Document:

Equity
Swap Agreement 

 

Party A: Beijing N-S Digital TV Co., Ltd.

Address: 4/F, Building B, Jingmeng High-tech
Tower, No. 5, Shangdi East Road, Haidian District, Beijing, People’s Republich of China, 100085

Legal Representative: Zhu Jianhua

 

Party B: AirMedia Group Co., Ltd.

Address: 15/F, Sky Plaza, No.46 of Dongzhimenwai
Street, Dongcheng District, Beijing 100027, China

Legal Representative: Guo Man

 

Whereas, Party
A and Party B entered into a Cooperation Framework Agreement in June 2011, and then in December 2011,both parties signed
a Supplementary Agreement attached the aforesaid Cooperation Framework Agreement. In accordance with the Cooperation
Framework Agreement and its Supplementary Agreement, (hereinafter referred as “Original Agreement”) Party
A and Party B jointly established Beijing Xinghe Union Film & TV Co., Ltd. (hereinafter referred as “Beijing Xinghe”)
and Beijing Shibo Movie Technology Co., Ltd. ((hereinafter referred as “Beijing Shibo”). Party A holds 50% equity
interest in both of the aforementioned companies respectively; Party B also holds 50% equity interest in both of the aforementioned
companies respectively.

Through the
negotiation on equal footing, on the subjects of equity swap between Party A and Party B and the terminations of the Original Agreement,
both parties agree as follows:

		I.	Equity Swap

		1.	Party A transfers its 50% equity interest of Xinghe Union
to Party B or a company designated by Party B; Party B transfers its 50% equity interest of Beijing Shibo to Party A or
a company designated by Party A.

		2.	Both parties agree: the transfer of equity interest of
both Beijing Xinghe and Beijing Shibo will be completed through equity swap, regardless of the values of the net asset and equity
interest of the two companies swapped. The tax (such as Business Tax or Income Tax) and other expenses, if any, incurred by the
aforesaid transactions are burdened to the receiving parties respectively.

		3.	Both parties agree to complete the deliveries of aforesaid
equity interest before September 30th, 2013. To ensure the swap and delivery of shares before the aforesaid deadline,
both parties shall provide Share Purchase Agreement, Board (or Shareholder) Resolutions affixed with signatures and seals in accordance
with State Administration of Industry and Commerce (hereinafter referred as SAIC) requirements.

		II.	Rights and Obligations of the Parties

		1.	Both parties shall cooperate actively and provide documentation
SAIC required to assist its counterpart.

 

    	 

    	 

    

 

		2.	Both parties warrant that other than this agreement,
there is no any other agreement or any other form of statement that contains sale or transfer of equity interest of the aforesaid
companies; Both parties warrant that there is no undisclosed collateral, guarantees, or other options on the equity interest under
this Agreement that will lead to the failure of share transfer; Both parties warrant that there is no lawsuit or other form of
disputes involving the aforesaid companies; Either party which makes false warranty will be held liable to the damage, loss and
any other consequence incurred.

		3.	Both parties recognize the assets, operating status and
financial statement data of the two companies. During the time period from the effective date of this agreement to the delivery
date of the shares, other than continuous operating cost, both parties shall not inflate expenses nor conceal revenues. Either
Party which conducts the above mentioned activities will be held liable to the damage, loss and any other consequence incurred.

		4.	Party A warranty that the documentation of Beijing Shibo
provided to Party B will be complete and there will be no undisclosed debt, lawsuit or any other matter which might result in
substantial change of Beijing Shibo’ asset; Party B warranty that the documentation of Beijing Xinghe provided to Party
A will be complete and there will be no undisclosed debt, lawsuit or any other matter which might result in substantial change
of Beijing Xinghe’s asset; Party which provides incomplete documentation will be held liable to the damage, loss and any
other consequence incurred.

		III.	Termination of Original Agreement

		1.	Both parties agree to terminate the Original Agreement
, and set the September 1, 2013 as the termination date. After the termination, the equity swap will proceed accordingly.

		2.	For the purpose of subsequent affair arrangements and
future collaboration, Party A entrust its affiliate “Beijing AirMedia Film and TV culture Co., Ltd.” to negotiate
and enter into new agreement with Party B’s affiliate Beijing Shibo regards to the continuation of existing business, subsequent
affair arrangements and new model of cooperation. The new agreement once entered will contain clauses which stipulate the termination
of the Original Agreement and subsequent affair arrangements after; such clauses are binding on Party A and Party B.

		3.	Both parties agree that the termination of the Original
Agreement is not a Breach of Contract, and there is no dispute of any form.

 

		IV.	Confidentiality

Each party
shall treat the existence and contents of this agreement as confidential, shall not disclose such information in any way unless
is required to be disclosed in accordance with applicable laws, regulations or government orders.

 

		V.	Breach of Contract

Both parties
shall conduct themselves strictly in accordance with this agreement once entered; Party which fails to perform its responsibility
will be held liable to the damage, loss and any other consequence incurred.

 

		VI.	Amendment and Termination

Any amendment
shall be done through negotiation and in writing; no amendment is valid unless both parties reach a mutual understanding or otherwise
the agreement shall continue to be in full force and effect.

 

    	 

    	 

    

 

		VII.	Dispute Settlement

Any dispute
relating to this Agreement shall be resolved through consultation; and in case the negotiation fails, either party shall be entitled
to submit the dispute to Beijing Arbitration Commission for arbitration.

 

		VIII.	Miscellaneous

		1.	This agreement may be supplemented only by mutual consent
in writing between both parties. The supplement and this agreement are equally valid.

		2.	In case of the content of the documentation provided
by both parties to the SAIC for the purpose of registration differs from this agreement, this agreement shall prevail.

		3.	This agreement is effective once signed and sealed by
authorized representatives of both parties.

		4.	This agreement is signed and sealed in 2 originals, with
each copy equally binding, and parties shall each keep 1 original.

 

PARTY A :

 

Authorized Representative:

 

Date:

 

PARTY B :

 

Authorized Representative:

 

Date:Strategic Alliance Agreement 

between 

HNA Culture Holding Group Co., Ltd. 

and 

AirMedia Group Co., Ltd.

 

September 2013

 

Party A: HNA Culture Holding Group Co.,
Ltd.

 

Party B: AirMedia Group Co., Ltd.

 

Whereas, Party A, HNA Culture Holding Group
Co., Ltd. (hereinafter referred to as “HNA Culture”), is a key enterprise under HNA Group Co., Ltd., one of the top
five hundred enterprises in China. It has been developing in the fields of airport and aviation media business, cultural and creative
industrial park construction, film and television drama production and distribution, traditional culture extension, international
cultural exchange, new media operation and gradually becomes an integrated cultural enterprise group.

 

Whereas,
Party B, AirMedia Group Co., Ltd. (hereinafter referred to as “AirMedia”), is
the most influential provider of middle to high end outdoor media service in China. The company has taken over 90% share of the
digital air media market, and held up to the resources of traditional airport media market above all the others. The company’s
air media network has covered major airports in cities such as Beijing, Shanghai and Guangzhou, and more than 2,300 routes of airliners.

 

Both Parties agree as follows:

 

		I.	Cooperation Objectives

Both parties
give play to their respective advantages in the field of aviation, airport, outdoor media platform, video production and development,
new media development and operation, etc., and by complementary advantages, resource sharing, collaborative development, enable
Party A to achieve a comprehensive and all-media culture enterprise group and deepening the aviation media service capability of
Party B and achieve win-win situation for mutual benefits.

 

		II.	Cooperation Content

Whereas, two
parties have been in productive cooperation in many fields previously, now the Parties agree on setting up a fund to develop aviation
internet platform through cooperation and to achieve the following cooperation intentions:

		1.	The development of the in-flight internet platform is based on two kinds of resources, namely in-flight
resources and funding.

 

    	 

    	 

    

 

		2.	Party A is responsible for obtaining in-flight advertising channels, coordinating HNA Group's airlines
associated with these projects, obtaining the development and exclusive right to operate air internet platform and coordinating
to complete the corresponding airplane hardware upgrade. Party A shall transfer the aforesaid exclusive in-flight internet platform
operation rights to the project company invested by the proposed industry fund as agreed in this Agreement.

		3.	Party B is responsible for funding with the specific ways as follows:

		3.1	The two Parties contribute to jointly establish a fund management company, and each party holds
50% of the equity interests of the management company. Party A recommends three members and Party B recommends 2 members to constitute
an investment management committee, which will act as the General Partner (or GP) to operate and manage the Industry Development
Fund of In-flight Internet (hereinafter referred to as the “Fund”), which is made to target on the in-flight internet
industry.

		3.2	The target fund size of the Fund is set to RMB 1 billion; the aforementioned objectives can be
adjusted according to the amount of money actually needed for the development of HNA Airlines Group's internet platform project
under this Agreement. Party B agrees to act as a Limited Partner (or LP), primarily in charge of fundraising and capital contribution
for the Fund. Party B alone commits to invest no less than 40% of the total targeted fund size and to provide the remaining portion
in case it unable to secure other limited partners.

		3.3	The amount of the first round of fund raising is RMB 400 million, and Party B commits to invest
no less than 60% in the first round. The fund raised is limited to invest on equipment purchase and installment of HNA Airlines
Group's in-flight internet platform project (hereinafter referred to as the “Project”);

		4.	Party A shall contribute in-flight advertising channels to the Project and the Fund shall provide
funds to the Project, and the specific implementation of the Project shall be conducted by the company designated by both parties.
Party A and Party B hold the shares of the project company as agreed and collect earnings accordingly.

		5.	Both parties agreed to form a strategic alliance based on this Agreement, and enter project related
business negotiation with any third parties as a union.

 

		III.	Cooperation Progress

In order to
ensure the smooth progress of cooperation, the two parties agreed to the following schedule, and cooperate actively to promote
relevant work:

		1.	Before October 15, 2013, completing the establishment of the joint fund management company;

		2.	Before November 30, 2013, completing the first round of fund raising and subscription;

		3.	Before January 31, 2014, forming an operating company responsible for developing HNA Airlines Group's
in-flight internet platform project and pursuant to the agreement stipulating the exclusive operating rights and the corresponding
upgrade plan of the Project which Party A entered with the airline company affiliated to HNA Airlines Group, the Fund will invest
the fund raised in the first round to the operating company for the purpose of equipment purchasing and upgrade works. The detailed
purchase and implementation of the aforesaid equipment will be completed by the operating company;

		4.	Before February 28, 2014, initiating HNA Airlines Group's in-flight internet platform upgrade and
business operations in flights of the airline company affiliated to HNA Airlines Group;

 

    	 

    	 

    

  

		5.	In case of Party B fails to accomplish its obligations on schedule as agreed above, and the delay
lasts over 30 days; or other form of omission of Party B results in the failure of the cooperation objective, Party A has the right
to terminate this agreement and Party B shall be liable to pay Party A 1% of the amount of the first round fund rising target.

 

		IV.	Confidentiality and External Disclosure

Each party shall
treat the existence and contents of this agreement as confidential, shall not disclose such information in any way unless is required
to be disclosed in accordance with applicable laws, regulations or government orders.

 

		V.	Supplementary Provisions

		1.	From the date of effectiveness, both parties shall actively promote all the items agreed in this
agreement, and continuously explore new opportunities for cooperation.

		2.	For matters not mentioned herein, the parties hereto may revise or supplement through negotiation.

		3.	This agreement may be supplemented only by mutual consent in writing between both parties. The
supplement and this agreement are equally valid.

		4.	This agreement shall become effective as of the date of signature and seal by the authorized representatives
of both parties. This agreement is signed and sealed in four (4) original copies, and the parties shall each keep two (2) original
copies, with each of equally binding force.

 

Party A: HNA Culture Holding Group Co.,
Ltd.

 

Authorized representative: /s/ HNA Culture
Holding Group Co., Ltd. 

 

Party B: AirMedia Group Co., Ltd.

 

Authorized representative: /s/ AirMedia
Group Co., Ltd. 

 

Date: October 28, 2013

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