Document:

ex10_1.htm

  
    Exhibit
      10.1

    
 Text
      marked by [***] has been omitted pursuant to a
      request for confidential treatment and was filed separately with the Securities
      and Exchange Commission.

     

     

    Dated
      the 12th day of
November ,2007

    

    

    

    

    GUIDING
      MEDIA ADVERTISING LIMITED

    [CHINESE
      OMITTED]

    

    and

    

    NCN
      MEDIA SERVICES LIMITED

    

    and

    

    SHANGHAI
      QUO ADVERTISING COMPANY LIMITED

    [CHINESE
      OMITTED]

    

    __________________________________________________

    

    AGREEMENT

    __________________________________________________

    

    

    

     

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIS
      AGREEMENT is made on this 12th day of November
      2007

    

    

    BETWEEN
      :

    

    
      	
              1)

            	
              GUIDING
                MEDIA ADVERTISING LIMITED
                [CHINESE OMITTED] (“Guiding Media”), a company incorporated in
                the People’s Republic of China, of the first
                part,

            

    

    

    
      	
              2)

            	
              NCN
                MEDIA SERVICES LIMITED (“NCN”), a company incorporated in the British
                Virgin Islands, of the second part
                and,

            

    

    

    
      	
              3)

            	
              SHANGHAI
                QUO ADVERTISING COMPANY LIMITED (“Quo”), a company incorporated in the
                People’s Republic of China, of the third
                part.

            

    

    

    WHEREAS:

    

    
      	
              A.

            	
              Guiding
                Media is desirous of granting the Agency right in respect of the
                Media
                hereinafter mentioned to Quo and requires assurance in respect of
                the
                payment of the Agency Right Fees hereinafter
                mentioned.

            

    

    

    
      	
              B.

            	
              Quo
                is an associated company of NCN and has applied to NCN for financial
                support in order to meet the requirements in respect of the payment
                of
                Agency Right Fees hereunder and NCN has agreed to be joined as a
                party to
                this Agreement accordingly.

            

    

    

    
      	
              C.

            	
              Guiding
                Media is satisfied with the arrangement for such payments in the
                manner
                hereinafter appearing.

            

    

    

    NOW
      IT IS
      HEREBY AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:-

    

    
      	
              1.

            	
              AGENCY

            

    

    

    In
      consideration of the agreements hereinafter contained Guiding Media shall grant
      to Quo the exclusive agency right (“Agency”) to operate
      98 freestanding multimedia advertisement light boxes (“Media”) to be
      situated at designated locations within the International Zone of Number Three
      Terminal of Beijing International Airport in China (“Airport”) for a term of 36
      months from 1st January,
      2008 to
      31st December,
      2010 (“Term of Agency”)for commercial advertisements (“Advertisement
      Project”).  The designated locations are more particularly set out in
      the Schedule hereto.

    

    
      	
              2.

            	
              BUSINESS
                PROCEEDS

            

    

    

    During
      the subsistence of the Term of Agency Quo shall be entitled to retain all
      the business
      proceeds arising from the placing of advertisements through the Media upon
      the punctual payment of the relevant fees for its agency right hereinafter
      mentioned (“Agency Right Fees”) which shall be effected by payment from
      NCN.

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    
      	
              3.

            	
              AGENCY
                RIGHT FEES

            

    

    

    
      	
               

            	
              (a)

            	
              The
                Agency Right Fee which shall be payable by NCN on behalf of Quo to
                Guiding
                Media under this Agreement shall be the aggregate sum of [***] for
                the
                whole Term of Agency which aggregate sum is calculated at the rate
                of
                [***] per unit of the Media per
                annum.

            

    

     

    
      
        	
                 

              	
                (b)

              	
                The
                  Agency Right Fee shall be paid in three annual installments by
                  NCN to
                  Guiding Media in the manner and punctually on the dates hereinafter
                  stipulated :-

              

      

       

    

    
      	
               

            	
              (i)

            	
              a
                performance pledge deposit and part payment of the Agency Right Fee
                in the
                sum of [***] shall be paid by NCN to Guiding Media on or before 3rd
                November,
                2007 which sum shall be regarded as and applied towards the part
                payment
                of the first annual installment of the Agency Right Fee upon the
                punctual
                payment of the balance of such annual
                installment;

            

    

    

    
      	
               

            	
              (ii)

            	
              the
                Agency Right Fee for the First Year of the Term of Agency in the
                sum of
                [***] shall be paid by NCN to Guiding Media on or before 30th
                November,
                2007 in which event credit shall be given to the performance pledge
                deposit already paid under sub-paragraph (i) hereof as part payment
                of
                such installment;

            

    

    

    
      	
               

            	
              (iii)

            	
              the
                Agency Right Fee for the Second Year of the Term of Agency in the
                sum of
                [***] shall be paid by NCN to Guiding Media on or before 30th
                August,
                2008; and

            

    

    

    
      	
               

            	
              (iv)

            	
              the
                Agency Right Fee for the Third Year of the Term of Agency in the
                sum of
                [***] shall be paid by NCN to Guiding Media on or before 30th
                August,
                2009.

            

    

    

    
      	
               

            	
              (c)

            	
              In
                the event of any variation in the quantity of the units comprised
                in the
                Media by reason of any adjustment in the global layout of the Airport,
                the
                parties hereto shall enter into negotiation to determine the increase
                in
                the Agency Right Fees for any resulting increase in the number of
                units of
                the Media and shall accept an agreed reduction in the Agency Right
                Fees at
                the rate of [***] for each unit of the Media thereby
                reduced.

            

    

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    4.       RIGHTS
      & OBLIGATIONS OF GUIDING MEDIA

     

    
      
        	
                 

              	
                (a)

              	
                Guiding
                  Media hereby undertakes to Quo and NCN and agrees to take all necessary
                  action to ensure that throughout the subsistence of this Agreement
                  during
                  the Term of Agency:-

              

      

       

    

    
      	
               

            	
              (i)

            	
              the
                right hereby conferred upon Quo is and will be legally enforceable
                and
                effective;

            

    

    

    
      	
               

            	
              (ii)

            	
              it
                has and will continue to have the full and unfettered right and capacity
                to grant the Agency right to Quo
                hereunder;

            

    

    

    
      	
               

            	
              (iii)

            	
              it
                possesses and will continue to possess all requisite licenses and
                approval
                of relevant authorities for the commercial operation of the Media
                as a
                media of advertisement;

            

    

    

    
      	
               

            	
              (iv)

            	
              all
                the documents, papers and licenses provided by Guiding Media for
                the
                reference or consideration of Quo are authentic, legal and
                effective;

            

    

    

    
      	
               

            	
              (v)

            	
              it
                has not and shall not grant any advertising right in respect of the
                Media
                to any other party; and

            

    

    

    
      	
               

            	
              (vi)

            	
              all
                its rights and capacity which is or will be requisite for its granting
                of
                and continuing to grant the Agency right hereunder to Quo has not
                been and
                shall not be subject to any dispute by the relevant authority or
                be
                subject to any pledge, mortgage or
                encumbrance.

            

    

     

    
      
        	
                 

              	
                (b)

              	
                Guiding
                  Media shall grant an exclusive Agency right to Quo in respect of
                  the Media
                  during the Term of Agency and shall not offer any advertising right
                  in
                  respect of the Media to any other party or be engaged in any marketing
                  activity to invite, obtain or tout for advertising business from
                  any other
                  party.

              

      

       

    

    
      	
               

            	
              (c)

            	
              Guiding
                Media shall punctually pay and discharge all requisite fees or charges
                payable to relevant authorities in order to secure the Agency right
                for
                the use and benefit of Quo hereunder save any except any such fee
                or
                charge which Quo is under an express obligation to pay
                hereunder.

            

    

     

    
      
        	
                 

              	
                (d)

              	
                Guiding
                  Media shall liaise on behalf of Quo with all relevant authorities
                  in
                  connection with the Advertisement Project and any matter which
                  arises in
                  relation to the obligations of Guiding Media more particularly
                  set out in
                  this Clause 4.

              

      

       

    

    
      	
              5.

            	
              RIGHTS
                & OBLIGATIONS OF
                Quo

            

    

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                 

              	
                (a)

              	
                Quo (through
                  NCN on its behalf) shall pay the Agency Right Fees stipulated hereunder
                  punctually on or before the prescribed dates for the payment of
                  each
                  installment.

              

      

       

    

    
      
        	
                 

              	
                (b)

              	
                Quo
                  shall be entitled to the full benefit of an exclusive Agency in
                  respect of
                  advertisement through the Media throughout the Term of
                  Agency.

              

      

       

    

    
      	
               

            	
              (c)

            	
              Quo
                and Guiding Media agree to work closely together to maintain a dialogue
                on
                all situations relevant to the Advertisement Project and to exchange
                their
                views and co-ordinate their efforts accordingly and to hold regular
                meetings for work co-ordination.

            

    

     

    
      
        	
                 

              	
                (d)

              	
                Quo
                  (through NCN on its behalf) shall pay periodically to Guiding Media
                  the
                  electricity charges and screen material installation charges in
                  respect of
                  the Advertisement Project.

              

      

      
         

        
          	
                   

                	
                  (e)

                	
                  Quo
                    shall abide by the law in its advertisement business and in particular
                    shall not be involved in any activity which may prejudice the
                    continual
                    operation of the Advertisement Project through the
                    Media.

                

        

         

      

    

    
      	
              6.

            	
              BUSINESS
                RELATIONSHIP

            

    

    

    
      	
              (a)

            	
              The
                parties hereby declare and agree that there is no business association
                or
                 relationship between the parties otherwise than their contractual
                relationship as stated expressly in this Agreement and each of the
                parties
                hereto are individual legal entities which has its own rights and
                obligations and shall not be answerable or responsible for the liabilities
                of the other party hereto in the event of any claim made by a third
                party
                in respect of that party’s indebtedness or liability arising in the course
                of its business activities.

            

    

    

    
      	
              (b)

            	
              NCN
                is involved as a party to this Agreement solely for the purpose of
                its
                assumption of a contractual obligation to Guiding Media to effect
                the
                relevant payments hereunder on behalf of Quo, it assumes no further
                obligation in relation to the Advertisement Project, the Media or
                the
                Agency and in so far as any assumption to the contrary effect may
                be
                implied from the payments to be made by NCN hereunder such assumption
                is
                hereby specifically dispelled.

            

    

    

    
      	
              7.

            	
              CONFIDENTIALITY

            

    

     

    
      
        	
                 

              	
                (a)

              	
                All
                  information provided by one of the parties hereto to the other
                  in the
                  course of their negotiation for and making of this Agreement shall
                  not be
                  disclosed or divulged to a third party without the prior written
                  consent
                  of the party from whom such information
                  originated.

              

      

       

    

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                 

              	
                (b)

              	
                Except
                  where it is required to be disclosed under the law or the demand
                  of any
                  governing authority each of the parties hereto undertake to the
                  other to
                  maintain strict confidence on any matter or information concerning
                  this
                  Agreement or its implementation (other than information already
                  in the
                  public domain) which originates from or is provided by the other
                  party or
                  its business associate, agent or employee and in particular to
                  withhold
                  such information from the media or third parties. Disclosures of such
                  confidential information to a party’s company director and management
                  staff will be restricted by the extent to which it is necessary
                  for the
                  proper and normal operation of business activities
                  hereunder.

              

      

       

    

    
      	
               

            	
              (c)

            	
              All
                information obtained by a party to this Agreement in the course of
                its
                signing and implementation of this Agreement shall be kept confidential
                and shall not be disclosed or divulged without the prior written
                consent
                of the other party and even with such consent should be disclosed
                only for
                the purpose of this Agreement. In the event of the cancellation of
                this
                Agreement the relevant information shall in accordance with the wish
                of
                the other party be destroyed or returned to the other party save
                and
                except where there is a dispute between the parties and such information
                is being retained in connection with the
                dispute.

            

    

     

    
      
        	
                 

              	
                (d)

              	
                This
                  Clause shall remain effective for a term of one calendar year after
                  the
                  expiration or sooner determination of this Agreement. In the event
                  of any
                  record or document relating to the Agency or the operation of the
                  Media
                  being required by the law to be retained for tax or other purposes
                  this
                  Clause shall remain effective for such records or documents throughout
                  the
                  period of retention of the same.

              

      

       

    

    
      	
              8.

            	
              FORCE
                MAJEURE

            

    

    

    In
      the
      event of force majeure or other causes due to the change or adjustment in the
      relevant policy of national or municipal or other relevant authorities affecting
      the flow of travelers or business environment within the Airport which prevents
      the continual implementation or performance of this Agreement the parties shall
      promptly enter into discussion and upon the production of relevant documentary
      proof of such event shall accordingly either alter the terms of this Agreement
      or cancel this Agreement either entirely or partially. Neither party hereto
      shall be liable to the other for any economic loss or legal liability arising
      from such alteration, cancellation or partial cancellation of this Agreement.
      Any payment which has been made paid by NCN (on behalf of Quo) in respect
      of the portion of the Agency right which shall have been so cancelled or reduced
      shall be refunded to NCN.

    

    
      	
              9.

            	
              RESOLUTION
                OF DISPUTE

            

    

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                 

              	
                (a)

              	
                This
                  Agreement is made and shall be construed and interpreted and shall
                  take
                  effect under and in accordance with the law of the People’s Republic of
                  China.

              

      

       

      
        
          	
                   

                	
                  (b)

                	
                  In
                    the event of any dispute arising between the parties hereto in
                    relation to
                    this Agreement the parties should try to resolve the dispute
                    through
                    negotiation and if the dispute cannot be resolved in that manner
                    then the
                    matter shall be brought before the Court at the place of origin
                    of the
                    party making the claim and if both parties should have submitted
                    their
                    respective claims to the Court at their respective place of origin
                    then
                    the matter should be submitted to the Beijing Arbitration Commission
                    for
                    arbitration.

                

        

         

      

    

    
      	
              10.

            	
              OTHER
                TERMS

            

    

     

    
      
        	
                 

              	
                (a)

              	
                Each
                  party hereto shall bear its own tax liability for any tax or levy
                  arising
                  in relation to this Agreement under the laws and regulations of
                  the
                  People’s Republic of China.

              

      

      
         

        
          	
                   

                	
                  (b)

                	
                  This
                    Agreement shall take effect from the date on which all parties
                    hereto have
                    signed the same.

                

        

        
          

          
            	
                     

                  	
                    (c)

                  	
                    This
                      Agreement is signed in two identical counterparts, each of
                      the parties
                      hereto shall retain one of the counterparts and all counterparts
                      shall
                      have the same legal effect.

                  

          

           

          
            
              	
                       

                    	
                      (d)

                    	
                      All
                        matters that have not been adequately provided for in the
                        terms of this
                        Agreement may be resloved by friendly negotiation between
                        the parties
                        hereto and upon the parties reaching consensus on such matter,
                        may be put
                        into a legal document as a supplement to these
                        presents.  Supplementary agreements like that shall have legal
                        effects equal to this Agreement.

                    

            

            

 

          

        

      

    

    

    

    

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    

    

    THE
      SCHEDULE ABOVE REFERRED TO

     

     

     

     

     

    
 

    
      	 	 	 
	 /s/
              Edmond Lee	 	 /s/
              Godfrey Hui
	
              GUIDING
                MEDIA  ADVERTISING 

              LIMITED

            	 	
              NCN
                MEDIA SERVICES LIMITED

            
	 	 	 
	
              Date
                of Signing:

            	 	
              Date
                of Signing:

            
	
              November
                12, 2007

               

            	 	
              November
                12, 2007

            

    

     

     

     

    
 

    
      	 
	 /s/
              Zhang Li Na
	
              SHANGHAI
                QUO ADVERTISING 

              COMPANY
                LIMITED

            
	 
	
              Date
                of Signing:

            
	
              November
                12, 2007ex10_2.htm

  
    Exhibit
      10.2

    NOTE
      AND WARRANT PURCHASE AGREEMENT

    

               This
      NOTE AND WARRANT PURCHASE AGREEMENT (this “Agreement’) is made as of November
      12, 2007 by and between Network CN Inc., a Delaware corporation (the “Company”),
      and Wei An Developments Limited (the “Investor”).

    

    RECITALS

    

               A.           The
      Company is currently in need of funds to help finance its
      operations.

    

               B.           The
      Investor is willing to advance funds to the Company in exchange for the issuance
      to them of (i) certain convertible promissory notes evidencing the Company’s
      obligation to repay the Investor’s loan of the advanced funds and (ii) certain
      warrants to purchase shares of the Company’s common stock, all as provided in
      this Agreement.

    

               NOW
      THEREFORE, the parties hereby agree as follows:

    

               1.           PURCHASE
      AND SALE OF NOTES AND WARRANTS.

    

               1.1           Note
      Purchase. Subject to the terms and conditions of this Agreement,
      the Company agrees to sell to the Investor, and the Investor agrees to purchase
      from the Company, a Convertible Promissory Note in the form attached to this
      Agreement as Exhibit A (the “Note”) in the
      principal amount (the “Principal Amount”) of
      $5,000,000.

    

               1.2           Warrant
      Issuance. Subject to the terms and conditions of this Agreement and
      in consideration of Investor’s commitment to advance up to the Principal Amount
      of $5,000,000, the Company further agrees to issue to the Investor a warrant
      to
      purchase up to 250,000 shares of the Company’s common stock, par value $0.001
      per share (“Warrant Stock”) in the form attached
      hereto as Exhibit B
      (the“Warrant”).

    

               2.           CLOSING.

    

    The
      purchase and sale of the Notes and the Warrants will take place at the offices
      of Crone Rozynko LLP, 101 Montgomery Street, San Francisco, CA 94104, at 5:00
      p.m. pacific time, on November 12, 2007, or at such other time and place as
      the
      Company and the Investor mutually agree upon (which time and place are referred
      to as the “Closing”). At the Closing, the Investor will deliver to the Company
      payment in full for the Note and the Warrant at the Closing by (i) a check
      payable to the Company’s order. (ii) wire transfer of funds to the Company or
      (iii) any combination of the foregoing. At the Closing, the Company will deliver
      to the Investor a duly executed Note in the Principal Amount and a duly executed
      Warrant.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

               3.           REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY.

    

    The
      Company hereby represents and warrants to the Investor that the statements
      in
      the following paragraphs of this Section 3 are all true and complete as
      of immediately prior to the closing:

    

    3.1          Organization,
      Good Standing, and Qualification. The Company is a
      corporation duly organized, validly existing and in good standing under the
      laws
      of the State of Delaware and has all requisite corporate power and authority
      to
      carry on its business as now conducted and as proposed to be conducted. The
      Company is duly qualified to transact business and is in good standing in each
      jurisdiction in which the failure so to qualify would have a material adverse
      effect on its business or properties. The Company has all requisite corporate
      power and authority to own its properties, to carry on its business as now
      conducted, and to enter into and perform its obligations under this Agreement
      and the agreements and instruments contemplated by it.

    

    3.2          Capitalization.  The
      authorized capitalization of the Company immediately prior to the Closing is
      as
      follows:

    

    (a)           Common
      Stock.  800,000,000 shares of Common Stock (the
      “Common Stock”), 69,151,608 of which were issued and outstanding. The Company
      has reserved (i) 2,083,333 shares of Common Stock for issuance upon conversion
      of the Notes and (ii) 250,000 shares of Common Stock for issuance upon exercise
      of the Warrants.

    

    (b)           Preferred
      Stock.  5,000,000 shares of Preferred Stock and none of which were
      issued and outstanding.

    

    3.3           Authorization.           All
      corporate actions on the part of the Company necessary for the authorization,
      execution and delivery of this Agreement, and the performance of all obligations
      of the Company hereunder, and the authorization, issuance and delivery of the
      Note and Warrant has been taken or will be taken prior to the relevant Closing.
      This Agreement, the Notes and the Warrant, when executed and delivered by the
      Company, shall constitute valid and legally binding obligations of the Company,
      enforceable in accordance with their terms, except (i) as limited by applicable
      bankruptcy, insolvency, reorganization, moratorium, and other laws of general
      application affecting enforcement of creditors’ rights generally, and (ii) as
      limited by laws relating to the availability of specific performance, injunctive
      relief, or other equitable remedies

    

    3.4           Valid
      Issuance.

    

               The
      Note, the shares of Common Stock issued upon conversion of the Note, the Warrant
      and the Common Stock issued upon the exercise thereof, when issued, sold, and
      delivered in accordance with the terms of the Note and the Warrant, will be
      duly
      and
      validly issued, fully paid and non-assessable and, based in part upon the
      representations of the Investor in this Agreement, will be issued in compliance
      with all applicable federal and state securities laws.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3.5          Compliance
      with Other Instruments. The Company is not in violation or default
      of any provisions of any instrument, judgment, order, writ, decree or contract
      to which it is a party or by which it is bound. The execution, delivery and
      performance of the Agreement, the consummation of the transactions contemplated
      hereby and the authorization, issuance and delivery of the Note and the Warrant
      will not result in any such violation or be in conflict with or constitute,
      with
      or without the passage of time and giving of notice, either a default under
      any
      such provision, instrument, judgment, order, writ, decree or contract, or an
      event which results in the creation of any lien, charge or encumbrance upon
      any
      assets of the Company.

    

    4.          REPRESENTATIONS,
      WARRANTIES AND CERTAIN AGREEMENTS OF
      INVESTOR.  In connection with the
      transactions provided for herein, the Investor hereby represents and warrants
      to
      the Company that:

    

     4.1           Authorization.
      This Agreement constitutes such Investor’s valid and legally binding obligation,
      enforceable in accordance with its terms, except (i) as limited by applicable
      bankruptcy, insolvency, reorganization, moratorium and other laws of general
      application affecting enforcement of creditors’ rights generally, and (ii) as
      limited by laws relating to the availability of specific performance, injunctive
      relief or other equitable remedies.

    

                         4.2           Purchase
      Entirely for Own Account. Such Investor acknowledges that this
      Agreement is made with such Investor in reliance upon such Investor’s
      representation to the Company that the securities will be acquired for
      investment for such Investor’s own account, not as a nominee or agent, and not
      with a view to the resale or distribution of any part thereof, and that such
      Investor has no present intention of selling, granting any participation in,
      or
      otherwise distributing the same. By executing this Agreement, such Investor
      further represents that such Investor does not have any contract, undertaking,
      agreement or arrangement with any person to sell, transfer or grant
      participation to such person or to any third person, with respect to the
      securities. Such Investor represents that it has full power and authority to
      enter into this Agreement.

    

                         4.3           Disclosure
      of Information. Such Investor acknowledges that it has received all
      the information it considers necessary or appropriate for deciding whether
      to
      acquire the securities. Such Investor further represents that it has had an
      opportunity to ask questions and receive answers from the Company regarding
      the
      terms and conditions of the offering of the securities.

    

                         4.4           Investment
      Experience. Such Investor is an investor in securities of companies
      in the development stage and acknowledges that it is able to fend for itself,
      can bear the economic risk of its investment and has such knowledge and
      experience in financial
      or business matters that it is capable of evaluating the merits and risks of
      the
      investment in the securities. If other than an individual, such Investor also
      represents it has not been organized solely for the purpose of acquiring the
      securities.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

                           4.5           Accredited
        Investor.  Such Investor is an “accredited investor”
within the meaning of Rule 501 of Regulation D of the Securities
        and Exchange
        Commission (“SEC”), as presently in
        effect,.

    

    
      

                           4.6            Restricted
        Securities. Such Investor understands that the securities are
        characterized as “restricted securities” under the
        federal securities laws inasmuch as they are being acquired from the Company
        in
        a transaction not involving a public offering and that under such laws and
        applicable regulations such securities may be resold without registration
        under
        the Securities Act of 1933, as amended (the “Act”),
        only in certain limited circumstances. Such Investor represents that it is
        familiar with SEC Rule 144, as presently in effect, and understands the resale
        limitations imposed thereby and by the Act.

    

    
      

                           4.7           Further
        Limitations on Disposition.  Without in any way limiting
        the representations set forth above, such Investor further agrees not to
        make
        any disposition of all or any portion of the securities unless and until
        the
        transferee has agreed in writing for the benefit of the Company to be bound
        by
        this Section 4 and:

    

    

    (a)
      There
      is then in effect a Registration Statement under the Act covering such proposed
      disposition and such disposition is made in accordance with such Registration
      Statement; or

    

    (b)
      Investor shall have notified the Company of the proposed disposition and shall
      have furnished the Company with a detailed statement of the circumstances
      surrounding the proposed disposition, and (ii) if requested by the Company,
      the
      Investor shall have furnished the Company with an opinion of counsel,
      satisfactory to the Company, that such disposition will not require registration
      of such shares under the Act.

    
      

                           4.8           Legends.
        It is understood that the securities may bear the following legends in addition
        to any legends required by the laws of any State in which such securities
        are
        issued:

    

    

    “THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE
      SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY
      TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED
      UNDER SUCH ACT.”

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “THESE
      SECURITIES ARE SUBJECT TO THE TERMS OF ONE OR MORE AGREEMENTS
      BY AND AMONG THE COMPANY AND CERTAIN HOLDERS
      OF THE COMPANY’S SECURITIES. COPIES OF SUCH AGREEMENTS
      MAY BE OBTAINED FROM THE COMPANY. BY ACCEPTING
      ANY INTEREST IN THESE SECURITIES, THE PERSON OR ENTITY
      ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO
      AND
      SHALL BE BOUND BY ALL THE PROVISIONS OF SAID AGREEMENTS.”

    

               5.           CONDITIONS
      TO CLOSING.

    

                         5.1           Conditions
      to Investor’s Obligations. The obligations of the
      Investor under Section 2 of this Agreement are subject to the fulfillment
      or waiver, on or before the Closing, of each of the following conditions, the
      waiver of which shall not be effective against any Investor who does not consent
      to such waiver, which consent may be given by written or email communication
      to
      the Company, its counsel or to special counsel to the Investor:

    
      

                                            (a)           Each
        of the representations and warranties of the Company contained in Section
        3 shall be true and correct on and as of the Closing with the same effect
        as
        though such representations and warranties had been made on and as of the
        date
        of the Closing; and

    

    
      

                                            (b)           the
        Company shall have performed and complied with all agreements, obligations
        and
        conditions contained in this Agreement that are required to be performed
        or
        complied with by it on or before the Closing and shall have obtained all
        approvals, consents and qualifications necessary to complete the purchase
        and
        sale described herein.

    

    
      

                                            (c)           The
        Company and the Investor shall have executed this Agreement, the Note and
        the
        Warrant.

    

    
      

                                            (d)           The
        Company shall have received payment of the Principal Amount from the
        Investor.

    

    

                         5.2           Conditions
      to Company’s Obligations. The obligations of the Company to each
      Investor under this Agreement are subject to the fulfillment or waiver on or
      before the Closing of the following condition by such Investor:

    
      

                                            (a)           Each
        of the representations and warranties of such Investor contained in Section
        4 shall be true and correct on the date of the Closing with the same effect
        as though such representations and warranties had been made on and as of
        the
        Closing;

    

    
      

                                            (b)           Such
        Investor shall have performed and complied with all agreements, obligations
        and
        conditions contained in this Agreement that are required to be
        performed or complied with by it on or before the Closing and shall have
        obtained all approvals, consents and qualifications necessary to complete
        the
        purchase and sale described herein; and

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

                                            (c)           
        The Company and each of the Investor shall have executed this Agreement,
        the
        Note and the Warrant.

    

    

               6.           GENERAL
      PROVISIONS

    

                        
         6.1           Survival
      of Warranties. The representations, warranties and covenants of the
      Company and the Investor contained in or made pursuant to this Agreement shall
      survive the execution and delivery of this Agreement and shall in no way be
      affected by any investigation of the subject matter thereof made by or on behalf
      of the Investor or the Company, as the case may be.

    
      

                              6.2         Successors
        and Assigns. The terms and conditions of this Agreement shall inure
        to the benefit of and be binding upon the respective successors and assigns
        of
        the parties.

    

    
      

                              6.3         Governing
        Law. This Agreement shall be governed by and construed under the
        internal laws of the State of California as applied to agreements among
        California residents entered into and to be performed entirely within
        California, without reference to principles of conflict of laws or choice
        of
        laws.

    

    
      

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

    

    
      

                              6.5         Heading.
        The headings and captions used in this Agreement are used only for convenience
        and are not to be considered in construing or interpreting this Agreement.
        All
        references in this Agreement to sections, paragraphs, exhibits and schedules
        shall, unless otherwise provided, refer to sections and paragraphs hereof
        and
        exhibits and schedules attached hereto, all of which exhibits and schedules
        are
        incorporated herein by this reference.

    

    
      

                              6.6         Notices.
        Unless otherwise provided, any notice required or permitted under this Agreement
        shall be given in writing and shall be deemed effectively given (i) at the
        time
        of personal delivery, if delivery is in person; (ii) one (1) business day
        after
        deposit with an express overnight courier for United States deliveries, or
        two
        (2) business days after such deposit for deliveries outside of the United
        States, with proof of delivery from the courier requested; or (iii) three
        (3)
        business days after deposit in the United States mail by certified mail (return
        receipt requested) for United States deliveries when addressed to the Investor,
        to 9/F Central Building, 3 Pedder Street, Central, Hong
        Kong or, in the case of the Company, to 21/F, Chinachem
        Century Tower, 178 Gloucester Road, Wanchai, Hong Kong, Attention: Chief
        Executive Officer, or at such other
        address as any party may designate by giving ten (10) days’ advance written
        notice to all other parties.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

                           
      6.7         Commitment
      Fee. 2% of the Principle Amount payable to the Investor and
      deductible from the Principle Amount on the Closing Date.

    
      

                            
         6.8         Amendments
        and Waivers. Any term of this Agreement, the Note, and the Warrant
        may be amended and the observance of any term of this Agreement may be waived
        (either generally or in a particular instance and either retroactively or
        prospectively), only with the written consent of the Company and the Investor.
        Any amendment or waiver effected in accordance with this Section 6.8
        shall be binding upon each holder of Note or Warrant at the time
        outstanding.

    

    

                           
      6.9         Severability.
      If one or more provisions of this Agreement are held to be unenforceable under
      applicable law, such provision(s) shall be excluded from this Agreement and
      the
      balance of the Agreement shall be interpreted as if such provision(s) were
      so
      excluded and shall be enforceable in accordance with its terms.

    

                           
      6.10      Entire
      Agreement. This Agreement, together with all exhibits and schedules
      hereto, the Note and the Warrant entered into pursuant hereto, constitutes
      the
      entire agreement and understanding of the parties with respect to the subject
      matter hereof and supersedes any and all prior negotiations, correspondence,
      agreements, understandings duties or obligations between the parties with
      respect to the subject matter hereof .

    

                           
      6.11      Further
      Assurances. From and after the date of this Agreement, upon the
      request of the Investor or the Company, the Company and the Investor shall
      execute and deliver such instruments, documents or other writings as may be
      reasonably necessary or desirable to confirm and carry out and to effectuate
      fully the intent and purposes of this Agreement

    

    [remainder
      of page intentionally left blank]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Agreement as of the date
      first above written.

     

     

    
      	 	COMPANY:	 
	 	 	 
	 	NETWORK
              CN INC.	 
	 	 	 	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Godfrey
              Hui  	 
	 	 	Godfrey
              Hui	 
	 	 	
              Chief
                Executive Officer

            	 
	 	 	 	 

      	 	INVESTOR:	 
	 	 	 
	 	WEI
              AN DEVELOPMENTS LTD.	 
	 	 	 	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/
              Signature illegible	 
	 	 	Name:	 
	 	 	Title:
              Director

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