Document:

EX-10.176

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Exhibit 10.176

SHAREHOLDERS’ VOTING RIGHTS

PROXY AGREEMENT

AMONG

SHANGHAI OOH ADVERTISING CO., LTD

NI HE PING

AND

SHANGHAI RUILI ADVERTISEMENT CO., LTD

DATED AS OF

April 28, 2007

 

 

SHAREHOLDERS’ VOTING RIGHTS PROXY AGREEMENT

This Shareholders’ Voting Rights Proxy Agreement is entered into in Shanghai of the People’s
Republics of China (“PRC”) as of April 28, 2007 by and among the following Parties:

	(1)	 	Shanghai OOH Advertising Co., Ltd (“Shanghai OOH”), a limited liability company wholly owned
by legal person of Taiwan, Hong Kong or Macao, incorporated and validly existing in Shanghai,
PRC under PRC Law

(2) Ni He Ping, a PRC citizen with ID card number 310108195308081276 (“Ni He Ping”), and

	(3)	 	Shanghai Ruili Advertisement Co., Ltd (“Shanghai Ruili”), a limited liability company
incorporated and validly existing in Shanghai, PRC under PRC laws

(The above parties hereinafter shall be individually referred to as a “Party” and collectively
referred to as the “Parties”.)

Whereas,

	1.	 	As of the date of the Agreement, Ni He Ping is the enrolled shareholder of Shanghai Ruili,
legally holding 30% equity of Shanghai Ruili

	2.	 	Ni He Ping intends to severally entrust Shanghai OOH with the exercises of his voting rights
in Shanghai Ruili and Shanghai OOH is willing to accept such entrustment.

The Parties hereby have reached the following agreement upon friendly consultations:

Article 1 Voting Rights Entrustment

	1.1	 	Ni He Ping hereby entrusts Shanghai OOH to exercise his shareholder’s rights as shareholder
of Shanghai Ruili from the date of the Agreement under then valid Article of Association of
Shanghai Ruili, including appointing directors to the board of directors and other shareholder
rights he enjoys. Ni He Ping hereby undertakes to cause the current directors of Shanghai
Ruili appointed by him to respectively sign an Entrustment Letter to respectively entrust
persons (“Trustees”) designated by Shanghai OOH to exercise the following rights respectively
enjoyed by them as directors of Shanghai Ruili in accordance with then effective articles of
association of Shanghai Ruili (collectively, the “Entrusted Rights”):

	 	(1)	 	to propose, convene and attend directors meetings of Shanghai Ruili as their proxy;
	 
	 	(2)	 	to exercise voting rights on proposals in directors’ meeting within directors’
authority scope.
	 
	 	(3)	 	Other rights enjoyed by directors provided in Article of Association of Shanghai
Ruili.

	Shareholders’ Voting Rights Proxy Agreement	1	 

 

	1.2	 	The Trustee shall perform the entrusted obligation within the scope of entrustment in due
care and prudence and in compliance with laws; Ni He Ping acknowledges and assumes relevant
liabilities for any legal consequences of the Trustee’s exercise of the foregoing Entrusted
Rights.

Article 2 Right to Information

For the purpose of exercising the Entrusted Rights under this Agreement, Trustee is entitled to
know the information with regard to Shanghai Ruili’s operation, business, clients, finance,
staff, etc., and shall have access to relevant materials of Shanghai Ruili. Shanghai Ruili
shall adequately cooperate with Trustee in this regard.

Article III Exercise of Entrusted Right

	3.1	 	Ni He Ping will provide adequate assistance to the exercise of the Entrusted Rights by
Trustees, including execution of pertinent legal documents when necessary (e.g., to satisfy
governmental requirements in case of examination and approval of or registration or filing ).

	3.2	 	If at any time during the term of this Agreement, the entrustment or exercise of the
Entrusted Rights under this Agreement is unenforceable for any reason except for default of Ni
He Ping or Shanghai Ruili, the Parties shall immediately seek a most similar substitute for
the unenforceable provision and, if necessary, enter into supplementary agreement to amend or
adjust the provisions herein, in order to ensure the realization of the purpose of this
Agreement.

Article 4 Exemption and Compensation

	4.1	 	The Parties acknowledge that Shanghai OOH shall not be requested to be liable for or
compensate (monetary or otherwise) other Parties or any third party due to exercise of
Entrusted Rights by Trustees designated by Shanghai OOH under this Agreement.

	4.2	 	Ni He Ping and Shanghai Ruili agree to indemnify Shanghai OOH and hold it harmless against
all of its losses incurred or likely to incur due to exercise of the Entrusted Rights by the
Trustees designated by Shanghai OOH, including without limitation any loss resulting from any
litigation, demand, arbitration or claim initiated or raised by any third party against it or
from administrative investigation or penalty of governmental authorities. However, Ni He Ping
and Shanghai Ruili will not compensate for losses incurred due to willful misconduct or gross
negligence of Shanghai OOH.

Article 5 Representations and Warranties

	5.1	 	Ni He Ping hereby respectively represents and warrants that:

	Shareholders’ Voting Rights Proxy Agreement	2	 

 

	 	5.1.1	 	he has full and independent legal status and legal capacity to execute,
deliver and perform this Agreement with due authorization, and is capable to act
independently as a subject of legal actions.
	 
	 	5.1.2	 	Ni He Ping is enrolled and legal shareholders of Shanghai Ruili as of
the effective date of this Agreement and there exists no third party rights or
exercise restriction on the Entrusted Rights.
	 
	 	5.1.3	 	Pursuant to this Agreement, Trustees is capable to fully and
sufficiently exercise the Entrusted Rights in accordance with then effective
articles of association of Shanghai Ruili.

	5.2	 	Shanghai Ruili hereby represents and warrants that:

	 	5.2.1	 	It is a company with limited liability duly registered and legally
existing under PRC laws with complete and independent status as a legal person and
has due authorisation to execute, deliver and perform this Agreement and is capable
of acting independently as a subject of legal actions.
	 
	 	5.2.2	 	It has the full corporate power and authority to execute and deliver
this Agreement and all the other documents to be entered into by it in relation to
the transaction contemplated hereunder, and has the full power and authority to
consummate such transaction.
	 
	 	5.2.3	 	Ni He Ping is an enrolled shareholders as of the effective date of this
Agreement.

Article 6 Term of Agreement

	6.1	 	The Agreement shall take effect as of the execution of all Parties until that Ni He Ping
transfers all equity shares held by him in Shanghai Ruili (i.e. 30% equity interest of
Shanghai Ruili) to Shanghai OOH is approved by Ministry of Commerce and all registration
change with Industry and Commerce Administration for such shares transfer is completed.

Article 7 Notice

	7.1	 	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.

	7.2	 	The abovementioned notice or other correspondences shall be deemed to have been delivered
when it is transmitted if transmitted by facsimile, or when it is delivered if received in
person, or when five (5) days have elapsed after posting if posted by mail.

Article 8 Default Liability

	Shareholders’ Voting Rights Proxy Agreement	3	 

 

	8.1	 	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 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 suffered.

	8.2	 	The Parties agree and confirm, Ni He Ping or Shanghai Ruili shall not request the termination
of this Agreement for whatsoever reason and under whatsoever circumstance, except otherwise
stipulated by laws or this Agreement.

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

Article 9 Miscellaneous

	9.1	 	This Agreement shall be prepared in Chinese language in three (3) original copies, with each
Party holding one (1) copy hereof.

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

	9.3	 	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 Shanghai in accordance with the arbitration rules of such commission, and the
arbitration award shall be final and binding on all the Parties involved.

	9.4	 	Any rights, powers and remedies empowered to any Party by any provisions herein shall not
preclude any other rights, powers and remedies enjoyed by such Party in accordance with laws
and other provisions under this Agreement, and a Party’s exercise of any of its rights, powers
and remedies shall not preclude its exercise of other rights, powers and remedies of it.

	9.5	 	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

	Shareholders’ Voting Rights Proxy Agreement	4	 

 

of any single or partial exercise of the Party’s Rights shall not preclude such Party from
exercising such rights in any other way or exercising the remaining part of the Party’s Rights.

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

	9.7	 	Each provision contained herein shall be severable and independent from each of other
provisions. 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 thereby

	9.8	 	Upon execution, this Agreement shall replace any other previous legal documents entered into
by relevant Parties on the same subject matter.

	9.9	 	Any amendments or supplements to this Agreement shall be made in writing and shall take
effect only when properly signed by the Parties to this Agreement.

	9.10	 	In respect of Ni He Ping and Shanghai Ruili, they shall not assign any of their rights and/or
transfer any of their obligations hereunder to any third parties without prior written consent
from Shanghai OOH; Shanghai OOH shall have the right to assign any of its rights and/or
transfer any of its obligations hereunder to any third parties designated by it after giving
notice to Ni He Ping.
	 
	9.11	 	This Agreement shall be binding on its legal successors of the Parties.

[The remainder of this page is left blank]

	Shareholders’ Voting Rights Proxy Agreement	5	 

 

IN WITNESS HEREOF, the following Parties have caused this Shareholders’ Voting Rights Proxy
Agreement to be executed as of the date and in the place first here above mentioned.

Shanghai OOH Advertising Co., Ltd

Signature:                                                

Name:

Position:

Ni He Ping

Signature:                                                

Shanghai Ruili Advertisement Co., Ltd

Signature:                                                

Name:

Position:EX-10.177

Exhibit 10.177

EQUITY PLEDGE AGREEMENT

AMONG

SHANGHAI OOH ADVERTISING CO., LTD

LIU YI NUO

AND

SHANGHAI XINNUO ADVERTISEMENT COMPANY LTD

DATED AS OF

April 28 2007

 

 

EQUITY PLEDGE AGREEMENT

This Equity Pledge Agreement (the “Agreement”) is entered into in Shanghai of the People’s Republic
of China (hereinafter “PRC”) as of April 28 2007 by and among the following Parties:

	(1)	 	Shanghai OOH Advertising Co., Ltd, (the “Pledgee”) a limited liability company, wholly owned
by legal person of Taiwan, Hong Kong or Macao, incorporated and validly existing in Shanghai,
PRC under PRC laws
	 
	(2)	 	Liu Yi Nuo (the “Pledgor”), a PRC citizen with ID card number 350102440827037
	 
	(3)	 	Shanghai Xinnuo Advertisement Co., Ltd (“Shanghai Xinnuo”), a limited liability company
incorporated and validly existing in Shanghai, PRC under PRC laws, with its registered address
at 5196, 2585 Huyi Road, Malu Town, Jiading District, Shanghai.

(The above parties hereinafter shall be individually referred to as a “Party” and collectively
referred to as the “Parties”. )

Whereas,

	(1)	 	As of the date of the Agreement, the Pledgor is the enrolled shareholder of Shanghai Xinnuo,
legally holding 30% equity of Shanghai Xinnuo
	 
	(2)	 	Pursuant to the Shareholders’ Voting Rights Proxy Agreement dated as of April 28, 2007 among
the Pledgee, the Pledgor and Shanghai Xinnuo (the “Proxy Agreement”), Pledgor has already
entrusted Shanghai OOH with full power to exercise on his behalf all of his shareholder’s
voting rights in Shanghai Xinnuo, and Pledgor undertakes to cause all current directors of
board of Shanghai Xinnuo appointed by him to entrust respectively persons designated by
Shanghai OOH to exercise on their behalves relevant rights enjoyed by directors of board.
	 
	(3)	 	As security for performance by Pledgor of the Contract Obligations (as defined below) and
repayment of the Guaranteed Liabilities (as defined below), Pledgor agrees to pledge all of
his Shanghai Xinnuo equity to the Pledgee and grant the Pledgee right to request for repayment
on first priority and Shanghai Xinnuo agrees such equity pledge arrangement.

The Parties hereby have reached the following agreement upon friendly consultations:

Article 1 Definition

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

	 	 	 	 	 
	 

	 	“Contract Obligations”:
	 	shall mean all contractual obligations of the Pledgor under the
Proxy Agreement; all contractual obligations of Shanghai Xinnuo under Proxy
Agreement; and all contractual obligations of the Pledgor under this Agreement.
	 
	 	 	 	 
	 

	 	“Guaranteed Liabilities”:
	 	shall mean all direct, indirect and consequential losses and
losses of foreseeable profits suffered by Pledgee due to any Event of Default (as
defined below) by the Pledgor and/or Shanghai Xinnuo, and all fees incurred by
Pledgee for the enforcement of the Contractual Obligations of the Pledgor

	 	 	 	 	 	 	 
	Equity Pledge Agreement
	 	1	 	 	 	 

 

 

	 	 	 	 	 
	 

	 	 	 	and/or Shanghai Xinnuo.
	 
	 	 	 	 
	 

	 	“Transaction Agreements”
	 	shall mean the Proxy Agreement.
	 
	 	 	 	 
	 

	 	“Event of Default”
	 	shall mean any breach by Pledgor of its Contract Obligations under the
Proxy Agreement and/or this Agreement; any breach by Shanghai Xinnuo of its Contract
Obligations under the Proxy Agreement and/or this Agreement.
	 
	 	 	 	 
	 

	 	“Pledged Property”
	 	shall mean all equity interest in Shanghai Xinnuo which is legally
owned by the Pledgor as of the effective date hereof and is to be pledged by the
Pledgor to the Pledgee according to provisions hereof as security for performance of
the Pledgor and Shanghai Xinnuo of their Contractual Obligations, and any increased
capital contribution and equity interest described in Articles 2.6 and 2.7 hereof.
	 
	 	 	 	 
	 

	 	“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.

	1.2	 	The references to any PRC Law herein shall be deemed (1) to include any 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 any references
to other decisions, notices or regulations enacted in accordance therewith or effective as a
result thereof.
	 
	1.3	 	Unless 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	 	Pledgor hereby agrees to pledge the Pledged Property, which he legally owns and has the right
to dispose of, to Pledgee according to the provisions hereof as the security for the
performance of the Contract Obligations and the repayment of the Guaranteed Liabilities.
Shanghai Xinnuo hereby agrees that the Pledgor who legally holds equity interest in it to
pledge the Pledged Property to the Pledgee according to the provisions hereof.
	 
	2.2	 	Pledgor hereby undertakes that he will be responsible for, recording the arrangement of the
equity pledge hereunder (hereinafter, the “Equity Pledge”) on the shareholder register of
Shanghai Xinnuo on the date hereof, and will do his best endeavor to make registration with
registration authorities of industry and commerce where Shanghai Xinnuo registers. Shanghai
Xinnuo undertakes that it will do its best to cooperate with the Pledgor to complete the
registration with authorities of industry and commerce under this Article.
	 
	2.3	 	During the valid term of this Agreement, except for the willful misconduct or gross
negligence of Pledgee which has direct cause and effect relationship with the reduction in
value of the Pledged Property, Pledgee shall not be liable in any way to, nor shall Pledgor
have any right to claim in any way or propose any demands on Pledgee, in respect of the said
reduction in value of the Pledged Property.
	 
	2.4	 	To the extent not violating provision of Article 2.3 above, in case of any possibility of
obvious reduction in value of the Pledged Property which is sufficient to jeopardize Pledgee’s
rights,

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	 	 	Pledgee may request Pledgor to provide additional security and in case where Pledgor
refuses to provide such additional security, Pledgee may at any time auction or sell off
the Pledged Property on behalf of Pledgor, and discuss with Pledgor to use the proceeds
from such auction or sale-off as pre-repayment of the Guaranteed Liabilities, or may
submit such proceeds to the local notary institution to keep where Pledgee are domiciled
(any fees incurred in relation thereto shall be borne by Pledgor).
	 
	2.5	 	The Pledgee as Pledgee shall be deemed to have created the encumbrance of first order in
priority on the Pledged Property, and in case of any Event of Default, Pledgee shall have the
right to dispose of the Pledged Property in the way set out in Article 4 hereof.
	 
	2.6	 	Only upon prior consent by Pledgee, Pledgor may increase his capital contribution to Shanghai
Xinnuo. Further capital contribution made by Pledgor in Shanghai Xinnuo shall also be part of
the Pledged Property.
	 
	2.7	 	Only upon prior consent by Pledgee, Pledgor may be able to receive dividends or share profits
from the Pledged Property. The dividends or the profits received by Pledgor from the Pledged
Property shall be deposited into a bank account designated by Pledgee to be under the
supervision of Pledgee and used as the Pledged Property to repay in priority the Guaranteed
Liabilities.

Article 3 Release of Pledge

In respect of equity interest of Shanghai Xinnuo, upon full and complete performance by Pledgor of
all of his Contract Obligations and upon the full repayment by Pledgor of all the Guaranteed
Liabilities (if any), the Pledgee shall, at the request of Pledgor, release the pledge created on
Shanghai Xinnuo under this Agreement, and shall cooperate with Pledgor to go through the
formalities to cancel the record of the Equity Pledge in the shareholder register of Shanghai
Xinnuo; in case of the Equity Pledge having been recorded at the registration department of
Administration of Industry and Commerce where Shanghai Xinnuo registers, the relevant Parties shall
cooperate with each other to go through the formalities to cancel such record of the Equity Pledge.
The reasonable fees incurred in connection with such release shall be borne by Pledgee.

Article 4 Disposal of the Pledged Property

	4.1	 	Pledgor, Shanghai Xinnuo and Pledgee hereby agree that, in case of any Event of Default, the
Pledgee shall have the right to exercise, upon giving written notice to Pledgor, all of the
remedial rights and powers enjoyable by it under PRC Law, Transaction Agreements and the terms
hereof, including but not limited to being repaid in priority with proceeds from auctions or
sale-offs of the Pledged Property. Pledgee shall not be liable for any loss as the result of
its reasonable exercise of such rights and powers.
	 
	4.2	 	Pledgee shall have the right to designate in writing his legal counsel or other agents to
exercise on its behalf any and all rights and powers set out above, and neither Pledgor nor
Shanghai Xinnuo shall not oppose thereto.
	 
	4.3	 	The reasonable costs incurred by Pledgee in connection with exercise of any and all rights
and powers set out above shall be borne by Pledgor, and Pledgee shall have the right to deduct
such costs actually incurred from the proceeds acquired from the exercise of the rights and
powers.
	 
	4.4	 	The proceeds that Pledgee acquires from the exercise of its rights and powers shall be used
in the priority order as follows:

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	 	 	Firstly, to pay any cost incurred in connection with the disposal of the Pledged Property
and the exercise by Pledgee of his rights and powers (including remuneration paid to its
respective legal counsels and agents);
	 
	 	 	Secondly, to pay any taxes and levies payable for the disposal of the Pledged Property;
and
	 
	 	 	Thirdly, to repay Pledgee for the Guaranteed Liabilities.
	 
	 	 	In case of any balance after payment of the above amounts, Pledgee shall return it
to Pledgor or other persons entitled thereto according to the relevant laws and rules or
submit it to the local notary institution for keeping where Pledgee is domiciled (any
fees incurred in relation thereto shall be borne by Pledgor).
	 
	4.5	 	Pledgee 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 Shanghai
Xinnuo held by Pledgor. Pledgee shall not be obliged to exercise any other remedies at
breaching before exercise of the right to the auctions or sale-offs of the Pledged Property
hereunder. Pledgor or Shanghai Xinnuo shall not oppose to whether Pledgee exercises 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
the Pledgee.

Article 6 Continuity and No Waive

The Equity Pledge hereunder is a continuous guarantee, with its validity to continue until the full
performance of the Contract Obligations or the full repayment of the Guaranteed Liabilities.
Neither exemption or grace period granted by Pledgee to Pledgor in respect of his breach, nor delay
by Pledgee in exercising any of its rights under the Transaction Agreements and this Agreement
shall affect the rights of Pledgee under this Agreement, relevant PRC Law and the Transaction
Agreements, the rights of Pledgee to demand at any time thereafter the strict performance of the
Transaction Agreements and this Agreement by Pledgor or the rights Pledgee may be entitled to due
to subsequent breach by Pledgor of the obligations under the Transaction Agreements and/or this
Agreement.

Article 7 Representations and Warranties by Pledgor

Pledgor hereby, in respect of himself and Shanghai Xinnuo in which he holds equity interest,
represents and warrants to Pledgee as follows:

	7.1	 	he has full and independent legal status and legal capacity to execute, deliver and perform
this Agreement with due authorization, and is capable to act independently as a subject of
legal actions.
	 
	7.2	 	Shanghai Xinnuo in which the Pledgor holds equity interest is a limited liability corporation
duly incorporated and validly existing under PRC Law, it has independent status as a legal
person. It has full and independent legal status and capacity to execute, deliver and perform
this Agreement and can independently be a subject of actions. It has full right and
authorization to execute and deliver this Agreement and other documents relating to the
transaction as stipulated in this Agreement and to be executed by them. It also has full right
and authorization to complete the transaction stipulated in this Agreement.
	 
	7.3	 	All reports, documents and information concerning Pledgor and all matters as required by this

4

 

	 	 	Agreement which are provided by Pledgor to Pledgee before this Agreement comes into
effect are true, correct and effective in all material aspects as of the effectiveness
hereof.
	 
	7.4	 	All reports, documents and information concerning Pledgor and all matters as required by this
Agreement which are provided by Pledgor to Pledgee after this Agreement comes into effect are
true, correct and effective in all material aspects as of the time when such reports,
documents and information are provided.
	 
	7.5	 	At the time of the effectiveness of this Agreement, Pledgor is the sole legal owner of the
Pledged Property, with no existing dispute whatsoever concerning the ownership of the Pledged
Property. Pledgor has the right to dispose of the Pledged Property or any part thereof.
	 
	7.6	 	Except for the encumbrance set on the Pledged Property hereunder and the rights set under the
Transaction Agreements, there is no other encumbrance or third party interest set on the
Pledged Property.
	 
	7.7	 	The Pledged Property is capable of being pledged or transferred according to the laws, and
Pledgor has the full right and power to pledge the Pledged Property to Pledgee according to
this Agreement.
	 
	7.8	 	This Agreement constitutes the legal, valid and binding obligations on Pledgor when it is
duly executed by Pledgor.
	 
	7.9	 	Any consent, permission, waive or authorization by any third person, or any approval,
permission or exemption by any government authority, or any registration or filing formalities
(if required by laws) with any government authority to be handled or obtained in respect of
the execution and performance hereof and the Equity Pledge hereunder have already been handled
or obtained, and will be fully effective during the valid term of this Agreement.
	 
	7.10	 	The execution and performance by Pledgor of this Agreement are not in violation of or
conflict with any laws applicable to him, or any agreement to which he is a party or which has
binding effect on his assets, any court judgment, any arbitration award, or any administration
authority decision.
	 
	7.11	 	The pledge hereunder constitutes the encumbrance of first order in priority on the Pledged
Property.
	 
	7.12	 	All taxes and fees payable in connection with acquisition of the Pledged Property have
already been paid in full amount by Pledgor.
	 
	7.13	 	There is no pending or, to the knowledge of Pledgor, threatened litigation, legal process or
demand by any court or any arbitral tribunal against Pledgor, or his property, or the Pledged
Property, nor is there any pending or, to the knowledge of Pledgor, threatened litigation,
legal process or demand by any government authority or any administration authority against
Pledgor, or his property, or the Pledged Property, which is of material or detrimental effect
on the economic status of Pledgor or his capability to perform the obligations hereunder and
the Guaranteed Liabilities.
	 
	7.14	 	Pledgor hereby warrants to Pledgee that the above representations and warranties will remain
true, correct and effective at any time and under any circumstance before the Contractual
Obligations are fully performed or the Guaranteed Liabilities are fully repaid, and will be
fully complied with.

Article 8 Representations and Warranties by Shanghai Xinnuo

5

 

Shanghai Xinnuo hereby represents and warrants to Pledgee as follows:

	8.1	 	Shanghai Xinnuo is a limited liability corporation duly incorporated and validly existing
under PRC Law, 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.
	 
	8.2	 	All reports, documents and information concerning Pledged Property and all matters as
required by this Agreement which are provided by Shanghai Xinnuo to Pledgee before this
Agreement comes into effect are true, correct and effective in all material aspects as of the
execution hereof
	 
	8.3	 	All reports, documents and information concerning Pledged Property and all matters as
required by this Agreement which are provided by Shanghai Xinnuo to Pledgee after this
Agreement comes into effect are true, correct and effective in all material aspects upon
provision.
	 
	8.4	 	This Agreement constitutes the legal, valid and binding obligations on Shanghai Xinnuo when
it is duly executed by Shanghai Xinnuo.
	 
	8.5	 	It has full right and authorization to execute and deliver this Agreement and other documents
relating to the transaction as stipulated in this Agreement and to be executed by them. It
also has full right and authorization to complete the transaction stipulated in this
Agreement.
	 
	8.6	 	There is no pending or, to the knowledge of Shanghai Xinnuo, threatened litigation, legal
process or demand by any court or any arbitral tribunal against Shanghai Xinnuo, or its
property (including but are not limited to the Pledged Property), nor is there any pending or,
to the knowledge of Shanghai Xinnuo, threatened litigation, legal process or demand by any
government authority or any administration authority against Shanghai Xinnuo, or its property
(including but are not limited to the Pledged Property), which is of material or detrimental
effect on the economic status of Shanghai Xinnuo or its capability to perform the obligations
hereunder and the Guaranteed Liabilities.
	 
	8.7	 	Shanghai Xinnuo hereby agrees to bear joint responsibilities to Pledgee in respect of the
representations and Warranties made by Pledgor under Article 7.5, Article 7.6, Article 7.7,
Article 7.9 and Article 7.11 hereof.
	 
	8.8	 	Shanghai Xinnuo hereby warrants to Pledgee that the above representations and warranties will
remain true, correct and effective at any time and under any circumstance before the
Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid,
and will be fully complied with.

Article 9 Undertakings by Pledgor

Pledgor hereby undertakes to Pledgee in respect of himself and Shanghai Xinnuo of which he holds
equity as follows:

	9.1	 	Without prior written consent by Pledgee, Pledgor shall not establish or permit to establish
any new pledge or any other encumbrance on the Pledged Property.
	 
	9.2	 	Without first giving written notice to Pledgee and having Pledgee’s prior written consent,
Pledgor shall not transfer the Pledged Property, and any attempt by Pledgor to transfer the
Pledged Property shall be null and void. The proceeds from transfer of the Pledged Property by
Pledgor shall be used to repay to Pledgee in advance the Guaranteed Liabilities or submit the
same to the third party agreed with Pledgee.

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	9.3	 	In case of any litigation, arbitration or other demand which may affect detrimentally the
interest of Pledgor or Pledgee under the Transaction Agreements and hereunder or the Pledged
Property, Pledgor undertakes to notify Pledgee in writing as soon as possible and promptly and
shall take, at the reasonable request of Pledgee, all necessary measures to ensure the pledge
interest of Pledgee in the Pledged Property.
	 
	9.4	 	Pledgor shall not carry on or permit any act or action which may affect detrimentally the
interest of Pledgee under the Transaction Agreements and hereunder or the Pledged Property.
	 
	9.5	 	Pledgor guarantees that he shall, at the reasonable request of Pledgee, take all necessary
measures and execute all necessary documents (including but not limited to supplementary
agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged
Property and the exercise and realization of the rights thereof
	 
	9.6	 	In case of assignment of any Pledged Property as the result of the exercise of the right to
pledge hereunder, Pledgor guarantees that he will take all necessary measures to realize such
assignment.

Article 10 — Undertakings by Shanghai Xinnuo

	10.1	 	Any consent, permission, waive or authorization by any third person, or any approval,
permission or exemption by any government authority, or any registration or filing formalities
(if required by laws) with any government authority to be handled or obtained in respect of
the execution and performance hereof and the Equity Pledge hereunder will be cooperated to
handle or obtain by Shanghai Xinnuo to its best and will be ensured to remain full effective
during the valid term of this Agreement.
	 
	10.2	 	Without the prior written consent by Pledgee, Shanghai Xinnuo shall not cooperate to
establish or permit to establish any new pledge or any other encumbrance on the Pledged
Property.
	 
	10.3	 	Without having Pledgee’s prior written consent, Shanghai Xinnuo shall not cooperate to
transfer or permit to transfer the Pledged Property
	 
	10.4	 	In case of any litigation, arbitration or other demand which may affect detrimentally
Shanghai Xinnuo, the equity of Shanghai Xinnuo as the Pledged Property or the interest of
Pledgee under the Transaction Agreements and hereunder, Shanghai Xinnuo undertakes to notify
Pledgee in writing as soon as possible and promptly and shall take, at the reasonable request
of Pledgee, all necessary measures to ensure the pledge interest of Pledgee in the Pledged
Property.
	 
	10.5	 	Shanghai Xinnuo shall not carry on or permit any act or action which may affect detrimentally
the interest of Pledgee under the Transaction Agreements and hereunder or the Pledged
Property.
	 
	10.6	 	Shanghai Xinnuo shall provide Pledgee with the financial statement of the last calendar
season within the first month of each calendar season, including but are not limited to the
balance sheet, the income statement and the statement of cash flow.
	 
	10.7	 	Shanghai Xinnuo guarantees that it shall, at the reasonable request of Pledgee, take all
necessary measures and execute all necessary documents (including but not limited to
supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the
Pledged Property and the exercise and realization of the rights thereof.

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	10.8	 	In case of assignment of any Pledged Property as the result of the exercise of the right to
the pledge hereunder, Shanghai Xinnuo guarantees that it will take all necessary measures to
realize such assignment.

Article 11 Change of Circumstances

As supplement and subject to compliance with other terms of the Transaction Agreements and this
Agreement, in case that at any time the promulgation or change of any PRC Law, regulations or
rules, or change in interpretation or application of such laws, regulations and rules, or the
change of the relevant registration procedures enables Pledgee to believe that it will be illegal
or in conflict with such laws, regulations or rules to further maintain the effectiveness of this
Agreement and/or dispose of the Pledged Property in the way provided herein, Pledgor and Shanghai
Xinnuo shall, at the written direction of Pledgee and in accordance with the reasonable request of
Pledgee, promptly take actions and/or execute any agreement or other document, in order to:

	 	(1)	 	keep this Agreement remain in effect;
	 
	 	(2)	 	facilitate the disposal of the Pledged Property in the way provided herein; and/or
	 
	 	(3)	 	maintain or realize the intention or the guarantee established hereunder.

Article 12 Effectiveness and Term of This Agreement

	12.1	 	This Agreement shall become effective when this Agreement is duly executed by Pledgee,
Shanghai Xinnuo and Pledgor.

	12.2	 	This Agreement shall have its valid term until the full performance of the Contract
Obligations or the full repayment of the Guaranteed Liabilities.

Article 13 Notice

	13.1	 	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.

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

Article 14 Miscellaneous

	14.1	 	Pledgee may, upon notice to Pledgor and Shanghai Xinnuo but not necessarily with Pledgor and
Shanghai Xinnuo’s consent, assign Pledgee’s rights and/or obligations hereunder to any third
party; provided that Pledgor or Shanghai Xinnuo can not, without Pledgee’s prior written
consent, assign Pledgor’ rights, obligations and/or liabilities hereunder to any third party.
Successors or permitted assignees (if any) of Pledgor and Shanghai Xinnuo shall continue to
perform respective obligations of Pledgor and Shanghai Xinnuo under this Agreement.

	14.2	 	This Agreement shall be prepared in the Chinese language in four (4) original copies, with

8

 

	 	 	each involved Party holding one (1) copy hereof and one (1) copy for registration of
Equity Pledge with industry and commerce administration.
	 
	14.3	 	The formation, validity, execution, amendment, interpretation and termination of this
Agreement shall be governed by PRC Law.
	 
	14.4	 	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 Shanghai in
accordance with the arbitration rules of such Commission, and the arbitration award shall be
final and binding on all disputing Parties.
	 
	14.5	 	Any rights, powers and remedies empowered to any Party by any provisions herein shall not
preclude any other rights, powers and remedies enjoyed by such Party in accordance with laws
and other provisions under this Agreement, and the exercise of its rights, powers and remedies
by a Party shall not preclude its exercise of its other rights, powers and remedies by such
Party.
	 
	14.6	 	Any failure or delay by a Party in exercising any of its rights, powers and remedies
hereunder or in accordance with laws (hereinafter, 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
	 
	14.7	 	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.
	 
	14.8	 	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.
	 
	14.9	 	This Agreement shall substitute any other documents on the same subject executed by relevant
Parties hereof once duly executed.
	 
	14.10	 	Any amendments or supplements to this Agreement shall be made in writing. Except for
assignment by Pledgee of its rights hereunder according to Article 14.1 of this Agreement, the
amendments or supplements to this Agreement shall take effect only when properly signed by the
Parties to this Agreement.
	 
	14.11	 	This Agreement shall be binding on the legal successors of Parties.

[The remainder of this page is left blank]

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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.

	 	 	 	 	 
	Shanghai OOH Advertising Co., Ltd	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	Name: 

	 

	 	 
	Position:
	 	 	 	 
	 
	 	 	 	 
	Liu Yi Nuo
	 	 	 	 
	 
	 	 	 	 
	Signature: 
	 	 	 	 
	 

	 

	 	 
	 
	 	 	 	 
	Shanghai Xinnuo Advertisement Co., Ltd	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	Name: 

	 

	 	 
	Position:
	 	 	 	 

Equity Pledge Agreement Execution Page

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