to exercise all of the remedial rights and
powers enjoyable by them under PRC Law, including but not limited to selling off and auctioning all or part of the pledged equity,
publicly or privately.

 

4.3 The reasonable costs incurred by Pledgees
in connection with their exercise of any and all rights and powers set out above shall be borne by Pledgors, and Pledgees shall
have the right to deduct the costs actually incurred from the proceeds that they acquire from the exercise of the rights and powers.

 

4.4  The
proceeds that Pledgees acquire from the exercise of their respective rights and powers shall be used in the priority order as follows:

 

- First, to pay any cost incurred in connection
with the disposal of the Pledged Property and the exercise by Pledgees of their respective rights and powers (including remuneration
paid to their respective legal counsels and agents);

 

    	 	5	 

     

    

 

- Second, to pay any taxes and levies payable
for the disposal of the Pledged Property; and

 

-Third, to repay Pledgee for the Guaranteed
Liabilities.

 

In case of any balance after payment of
the above amounts, Pledgees shall return the same to Pledgors or other persons entitled thereto according to the relevant laws
and rules or submit the same to the local notary institution where Pledgees are domiciled (any fees incurred in relation thereto
shall be borne by Pledgors).

 

4.5  Pledgees
shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled
to in respect of the equity interest of any Target Company held by any Pledgor; Pledgors or Target Companies shall not oppose to
whether Pledgees exercise any part of the right to the pledge or the sequence of exercising the pledge interest.

 

ARTICLE 5 - FEES AND COSTS

 

All costs actually incurred in connection
with the establishment of the Equity Pledge hereunder, including but not limited to stamp duties, any other taxes, all legal fees,
etc shall be borne by Pledgees with the same proportion.

 

ARTICLE 6 - RESTIRCTION ON RIGHTS

 

During existence of the right of pledge,
unless with written consent of Pledgees, Pledgors shall not dispose of all or part of its pledged equity in any form (including
but not limited to, sale, transfer, donation, re-pledge, etc.)

 

ARTICLE 7 - REPRESENTATIONS AND WARRANTIES
BY PLEDGORS

 

Each of Pledgors hereby, in respect of
itself and Target Company in which it holds equity interest, represents and warrants to Pledgees as follows:

 

(1) Each individual shareholder
is a PRC citizen with full capacity of disposition and has obtained due authorization to execute, deliver and perform this Agreement
and can independently be a subject of actions; Target Company is a limited liability corporation duly incorporated and validly
existing under PRC Law, has independent status as a legal person, as well as full independent legal status and capacity to execute
and deliver this Agreement. It can independently be a subject of actions.

 

    	 	6	 

     

    

 

(2) Each individual shareholder
and Target Company have full right and authorization to execute and deliver this Agreement and other documents relating to the
transaction. They have full right and authorization to complete the transaction stipulated in this Agreement.

 

(3) This Agreement is legally
and properly executed by each individual shareholder and Target Company. This Agreement is binding on them legally and effectively.
According to provisions and conditions of this Agreement, this Agreement is enforceable on them.

 

(4) All certificates, documents
and information submitted to Pledgees by Pledgors for execution and performance of this Agreement are true, correct and sufficient,
with no concealment or fraudulence.

 

(5) Concerning the pledged equity,
Pledgors have full legal rights of ownership and disposition, as well as other rights and interests. There is no right of mortgage
or pledge, or other burden of rights concerning the pledged equity.

 

(6) The execution, delivery and
performance by Pledgors of this Agreement are not in violation of or conflict with any laws applicable to them, or any agreement
to which they are a party or which has binding effect on their assets.

 

(7) The pledged equity is not
sealed up, distrained or frozen or otherwise disposed for property preservation or performance, without any existing litigation,
arbitration or administrative procedure concerning it. In addition, no such event would take place after execution of this Agreement.

 

(8) During the term of pledge,
Pledgors shall exercise its right of allotment actively, and they are prohibited abandoning rights concerning dividend, transfer
and allotment of shares. They promise to pay the due consideration concerning allotment of equity, and warrant that they would
corporate with Pledgees to complete the aforesaid pledge procedure on increasing equity.

 

(9) Notwithstanding the pledge
under this Agreement, Pledgors and Target Company shall still comply with and perform all the obligations under the articles and/or
relevant laws and government branches’ approval.

 

(10) Pledgors would not take,
or agree on, any actions or measures which are likely to be of detrimental effect on Pledgors’ rights, interests or pledged
property.

 

    	 	7	 

     

    

 

ARTICLE 8 – NOTICE

 

8.1  Any
notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in writing
and delivered to the relevant Party.

 

8.2  The
above-mentioned notice or other correspondences shall be deemed to have been delivered when (i) it is transmitted if transmitted
by facsimile or telex, or (ii) it is delivered if delivered in person, or (iii) when five (5) days have elapsed after posting the
same if posted by mail.

 

ARTICLE 9 - DEFAULT LIABILITY

 

9.1  The
Parties agree and confirm that, if any of the Parties (the “DEFAULTING PARTY”) breaches substantially any of the provisions
herein or fails substantially to perform any of the obligations hereunder, such a breach or failure shall constitute a default
under this Agreement (a “DEFAULT”). In such event any of the other Parties without default (a “NON-DEFAULTING
PARTY”) who incurs losses arising from such a Default shall have the right to require the Defaulting Party to rectify such
Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial
measures within such reasonable period or within ten (10) days of a Non-defaulting Party’s notifying the Defaulting Party
in writing and requiring it to rectify the Default, then the relevant Non-defaulting Party shall be entitled to choose at its discretion
to:

 

(1) terminate this Agreement and
require the Defaulting Party to indemnify all damages, or

 

(2) require specific performance
by the Defaulting Party of this Agreement and indemnification against all damages.

 

9.2  Without
limiting the generality of Article 8.1 above, any breach by any Shareholder of the Call Option Agreement or Equity Pledge Agreement
shall be deemed as having constituted the breach by such Shareholder of this Agreement; any breach by Target Company of the Exclusive
Service Agreement or Call Option Agreement shall be deemed as having constituted the breach by Target Company of this Agreement.

 

9.3  Notwithstanding
any other provisions herein, the validity of this Article shall not be affected by the suspension or termination of this Agreement.

 

    	 	8	 

     

    

 

ARTICLE 10 - GOVERNING LAW AND DISPUTE
RESOLUTION

 

10.1 The conclusion, validity, execution,
amendment, interpretation and termination of this Agreement shall be governed by laws of the PRC.

 

10.2 Any disputes arising from and in connection
with this Agreement shall be settled through consultations among the Parties involved, and if the Parties involved fail to reach
an agreement regarding such a dispute within thirty (30) days of its occurrence, such dispute shall be submitted to China International
Economic and Trade Arbitration Commission for arbitration in Beijing in accordance with the arbitration rules of such commission,
and the arbitration award shall be final and binding on all the Parties involved.

 

10.3 Unless otherwise awarded by the arbitration
court, the losing party should bear all the arbitration or prepaid expenses(including but not limited to arbitration expense, arbitrator
and lawyer’s fee, travelling expense, etc.).

 

ARTICLE 11 - FORCE MAJEURE

 

In the event of earthquake, typhoon, flood,
fire, war, computer virus, loophole in the design of tooling software, internet system encountering hacker’s invasion, change
of policies or laws, and other unforeseeable or unpreventable or unavoidable event of force majeure, which directly prevents a
Party from performing this Agreement or performing the same on the agreed condition, the Party encountering such a force majeure
event shall forthwith issue a notice by a facsimile and, within thirty (30) days, present the documents proving the details of
such force majeure event and the reasons for which this Agreement is unable to be performed or is required to be postponed in its
performance, and such proving documents shall be issued by the notaries office of the area where such force majeure event takes
place. The Parties shall consult each other and decide whether this Agreement shall be waived in part or postponed in its performance
with regard to the extent of impact of such force majeure event on the performance of this Agreement. No Party shall be liable
to compensate for the economic losses brought to the other Parties by the force majeure event.

 

ARTICLE 12 – TRANSFER

 

12.1 Any Shareholder shall not assign any
of its rights and/or obligations hereunder to any third parties without the prior written consent from Yuezhong Shenyang, and Yuezhong
Shenyang is entitled to transfer its rights and/or obligations to the third party designated by it after notifying the Shareholders.

 

12.2 As for transfer with the consent,
this Agreement shall be binding on the legal successors of the Parties.

 

    	 	9	 

     

    

 

ARTICLE 13 - SEVERABILITY

 

Each provision contained herein shall be
severable and independent from each of other provisions, and if at any time any one or more articles herein become invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as a result
thereof.

 

ARTICLE 14 - AMENDMENT AND SUPPLEMENT

 

14.1 Any amendment or supplement to this
Agreement shall be made in writing and take effect as part of this Agreement when properly signed by the Parties, which shall have
the same legal effect as this Agreement.

 

14.2 Notwithstanding the preceding sentence,
considering that the rights and obligations of each of the Shareholders hereunder are independent and severable from each other,
in case the amendment or supplement to this Agreement is intended to have impact upon one of the Shareholders, such amendment or
supplement requires the approval of such Shareholder only and it is not required to obtain the approval from the other ones of
the Shareholders (to the extent the amendment or supplement do not have impact upon such other Shareholders).

 

ARTICLE 15 - TEXT

 

This Agreement shall be prepared in the
Chinese language in six (6) original copies, with each involved Party holding one (1) copy hereof. Each original copy has the same
legal effect.

 

ARTICLE 16 - MISCELLANEOUS

 

16.1 Any failure or delay by a Party in
exercising any of its rights, powers and remedies hereunder or in accordance with laws (the “PARTY’S RIGHTS”)
shall not lead to a waiver of such rights, and the waiver of any single or partial exercise of the Party’s Rights shall not
preclude such Party from exercising such rights in any other way and exercising the remaining part of the Party’s Rights.

 

16.2 The titles of the Articles contained
herein shall be for reference only, and in no circumstances shall such titles be used in or affect the interpretation of the provisions
hereof.

 

    	 	10	 

     

    

 

[THE REMAINDER IS THE SIGNATURE PAGE]

IN WITNESS HEREOF, the following Parties
have caused this Equity Pledge Agreement to be executed as of the date and in the place first here above-mentioned.

 

	BO JIANG	 
	Signature by: 	/s/ Bo Jiang	 
	 	 	 
	TAO JIANG	 
	Signature by: 	/s/ Tao Jiang	 
	 	 	 
	DI WANG	 
	Signature by: 	/s/ Di Wang	 

 

YUEZHONG (SHENYANG) TECHNOLOGY CO., LTD.
(Company chop)

 

	Signed by: 	/s/ Bo Jiang	 
	 	 	 
	Name: 	Bo Jiang	 
	 	 	 
	Position: 	Director	 

    	 	11Exhibit 10.12

 

CALL OPTION
AGREEMENT

 

This CALL OPTION AGREEMENT (this “AGREEMENT”)
is entered into as of October 15, 2018 (“SIGNING DATE”) in Shenyang, the People’s Republic of China (“CHINA”
or “PRC”) by and among the following Parties:

 

(1) BO JIANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(2) TAO JIANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(3) DI WANG, a Chinese citizen,

IDENTITY CARD NUMBER:

 

(4) YUEZHONG (SHENYANG) TECHNOLOGY CO.,
LTD. (“YUEZHONG SHENYANG”), a wholly foreign-owned enterprise legally established and existing under the laws of
PRC,

REGISTERED ADDRESS: Unit A (705), No.208,
Changjiangnan Street, Huanggu District, Shenyang, Liaoning Province

 

(5) LEAPING MEDIA GROUP CO., LTD.
("LMG" or "TARGET COMPANY"), a limited liability company legally established and existing under the laws of
PRC,

REGISTERED ADDRESS: Unit 4, No 14, Hengshan
Road, Huanggu District, Shenyang, Liaoning Province

 

(BO JIANG, TAO JIANG and DI WANG hereinafter
shall be individually referred to as a "PERSONAL SHAREHOLDER" and collectively, the "SHAREHOLDERS". Each of
the Shareholders and Yuezhong Shenyang hereinafter shall be individually referred to as a "PARTY" and collectively referred
to as the "PARTIES".)

 

WHEREAS

1. BO JIANG, TAO JIANG and DI WANG are
the enrolled shareholders of LMG, legally holding all of
the equity of LMG as of the execution date of this Agreement, on which BO JIANG, TAO JIANG and DI WANG hold 50%, 25%, and 25% of
the equity respectively;

 

    	1

     

    

 

2. The Shareholders intend to transfer
to Yuezhong Shenyang and/or any other entity/natural person designated by it, and Yuezhong Shenyang is willing to accept, all the
Target Company Assets and/or all their respective equity interest in the Target Company, to the extent not violating PRC Law.

 

3. In order to conduct the above transfer,
the Shareholders and the Target Company agree to jointly grant Yuezhong Shenyang an irrevocable call option for equity and asset
transfer (hereinafter collectively the "CALL OPTION"), under which and to the extent permitted by PRC Law, the Shareholders
and the Target Company shall on demand of Yuezhong Shenyang transfer the Option Equity or the assets to Yuezhong Shenyang and/or
any other entity or individual designated by it in accordance with the provisions contained herein.

 

THEREFORE, the Parties hereby have reached
the following agreement upon mutual consultations:

 

ARTICLE 1 - DEFINITION

 

1.1   Except
as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following meanings:

 

"PRC LAW" shall mean the then
valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory
documents of the People's Republic of China.

 

"EQUITY CALL OPTION" shall mean
the call option the Shareholders grant to Yuezhong Shenyang for purchase of the Target Company’s equity, according to provisions
and conditions of this Agreement.

 

"OPTION EQUITY" shall mean, in
respect of each of the Shareholders, all of the equity interest held thereby in the Target Company Registered Capital; in respect
of all the Shareholders, 100% of the equity interest in the Target Company Registered Capital.

 

"ASSET CALL OPTION" shall mean
the call option the Shareholders grant to Yuezhong Shenyang for purchase of the Target Company’s assets, according to provisions
and conditions of this Agreement.

 

"TARGET COMPANY REGISTERED CAPITAL"
shall mean all the registered capital of the Target Company as of the execution date of this Agreement, i.e., RMB50, 000,000, which
shall include any expanded registered capital as the result of any capital increase within the term of this Agreement.

 

    	2

     

    

 

"TRANSFERRED EQUITY" shall mean
the equity of Target Company which Yuezhong Shenyang has the right to require the Shareholders to transfer to it or its designated
entity or individual when Yuezhong Shenyang exercises its Equity Call Option in accordance with Article 3 herein, the amount of
which may be all or part of the Option Equity and the details of which shall be determined by Yuezhong Shenyang at its sole discretion
in accordance with the then valid PRC Law and from its commercial consideration.

 

"TRANSFERRED ASSET" shall mean
the assets and liabilities of Target Company which Yuezhong Shenyang has the right to require the Shareholders to transfer to it
or its designated entity or individual when Yuezhong Shenyang exercises its Transferred Asset Option in accordance with Article
3 herein, the amount of which may be all or part of the Target Company’s assets and liabilities and the details of which
shall be determined by Yuezhong Shenyang at its sole discretion in accordance with the then valid PRC Law and from its commercial
consideration.

 

"EXERCISE OF OPTION" shall mean
Yuezhong Shenyang exercising its Equity Call Option and/or Asset Call Option.

 

"TRANSFER PRICE" shall mean all
the consideration that Yuezhong Shenyang or its designated entity or individual is required to pay to the Shareholders in order
to obtain the Transferred Equity/Asset upon each Exercise of Option, as defined in Article 2.2 of this Agreement.

 

"BUSINESS PERMITS" shall mean
any approvals, permits, filings, registrations etc. which LMG is required to have for legally and validly operating its businesses,
including but not limited to the Business License of the Cooperate Legal Person, the Tax Registration Certificate and such other
relevant licenses and permits as required by the then PRC Law.

 

"TARGET COMPANY ASSETS" shall
mean, in respect of any Target Company, all the tangible and intangible assets which such Target Company owns or has the right
to use during the term of this Agreement, including but not limited to any immoveable and moveable assets, and such intellectual
property rights as trademarks, copyrights, patents, proprietary know-how, domain names and software use rights.

 

"THE EXCLUSIVE SERVICE AGREEMENT"
shall mean the Exclusive Service Agreement entered into among the Target Company and Yuezhong Shenyang dated October 15, 2018.

 

"MATERIAL AGREEMENT" shall mean
an agreement to which any Target Company is a party and which has a material impact on the businesses or assets of the Target Company.

 

    	3

     

    

 

"CHINA" shall mean People’s
Republic of China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region).

 

1.2 The
references to any PRC Law (the "Law") herein shall be deemed:

 

(1) to include the references
to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take effect before or after
the formation of this Agreement; and

 

(2) to include the references
to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3 Except
as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

ARTICLE 2 - GRANT OF CALL OPTION

 

2.1 The Parties agree
that the Shareholders and the Target Company exclusively grant Yuezhong Shenyang hereby irrevocably and without any additional
conditions with an Equity Call Option and an Asset Call Option (hereinafter collectively the "CALL OPTION") , under
which Yuezhong Shenyang shall have the right to require the Shareholders to transfer the Option Equity, or the Target Company
to transfer the Transferred Asset to Yuezhong Shenyang or its designated entity or individual in such method as set out herein
and as permitted by PRC Law. Yuezhong Shenyang also agrees to accept such Call Option.

 

2.2 In case of Yuezhong Shenyang
exercising the call option in its sole discretion upon the occurrence of the situation in which such call option exercise
become feasible under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be
required under the laws of China to effect such purchase to comply with such legal formalities shall be either canceled or
returned to Yuezhong Shenyang immediately with no additional compensation to the Shareholders or the Target Company. The
Shareholders and the Target Company hereby acknowledge the purpose of such provisions and hereby agrees and authorizes
Yuezhong Shenyang to take any and all actions to effect such transaction and agrees irrevocably to execute any and all
documents and instruments and authorize Yuezhong Shenyang's relevant officers to sign on his or her behalf and hereby gives
Yuezhong Shenyang and any of its relevant officers a proxy to execute and deliver such documents and instruments to effect
the purpose of this provision and hereby waives any defense or claim of causes of action to challenge or defeat this
provision.

 

    	4

     

    

 

ARTICLE 3 - METHOD OF EXERCISE OF OPTION

 

3.1 To
the extent permitted by PRC Law, Yuezhong Shenyang shall have the sole discretion to determine the specific time, method and times
of its Exercise of Option.

 

3.2    If
the then PRC Law permits Yuezhong Shenyang and/or other entity or individual designated by it to hold all the equity interest of
Target Company, then Yuezhong Shenyang shall have the right to elect to exercise all of its Equity Call Option at once, where Yuezhong
Shenyang and/or other entity or individual designated by it shall accept all the Option Equity from the Shareholders at once; if
the then PRC Law permits Yuezhong Shenyang and/or other entity or individual designated by it to hold only part of the equity in
Target Company, Yuezhong Shenyang shall have the right to determine the amount of the Transferred Equity within the extent not
exceeding the upper limit of shareholding ratio set out by the then PRC Law (hereinafter the "SHAREHOLDING LIMIT"), where
Yuezhong Shenyang and/or other entity or individual designated by it shall accept such amount of the Option Equity from the Shareholders.
In the latter case, Yuezhong Shenyang shall have the right to exercise its Call Option at multiple times in line with the gradual
deregulation of PRC Law on the permitted Shareholding Limit, with a view to ultimately acquiring all the Option Equity.

 

3.3 On
deciding each Exercise of Option, Yuezhong Shenyang shall issue to each of the Personal Shareholders or the Target Company a notice
for exercising the Equity Call Option or the Asset Call Option (hereinafter the "EXERCISE NOTICE", the form of which
is set out as Appendix I hereto). The Shareholders and the Target Company shall, upon receipt of the Exercise Notice, forthwith
transfer all the Transferred Equity or the Transferred Asset in accordance with the Exercise Notice to Yuezhong Shenyang and/or
other entity or individual designated by it.

 

3.4 Each of the Personal Shareholders
hereby severally undertakes and guarantees that once Yuezhong Shenyang issues the Exercise Notice:

 

(1)       the
Shareholders shall immediately hold or request to hold a shareholders' meeting of the Target Company and adopt a resolution through
the shareholders' meeting, and take all other necessary actions to agree to the transfer of all the Option Equity or Target Company
Assets required by the Exercise Notice to Yuezhong Shenyang and/or other entity or individual designated by it at the Transfer
Price and waive the possible preemption;

 

(2)       the
Shareholders or the Target Company shall immediately enter into an equity transfer agreement or asset transfer agreement with Yuezhong
Shenyang and/or other entity or individual designated by it;

 

    	5

     

    

 

(3) the Shareholders and the
Target Company shall provide Yuezhong Shenyang with necessary support (including providing and executing all the relevant legal
documents, processing all the procedures for government approvals and registrations and bearing all the relevant obligations) in
accordance with the requirements of Yuezhong Shenyang and of the laws and regulations, in order that Yuezhong Shenyang and/or other
entity or individual designated by it may take all the Transferred Equity or Transferred Asset free from any legal defect.

 

ARTICLE 4 - TRANSFER PRICE

 

4.1 Yuezhong Shenyang and other
entity or individual designated by it shall pay the Transfer Price to each of the shareholders who has transferred the
Transferred Equity or the Target Company. Yuezhong Shenyang shall have the right to elect to pay the purchase price by
settlement of certain credits held by it or its affiliates to the shareholders or the Target Company.

 

4.2  If there exists any regulatory
provision with respect to Transfer Price under the then PRC Law, Yuezhong Shenyang or its designated entity or individual
shall be entitled to determine the lowest price permitted by PRC Law as the Transfer Price.

 

ARTICLE 5 - REPRESENTATIONS AND WARRANTIES

 

5.1 Each
of the Shareholders hereby severally represents and warrants as follows:

 

(1) Each of the Personal Shareholders
is a PRC citizen with full capacity, with full and independent legal status and legal capacity to execute, deliver and perform
this Agreement, and may act independently as a litigant party;

 

(2) This Agreement is executed
and delivered by Personal Shareholders legally and properly;

 

(3) The Personal Shareholders
are the enrolled legal owner of the Option Equity as of the effective date of this Agreement, and except the rights created by
the Shareholders' Voting Rights Proxy Agreement (the "PROXY AGREEMENT") entered into by Personal Shareholders, the Target
Company and Yuezhong Shenyang as of the same date with this Agreement, there is no lien, pledge, claim and other encumbrances and
third party rights on the Option Equity;

 

(4) In accordance with this
Agreement, Yuezhong Shenyang and/or other entity or individual designated by it may, after the Exercise of Option, obtain the proper
title to the Transferred Equity free from any lien, pledge, claim and other encumbrances and third party rights;

 

    	6

     

    

 

(5) Each of the Personal Shareholders
has full power and authorization to execute and deliver this Agreement and all the other documents to be entered into by it in
relation to the transaction referred to herein, and it has the full power and authorization to complete the transaction referred
to herein. The execution, delivery and performance of this Agreement, as well as completion of transaction, do not violate regulations
of the PRC Law, or any binding agreement, contract or other arrangement made with any third party.

 

5.2  The
Target Company hereby represents and warrants as follows:

 

(1) The Target Company is a
limited liability company operation duly registered and validly existing under PRC Law, with independent status as a legal person;
it has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act independently
as a subject of actions;

 

(2) The Target Company has full
power and authorization to execute and deliver this Agreement and all the other documents to be entered into by it in relation
to the transaction referred to herein, and it has the full power and authorization to complete the transaction referred to herein;

 

(3) This Agreement is executed
and delivered by the Target Company legally and properly. This Agreement constitutes legal and binding obligations on it. The execution,
delivery and performance of this Agreement, as well as completion of transaction, do not violate regulations of the PRC Law, or
any binding agreement, contract or other arrangements made with any third party;

 

(4) The Target Company is the
enrolled legal shareholder of the Target Company Asset when this Agreement comes into effect, and there is no lien, pledge, claim
and other encumbrances and third party rights on the Target Company Asset;

 

(5) In accordance with this
Agreement, Yuezhong Shenyang and/or other entity or individual designated by it may, upon the Exercise of Option, obtain the proper
title to the Transferred Asset free from any lien, pledge, claim and other encumbrances and third party rights;

 

(6) The Target Company shall
obtain complete Business Permits as necessary for its operations upon this Agreement taking effect. Target Company has conducted
its business legally since its establishment and has not incurred any cases which violate or may violate the regulations and requirements
set forth by the departments of commerce and industry, tax, culture, quality technology supervision, labor and social security
and other governmental departments or any disputes in respect of breach of contract.

 

    	7

     

    

 

5.3 Yuezhong
Shenyang hereby represents and warrants as follows:

 

(1) Yuezhong Shenyang is a company
with limited liability properly registered and legally existing under PRC Law, with an independent status as a legal person. Yuezhong
Shenyang has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently
as a subject of actions;

 

(2) Yuezhong Shenyang has full
power and authorization to execute and deliver this Agreement and all the other documents to be entered into by it in relation
to the transaction referred to herein, and it has the full power and authorization to complete the transaction referred to herein.

 

ARTICLE 6 - UNDERTAKINGS BY THE SHAREHOLDERS
AND 

THE TARGET COMPANY

 

The Shareholders and the Target Company
hereby individually undertake within the term of this Agreement as follows:

 

6.1 the Shareholders must ensure that
the Target Company would validly exist and prevent it from being terminated, liquidated or dissolved, and take all necessary
measures to ensure that Target Company is able to obtain all the Business Permits necessary for its business in a timely
manner and all the Business Permits remain in effect at any time.

 

6.2 the
Shareholders hereby individually undertake within the term of this Agreement that without the prior written consent by Yuezhong
Shenyang,

 

(1) no Shareholders shall transfer
or otherwise dispose of any Option Equity or create any encumbrance or other third party rights on any Option Equity;

 

(2) it shall not increase or
decrease the Target Company Registered Capital, or otherwise cause or agree with Target Company’s division or consolidation
with any other entity;

 

(3) it shall not dispose of
or cause the management of Target Company to dispose of any assets, business, revenue or other legal rights of Target Company,
or permit creating any encumbrance or other third party's interest on such assets, business, revenue or other legal rights (except
as occurs during the arm's length or operations or daily operation);

 

    	8

     

    

 

(4) it shall not terminate or
cause the management of Target Company to terminate any Material Agreements entered into by Target Company, or enter into any other
Material Agreements in conflict with the existing Material Agreements;

 

(5) it shall not appoint or
cancel or replace any executive directors or members of board of directors (if any), supervisors or any other management personnel
of Target Company to be appointed or dismissed by the Shareholders;

 

(6) it shall not individually
or collectively cause each Target Company to conduct any transactions that may substantively affect the asset, liability, business
operation, equity structure, equity of a third party and other legal rights (except those occurring during the arm's length operations
or daily operation, or having been disclosed to and approved by Yuezhong Shenyang in writing);

 

(7) it shall not cause Target
Company to announce the distribution of or in practice release any distributable profit, dividend or share profit;

 

(8) it shall not amend the Articles
of Association of Target Company;

 

(9) it shall ensure that Target
Company shall not lend or borrow any money, or provide guarantee with Target Company Asset or engage in security activities in
any other forms, or bear any substantial obligations other than on the arm's length basis.

 

6.3 The
Shareholders hereby individually undertake that it must make all its efforts during the term of this Agreement to develop the business
of Target Company, and ensure that the operations of Target Company are legal and in compliance with the regulations and that it
shall not engage in any actions or omissions which might harm the Target Company Assets or its credit standing or affect the validity
of the Business Permits of Target Company.

 

6.4 Without
limiting the generality of Article 6.2 above, considering the fact that each Shareholder of Target Company sets aside all the equity
interest held thereby in Target Company as security to secure the performance by Target Company of the obligations under the Exclusive
Service Agreement, the performance of such Shareholder of the obligations under the Proxy Agreement, the Shareholder undertakes
to, within the term of this Agreement, make full and due performance of any and all of the obligations on the part thereof under
the Proxy Agreement, and to procure the full and due performance of each Target Company of any and all of its obligations under
the Exclusive Service Agreement and warrants that no adverse impact on exercising the rights under this Agreement by Yuezhong Shenyang
will be incurred due to the breach by the Shareholder of the Proxy Agreement or the breach of the Target Company of the Exclusive
Service Agreement.

 

    	9

     

    

 

ARTICLE 7 - TAXATION

 

Each party shall pay the due tax fees in
relation to execution and performance of this Agreement respectively.

 

ARTICLE 8 - CONFIDENTIALITY

 

8.1 Notwithstanding
the termination of this Agreement, the Shareholders shall be obligated to keep in strict confidence the commercial secret, proprietary
information and customer information in relation to other parties and any unreleased information of which the performance result
might be known to other parties (hereinafter collectively the "CONFIDENTIAL INFORMATION").

 

8.2 Each Party shall not disclose the
confidential information or provide any other party other than the Parties in this Agreement with any confidential
information, unless with prior written consent of the other Parties or in accordance with relevant laws, regulations or
listing rules. Except for the purpose of performing its obligations under this Agreement, no Shareholders shall use or partly
use such Confidential Information directly or indirectly, or they shall bear the default liability and indemnify the
losses.

 

8.3 Upon
termination of this Agreement, each party shall, upon demand by the Disclosing Party, return, destroy or otherwise dispose of all
the documents, materials or software containing the Confidential Information and suspend using such Confidential Information.

 

8.4 Notwithstanding
any other provisions herein, the validity of this Article shall not be affected by the suspension or termination of this Agreement.

 

ARTICLE 9 - TERM OF AGREEMENT

 

9.1 The
Parties hereby confirms, on execution by the Parties, this Agreement shall take effect irrevocably as of the date of formal execution
by the Parties.

 

    	10

     

    

 

9.2 Unless the Parties otherwise make agreement
on termination in writing, this Agreement shall terminate when all the Transferred Equity or Transferred Asset of Target Company
is legally transferred under the name of Yuezhong Shenyang and/or other entity or individual designated by it in accordance with
the provisions of this Agreement.

 

ARTICLE 10 – NOTICE

 

10.1 Any notice, request, demand and
other correspondences made as required by or in accordance with this Agreement shall be made in writing and delivered to the
relevant Party.

 

10.2 The above-mentioned notice or
other correspondences shall be deemed to have been delivered when it is transmitted if transmitted by facsimile or telex; it
shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed to have been delivered
five (5) days after posting the same if posted by mail.

 

ARTICLE 11 - LIABILITY FOR BREACH OF
CONTRACT

 

11.1 The Parties agree and
confirm that, if any party (hereinafter the "DEFAULTING PARTY") breaches substantially any of the provisions herein
or fails substantially to perform any of the obligations under this Agreement, such a breach or omission shall constitute a
default under this Agreement, then non-defaulting Party shall have the right to require the Defaulting Party to rectify such
Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take
remedial measures within such reasonable period or within ten (10) days of non-defaulting Party's notifying the Defaulting
Party in writing and requiring it to rectify the Default, then non-defaulting Party shall have the right at its own
discretion to select any of the following remedial measures:

 

(1)       to
terminate this Agreement and require the Defaulting Party to indemnify it for all the damage; or

 

(2)       mandatory
performance of the obligations of the Defaulting Party hereunder and require the Defaulting Party to indemnify it for all the damage.

 

11.2 Without limiting the generality
of Article 10.1, any breach of the Proxy Agreement, the Equity Pledge Agreement shall be deemed as having constituted the
breach by such Shareholder of this Agreement; and any breach by Target Company of any provision in the Exclusive Service
Agreement, if attributable to the failure of any Shareholder to perform the obligations thereof under Article 6 hereof, shall
be deemed as having constituted the breach by such Shareholder of this Agreement.

 

    	11

     

    

 

11.3 Notwithstanding any other
provisions herein, the validity of this Article shall stand disregarding the suspension or termination of this Agreement.

 

ARTICLE 12 - GOVERNING LAW AND DISPUTE
RESOLUTION

 

12.1 The formation, validity,
execution, amendment, interpretation and termination of this Agreement shall be subject to PRC Law.

 

12.2 Any disputes arising hereunder and
in connection herewith shall be settled through consultations among the Parties, and if the Parties cannot reach an agreement regarding
such disputes within thirty (30) days of their occurrence, such disputes shall be submitted to China International Economic and
Trade Arbitration Commission for arbitration in Beijing in accordance with the arbitration rules of such Commission, and the arbitration
award shall be final and binding on all Parties.

 

12.3 Unless otherwise awarded by the arbitration
court, the losing party shall bear all the arbitration or prepaid expenses (including but not limited to arbitration expense, arbitrator
and lawyer’s fee, travelling expense, etc.).

 

ARTICLE 13 - FORCE MAJEURE

 

In the event of earthquake, typhoon, flood,
fire, war, computer virus, loophole in the design of tooling software, internet system encountering hacker’s invasion, change
of policies or laws, and other unforeseeable or unpreventable or unavoidable event of force majeure, which directly prevents a
Party from performing this Agreement or performing the same on the agreed condition, the Party encountering such a force majeure
event shall forthwith issue a notice by a facsimile and, within thirty (30) days, present the documents proving the details of
such force majeure event and the reasons for which this Agreement is unable to be performed or is required to be postponed in its
performance, and such proving documents shall be issued by the notaries office of the area where such force majeure event takes
place. The Parties shall consult each other and decide whether this Agreement shall be waived in part or postponed in its performance
with regard to the extent of impact of such force majeure event on the performance of this Agreement. No Party shall be liable
to compensate for the economic losses brought to the other Parties by the force majeure event.

 

    	12

     

    

 

ARTICLE 14 – TRANSFER

 

14.1 The Shareholders shall not assign
any of its rights and/or obligations hereunder to any third party without the prior written consent from Yuezhong Shenyang. Yuezhong
Shenyang has the right to assign its rights and/or obligations hereunder to the third party designated by it after notifying the
Shareholders.

 

14.2 As for transfer with the consent,
this Agreement shall be binding on the legal successors of the Parties.

 

ARTICLE 15 - SEVERABILITY

 

Each provision contained herein shall be
severable and independent from each of other provisions, and if at any time any one or more articles herein become invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as a result
thereof.

 

ARTICLE 16 - AMENDMENT AND SUPPLEMENT

 

16.1 Any amendment or supplement to this
Agreement shall be made in writing and take effect as part of this Agreement when properly signed by the Parties, which shall have
the same legal effect as this Agreement.

 

16.2 Notwithstanding the preceding
sentence, considering that the rights and obligations of each of the Shareholders hereunder are independent and severable
from each other, in case the amendment or supplement to this Agreement is intended to have impact upon one of the
Shareholders, such amendment or supplement requires the approval of such Shareholder only and it is not required to obtain
the approval from the other ones of the Shareholders (to the extent the amendment or supplement do not have impact upon such
other Shareholders).

 

ARTICLE 17 - TEXT

 

This Agreement shall be prepared in the
Chinese language in six (6) original copies, with each involved Party holding one (1) copy hereof. Each original copy has the same
legal effect.

 

ARTICLE 18 - MISCELLANEOUS

 

18.1 Any failure or delay by a Party in
exercising any of its rights, powers and remedies hereunder or in accordance with laws (the "PARTY’S RIGHTS") shall
not lead to a waiver of such rights, and the waiver of any single or partial exercise of the Party’s Rights shall not preclude
such Party from exercising such rights in any other way and exercising the remaining part of the Party’s Rights.

 

    	13

     

    

 

18.2 The titles of the Articles contained
herein shall be for reference only, and in no circumstances shall such titles be used in or affect the interpretation of the provisions
hereof.

 

[THE REMAINDER IS THE SIGNATURE PAGE]

 

    	14

     

    

 

IN WITNESS HEREOF, the following Parties
have caused this Call Option Agreement to be executed as of the date and in the place first here above mentioned.

 

	BO JIANG	 
	Signature by:	/s/ Bo Jiang	 

 

	TAO JIANG	 
	Signature by:	/s/ Tao Jiang	 

 

	DI WANG	 
	Signature by:	/s/ Di Wang	 

 

	Yuezhong (Shenyang) Technology Co., Ltd. (Company chop)	 

	Signed by: 	/s/   Bo Jiang	 
	Name: Bo Jiang	 
	Position: Director	 

 

	Leaping Media Group Co., Ltd. (Company chop)	 
	Signed by:	/s/ Di Wang	 
	Name: Di Wang	 
	Position: Vice President	 

 

    	15

     

    

 

APPENDIX I: 

 

FORMAT OF THE OPTION EXERCISE NOTICE

 

To:

 

As our company and you/your company and
other relevant parties signed an Call Option Agreement as of October 15, 2018 (hereinafter the "OPTION AGREEMENT"), and
reached an agreement that you/your company shall transfer the equity you/your company hold in Leaping Media Group Co., Ltd. (hereinafter
the "TARGET COMPANY") to our company or any third parties designated by our company on demand of our company to the extent
as permitted by PRC Law and regulations.

 

Therefore, our company hereby gives this
Notice to you/your as follows:

 

Our company hereby requires to
exercise the Call Option under the Option Agreement and [our company]/[company/individual designated by our company] shall
accept the equity you/your company hold accounting for [ ] % of Leaping Media Group Co., Ltd. Registered Capital,
corresponding to the amount of [ ] (hereinafter the "PROPOSED ACCEPTED EQUITY"). You/Your company is required
to forthwith transfer all the Proposed Accepted Equity to [our company]/[designated company/individual] upon receipt of this
Notice in accordance with the agreed terms in the Option Agreement.

Best regards,

 

YUEZHONG (SHENYANG) TECHNOLOGY CO., LTD.
(Chop)

 

Authorized Representative:

 

Date:

 

    	16

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