Document:

Transfer and Escrow Contribution Agreement dated July 23

 Exhibit 10.36 

  
  
 TRANSFER
AND ESCROW CONTRIBUTION AGREEMENT 
  
 BY AND AMONG 
  
 IACT ASIA PACIFIC LIMITED, 
  
 THE SELLING SHAREHOLDERS LISTED ON EXHIBITS A AND B HERETO 
  
 AND 
  
 ELONG, INC. 
  
 JULY 23, 2004 
  
  

 THIS TRANSFER AND ESCROW CONTRIBUTION AGREEMENT (the “Agreement”) is made as of the 23rd day of
July, 2004 (the “Closing Date”), by and among eLong, Inc., an exempted limited liability company under the laws of the Cayman Islands (the “Company”), the individuals or entities listed under the heading
“Selling Shareholders” on Exhibit A and Exhibit B hereto (the “Selling Shareholders”), and IACT Asia Pacific Limited, an exempt limited liability company organized in the Cayman Islands (the “Investor”).

  
 WHEREAS, in connection with a certain Transaction Agreement by and
between the Company, eLongNet Information Technology (Beijing) Co., Ltd., a company organized under the laws of the People’s Republic of China (the “Subsidiary”), eLongNet Hi-Tech (Beijing) Co., Ltd., a company organized under
the laws of the People’s Republic of China (the “New Subsidiary”), the Investor, and an affiliate of the Investor dated as of the date hereof (the “Transaction Agreement”), the Selling Shareholders desire to
transfer to the Company and the Company desires to acquire and redeem from the Selling Shareholders, certain securities of the Company, upon the terms and subject to the conditions set forth herein; 
  
 WHEREAS, the Investor has required as a condition to entering into the Transaction
Agreement that the Selling Shareholders agree to indemnify the Investor Indemnified Parties (as defined in the Transaction Agreement) against certain indemnification obligations of the Company under the Transaction Agreement, all as set forth
herein; and 
  
 WHEREAS, any terms used herein and not defined herein shall
have the meaning ascribed to such term in the Transaction Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
covenant and agree as follows: 
  
 1.    Closing;
Transfer. 
  
 1.1    Closing.    The closing (the “Redemption Closing”) of the transactions contemplated by this Agreement shall take place simultaneously with the Closing (as defined in the
Transaction Agreement), at the offices of Wachtell, Lipton, Rosen & Katz, 51 West 52nd Street, New York, New York, effective at 10:00 A.M. (local time), on the Closing Date. All matters at the Redemption Closing shall be considered to take place
and have taken place simultaneously. 
  
 1.2    Transfer and Redemption of Ordinary Shares or Series A Preferred Shares to the Company.    At and as part of the Redemption Closing: 
  
 (a)    Each Selling Shareholder hereby agrees to,
and shall, sell, transfer, convey, assign and set over to the Company, and the Company hereby agrees to, and shall, purchase, accept and redeem from each Selling Shareholder, all of the Selling Shareholder’s right, title and interest in and to
the number of shares of Ordinary Shares or the number of shares of Series A Preferred Shares as set forth opposite each Selling Shareholder’s name on Exhibit A under the heading “Shareholder Shares.” for an aggregate
purchase price of US $29,345,029 (the “Shareholder Payment”). The Shareholder Payment will be made by the Company as set forth in Section 1.2(c) below. 
  
 (b)    Each of the Selling Shareholders shall deliver to the Company stock certificates
representing all of such Selling Shareholder’s Shareholder Shares, in each case endorsed in blank or accompanied by stock powers duly executed in blank, in proper form for transfer and with any stock transfer stamps attached, along with, as and
if applicable, lost stock certificate affidavits and such other documents, certificates or instruments as may be 

 
reasonably requested by the Company in order to fully transfer all right, title and interest in and to the Shareholder Shares to the Company. 
  
 (c)    The Shareholder Payment will be made as
follows: (x) the Company shall pay to each Selling Shareholder 90% of each Selling Shareholder’s portion of the Shareholder Payment (which portions are set forth opposite each Selling Shareholder’s name on Exhibit A) minus any
Shareholder Obligation Amounts (as defined below) by wire transfer of immediately available funds to accounts of the Selling Shareholders specified by the Selling Shareholders to the Company; and (y) the remaining 10% of each Selling
Shareholder’s portion of the Shareholder Payment (which portions are set forth opposite each Selling Shareholder’s name on Exhibit A) (collectively, the “Share Escrow Contribution”) is being deposited into escrow by
wire transfer of immediately available funds to the account of the Escrow Agent set forth in the Escrow Agreement, as part of the escrow deposit described in Section 1.2(c) of the Transaction Agreement. Such Share Escrow Contribution will be
released from escrow to the Selling Shareholders subject to the terms set forth below and subject to the Escrow Agreement. 
  
 (d)    Each Selling Shareholder hereby agrees and authorizes the Company to withhold and deduct from each Selling
Shareholder’s portion of the Shareholder Payment the following (which shall collectively be referred to herein as the “Shareholder Obligation Amounts”): 
  
 (i)    The amount set forth opposite each Selling Shareholder’s name on Exhibit A
under the column “Expenses,” which represents such Selling Shareholder’s pro rata portion of the Company’s fees and expenses incurred in connection with the transactions contemplated by this Agreement and the Transaction
Agreement, including, without limitation, investment banking, legal and accounting fees; 
  
 (ii)    The amount, if applicable, set forth opposite each Selling Shareholder’s name on Exhibit A under the column
“Exercise or Loan Repayment Amount” which represents the amounts due and payable to the Company by such Selling Shareholder (1) pursuant to certain indebtedness of such Selling Shareholder in favor of the Company; (2) in connection with
such Selling Shareholder’s exercise of certain options in connection with the transactions contemplated by this Agreement; and/or (3) in connection with such Selling Shareholder’s exercise of certain warrants in connection with the
transactions contemplated by this Agreement. 
  
 Without derogating from the
foregoing, the Selling Shareholder acknowledges and agrees that the amount payable to such Selling Shareholder at the Redemption Closing pursuant to this Agreement is set forth on Exhibit A under the column “Net Amount Payable at
Redemption Closing.” 
  
 1.3    Warrant.    At and as part of the Closing, the Company is issuing to the Investor a Warrant to purchase certain securities of the Company (the “Warrant Shares”) pursuant
to the terms and conditions of a certain Warrant Agreement (the “Warrant Agreement”) between the Company and the Investor. 
  
 (a)    In the event that the Investor exercises its rights under the Warrant Agreement to purchase securities of the Company
(the “Warrant Closing”), then: 
  
 (i)    Each Selling Shareholder listed on Exhibit B hereto, hereby agrees to and shall sell, transfer, convey, assign and set over to the Company, and the Company hereby agrees to and shall purchase, accept and
redeem from each such Selling Shareholder, all of the Selling Shareholder’s right, title and interest in and to the number of shares of Ordinary Shares or the number of shares of Series A Preferred Shares, as are equal to 

  

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such Selling Shareholder’s Warrant Shareholder Shares (as defined below) for an aggregate price based on a price per share for each Warrant Shareholder Share
equal to the Exercise Price (as such term is defined in the Warrant Agreement) (such aggregate price, the “Warrant Shareholder Payment”). The Warrant Shareholder Payment will be made by the Company as set forth in Section 1.3(a)(ii)
below. 
  
 As used above, the term “Warrant
Shareholder Shares” means, with respect to any given Selling Shareholder listed on Exhibit B hereto, the number of shares of Ordinary Shares or of Series A Preferred Shares set forth opposite such Selling Shareholder’s name on
Exhibit B under the heading “Initial Warrant Shareholder Shares;” provided, however, that the Warrant Shareholder Shares of each Selling Shareholder shall be increased from time to time such that, and to the extent necessary
so that, the aggregate Warrant Shareholder Shares of all the Selling Shareholders at any time shall be equal to 50% of the Control Number (as defined in the Warrant Agreement) at such time (it being understood that each Selling Shareholder’s
Warrant Shareholder Shares shall be increased pro rata (as measured against all other Selling Shareholders listed on Exhibit B)). 
  
 (ii)    The Warrant Shareholder Payment will be made as follows: (x) the Company shall pay to each Selling Shareholder listed on
Exhibit B hereto 90% of each Selling Shareholder’s portion of the Warrant Shareholder Payment minus any Warrant Shareholder Obligation Amounts (as defined below) by wire transfer of immediately available funds to accounts of the Selling
Shareholders as specified by the Selling Shareholders to the Company; and (y) the remaining 10% of each such Selling Shareholder’s portion of the Warrant Shareholder Payment is being deposited into escrow (the “Warrant Escrow
Contribution,” together with the Share Escrow Contribution, the “Escrow Contribution”) by wire transfer of immediately available funds to the account of the Escrow Agent (as defined below) set forth in the Escrow Agreement
(as defined below), as part of the escrow deposit described in Section 3.4 of the Warrant Agreement; provided, however, that in the event that the Investor places the Force Majeure Escrow Deposit (as defined in the Warrant Agreement) into escrow
with the Escrow Agent pursuant to Section 3.8 of the Warrant Agreement, then the percentage set forth in the foregoing clause (x) shall be 75%, and the percentage set forth in the foregoing clause (y) shall be 25% (it being acknowledged and agreed
that such 25% includes the Selling Shareholders’ 15% Force Majeure Escrow Deposit pursuant to the Warrant Agreement). Said Escrow Contribution will be released from the Escrow Deposit to the Selling Shareholders subject to the terms set forth
below and subject to the Escrow Agreement. 
  
 (b)    At and as part of the Redemption Closing, each of the Selling Shareholders listed on Exhibit B hereto shall deliver to the Company, for further delivery to the Escrow Agent to be held in escrow pursuant to
the Escrow Agreement, either (i) stock certificates representing all of such Selling Shareholder’s Initial Warrant Shareholder Shares as is set forth on Exhibit B, or (ii) if such Selling Shareholder is exercising vested stock options or
warrants in order to sell its Warrant Shareholder Shares to the Company pursuant to Section 1.3(a)(i) above, a conditional option or warrant exercise notice relating to such Initial Warrant Shareholder Shares, all to be held in escrow by the Escrow
Agent in accordance with the terms of this Agreement and the Escrow Agreement. All of the shares either (1) held in escrow pursuant to the foregoing clause (i) or Section 1.3(c); or (2) to be issued upon exercise of warrants or options pursuant to
exercise notices held in escrow pursuant to the foregoing clause (ii) or Section 1.3(c), of a given Selling Shareholder, are referred to herein as such Selling Shareholder’s “Escrow Warrant Shares.” 
  

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 (c)    If for any reason (including, without limitation, because of an increase
in the Control Number or the termination of vested stock options that are represented in the Escrow Warrant Shares upon the termination of an employee who is a Selling Shareholder) the number of shares included within any Selling Shareholder’s
then-current Escrow Warrant Shares is less than such Selling Shareholder’s Warrant Shareholder Shares at such time, at the request of the Investor, the Selling Shareholder listed on Exhibit B hereto shall deliver to the Escrow Agent to
be held in escrow, either (i) stock certificates representing (1) such number of Ordinary Shares or Series A Preferred Shares as is necessary to eliminate such deficit or (ii) if such Selling Shareholder is exercising vested stock options or
warrants in order to sell its Warrant Shareholder Shares to the Company pursuant to Section 1.3(a)(i) above, a conditional option or warrant exercise notice relating to such number of Ordinary Shares as is necessary to eliminate such deficit, all to
be held by the Escrow Agent in accordance with the terms of the Escrow Agreement; and all such shares, or such shares issuable pursuant to such exercise notices, shall be included within the Escrow Warrant Shares of such Selling Shareholder.
Notwithstanding the foregoing, if any such Selling Shareholder is unable to or otherwise fails to make such delivery to the Escrow Agent for any reason (including, without limitation, because such Selling Shareholder does not own sufficient
additional Ordinary Shares or Series A Preferred Shares), then all of the remaining Selling Shareholders on Exhibit B shall make sufficient deliveries to the Escrow Agent (on a pro rata basis measured against all other Selling Shareholders on
Exhibit B other than such failing Selling Shareholder) so that the aggregate Escrow Warrant Shares of all Selling Shareholders after such deliveries shall equal 50% of the Control Number at such time (not to exceed, as to any given Selling
Shareholder, the total shares held by such Selling Shareholder in the Company). The Selling Shareholders acknowledge and agree that a failure by a Selling Shareholder to make such delivery to the Escrow Agent for any reason (other than, and only to
the extent, that such Selling Shareholder does not own sufficient shares) shall, with respect to the other Selling Shareholders only, be a breach of this Agreement, and the other Selling Shareholders shall have all rights and remedies available to
them at law or in equity in respect of such breach, provided that the foregoing breach shall also be a breach (by such Selling Shareholder only) as to the Company and the Investor if as a result of such failure the aggregate Escrow Warrant Shares of
all Selling Shareholders after such deliveries do not equal, at the Warrant Closing, 50% of the Control Number. The Company shall give the Investor prompt notice each time an event occurs (including without limitation a change in the Control Number
or the termination of stock options as aforesaid) which would result in additional deliveries being required to be made to the Escrow Agent under this Section 1.3(c). Each of the Selling Shareholders agrees not to Transfer any of the Escrow Warrant
Shares prior to the expiration or termination of the Warrant in accordance with the terms of the Warrant Agreement; provided, however, that Escrow Warrant Shares may be Transferred by the Selling Shareholders to Controlled Affiliates and/or partners
in Selling Shareholders which are partnerships and/or members of Selling Shareholders which are limited liability companies, subject to the transferee in each case agreeing in writing to be bound by this Agreement. In the event that as to any
Selling Shareholder, the Escrow Warrant Shares exceed the number of Warrant Shareholder Shares to be redeemed by the Company at the Warrant Closing, the Company and the Investor shall jointly direct the Escrow Agent to return such Escrow Warrant
Shares (or the exercise notices relating thereto, as applicable) to such Selling Shareholder on the Warrant Closing. As used herein, “Transfer” shall mean any direct or indirect offer, sale, gift, transfer, assignment or other
disposition and shall include agreeing to do any of the foregoing. As used herein “Controlled Affiliate” shall mean an entity that is controlled by, controlling, or under common control with the Selling Shareholder, provided having
“control” will mean having at least a majority of the voting power and the power to elect a majority of the board of directors or other governing body of an entity. 
  

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 (d)    Each Selling Shareholders listed on Exhibit B hereto, hereby
agrees and authorizes the Company to withhold and deduct from each such Selling Shareholder’s portion of the Warrant Shareholder Payment the following (which shall collectively be referred to herein as the “Warrant Shareholder
Obligation Amounts”): 
  
 (i)    The amount equal to the percentage set forth opposite each Selling Shareholder’s name on Exhibit B under the column “Warrant Expense Percentage” of the Warrant Closing Expenses
(defined below); and 
  
 (ii)    The
aggregate amount due and payable to the Company from such Selling Shareholder in connection with such Selling Shareholder’s exercise of any options or warrants into such Selling Shareholder’s Warrant Shareholder Shares in connection with
the transactions contemplated by this Agreement. 
  
 As
used above, the term “Warrant Closing Expenses” means 50% of the Company’s reasonable fees and expenses incurred in connection with the Warrant Closing, including without limitation investment banking, legal and accounting fees,
arbiter fees (if applicable) and stamp taxes (if applicable) under the Warrant Agreement. 
  
 (e)    In the event of that the procedures for determining Fair Market Value (as defined in the Warrant Agreement) have been
triggered pursuant to Section 3.7 of the Warrant Agreement, then the Company shall from time to time, at the request of any Selling Shareholder, reasonably apprise and update such Selling Shareholder with respect to the status of such determination.

  
 1.4    Escrow
Agreement.    Simultaneously with the Redemption Closing, the Company, IACT, and Bank of New York (or such other bank or escrow agent reasonably satisfactory to the Company and the Investor) (the “Escrow
Agent”) will enter into an Escrow Agreement (the “Escrow Agreement”), as contemplated by the Transaction Agreement. 
  
 1.5    Cash and Other Reconciliations. 
  
 (a)    Closing Cash Statement Under the Transaction Agreement.    Pursuant to the Transaction Agreement, the Company
is required to deliver to the Investor a Closing Cash Statement following the Closing. If the “cash and cash equivalents” of the Company as of the Closing Date, as set forth on the Final Closing Cash Statement is (A) less than $6,288,508
(such deficit, the “Cash Deficit”), then the Company shall pay the Investor, 30% of the Cash Deficit and the Selling Shareholders hereby agree, immediately prior to the Company’s payment to the Investor, to pay to the Company, as
agent for the Selling Shareholders, their pro rata share (based on total amounts received in connection with the Redemption Closing by all Selling Shareholders set forth on Exhibit A) of fifty percent (50%) of such payment to the Investor, or
(B) more than $6,288,508 (such surplus, the “Cash Surplus”), then the Investor shall pay the Company, 30% of the Cash Surplus and the Company hereby agrees, promptly upon the Company’s receipt of such payment, to pay to the
Selling Shareholders, their pro rata share (based on total amounts received in connection with the Redemption Closing by all Selling Shareholders set forth on Exhibit A) of fifty percent (50%) of such payment. In the case of each of the
foregoing clauses (A) and (B), the required payment shall be made within ten (10) days of the date the Final Closing Cash Statement was agreed to or finalized pursuant to the terms of the Transaction Agreement. 
  
 (b)    Certain Payments Under the
Warrant.    In the event that the Investor places the Force Majeure Escrow Deposit (as defined in the Warrant Agreement) into escrow with the Escrow Agent pursuant to Section 3.8 of the Warrant Agreement, then (A) if all or
part of such Force Majeure Escrow Deposit is to be returned to the Company and the Selling Shareholders listed 

  

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on Exhibit B hereto pursuant to said Section 3.8, then promptly upon the Company’s receipt of any such amount (for itself and on behalf of the Selling
Shareholders), it shall pay to the Selling Shareholders listed on Exhibit B hereto their pro rata share (based on total amounts received in connection with the Warrant Closing by all Selling Shareholders set forth on Exhibit B) of
fifty percent (50%) of such amount; and (B) if the Company is required to make a payment to the Investor pursuant to said Section 3.8, then the Selling Shareholders listed on Exhibit B hereto shall, immediately prior to the Company’s
payment to the Investor, pay to the Company, as agent for the Selling Shareholders, their pro rata share (based on total amounts received in connection with the Warrant Closing by all Selling Shareholders set forth on Exhibit B) of fifty
percent (50%) of such payment to the Investor. 
  
 (c)    Treatment of Payments.    For purposes of clarity, any payments due to the Company or the Investor pursuant to this Section 1.4: (i) shall be deemed an adjustment to the purchase price,
(ii) shall be paid directly by the party from which payment is due and (iii) shall not be deemed to be indemnification payments nor in any way reduce or increase the aggregate amount of liability of the Selling Shareholders under Sections 3 and 4
below. 
  
 (d)    Withholding.    If the Company in its discretion determines that it is obligated to withhold tax with respect to the exercise by any Selling Shareholder of any options or warrants in
connection with its sale of Shareholder Shares or Warrant Shares hereunder, each Selling Shareholder agrees that the Company may withhold from any amounts due such Selling Shareholder hereunder the appropriate amount of the withholding taxes
attributable to such exercise and/or payment. Each such Selling Shareholder further agrees that, if the Company does not withhold an amount sufficient to satisfy the Company’s withholding obligation, then such Selling Shareholder will reimburse
the Company on demand, in cash, for the amount underwithheld. 
  
 2.    Representation and Warranties of the Selling Shareholders. 
  
 2.1    Subject to Section 4, each Selling Shareholder (as to itself or himself only and not as to any other Selling Shareholder) hereby
represents and warrants to the Investor and the Company, that: 
  
 (a)    If such Selling Shareholder is a legal entity, it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to carry
on its business as now conducted and to perform its obligations under this Agreement. If such Selling Shareholder is a legal entity, it is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so
qualify would reasonably be expected to have a material adverse effect on such Selling Shareholder. 
  
 (b)    If such Selling Shareholder is an entity, all corporate, limited liability company or partnership action, as applicable
on the part of such Selling Shareholder and its officers, directors, shareholders, managers, partners and affiliates, as applicable, and all shareholder, member or partner action, as applicable, on the part of such Selling Shareholder’s
shareholders, members or partners, as applicable, necessary for the authorization, execution and delivery of this Agreement and the Related Agreements (as such term is defined in the Transaction Agreement) to which it is a party, the performance of
all of its obligations hereunder and thereunder, including without limitation the sale of the securities being sold hereunder and thereunder, has been taken. This Agreement and the Related Agreements to which it is a party constitute valid and
legally binding obligations of such Selling Shareholder, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors’ rights 

  

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generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (c) to the extent the
indemnification provisions contained in the Investors Agreement (as such term is defined in the Transaction Agreement) may be limited by applicable foreign, United States or state securities laws. The execution, delivery and performance by such
Selling Shareholder of this Agreement and the applicable Related Agreements to which it is a party, and the consummation of the transactions contemplated hereby and thereby: (i) will not result in any violation or default or be in conflict with or
constitute, with or without the passage of time and giving of notice, a default under any provision of such Selling Shareholder’s applicable organizational documents; (ii) will not result in the breach of or constitute a default under any
material contract, lease, license, franchise, permit, indenture, mortgage, deed of trust, note, agreement or other instrument to which such Selling Shareholder is a party or by which it is bound; and (iii) will not violate any law or order
applicable to or bearing upon such Selling Shareholder or its assets or businesses, except in the case of clauses (ii) and (iii) for such breaches, defaults or violations that could not reasonably be expected to have a material adverse effect on the
ability of such Selling Shareholder to consummate the transactions contemplated by this Agreement. Such Selling Shareholder is not required to obtain any consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any United States, local or foreign governmental authority or from any Person in connection with the execution, delivery and performance of this Agreement or the applicable Related Agreements to which it is a party or the
consummation of the transactions contemplated hereby or thereby which it has not already obtained except where the failure to obtain such consent, approval, or authorization, or to make or file such registration, qualification, designation,
declaration or filing, would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), operations, results of operations, business, assets, liabilities (contingent or otherwise), capital or prospects of
such Selling Shareholder. There are no legal or governmental proceedings pending, or to the knowledge of such Selling Shareholder, threatened against such Selling Shareholder that would have the effect of preventing or delaying such Selling
Shareholder from executing and delivering this Agreement or consummating any of the transactions contemplated by this Agreement or performing its obligations hereunder. 
  
 (c)    Such Selling Shareholder owns of record and has good and valid title to the securities
being transferred (or to be transferred) by such Selling Shareholder pursuant to this Agreement. Such Selling Shareholder will transfer such securities at the Redemption Closing and the Warrant Closing free and clear of any encumbrances, preemptive
rights, escrows, options, rights of first refusal or other similar arrangements, whether written or oral, or any other restrictions affecting the rights of transfer or voting of such securities, in each case, created by or on behalf of such Selling
Shareholder or any prior owner of such securities. 
  
 2.2    Each Selling Shareholder (as to itself or himself only and not as to any other Selling Shareholder) hereby represents and warrants to the Investor, that (a) such Selling Shareholder has read the Transaction
Agreement (including the Disclosure Schedule) and (b) that each Selling Shareholder has no actual, conscious knowledge that the Company is in breach of the Company’s representations and warranties under the Transaction Agreement; provided,
however, that neither the existence nor knowledge of any facts which give rise to a breach of any such covenant, representation or warranty shall, in and of itself, constitute knowledge by such Selling Shareholder of such breach. 
  
 2.3    Each Selling Shareholder agrees to use all commercially
reasonably efforts to consummate the transactions contemplated by this Agreement and to not take, or cause or permit to be taken, any action that would impair the ability of such Selling Shareholder to complete the transactions contemplated by this
Agreement. 
  

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 2.4    Each Selling Shareholder hereby agrees to indemnify the Company and the Investor and
their respective directors, officers, agents and employees, successors and assigns from and against any and all losses, costs, claims, damages, liabilities, Taxes, obligations, judgments, settlements, assessments, awards, demands, offsets,
reasonable out-of-pocket costs, expenses and attorneys’ fees (including any such reasonable costs, expenses and attorneys’ fees incurred in enforcing a party’s right to indemnification against any indemnifying party or with respect to
any appeal) and penalties and interest, if any incurred by them and arising out of or resulting from any breach by such Selling Shareholder of its representations and warranties or covenants under Sections 1, 2 and 5 hereof. 
  
 3.    Company Representations and
Warranties.    Subject to Section 4, each Selling Shareholder hereby severally agrees to indemnify fully, hold harmless, protect and defend, subject to the limitations set forth in Section 4 below, the Investor, its
affiliates, and their respective directors, officers, agents and employees, successors and assigns (the “Investor Parties”) against (a) all Investor Losses (as defined in the Transaction Agreement), including without limitation
those arising in connection with Section 5.7 of the Transaction Agreement, but, in any case, only to the extent that the Investor Parties are entitled to indemnification from the Company as to such Investor Losses pursuant and subject to Section 6
of the Transaction Agreement), and (b) all Investor Losses arising from any fraud (as such term is defined in the Section 6.4(b) of the Transaction Agreement) by the Company against the Investor and the Investor Parent in connection with, and
subject to, the Transaction Agreement or the Related Agreements. Nothing in this provision shall require the Investor Parties to look first to the Company to cover any liabilities hereunder. 
  
 4.    Limitations on Liabilities.    The
Selling Shareholders’ liability for their indemnification obligations under Sections 2 and 3 above, shall be limited as follows: 
  
 4.1    Each Selling Shareholder’s aggregate amount of liability with respect to breaches of any of their representations,
warranties or covenants under Sections 1, 2 and 5 hereof shall be limited to the amount received by such Selling Shareholder pursuant to Section 1.2 and Section 1.3 hereof (including such Selling Shareholder’s Escrow Contribution); provided
however that, with respect to any given Selling Shareholder, in no event shall the Investor be allowed to obtain, from the Escrow Deposit, any amounts other than such Selling Shareholder’s Escrow Contribution on account of such breach.

  
 4.2    Each Selling
Shareholder’s aggregate amount of liability with respect to its indemnification obligation under Section 3(a) above, to the extent arising from the representations and warranties (other than with respect to the Major Representations of the
Company set forth in the Transaction Agreement) and covenants of the Company in the Transaction Agreement shall be limited to the lesser of (i) such Selling Shareholder’s pro rata share (based on total amounts received hereunder) of any amounts
due to the Investor Parties on account of all Selling Shareholder’ indemnification obligations under Section 3(a) to the extent arising from the representations and warranties (other than with respect to the Major Representations of the Company
set forth in the Transaction Agreement) and covenants of the Company in the Transaction Agreement; or (ii) the amount of such Selling Shareholder’s respective Escrow Contribution. 
  
 4.3    Each Selling Shareholder’s aggregate amount of liability with respect to its
indemnification obligation under Section 3(a) above, to the extent arising from the Major Representations of the Company set forth in the Transaction Agreement and under Section 3(b), shall be limited to the lesser of (i) such Selling
Shareholder’s pro rata share (based on total amounts received hereunder) of any amounts due to the Investor Parties on account of all Selling Shareholders’ indemnification obligation under Section 3(a) or Section 3(b), as applicable, to
the extent arising from the Major Representations of the Company set forth in 

  

 8 

 
the Transaction Agreement or under Section 3(b); or (ii) the amount received by such Selling Shareholder pursuant to Section 1.2 and Section 1.3 hereof (including such
Selling Shareholder’s Escrow Contribution). 
  
 4.4    Notwithstanding any herein to the contrary, in no event shall the aggregate liability of any Selling Shareholder under this Agreement exceed the aggregate payments received by such Selling Shareholder pursuant to
Section 1.2 and Section 1.3 hereof (including such Selling Shareholder’s Escrow Contribution). 
  
 4.5    From and after the IAC Control Date, in the event that the Investor Parties have suffered Investor Losses with respect to
which the Investor Parties are entitled to (a) indemnification from the Company under Section 6 of the Transaction Agreement and (b) indemnification from the Selling Shareholders under Section 3 of this Agreement, then the aggregate liability
of any Selling Shareholder under Section 3 of this Agreement shall be limited to 50% of such Investor Losses, subject to the other limitations of Sections 4.2, 4.3 and 4.4. 
  
 4.6    The parties acknowledge that the limitations set forth in the preceding clauses 4.1 through
4.5, inclusive, are not mutually exclusive, but rather are separate and independent limitations, and that each and all such limitations may, alone or together, apply to a party’s obligations in accordance with their respective terms.

  
 5.    Recourse to
Escrow.    Each Selling Shareholder agrees that the Investor shall first look to the Selling Shareholder’s portion of the Escrow Contribution to cover any liability of such Selling Shareholder under this Agreement;
provided however, that if the Selling Shareholder’s portion of the Escrow Contribution is insufficient to satisfy any such liability, then the Investor may look to the Selling Shareholder to satisfy any such liability, subject in all events to
the limitations in Section 4 above. 
  
 6.    Distribution of the Escrow Contribution and Release of Warrant Shareholder Shares.     Twenty five percent (25%) of the then-current Escrow Contribution (it being understood and agreed
that the Escrow Contribution may be reduced from time to time to satisfy indemnity obligations of the Selling Shareholders hereunder, subject to the limitations hereunder) shall be released from the Escrow Deposit and distributed to the Selling
Shareholders, on the date that is one (1) year after the Closing and the remainder of the then-current Escrow Contribution shall be released from the Escrow Deposit and distributed to the Selling Shareholders on the Survival Date (as such term is
defined in the Transaction Agreement) (the “Release Dates”); provided that (a) such 25% release and distribution on the first Release Date shall only be made to the extent the condition in the proviso in clause (a) in the second paragraph
of Section 1.9 of the Transaction Agreement is satisfied and (b) amounts subject to pending claims on the Survival Date shall be reserved in accordance with the proviso in clause (b) in the second paragraph of Section 1.9 of the Transaction
Agreement. Upon each Release Date, the Company and the Investor hereby agree that they shall promptly issue joint instructions to the Escrow Agent to release each respective portion of the remaining Escrow Contribution as set forth in and subject to
the terms of this Agreement. Subject to the foregoing, the Company and the Investor agree that they shall jointly direct the Escrow Agent to release to the Investor amounts in the Escrow Deposit needed to satisfy claims by the Investor Indemnified
Parties pursuant to Section 6 of the Transaction Agreement or against any Selling Shareholder pursuant to this Agreement. In addition, the Company and the Investor shall direct the Escrow Agent to release from escrow and distribute to the
appropriate Selling Shareholders any stock certificates or conditional option or warrant exercise notices held by the Escrow Agent pursuant to Section 1.3(b) above upon the termination or expiration of the Warrant pursuant to the Warrant Agreement;
provided that the Investor has not exercised its rights with respect to the Warrant. The Company, the Investor and the Selling Shareholders agree that any interest earned on the Escrow Contribution 

  

 9 

 
shall be payable to each of the Selling Shareholders in accordance with their respective portion of the Escrow Contribution pursuant to such joint instructions and
this Agreement, and such interest shall also constitute part of the Escrow Contribution hereunder. Notwithstanding anything herein to the contrary, any obligation of the Company to make any distributions described herein shall be subject to the
Company actually receiving such funds from the Escrow Agent. Notwithstanding anything herein to the contrary, in the event that the Warrant is exercised (a) after the date which is one (1) year after the Closing but prior to the Survival Date, then,
with respect to a Selling Shareholder’s sale and transfer of Warrant Shareholder Shares to the Company in connection with the Warrant Closing, only 75% of the amount which would have otherwise been paid into escrow pursuant to Section 1.3(a)
shall be paid into escrow, and the remaining 25% of such amount shall be paid directly to such Selling Shareholder at the Warrant Closing, or (b) after the Survival Date, then, with respect to a Selling Shareholder’s sale and transfer of
Warrant Shareholder Shares to the Company in connection with the Warrant Closing, any amounts which would have otherwise been paid into escrow pursuant to Section 1.3(a) shall not be paid into escrow, but instead shall be paid directly to such
Selling Shareholder at the Warrant Closing. 
  
 7.    Exclusivity of Remedies.    Notwithstanding anything herein to the contrary, each party’s sole and exclusive remedy against any Selling Shareholder for any breach of a
representation, warranty, covenant or other obligation made in or imposed by this Agreement or the other transactions contemplated hereunder shall be as set forth in this Agreement, subject (without limiting the foregoing) to all of the limitations
of Section 4; provided however that this Section 7 shall not limit any party’s rights against any Selling Shareholder (1) in the event and to the extent of any fraud committed by such Selling Shareholder in connection with this Agreement or the
Related Agreements; and (2) to seek specific performance by the other party with respect to any covenants of such other party under this Agreement or any Related Agreement. 
  
 8.    Covenant of the Company.    Upon the Redemption Closing and the Warrant Closing,
the Company hereby agrees that the Shareholder Shares and the Warrant Shareholder Shares (in each case to the extent constituting Series A Preferred Shares) shall be cancelled. 
  
 9.    Miscellaneous. 
  
 9.1    Successors and Assigns.    Except as otherwise provided herein, 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 (including transferees of any securities purchased hereunder). Except as expressly provided in this Agreement, no
party shall in any manner assign any of its rights or obligations under this Agreement without the express prior written consent of each of the other parties hereto. Nothing in this Agreement is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  
 9.2    Governing Law; Arbitration. 
  
 (a)    This Agreement shall be governed by and construed under the
laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware. 
  
 (b)    Notwithstanding subsection (c) below, at the option of the Investor, each of the parties hereto agrees for the benefit of the Investor
that any State or Federal court sitting in Delaware shall have exclusive jurisdiction to settle any disputes (including claims for set-off and counterclaims) and enforce any rights which may arise in connection with the validity, effect,
interpretation or performance of, or the legal relationships established by, this Agreement or 

  

 10 

 
otherwise arising in connection with this Agreement. Each party hereto consents to venue in the Delaware Courts and irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of any action therein. Each party hereto agrees that the summons and complaint or any other process in any action may be served by notice given in accordance with Section 9.5, or as
otherwise permitted by law. Each party hereto irrevocably waives the right to trial by jury. 
  
 (c)    Subject to the option in favor of the Investor set out in subsection (b) above, any controversy or claim arising out of or relating to this Agreement shall be determined by arbitration in accordance
with the International Arbitration Rules of the American Arbitration Association. The tribunal shall consist of three arbitrators. The seat of the arbitration shall be New York. The language of the arbitration shall be English. The parties hereto
agree that the tribunal constituted under this clause shall have the power to grant the relief of specific performance in appropriate circumstances, and further agree, for the avoidance of doubt, that any competent court of its jurisdiction
(including in the PRC courts) may enforce an order of the tribunal for specific performance. By agreeing to arbitration pursuant to this clause, the parties hereto waive irrevocably their right to any form of appeal, review or recourse to any state
court or other judicial authority, in as far as such waiver may validly be made, save that the parties do not intend to deprive any competent court of its jurisdiction (including the PRC courts) to issue a pre-arbitral injunction, pre-arbitral
attachment or other order in aid of the arbitration proceedings or the enforcement of any award. 
  
 9.3    Counterparts.    This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
  
 9.4    Titles and Subtitles.    The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. 
  
 9.5    Notices.    All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) ten (10) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) two (2) days after deposit with an internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set
forth on Schedule 9.5 hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 9.5). 
  
 9.6    Amendments and Waivers.    Any term of this Agreement 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 each party hereto. 
  
 9.7    Replacement of Selling Shareholders.    Subject to the consent of the Investor
which shall not be unreasonably withheld in the event that prior to the Closing any Selling Shareholder breaches this Agreement, or is otherwise unable for any reason to perform his, her or its obligations under this Agreement, then without limiting
any other rights and remedies hereunder, the Company shall have the right to terminate this agreement with respect to such Selling Shareholder and to: (a) allow the other Selling Shareholders to sell and transfer such number of shares to the Company
as would have been sold by such first Selling Shareholder but for such termination, fully pursuant to, and subject to the terms and conditions of, this Agreement; and/or (b) allow any other shareholders of the Company to become party to this 

  

 11 

 
Agreement and sell and transfer such number of shares to the Company as would have been sold by such first Selling Shareholder but for such termination, fully pursuant
to, and subject to the terms and conditions of, this Agreement as a “Selling Shareholder” hereunder. 
  
 9.8    Termination of Transaction Agreement.    In the event that the Transaction Agreement shall be terminated prior
to the Closing thereunder (and at the request of the holders of the Series A Preferred Shares in any event if such Closing shall not have occurred by October 31, 2004), each of the Company and each of the Selling Shareholders shall cooperate with
one another to take all actions, make all filings and enter into such agreements among themselves as may be reasonably necessary (a) to restore to the holders of the Series A Preferred Shares all of the rights, preferences and privileges pertaining
to such Shares under the Memorandum of Association and Articles of Association of the Company on July 15, 2004 and (b) to restore all of the contractual rights and obligations between and among the Selling Shareholders pursuant to the Previous
Shareholder Agreements (as defined in the Investors Agreement, as the same is defined in the Transaction Agreement) that existed prior to the execution and delivery of the Transaction Agreement. 
  
 9.9    Entire Agreement.    This
Agreement, the Transaction Agreement and the Related Agreements and the documents referred to herein and therein constitute the entire agreement among the parties with respect to the subject matter hereof and thereof (and supercedes all prior oral
and written communications and agreements, and all contemporaneous communications and agreements, with respect to the subject matter hereof and thereof, including, without limitation, all letters of intent previously entered into among some or all
of the parties hereto) and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
  
 The remainder of this page has been intentionally left blank. 
  

 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	COMPANY:
	
	ELONG, INC.
		
	 By:
  
	 	 /s/

		
	 Name:
  
	 	

		
	 Title:
  
	 	

  

			
	 INVESTOR:

	
	IACT ASIA PACIFIC LIMITED
		
	 By:
	 	 /s/ Barney Harford

		
	 Name:
	 	 Barney Harford

		
	 Title:
	 	 President

			
	 SELLING SHAREHOLDERS:

	
	 Tiger Technology Private Investment Partners, L.P.

		
	 By:
	 	Tiger Technology PIP Performance, L.L.C.,
its General Partner
		
	 By:
	 	 /s/ Charles P. Coleman III

	 Name:
	 	 Charles P. Coleman III

	 Title:
	 	 Managing Member

	 	 	 
	
	 Tiger Technology II, L.P.

		
	 By:
	 	Tiger Technology Performance, L.L.C.,
its General Partner
		
	 By:
	 	 /s/ Charles P. Coleman III

	 Name:
	 	 Charles P. Coleman III

	 Title:
	 	 Managing Member

	
	 Blue Ridge Limited Partnership

		
	 By:
	 	 JAG Holdings LLC, its General Partner

		
	 By:
	 	 /s/

	 Name:
	 	 Richard S. Bello

	 Title:
	 	 Managing Director

	
	 Blue Ridge Offshore Master Limited Partnership

		
	 By:
	 	JAG Offshore Holdings LLC,
its General Partner
		
	 By:
	 	 /s/

	 Name:
	 	 Richard S. Bello

	 Title:
	 	 Managing Director

	
	 RMG Holdings LLC

		
	 By:
	 	 /s/

	 Name:
	 	 Richard M. Gerson

	 Title:
	 	 Managing Director

	
	

	 Derek Palaschuk

	 	 	 
	 	 	 

  
 [Signature Page to Transfer and 
 Escrow Contribution Agreement] 

			
	RMG Holdings LLC
		
	 By:
	 	  

	 Name:
	 	Richard M. Gerson
	 Title:
	 	Managing Director
	
	 /s/ Derek Palaschuk

 Derek Palaschuk

	
	 Billable Development Ltd.

		
	 By:
	 	 /s/

	 Name:
	 	 
	 Title:
	 	 
	
	 /s/

 Peter Lerner

	
	 Purple Mountain Holding, Ltd.

		
	 By:
	 	 /s/

	 Name:
	 	 
	 Title:
	 	 
	
	 Time Intelligent Finance Limited

		
	 By:
	 	 /s/

	 Name:
	 	 
	 Title:
	 	 
	
	 Mind Trade Assets Limited

		
	 By:
	 	 /s/

	 Name:
	 	 
	 Title:
	 	 

  
 [Signature Page to Transfer and 
 Escrow Contribution Agreement]Series A Preferred Shares Purchase Agreement dated August 29, 2003

 Exhibit 10.37 
  
 ELONG, INC. 
  
 SERIES A PREFERRED SHARES PURCHASE AGREEMENT 
  
 THIS SHARES PURCHASE AGREEMENT (the “Agreement”) is made as of the 29th day of August, 2003, by and among eLong, Inc., an International Business Company under the laws of the British Virgin Islands (the
“Company”), the investors (severally and not jointly, listed on Schedule A hereto, (each of which is herein referred to as an “Investor” and collectively as the “Investors”), and Justin Yue
Tang (the “Founder”). 
  
 THE PARTIES HEREBY AGREE AS
FOLLOWS: 
  
 1.    Purchase and Sale of Shares.

  
 1.1    Sale and Issuance of Series A Preferred
Shares. 
  
 (a)    The Company
shall adopt and file with the Registrar of Companies in the British Virgin Islands on or before the Closing (as defined below in Section 1.2) the Second Amended and Restated Memorandum of Association in the form attached hereto as Exhibit A (the
“Restated Memorandum”) and the Second Amended and Restated Articles of Association in the form attached hereto as Exhibit A-1 (the “Restated Articles”). 
  
 (b)    On or prior to the Closing, the Company
shall have authorized (i) the sale and issuance to the Investors of 9,787,494 of its Series A Preferred Shares (as defined below in Section 2.2(a)) and (ii) the issuance of the Common Shares to be issued upon conversion of the Series A Preferred
Shares (the “Conversion Shares”). The Series A Preferred Shares and the Conversion Shares shall have the rights, preferences, privileges and restrictions set forth in the Restated Memorandum and the Restated Articles. 
  
 (c)    Subject to the terms and conditions of this
Agreement, each Investor agrees, severally and not jointly, to purchase at the Closing and the Company agrees to sell and issue to each Investor at the Closing that number of Series A Preferred Shares set forth opposite such Investor’s name on
Schedule A hereto for US$1.5325 per share (the “Series A Purchase Price”). 
  
 1.2    Closing.    The purchase and sale of the Series A Preferred Shares shall take place at the offices of
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP (“Gunderson Dettmer”), 220 West 42nd Street, 20th Floor, New York, New York, at 10:00 A.M. (local time), on August 29, 2003, or at such other time and place as the
Company and Investors agree upon orally or in writing (which time and place are designated as the “Closing”). At the Closing the Company shall deliver to each Investor a certificate representing the Series A Preferred Shares that
such Investor is purchasing against payment of the purchase price therefor by check or wire transfer. 
  
 2.    Representations and Warranties of the Company and the Founder.    The Company and the Founder (severally and
not jointly) hereby represent and warrant to each Investor that, except as set forth on the disclosure letter of even date herewith (the “Disclosure Letter”) furnished to each Investor and special counsel for the Investors, which
exceptions shall be deemed to be representations and warranties as if made hereunder: 
  
 2.1    Organization, Good Standing and Qualification. 
  
 (a)    The Company is an international business company duly organized, validly existing and in good standing under the laws of
the British Virgin Islands and has all requisite corporate power and authority to carry on its business as now conducted and as 

  

 1 

 
currently proposed to be conducted. To the Company and the Founder’s knowledge, the Company is duly qualified to transact business and is in good standing in each
jurisdiction in which the failure to so qualify would have a material adverse effect on the business or properties of the Company. 
  
 (b)    ELongNet Information Technologies (Beijing) Co., Ltd. (the “Subsidiary”) is a wholly foreign-owned
subsidiary of the Company and is duly established and validly existing under all applicable laws, ordinances, rules and regulations, as well as judicial interpretations and decisions, of the People’s Republic of China (the
“PRC”), including, but not limited to, all applicable laws, ordinances, rules and regulations, as well as judicial interpretations and decisions, of the PRC (the “PRC Laws”). The Subsidiary has full corporate power
and authority to (i) enter into the agreements to which it is a party, to carry out its obligations thereunder and to consummate the transactions contemplated thereby, and all such agreements have been duly authorized by all necessary corporate
action on the part of the Subsidiary, (ii) to possess all governmental licenses, permits, authorizations and approvals necessary to enable it to own, operate, lease or otherwise hold its respective properties and assets now owned, operated, leased
or otherwise held by it and (v) to carry on its respective business as it is currently conducted and proposed to be conducted as of the date hereof. To the Company and the Founder’s knowledge, the Subsidiary is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on the business or properties of the Subsidiary. True and complete copies of the articles of association of the Subsidiary,
in effect on the date hereof, have been made available by the Company to the Investors. True and complete copies of all shareholder consents of the Subsidiary have been made available by the Company to the Investors. 
  
 2.2    Capitalization and Voting Rights of the Company. The
authorized capital of the Company consists of: 
  
 (a)    Preferred Shares.    Nine Million Seven Hundred Eighty-Seven Thousand Four Hundred Ninety-Four (9,787,494) Preferred Shares, par value $0.01 (the “Preferred Shares”), all of
which shares have been designated Series A Preferred Shares (the “Series A Preferred Shares”) and up to all of which may be sold pursuant to this Agreement. The rights, privileges and preferences of the Series A Preferred Shares
will be as stated in the Restated Memorandum and the Restated Articles. 
  
 (b)    Common Shares.    Forty Seven Million (47,000,000) Common Shares, par value $0.01 (the “Common Shares”), of which Twenty Million (20,000,000) shares are
issued and outstanding. 
  
 (c)    The
outstanding securities of the Company are owned by the security holders in the numbers specified in Exhibit B hereto. 
  
 (d)    The outstanding capital shares of the Company are all duly and validly authorized and issued, fully paid and
nonassessable, and were issued in accordance with all applicable securities laws, rules and regulations, or pursuant to valid exemptions therefrom. 
  
 (e)    Except for (i) the conversion privileges of the Series A Preferred Shares to be issued under this Agreement, (ii) the
rights provided in Section 2.4 of that certain Investors’ Rights Agreement in the form attached hereto as Exhibit C (the “Investors’ Rights Agreement”), (iii) currently outstanding options to purchase Four
Million Six Hundred Thousand (4,600,000) Common Shares granted to employees and other service providers pursuant to the Company’s Option Plan (the “Option Plan”) and (iv) currently outstanding warrants to purchase Six Hundred
Thousand (600,000) Common Shares, there are not outstanding any options, warrants, rights (including conversion or preemptive rights) or agreements for the purchase or acquisition from the Company of its capital shares. In 

  

 2 

 
addition, the Company has reserved an additional One Million Five Hundred Thousand (1,500,000) Common Shares for purchase upon exercise of options to be granted in the
future under the Option Plan. Except for the Voting Agreement (as defined below in Section 2.6 hereof), the Company is not a party or subject to any agreement or understanding, and, to the Company’s and the Founder’s knowledge, there is no
agreement or understanding between any persons and/or entities, which affects or relates to the voting or giving of written consents with respect to any security or by a director of the Company. 
  
 (f)    All outstanding securities of the Company,
including, without limitation, all outstanding capital shares of the Company, all capital shares of the Company issuable upon the conversion or exercise of all convertible or exercisable securities and all other securities that the Company is
obligated to issue, are subject to a one hundred eighty (180) day “market stand-off” restriction upon an initial public offering of the Company’s securities pursuant to Section 4 of the Right of First Refusal and Co-Sale Agreement (as
defined in Section 2.6 hereof). 
  
 (g)    The Disclosure Letter sets forth a complete list of each security of the Company owned by any officer, director or, in the Company’s reasonable belief, key employee of the Company, the Subsidiary or any PRC
Entity (as defined in Section 2.5 hereof), or by any affiliate or any member of the immediate family of any such individual, together with a description of the material terms of the vesting provisions and, to the Company’s and the
Founder’s knowledge, the rights of first refusal and rights of repurchase applicable to each such security other than, in each case, those vesting provisions and first refusal and repurchase rights set forth in the Ancillary Agreements (as
defined in Section 2.6 hereof). Except as set forth in the Ancillary Agreements, no share plan, share purchase, share option or other agreement or understanding between the Company and any holder of any securities or rights exercisable or
convertible for securities provides for acceleration or other changes in the vesting provisions or other terms of such agreement or understanding as the result of the occurrence of any event, other than the passage of time. 
  
 2.3    Capitalization and Voting Rights of the Subsidiary.

  
 (a)    The registered capital of
the Subsidiary totals US$10,000,000 (the “Equity”), all of which is contributed to, and held by, the Company. The rights and privileges of the Equity will be as stated in the Subsidiary’s articles of association, as amended and
restated. 
  
 (b)    The Subsidiary is
wholly owned by, and is the only subsidiary of, the Company. The Company is the sole legal and beneficial owner of the entire issued share capital of the Subsidiary, there being no other share or loan capital in the Subsidiary or any share or loan
capital under option (actual, contingent or otherwise) to purchase or subscribe. 
  
 (c)    The Equity is all duly and validly authorized and issued and fully paid, and was issued in accordance with all applicable
securities laws, rules and regulations, or pursuant to valid exemptions therefrom. 
  
 (d)    Neither the Subsidiary nor the Company is a party or subject to any agreement or understanding, and, to the
Company’s knowledge, there is no agreement or understanding between any persons and/or entities, which affects or relates to the voting or giving of written consents with respect to any security or by a director of the Subsidiary, except for
the Voting Agreement further described in Section 4.12 hereof. 
  
 2.4    Subsidiaries.    Other than the Subsidiary and the PRC Entities (as defined in Section 2.5 hereof), the Company does not presently own or control, directly or indirectly, any interest in
any other corporation, association, or other business entity. Neither the Company nor the Subsidiary is a participant in any joint venture, partnership, or similar arrangement, other than with respect to the PRC Entities. 
  

 3 

 2.5    Organization of PRC Entities. 
  
 (a)    (i)    Beijing eLong
Information Technology Co., Ltd (the “ICP Entity”) is a limited liability company duly established and validly existing under PRC Laws. The ICP Entity has all requisite corporate power and authority to enter into the agreements to
which it is a party, to carry out its obligations thereunder and to consummate the transactions contemplated thereby, and all such agreements have been duly authorized by all necessary corporate action on the part of the ICP Entity. 
  
 (ii)    Beijing Asia Media Interactive Co., Ltd.
(“Asia Interactive”) is a limited liability company duly established and validly existing under PRC Laws. Asia Interactive has all requisite corporate power and authority to enter into the agreements to which it
is a party, to carry out its obligations thereunder and to consummate the transactions contemplated thereby, and all such agreements have been duly authorized by all necessary corporate action on the part of Asia Interactive. 
  
 (iii)    Beijing eLong Airline Services Co., Ltd.
(“eLong Airline” and, together with the ICP Entity and Asia Interactive, the “PRC Entities”) is a limited liability company duly established and validly existing under PRC Laws. eLong Airline has all requisite
corporate power and authority to enter into the agreements to which it is a party, to carry out its obligations thereunder and to consummate the transactions contemplated thereby, and all such agreements have been duly authorized by all necessary
corporate action on the part of eLong Airline. 
  
 (b)    Each of the PRC Entities has full corporate power and authority to possess all governmental licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its respective
properties and assets and own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its respective business as it is currently conducted and proposed to be conducted as of the date hereof. Except as listed
in the Disclosure Letter, each of the PRC Entities has transferred to the Subsidiary all of its assets, as allowable under PRC Laws. True and complete copies of the articles of association of each of the PRC Entities, each as in effect on the date
hereof, have been made available by the Company to the Investors. Each of the PRC Entities has a three (3) member board of directors that controls the operations of each PRC Entity. True and complete copies of all shareholder consents of each of the
PRC Entities have been made available by the Company to the Investors. Except as set forth in the Disclosure Letter, each of the PRC Entities is duly qualified to do business in each jurisdiction where the nature of its respective business or the
ownership or leasing of its respective properties make such qualification necessary. 
  
 (c)    (i)    The registered capital of the ICP Entity is RMB 1,000,000, which has been fully paid and is
non-assessable and all of which is pledged to the Subsidiary. The Founder and Julia Zhi Qu, respectively, hold 75% and 25%, of the equity interests in the ICP Entity. 
  
 (ii)    The registered capital of Asia Interactive is RMB 500,000, which has been fully paid and
is non-assessable, and all of which is pledged to the Subsidiary. The Founder and Julia Zhi Qu, respectively, hold 75% and 25% of the equity interests in Asia Interactive. 
  
 (iii)    The registered capital of eLong Airline is RMB 500,000, which has been fully paid and is
non-assessable and all of which is pledged to the Subsidiary. The ICP Entity and Asia Interactive hold 80% and 20%, respectively, of the equity interests in eLong Airline. 
  
 (iv)    The equity interests of each of the PRC Entities were duly and validly issued and were
issued in accordance with all applicable securities laws, rules and regulations 

  

 4 

 
or pursuant to exemptions therefrom. Except as set forth in the Disclosure Letter, the equity interests in each of the PRC Entities are not subject to or issued in
violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any PRC Law, the articles of association or any contract to which any of the PRC Entities is a party or otherwise
bound. There are not any bonds, debentures, notes or other indebtedness of any of the PRC Entities having the right to vote (or convertible) into, or exchangeable for, securities having the right to vote) on any matters on which holders of equity
interests of any PRC Entity may vote. Except as set forth in the Disclosure Letter or in this section, there are no voting trusts, shareholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer
of any of the equity interests to which any PRC Entity is a party or is otherwise bound. The Founder has executed loan and share pledge agreements by and between the Founder and the Subsidiary dated July 28, 2000 and November 27, 2000 (the
“Founder Share Pledge Agreement”) that irrevocably pledges the ownership of his entire interest in Asia Interactive and the ICP Entity, respectively, to the Subsidiary. Julia Zhi Qu has executed share pledge agreements by and
between Julia Zhi Qu and the Subsidiary dated August 22, 2003 (the “Zhi Qu Share Pledge Agreement”) that irrevocably pledges the ownership of her entire interest in Asia Interactive and the ICP Entity, respectively, to the
Subsidiary. 
  
 (v)    The Subsidiary
and eLong Airline entered into a Technical Consulting and Services Agreement on August 22, 2003 whereby the Subsidiary agreed to provide services to eLong Airline on a fee-charging basis. As security for the fees payable to the Subsidiary under such
agreement, Asia Interactive and the ICP Entity executed a Share Pledge Agreement in favor of the Subsidiary dated August 22, 2003 (the “eLong Airline Pledge Agreement”) to pledge their entire interest in eLong Airline to the Subsidiary.
The eLong Airline Pledge Agreement, the Founder Share Pledge Agreement and the Zhi Qu Share Pledge Agreement shall collectively be called the “Share Pledge Agreements.” 
  
 (d)    The Disclosure Letter sets forth a true and complete list of all direct and indirect
subsidiaries of each of the PRC Entities, including details such as its name, type of entity, the jurisdiction and date of its organization and its registered capital, the number and type of its issued and outstanding shares or similar ownership
interests and the current ownership of such shares or similar ownership interests. 
  
 (e)    Other than the subsidiaries of each of the PRC Entities listed in the Disclosure Letter, there are no other corporations,
partnerships, joint ventures, associations or other entities in which any of the PRC Entities owns, of record or beneficially, any direct or indirect equity or other interest or any right (contingent or otherwise) to acquire the same. 
  
 (f)    There are no options, warrants, convertible
securities, subscriptions or other rights, agreements, arrangements or commitments of any character relating to the equity interests of any subsidiary of any of the PRC Entities or obligating any of the PRC Entities to issue or sell any portion of
the equity interests of, or any other interest in, any such subsidiary. 
  
 (g)    No order has been made or petition presented or resolution passed for the winding up of any of the PRC Entities, and no distress, execution or process has been levied against any of the PRC Entities
or any of its property. 
  
 (h)    None
of the PRC Entities are insolvent or unable to pay its debts and there is no unfulfilled decree or court order outstanding against any of the PRC Entities. 
  
 2.6    Authorization.    All corporate action on the part of the Company and its respective officers, directors,
shareholders and affiliates necessary for the authorization, execution and 

  

 5 

 
delivery of this Agreement, the Investors’ Rights Agreement, that certain First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit D (the
“First Refusal and Co-Sale Agreement”) and that certain Voting Agreement in the form attached hereto as Exhibit E (the “Voting Agreement”, and together with the Investors’ Rights Agreement and the Right
of First Refusal and Co-Sale Agreement, the “Ancillary Agreements”), the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the
Series A Preferred Shares being sold hereunder and the Conversion Shares has been taken or will be taken prior to the Closing, and this Agreement and the Ancillary Agreements constitute valid and legally binding obligations of the Company and the
Founder, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally,
(b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (c) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by
applicable foreign, United States or state securities laws. 
  
 2.7    Valid Issuance of Preferred and Common Shares.    The Series A Preferred Shares being purchased by the Investors hereunder, when issued, sold and delivered in accordance with the terms
of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid, and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and the Ancillary
Agreements and under applicable state and United States securities laws. The Conversion Shares have been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Restated Articles, will be duly and validly
issued, fully paid, and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and the Ancillary Agreements and under applicable foreign and United States securities laws. 
  
 2.8    Governmental Consents.    No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any United States, local or foreign governmental authority on the part of the Company, the Subsidiary or any of the PRC Entitles
is required in connection with the consummation of the transactions contemplated by this Agreement, except (a) the filing of the Restated Articles with the Registrar of Companies of the British Virgin Islands; or (b) such other post-closing filings
as may be required in the United States. 
  
 2.9    Offering.    Subject in part to the truth and accuracy of each Investor’s representations set forth in Section 3 of this Agreement the offer, sale and issuance of the Series A
Preferred Shares as contemplated by this Agreement are exempt from the registration requirements of any applicable foreign or United States securities laws. 
  
 2.10    Litigation.    There is no action, suit, proceeding or investigation pending or, to the Company’s and
the Founder’s knowledge, currently threatened in writing against the Company, the Subsidiary, any of the PRC Entities or the Founder nor is the Company or the Founder aware that there is any basis for the foregoing. The foregoing includes,
without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company or the Founder) involving the prior employment of any of the Company’s, the Subsidiary’s or any
of the PRC Entities’ employees, and either (a) their use in connection with the Company’s, the Subsidiary’s or any of the PRC Entities’ businesses of any information or techniques allegedly proprietary to any of their former
employers, or (b) their obligations under any agreements with prior employers. None of the Company, the Subsidiary or the Founder is a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government
agency or instrumentality. There is no action, suit, 

  

 6 

 
proceeding or investigation by the Company, the Subsidiary or any of the PRC Entities currently pending or that the Company, the Subsidiary or any of the PRC Entities
intends to initiate. 
  
 2.11    Employment
Agreements.    Each present and former employee and officer of the Company, the Subsidiary and the PRC Entities has executed an employment agreement in substantially the form provided to special counsel for the Investors. The
Founder and each senior employee (as reasonably determined by the Investors) of the Company and the Subsidiary has executed an Employment Agreement in the form attached hereto as Exhibit F. Each consultant of the Company and the Subsidiary
has executed a Consulting Agreement in substantially the form provided to special counsel to the Investors. Neither the Company nor the Founder is aware that any of the Company’s or the Subsidiary’s current or former employees, officers or
consultants are in violation thereof, and the Company will use its diligent efforts to prevent any such violation. 
  
 2.12    Intellectual Property.    Except as set forth on the Disclosure Letter, the Company and the Subsidiary have
sufficient title and ownership of or licenses to, or can obtain on commercially reasonable terms, all patents, trademarks, service marks, trade names, domain names, copyrights, trade secrets, information, proprietary rights and processes (the
“Intellectual Property”) necessary for the business of the Company, the Subsidiary and each of the PRC Entities as now conducted and as currently proposed to be conducted without, to the Company’s and the Founder’s
knowledge with respect to patents, trademarks, service marks and trade names only (but without having conducted any special investigation or patent or trademark search), any violation or infringement of, or other conflict with, the rights of others.
The Disclosure Letter contains a complete list of patents and pending patent applications and registrations and applications for trademarks, copyrights and domain names of, or exclusively licensed to, the Company or its affiliates. Other than
pursuant to the employment agreement previously provided to special counsel to the Investors, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership of interests of any kind relating to anything referred to
above in this Section 2.13 that is to any extent owned by or licensed to the Company, the Subsidiary or any of the PRC Entities, nor is the Company, the Subsidiary or the Founder bound by or a party to any options, licenses, agreements, claims or
encumbrances of any kind with respect to the Intellectual Property of any other person or entity, except, in either case, for intercompany agreements between the Company, the Subsidiary and the PRC Entities, standard end-user, object code,
internal-use software license and support/maintenance agreements. None of the Company, the Subsidiary, any of the PRC Entities or the Founder has received any communications alleging that the Company, the Subsidiary, any of the PRC Entities or the
Founder has violated or, by conducting its business as currently proposed, would violate any of the patents, trademarks, service marks, trade names, copyrights or trade secrets or other proprietary rights of any other person or entity and neither
the company nor the Founder is aware of any reasonable basis for such an allegation or of any reason to believe that such an allegation may be forthcoming. Neither the Company nor the Founder is aware that any of the Company’s, the
Subsidiary’s or any of the PRC Entities’ employees are obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative
agency, that would interfere with the use of his or her best efforts to promote the interests of the Company or the Subsidiary or that would conflict with the Company’s, the Subsidiary’s or any of the PRC Entities’ businesses as
presently conducted or as currently proposed to be conducted. Neither the execution nor delivery of this Agreement or the Ancillary Agreements, nor the carrying on of the Company’s or the Subsidiary’s businesses by the employees of the
Company, the Subsidiary or any of the PRC Entities, nor the conduct of the Company’s, the Subsidiary’s or any of the PRC Entities’ business as currently proposed, will, to the Company’s and the Founder’s knowledge, conflict
with or result in a breach of the terms, 

  

 7 

 
conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any of such employees is now obligated. Neither the
Company nor the Founder believes it is or will be necessary to utilize any inventions of any of the Company’s, the Subsidiary’s or any of the PRC Entities’ employees (or people the Company, the Subsidiary or any of the PRC Entities
currently intend to hire) made prior to or outside the scope of their employment by the Company, the Subsidiary or any of the PRC Entities. 
  
 2.13    Compliance with Other Instruments.    The Company is not in violation or default of any provision of (i) its
Restated Articles, (ii) any judgment, order, writ, decree or material contract to which it is a party or by which it is bound, or (iii) to the Company’s and the Founder’s knowledge, any provision of any United States, local or foreign
statute, rule or regulation applicable to the Company, which, with respect to clauses (ii) and (iii), default or violation would have a material adverse effect on the business or prospects of the Company, Subsidiary or any of the PRC Entities. The
Subsidiary is not in violation or default of any provision of (i) its articles of association, as amended and restated, (ii) any judgment, order, writ, decree or material contract to which it is a party or by which it is bound, or (iii) to the
Company’s and the Founder’s knowledge, any provision of any PRC Law applicable to the Subsidiary, which, with respect to clauses (ii) and (iii), default or violation would have a material adverse effect on the business or prospects of the
Company, Subsidiary or any of the PRC Entities. Each of the PRC Entities is not in violation or default of any provision of (i) articles of association, as amended and restated, (ii) any judgment, order, writ, decree or material contract to which it
is a party or by which it is bound, or (iii) to the Company’s and the Founder’s knowledge, any provision of PRC Law applicable to the Company, including, without limitation, those relating to telecommunication, internet content providers,
advertising and ticketing business, occupational health, safety and the environment which, with respect to clauses (ii) and (iii), default or violation would have a material adverse effect on the business or prospects of the Company, Subsidiary or
any of the PRC Entities. None of the Company, the Subsidiary or any of the PRC Entities have received any notice from any regulatory body or authority that the Company, the Subsidiary or any of the PRC Entities has committed any criminal, illegal or
unlawful act or any violation of or default with respect to any ordinance, statute, regulation, order, decree or judgment of any court of government agency of relevant jurisdiction which, if committed by the Company, the Subsidiary or any of the PRC
Entities, may have a material adverse effect upon the assets or business of the Company, the Subsidiary or any of the PRC Entities. The execution, delivery and performance of this Agreement and the Ancillary Agreements, and the consummation of the
transactions contemplated hereby and thereby will not result in any such violation or default 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, judgment, order,
writ, decree or material contract or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company, the Subsidiary or any of the PRC Entities or the suspension, revocation, impairment, forfeiture, or
nonrenewal of any material permit, license, authorization, or approval applicable to the Company, the Subsidiary or any of the PRC Entities, their respective businesses or operations or any of their respective assets or properties. 
  
 2.14    Agreements and Actions. 
  
 (a)    Except for agreements explicitly
contemplated hereby and by the Ancillary Agreements, including without limitation, all employment agreements and proprietary information and inventions agreements entered into by the Company or the Subsidiary and set forth on the Disclosure Letter,
there are no agreements, understandings or proposed transactions between the Company, the Subsidiary, any of the PRC Entities and their respective officers, directors, affiliates or any affiliate thereof. 
  

 8 

 (b)    There are no agreements, understandings, instruments, contracts,
proposed transactions, judgments, orders, writs or decrees to which the Company, the Subsidiary or any of the PRC Entities is a party or by which such party is bound that may involve (i) obligations (contingent or otherwise) of, or payments to
such party in excess of, $25,000 per annum, or (ii) any license of any patent, copyright, trade secret or other proprietary right to or from the Company, the Subsidiary or any of the PRC Entities (other than the license to the Company, the
Subsidiary or any of the PRC Entities of standard, generally commercially available, “off-the-shelf” third party products that are not and will not to any extent be part of, or influence development of, or require payment with respect to,
any product, service or intellectual property offering of the Company, the Subsidiary or any of the PRC Entities), or (iii) provisions materially restricting or affecting the development, manufacture or distribution of the Company’s, the
Subsidiary’s or any of the PRC Entities’ products or services, or (iv) indemnification by the Company, the Subsidiary or any of the PRC Entities with respect to infringements of proprietary rights. 
  
 (c)    None of the Company, the Subsidiary or any
of the PRC Entities has (i) declared or paid any dividends or authorized or made any distribution upon or with respect to any class or series of its capital shares, (ii) incurred any indebtedness for money borrowed or any other liabilities
individually in excess of $25,000 or, in the case of indebtedness and/or liabilities individually less than $25,000, in excess of $50,000 in the aggregate, (iii) made any loans or advances to any person, other than ordinary advances for travel
expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course of business. 
  
 (d)    For the purposes of subsections (b) and (c) above, all indebtedness, liabilities,
agreements, understandings, instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of
meeting the individual minimum dollar amounts of such subsections. 
  
 (e)    Neither the Company nor any of its affiliates has engaged since the date of their respective formations in any discussion (i) with any representative of any corporation or corporations regarding the
consolidation or merger of the Company, the Subsidiary or any of the PRC Entities with or into any such corporation or corporations, (ii) with any corporation, partnership, association or other business entity or any individual regarding the sale,
conveyance or disposition of all or substantially all of the assets of the Company, the Subsidiary or any of the PRC Entities or a transaction or series of related transactions in which more than fifty percent (50%) of the voting power of the
Company, the Subsidiary or any of the PRC Entities is disposed of, or (iii) regarding any other form of acquisition, liquidation, dissolution or winding up of the Company, the Subsidiary or any of the PRC Entities. 
  
 (f)    None of the agreements set forth on the
Disclosure Letter (i) involves or is likely to involve obligations, restrictions or expenditure of any unusual or onerous nature that would have a material adverse effect on the business of the Company, the Subsidiary or any of the PRC Entities,
(ii) involves the purchase of materials, supplies or equipment that are in excess of the requirements of the Company, the Subsidiary or any of the PRC Entities for its normal operating purposes, (iii) involves any sales agency, distribution,
marketing, purchasing or licensing agreements other than in the ordinary course of business and (iv) involves any joint venture, agency or partnership arrangement or agreement or similar arrangement or agreement other than in the ordinary course of
its business. 
  
 2.15    Related-Party
Transactions.    No employee, officer, director or shareholder of the Company or the Subsidiary (a “Related Party”) or member of such Related Party’s immediate 

  

 9 

 
family, or any corporation, partnership or other entity in which such Related Party is an officer, director or partner, or in which such Related Party has significant
ownership interests or otherwise controls, is indebted to the Company or the Subsidiary, nor is the Company or the Subsidiary indebted (or committed to make loans or extend or guarantee credit) to any of them other than (a) for payment of salary for
services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company or the Subsidiary, and (c) for other standard employee benefits made generally available to all employees (including Share Option agreements outstanding
under any shares plan approved by the Company’s Board of Directors (the “Board of Directors”) and share purchase agreements approved by the Board of Directors). To the Company’s and the Founder’s knowledge, none of
such persons has any direct or indirect ownership interest in any firm or corporation with which the Company or the Subsidiary is affiliated or with which the Company or the Subsidiary has a business relationship, or any firm or corporation that
competes with the Company or the Subsidiary, except that employees, officers, or directors of the Company and the Subsidiary and members of such Related Parties’ immediate families may own shares in publicly traded companies that may compete
with the Company or the Subsidiary. No Related Party or member of their immediate family is directly or indirectly interested in any material contract with the Company or the Subsidiary. 
  
 2.16    Permits.    Each of the Company, the Subsidiary and the PRC Entities has all
franchises, permits, licenses, and any similar authority necessary for the conduct of its respective business as now being conducted by it, the lack of which could materially and adversely affect the respective business, properties, prospects or
financial condition of the Company, the Subsidiary or any of the PRC Entities, and each of the Company and the Founder believes in good faith that the Company, the Subsidiary and each of the PRC Entities can obtain, without undue burden or expense,
any similar authority for the conduct of the business of the Company, the Subsidiary and each of the PRC Entities as planned to be conducted. In connection with the operation of the Company’s web sites (the “Web Sites”), the
ICP Entity has duly obtained an Internet Information Services License issued by the Telecommunications Bureau of Beijing Municipality and such license is in full force and effect. In connection with the sale of advertising on the Web Sites, Asia
Interactive has duly obtained an Advertising License issued by the State Administration for Industry and Commerce and such license is in full force and effect. None of the Company, the Subsidiary or any of the PRC Entities is in default in any
material respect under any of such franchises, permits, licenses, or other similar authority. 
  
 2.17    Environmental and Safety Laws.    To the Company’s and the Founder’s knowledge, none of the Company, the Subsidiary or any of the PRC Entities’ is in
material violation of any applicable statute, law or regulation relating to the environment or occupational health and safety, and to the Company’s and the Founder’s knowledge, no material expenditures are or will be required in order to
comply with any such existing statute, law or regulation. 
  
 2.18    Manufacturing, Marketing and Development Rights.    None of the Company, the Subsidiary or any of the PRC Entities has granted rights to manufacture, produce, assemble, license, market,
or sell their respective products to any other person and is not bound by any agreement that affects the Company’s, the Subsidiary’s or any of the PRC Entities exclusive rights to develop, manufacture, assemble, distribute, market or sell
their respective products. 
  
 2.19    Disclosure.    The Company has fully provided each Investor with all the information that such Investor has requested in connection with deciding whether to purchase the Series A
Preferred Shares. None of this Agreement (including the Disclosure Letter), any of the Ancillary Agreements, or any statements or certificates made or delivered in connection herewith or therewith contains any untrue statement of a material fact or
omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances 

  

 10 

 
under which they were made. No part of any document or information provided to the Investors throughout the course of the parties’ communications and negotiations
leading up to the Closing was provided with any intention to mislead the Investors and the Company and the Founder have each acted in good faith and with due and careful consideration in providing such documents and information, and believing the
same to be true in all material aspects at the time of provision of such documents and information. 
  
 2.20    Registration Rights.    Except as provided in the Investors’ Rights Agreement, none of the Company, the
Subsidiary or any of the PRC Entities has granted or agreed to grant any registration rights, including piggyback rights, to any person or entity. 
  
 2.21    Corporate Documents. Except for amendments necessary to satisfy the representations, warranties or conditions contained in this
Agreement (the form of which amendments has been approved by the Investors), the Restated Articles, the articles of association of the Subsidiary and the articles of association of each of the PRC Entities are in the form previously provided to
special counsel for the Investors. 
  
 2.22    Title
to Property and Assets.    Each of the Company, the Subsidiary and the PRC Entities has good and marketable title to its property and assets free and clear of all mortgages, liens, loans and encumbrances, except such
encumbrances and liens that arise in the ordinary course of business and do not materially impair the ownership or use of such property or assets by the Company, the Subsidiary or any of the PRC Entities, as the case may be. With respect to the
property and assets it leases, each of the Company, the Subsidiary and the PRC Entities is in material compliance with such leases and holds a valid leasehold interest free of any liens, claims or encumbrances. Neither the Company nor the Subsidiary
owns or currently holds any right, by contract or otherwise, to acquire any real property. None of the Company, the Subsidiary or any of the PRC Entities currently holds a leasehold interest or any right, by contract or otherwise, to acquire a
leasehold interest in the United States. 
  
 2.23    Financial Statements.    The Company has delivered to each Investor its audited consolidated financial statements (balance sheet and income and cash flow statements, including notes
thereto) at December 31, 2002 and for the fiscal year then ended, and its unaudited consolidated financial statements (balance sheet and income statement) as at and for the five-month period ended May 31, 2003 (the “Financial
Statements”). The Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) applied on a consistent basis throughout the periods indicated and with each
other, except that the unaudited consolidated Financial Statements may not contain all footnotes required by U.S. GAAP. The Financial Statements fairly present the financial condition and operating results of the Company as of the dates, and for the
periods, indicated therein, subject in the case of the unaudited Financial Statements to normal year-end audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities, contingent or otherwise, other than
(i) liabilities incurred in the ordinary course of business subsequent to May 31, 2003 (the “Financial Statement Date”) and (ii) obligations under contracts and commitments incurred in the ordinary course of business and not
required under U.S. GAAP to be reflected in the Financial Statements, which, in both cases, individually or in the aggregate, are not material to the financial condition or operating results of the Company. Except as disclosed in the Financial
Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance
with U.S. GAAP. 
  

 11 

 2.24    Financial Information of PRC Entities. 
  
 (a)    The audited consolidated financial
statements of each of the ICP Entity and Asia Interactive for the fiscal years ended December 31, 2000, 2001 and 2002 which have been made available to the Investors (the “PRC Financial Statements”) have been prepared in accordance
with U.S. GAAP consistently applied and consistent with prior periods. The PRC Financial Statements fairly present the consolidated financial position of the ICP Entity and Asia Interactive, as the case may be, and their respective consolidated
subsidiaries (including eLong Airline) as of the dates thereof. Neither the ICP Entity or Asia Interactive or their respective subsidiaries (including eLong Airline) has any material liabilities or obligations (whether absolute, accrued, contingent
or otherwise), except for those (i) that are disclosed in the PRC Financial Statements (or reflected in the notes thereto) or the balance sheet as of May 31, 2003 included in the PRC Interim Financials (as defined below) and reflected in the notes
thereto or (ii) that are set forth in the Disclosure Letter. 
  
 (b)    The consolidated interim balance sheet, income statement, statement of cash flows and statements of shareholders’ equity of each of the ICP Entity and Asia Interactive and their respective subsidiaries
(including eLong Airline) for the five-month period ended May 31, 2003 which have been made available to the Investors (including the notes, the “PRC Interim Financials”) have been prepared in accordance with U.S. GAAP consistently
applied and consistent with prior periods, subject to year-end adjustments (which consist only of normal recurring adjustments) and the absence of certain footnote disclosures. The consolidated balance sheets of each of the ICP Entity and Asia
Interactive, as the case may be, included in the PRC Interim Financials fairly present the consolidated financial position of the ICP Entity and Asia Interactive and their respective subsidiaries (including eLong Airline) at May 31, 2003, and the
related consolidated statements of operations, cash flows and shareholders’ equity included in the PRC Interim Financials fairly present the consolidated results of operations of the ICP Entity and Asia Interactive, as the case may be, and
their respective subsidiaries (including eLong Airline) for the five months ended May 31, 2003. 
  
 2.25    Changes.    Since the Financial Statement Date there has not been; 
  
 (a)    any change in the assets, liabilities,
financial condition or operating results of the Company, the Subsidiary or any of the PRC Entities from that reflected in the Financial Statements, except changes in the ordinary course of business that have not been, in the aggregate, materially
adverse; 
  
 (b)    any damage,
destruction or loss, whether or not covered by insurance, materially and adversely affecting the assets, properties, financial condition, operating results, prospects or business of the Company, the Subsidiary or of any of the PRC Entities (as such
businesses are currently conducted and are proposed to be conducted); 
  
 (c)    any waiver by the Company, by the Subsidiary or by any of the PRC Entities of a valuable right or of a material debt owed to it; 
  
 (d)    any satisfaction or discharge of any lien, claim or encumbrance or payment of any
obligation by the Company, the Subsidiary or any of the PRC Entities, except in the ordinary course of business and that is not material to the assets, properties, financial condition, operating results or business of the Company, the Subsidiary or
any of the PRC Entities (as such businesses are currently conducted and are proposed to be conducted); 
  
 (e)    any material change or amendment to a material contract or arrangement by which the Company, the Subsidiary, any of the
PRC Entities or any of their respective assets or properties is bound or subject; 
  

 12 

 (f)    any material change in any compensation arrangement or agreement with
any employee, officer, director or shareholder; 
  
 (g)    any sale, assignment or transfer of any patents, trademarks, copyrights, trade secrets or other intangible assets; 
  
 (h)    any resignation or termination of employment of any key officer of the Company, the Subsidiary or any of the PRC
Entities; and neither the Company nor the Founder knows of the impending resignation or termination of employment of any such officer or key employee; 
  
 (i)    receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company, by
the Subsidiary or by any of the PRC Entities; 
  
 (j)    any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, the Subsidiary or by any of the PRC Entities, with respect to any of their respective material properties or assets,
except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair the Company’s, the Subsidiary’s or any of the PRC Entities’ ownership or use of such property or assets
and purchase money mortgages and leased equipment; 
  
 (k)    any loans or guarantees made by the Company, the Subsidiary or any of the PRC Entities to or for the benefit of their respective employees, officers or directors, or any members of their immediate families, other
than travel advances and other advances made in the ordinary course of its business; 
  
 (l)    any declaration, setting aside or payment or other distribution in respect of any of the Company’s, the
Subsidiary’s or any of the PRC Entities’ capital stock, or any direct or indirect redemption, purchase or other acquisition of any of such stock by the Company or by the Subsidiary; 
  
 (m)    to the Company’s or the Founder’s
knowledge, any other event or condition of any character that might materially and adversely affect the assets, properties, financial condition, operating results or business of the Company, the Subsidiary or any of the PRC Entities (as such
businesses are currently conducted and are proposed to be conducted); 
  
 (n)    any incurrence by the Company, the Subsidiary or any of the PRC Entities of any capital expenditure or any capital commitment in excess of US$100,000; 
  
 (o)    change by the Company, the Subsidiary or
any of the PRC Entities in accounting methods, principles or practice; or 
  
 (p)    any agreement or commitment by the Company to do any of the things described in this Section 2.26. 
  
 2.26    Employee Benefit Plans and Employee Agreements. 
  
 (a)    The Disclosure Letter contains a list of all benefit plans, benefit programs, insurance
arrangements, share purchase, share option or other equity plans, fringe benefits, perquisites and any superannuation fund, retirement benefit or other pension schemes or arrangements that the Company, the Subsidiary or any of the PRC Entities
maintain, sponsor or contribute to and that benefit any current or former employee, officer, director or consultant of the Company or the Subsidiary (each, a “Benefit Plan”). 
  
 (b)    The Company has furnished the Investors
with a true and complete copy of each Benefit Plan (or a written summary of any Benefit Plan that is not in writing) and a true and complete copy of each material document, if any, prepared in connection with such Benefit Plan, including without
limitation (i) a copy of each trust agreement or other funding 

  

 13 

 
arrangement, (ii) each summary or other document delivered to participants, (iii) all forms of participation agreement, share purchase agreement, share option
agreement or other agreement with participants, (iv) all documents filed with any governmental agency and (v) all documents received from any governmental agency. 
  
 (c)    None of the Benefit Plans is subject to the U.S. Employee Retirement Income Security Act of
1974, as amended. 
  
 (d)    Each
Benefit Plan is now and always has been operated in all material respects in accordance with its terms and the requirements of all applicable laws. No lawsuit, legal action, administrative proceeding or claim is pending or, to the knowledge of the
Company or Subsidiary, threatened with respect to any Benefit Plan (other than claims for benefits in the ordinary course). No fact or event exists that could give rise to any such lawsuit, action, proceeding or claim. 
  
 (e)    Each Benefit Plan may be amended,
terminated or otherwise discontinued at any time without material liability to the participants, the Investors, the Company, the Subsidiary or any of the PRC Entities, other than ordinary administration expenses. 
  
 (f)    The Disclosure Letter contains a list of
all employment agreements, consulting agreements and other agreements and contracts between (i) the Company or the Subsidiary and (ii) any current or former employee, officer, director or consultant of the Company or the Subsidiary (each, an
“Employment Agreement”). 
  
 (g)    The Company has furnished the Investors with a true and complete copy of (i) each Employment Agreement and (ii) each form of employee handbook currently used by the Company, the Subsidiary or any of the PRC
Entities (each, an “Employee Handbook”). 
  
 (h)    Except as set forth in the Disclosure Letter, each Employment Agreement and each Employee Handbook complies with the requirements of all applicable laws. No employee, officer, director or consultant has commenced
or, to the knowledge of the Company, threatened a lawsuit, legal action, administrative proceeding or claim against the Company, the Subsidiary or any of the PRC Entities. To the Company’s and Founder’s knowledge, no fact or event exists
that could give rise to any such lawsuit, action, proceeding or claim. 
  
 2.27    Labor Agreements and Actions: Employee Compensation. 
  
 (a)    None of the Company, the Subsidiary or any of the PRC Entities is bound by or subject to (and none of their respective
assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the Company’s and the Founder’s knowledge, has
sought to represent any of the employees, representatives or agents of the Company, the Subsidiary or any of the PRC Entities. There is no strike or other labor dispute involving the Company, the Subsidiary or any of the PRC Entities pending, or to
the Company’s and the Founder’s knowledge, threatened, that could have a material adverse effect on the assets, properties, financial condition, operating results, or business of the Company, the Subsidiary or any of the PRC Entities (as
such businesses are currently conducted and are proposed to be conducted), nor is the Company or the Founder aware of any labor organization activity involving the Company’s, the Subsidiary or any of the PRC Entities’ employees.

  
 (b)    The employment of each
officer and employee of the Company, the Subsidiary and each of the PRC Entities is terminable at the will of the Company, the Subsidiary or the PRC Entities, as the case may be; provided, such termination is in compliance with PRC Laws.

  

 14 

 (c)    To the Company’s and the Founder’s knowledge, the Subsidiary
and each of the PRC Entities has complied in all material respects with all applicable PRC Laws related to employment. Except as described in Section 2.27(a) or 2.28(a) or the Disclosure Letter, none of the Company, the Subsidiary or any of the PRC
Entities is a party to or bound by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement, vacation, severance, disability, death benefit, hospitalization,
medical or other plan, policy, trust or arrangement or other employee compensation agreement. There are no employment, indemnification, severance or termination agreements or arrangements between the Company, the Subsidiary or any of the PRC
Entities and any person or entity. The Company, the Subsidiary and each of the PRC Entities do not owe any severance to or have any termination payment agreements with respect to Zhang Ligang. 
  
 (d)    None of the Company, the Subsidiary or the
PRC Entities has any liability whatsoever (whether legally binding or not) to make any payment to or for the benefit of any employee, officer, consultant, independent contractor or agent in respect of past service, pension or the termination of the
employment or engagement of that or any other person (including, without limitation, payments for wrongful or unfair dismissal, loss of office or redundancy), other than in respect to current month payroll expenses and related deductions in relation
to employee and employer contributions. 
  
 (e)    The Company, the Subsidiary and the PRC Entities have no current or former employees, executive officers or directors who are employed by any of the PRC Entities or providing services for any of the PRC Entities
(or who were formerly employed by any of the PRC Entities or formerly provided services for any of the PRC Entities) in the United States. 
  
 2.28    Tax Returns, Payments and Elections.    Each of the Company, the Subsidiary and the PRC Entities has timely
filed all Tax (as defined below) returns, statements, reports, declarations and other forms and documents (including without limitation estimated Tax returns and reports and material information returns and reports) (“Tax Returns”)
required pursuant to applicable law to be filed with any Tax Authority (as defined below), all such Tax Returns are accurate, complete and correct in all material respects, and each of the Company, the Subsidiary and the PRC Entities has timely paid
all Taxes due. None of the Company or the Subsidiary or any of the PRC Entities has made any elections pursuant to any applicable Tax laws, rules and regulations (other than elections that relate solely to methods of accounting, depreciation or
amortization) that would have a material effect on a consolidated basis on the Company or the Subsidiary or any of the PRC Entities, their respective financial condition, their respective business as presently conducted or proposed to be conducted
or any of their respective properties or material assets. Since their respective dates of incorporation, none of the Company or the Subsidiary or any of the PRC Entities has incurred any taxes, assessments or governmental charges other than in the
ordinary course of business, and each of the Company, the Subsidiary and the PRC Entities has made adequate provisions on its respective books of account (in accordance with U.S. GAAP, except in the case of the PRC Entities) for all actual and
contingent Taxes with respect to its consolidated business, properties and operations for such period. Each of the Company, the Subsidiary and the PRC Entities has withheld or collected from each payment made to each of its employees, the amount of
all Taxes (including, but not limited to, United States income taxes and other foreign taxes) required to be withheld or collected therefrom, and has paid the same to the proper Tax Authority. Each of the Company, the Subsidiary and the PRC Entities
is not a “Controlled Foreign Corporation,” a “Foreign Personal Holding Company” or a “Passive Foreign Investment Company,” as such terms are defined in the United States Internal Revenue Code of 1986, as amended (the
“Code”). For purposes of this Agreement, the following terms have the following meanings: “Tax” (and, with correlative 

  

 15 

 
meaning, “Taxes” and “Taxable”) means any and all taxes including, without limitation, (i) any net income, alternative or add-on
minimum tax, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, value added, net worth, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, environmental or windfall
profit tax, custom, duty or other tax, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or any penalty, addition to tax or additional amount imposed by any United States, local or foreign
governmental authority or regulatory body responsible for the imposition of any such tax (domestic or foreign) (a “Tax Authority”), (ii) any liability for the payment of any amounts of the type described in (i) as a result of being
a member of an affiliated, consolidated, combined or unitary group for any taxable period or as the result of being a transferee or successor thereof and (iii) any liability for the payment of any amounts of the type described in (i) or (ii) as a
result of any express or implied obligation to indemnify any other person. 
  
 2.29    Insurance.    The Company, the Subsidiary and each of the PRC Entities has in full force and effect fire and casualty insurance policies, with extended coverage,
sufficient in amount (subject to reasonable deductibles) to allow them to replace any of their properties that might be damaged or destroyed. The Company, the Subsidiary and each of the PRC Entities has in full force and effect products liability
and errors and omissions insurance in amounts customary for companies similarly situated. 
  
 2.30    Minute Books.    The minute books of the Company, the Subsidiary and each of the PRC Entities provided to the Investors contain a complete summary of all meetings of
directors and shareholders since their respective times of formation and reflect all transactions referred to in such minutes accurately in all material respects. 
  
 2.31    Brokers.    None of the Company, the Subsidiary or any of the PRC Entities has
any contract, arrangement or understanding with any broker, finder or similar agent with respect to the transactions contemplated by this Agreement. 
  
 2.32    Significant Customers and Suppliers.    No customer or supplier that was material to the Company, the
Subsidiary or any of the PRC Entities during the last six (6) calendar months or that has been material to the Company, the Subsidiary or any of the PRC Entities thereafter, has terminated, materially reduced or threatened to terminate or materially
reduce its purchases from, or provision of products or services to, the Company, the Subsidiary or the PRC Entities, as the case may be. 
  
 3.    Representations and Warranties of the Investors.    Each Investor, severally and not jointly, hereby represents
and warrants, that: 
  
 3.1    Authorization.    Such Investor has full power and authority to enter into this Agreement and the Ancillary Agreements and each such Agreement constitutes the valid and legally binding
obligation, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (b) as
limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (c) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable
United States securities laws. 
  
 3.2    Purchase
Entirely for Own Account.    This Agreement is made with such Investor in reliance upon such Investor’s representation to the Company, which by such Investor’s execution of this Agreement such Investor hereby
confirms that the Securities will be acquired for investment for such Investor’s own account for investment only, and not with a view to the resale or distribution of any part thereof. 
  

 16 

 3.3    Disclosure of Information.    Such Investor believes it has
received all the information it considers necessary or appropriate for deciding whether to purchase the Series A Preferred Shares. 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 Series A Preferred Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties
of the Company and the Founder in Section 2 of this Agreement or the right of the Investors to rely thereon. 
  
 3.4    Investment Experience.    Such Investor is an investor in securities of companies in the development stage and
acknowledges that it is able to fond 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
Series A Preferred Shares. If other than an individual, such Investor also represents it has not been organized for the purpose of acquiring the Series A Preferred Shares. 
 3.5    Accredited Investor: Non-US Investor.    Such Investor either (1) is an “accredited investor” within the meaning of Rule 501 under the Securities Exchange
Act of 1934, as amended (2) is not a “US Person,” and is not acquiring the securities for the account or benefit of any U.S. person, within the meaning of Regulation S under the Securities Act of 1933, as amended (the
“Act”). If such Investor is not a U.S. Person, such Investor agrees to resell such securities only in accordance with the provisions of Regulation S under the Act, pursuant to registration under the Act, or pursuant to an available
exemption from registration, and agrees not to engage in hedging transactions with regard to such securities unless in compliance with the Act. 
  
 3.6    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: 
  
 (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)    (i)    Such Investor shall have provided ten (10) days prior notice to 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 reasonably requested by the Company, such Investor shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not
require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in unusual circumstances. 
  
 (c)    Notwithstanding the provisions of
subsections (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer (i) by an Investor that is a partnership to a partner of such partnership or a retired partner of such partnership who retires
after the date hereof or to the estate of any such partner of retired partner or the transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her
spouse, (ii) by an Investor that is a limited liability company to a member of such limited liability company or a retired member of such limited liability company who retires after the date hereof or to the estate of any such member of retired
member or the transfer by gift, will or intestate succession of any member to his or her spouse or to the siblings, lineal descendants or ancestors of such member or his or her spouse, or (iii) by an Investor to an 

  

 17 

 
affiliate or related individual or to the estate of any such affiliate or related individual or the transfer by gift, will or intestate succession of any affiliate or
related individual to his or her spouse or to the siblings, lineal descendants or ancestors of such affiliate or related individual or his or her spouse, provided, however, in any such event, the Investor shall give the Company ten (10) days’
prior notice of such transfer and the prospective transferee agrees in all such instances in writing to be subject to the terms hereof to the same extent as if he, she or it were an original Investor hereunder. 
  
 4.    Conditions of Investors’ Obligations at the
Closing.    The obligations of each Investor under subsection 1.1 (c) of this Agreement are subject to the fulfillment 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 thereto: 
  
 4.1    Representations and Warranties.    The representations and warranties of the Company and the Founder contained in Section 2 shall be true 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 such Closing. 
  
 4.2    Performance.    The Company and the Founder shall have performed and complied with all agreements, obligations
and material conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
  
 4.3    Compliance Certificates.    The President of the Company shall deliver to each Investor at the Closing a
certificate stating that the conditions specified in Sections 4.1 and 4.2 have been fulfilled and stating that, except for the effects of the SARS epidemic, there shall have been no material adverse change in the business, affairs, prospects,
operations, properties, assets or financial condition of the Company or the Subsidiary since December 31, 2002. The Founder shall deliver to each Investor at the Closing a certificate stating that the conditions specified in Sections 4.1 and 4.2,
with respect to the Founder, have been fulfilled. 
  
 4.4    Qualifications.    All authorizations, approvals, or permits, if any, of any foreign, United States or local governmental authority or regulatory body that are required in connection
with the lawful issuance and sale of the Series A Preferred Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
  
 4.5    Proceedings and Documents.    All corporate and other proceedings in connection with the transactions
contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the special counsel for the Investors, and they shall have received all such counterpart original and certified or other copies
of such documents as they may reasonably request. 
  
 4.6    Secretary’s Certificate.    The Secretary or Assistant Secretary of the Company shall deliver to each Investor at the Closing a certificate stating that the copies of (a) the
Restated Articles and the Company’s Restated Memorandum and (b) the Board of Director and Company’s shareholder resolutions relating to the sale of the Series A Preferred Shares attached thereto, are true and complete copies of such
documents and resolutions. 
  
 4.7    Restated
Articles.    The Restated Articles shall provide that the Board of Directors shall consist of five (5) persons. 
  
 4.8    Board of Directors.    Four of the five directors of the Company shall be Justin Tang, Lawrence Auriana, Sun
Li Ming and Zhong Xiao Jian. 
  
 4.9    Opinion of
Company Counsel.    Each Investor shall have received from Nardlicht & Hand, counsel for the Company, an opinion, dated as of the Closing, in the form attached hereto 

  

 18 

 
as Exhibit G. Each Investor shall have received from Conyers Dill & Pearman, counsel for the Company, an opinion, dated as of the Closing, in the form
attached hereto as Exhibit H. Each Investor shall have received from Jiangtian & Gongcheng, counsel for the Company, an opinion, dated as of the Closing, in the form attached hereto as Exhibit I. 
  
 4.10    Investors’ Rights
Agreement.    The Company, each Investor, each Common Holder (as such term is defined therein) and the Founder shall have entered into the Investors’ Rights Agreement in the form attached as Exhibit C.

  
 4.11    First Refusal and Co-Sale
Agreement.    The Company, each Investor, each Common Holder (as such term is defined therein) and the Founder shall each have entered into a First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit
D. 
  
 4.12    Voting
Agreement.    The Company, each Investor, each Common Holder (as such term is defined therein) and the Founder shall each have entered into a Voting Agreement in the form attached hereto as Exhibit E. 
  
 4.13    Indemnification
Agreements.    The Company shall have entered into indemnification agreements with each director in the form previously provided to and approved by special counsel to the Investors. 
  
 4.14    Corporate Records.    The
corporate records of the PRC Entities, including, without limitation, all records with respect to the Share Pledge Agreements, including the shareholder consent to such agreements, shall be in the form previously provided to and approved by special
counsel to the Investors. 
  
 4.15    Service
Agreements.    Each of the agreements listed on Exhibit J attached hereto shall have been amended to the satisfaction of the Investors and their special counsel. 
  
 4.16    Youyuan Agreement.    The Trust
Investment Agreement by and between the Subsidiary and Shenzhen Youyuan Investment Co., Ltd. (“Youyuan”) dated May 29, 2001, as amended from time to time, (the “Youyuan Agreement”) shall be terminated. Youyuan shall
repay the Subsidiary all of the principal amounts that the Subsidiary transferred to Youyuan, whether pursuant to the Youyuan Agreement or otherwise, in addition to all interest and income earned on such principal. 
  
 4.17    Intellectual Property.    The
evidence of the proper ownership of the Intellectual Property shall be provided to the satisfaction of the Investors and their special counsel. 
  
 4.18    Registration of Share Pledge.    The Share pledge Agreements shall be executed by the relevant parties before
a notary public and recorded on the shareholder list and other corporate records of the relevant PRC Entities. The registration of the share pledges shall also be completed, to the satisfaction of the Investors and their special counsel, and
registered with the local Administration for Industry and Commerce, to the extent possible under PRC Laws. 
  
 5.    Conditions of the Company’s Obligations at Closing.    The obligations of the Company to each Investor
under this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions by each Investor: 
  
 5.1    Representations and Warranties.    The representations and warranties of the Investors contained in Section 3
shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing. 
  

 19 

 5.2    Payment of Purchase Price.    The Investor shall have
delivered the purchase price as specified in Section 1.1 (c). 
  
 5.3    Qualifications.    All authorizations, approvals, or permits, if any, of any applicable governmental authority or regulatory body that are required in connection with the lawful issuance
and sale of the Series A Preferred Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing. 
  
 6.    Agreements of the Company.    The Company, the Subsidiary and the Founder covenant and agree with each of the
Investors, for the benefit of the Investors, that: 
  
 6.1    Preservation of Existence.    Unless approved by the Board of Directors, including the director elected by the Investors (the “Preferred Director”), the Company shall,
and shall cause each of the Subsidiary and the PRC Entities to: 
  
 (a)    preserve and maintain in full force and effect its existence and good standing under the laws of its jurisdiction of formation or organization where the failure to so preserve and maintain would have a material
adverse effect on the assets, properties, financial condition, operating results, or business of the Company, the Subsidiary or the PRC Entities (as such businesses are currently conducted and are proposed to be conducted); 
  
 (b)    preserve and maintain in full force and
effect all rights, privileges, qualifications, applications, licenses, permits and franchises where the failure to so preserve and maintain would have a material adverse effect on the assets, properties, financial condition, operating results, or
business of the Company, the Subsidiary or the PRC Entities (as such businesses are currently conducted and are proposed to be conducted); 
  
 (c)    use its reasonable commercial efforts to preserve its business organization; 
  
 (d)    conduct its business in the ordinary course
in accordance with sound business practices, keep its properties in good working order and condition (normal wear and tear excepted), and from time to time make all needed repairs to, renewals of or replacements of its properties to the extent
commercially reasonable so that the efficiency of its business operation shall be reasonably maintained and preserved; 
  
 (e)    comply in all material respects with all applicable laws, ordinances, rules and regulations, as well as judicial
interpretations and decisions and with the directions of any governmental authority or regulatory body having jurisdiction over the Company, the Subsidiary, any of the PRC Entities or their respective businesses or properties, where the failure to
so comply would have a material adverse effect on the assets, properties, financial condition, operating results, or business of the Company, the Subsidiary or the PRC Entities (as such businesses are currently conducted and are proposed to be
conducted); 
  
 (f)    keep true books
and records and accounts in which full and correct entries will be made of all of its business transactions, and to reflect in its financial statements adequate accruals and appropriations to reserves all in accordance with U.S. GAAP and consistent
with prior business practice; 
  
 (g)    file or cause to be filed in a timely manner all reports, applications, estimates and licenses that shall be required by a governmental authority or regulatory body and that, if not timely filed, would have a
material adverse effect on the assets, properties, financial condition, operating results, or business of the Company, the Subsidiary or any of the PRC Entities (as such businesses are currently conducted and are proposed to be conducted),
including, without limitation, the Subsidiary shall take all commercially reasonable efforts to file for (i) an Advertising Operating Permit with the State Administration for Industry and Commerce within ninety (90) days of the date hereof, (ii) a
qualification with the Civil 

  

 20 

 
Aviation Administration of China (CAAC) as a ticketing agency within two hundred seventy (270) days of the date hereof, (iii) a hotel reservation license with the
Beijing Tourism Bureau and Beijing Commission of Foreign Economic Relations and Trade within two hundred seventy (270) days of the date hereof and (iv) a call center license with the Ministry of Information Industry within two hundred seventy (270)
days of the date hereof; and 
  
 (h)    take all commercially reasonable efforts, to cause all of its hotel reservations contracts to be (i) entered into (with respect to new contracts) and (ii) amended or renewed (with respect to existing contracts),
as a tri-partite contract with the Subsidiary, the ICP Entity and such hotel (substantially in the form attached hereto as Exhibit K) and such tri-partite contract would distribute the fees received by the Subsidiary and the ICP Entity from
such hotel in proportion to the respective services performed by the Subsidiary and the ICP Entity; provided, however, this Section 6.1(h) shall no longer apply in the event that the Subsidiary obtains the hotel reservation license
referenced in Section 6.1 (g)(iii). 
  
 6.2    Related Party Transactions.    The Company or the Subsidiary shall not enter into any transactions with a Related Party or member of such Related Party’s immediate family, or any
corporation, partnership or other entity in which such Related Party or family member is an officer, director or partner, or in which such Related Party or family member has significant ownership or economic interests or otherwise controls, unless
(a) at least twenty (20) days prior to the entry into such transaction, the Related Party notifies each member of the Board of Directors, including the Preferred Director, that such transaction is a “Related Party” transaction subject to
this Section 6.2 and (b) the terms of such transaction are equivalent to the terms that could be obtained in a bona fide arms length transaction or are approved by the Board of Directors, including the Preferred Director. 
  
 6.3    Fundamental Changes.    Unless
approved by the Board of Directors, including the Preferred Director, the Company shall not, and shall cause each of the Subsidiary and the PRC Entities not to, directly or indirectly, enter into any transaction or series of related transactions of
merger, amalgamation, consolidation or combination, or consolidate, liquidate, windup or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or in a
series of transactions all or substantially all of its business, property or assets, whether now owned or hereafter acquired. 
  
 6.4    Tax. 
  
 (a)    The Company and the shareholders of the Company shall not, without the written consent of Tiger Technology Private
Investment Partners, L.P. (“Tiger”) and, so long as it is under common control with Tiger, Tiger Technology II, L.P., issue or transfer shares in the Company to any investor if following such issuance or transfer the Company, in the
determination of counsel or accountants for Tiger, would be either a “Controlled Foreign Corporation” (a “CFC”) or a “Foreign Personal Holding Company” (“FPHC”) as defined in the Code with
respect to the shares held by any Investor. No later than two (2) months following the end of each Company taxable year, the Company shall provide the following information to the Investors; (i) the Company’s capitalization table as of the end
of the last day of such taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide the Investors with access to such other Company information as may be required by such Investors to determine
the Company’s status as a CFC or a FPHC, to determine whether each such Investor is required to report its pro rata portion of the Company’s “Subpart F income” (as defined in the Code) on its United States federal income tax
return, or to allow such Investors to otherwise comply with applicable United States federal income tax laws. In the event that the Company is determined by counsel or accountants for Tiger to be either a CFC or FPHC as defined in the Code (or any

  

 21 

 
successor thereto) with respect to the shares held by any Investor, Company agrees to use commercially reasonable efforts to avoid generating (i) for any taxable year
in which the Company is a CFC, “subpart F income,” as such term is defined in Section 952 of the Code, and (ii) for any taxable year in which the Company is an FPHC, “foreign personal holding company income,” as such term is
defined in Section 553 of the Code. In the event that Company is determined by counsel or accountants for Tiger to be either a CFC or a FPHC as defined in the Code (or any successor thereto) with respect to the shares held by any Investor, Company
agrees, to the extent permitted by law, to annually make dividend distributions to each Investor in an amount equal to fifty percent (50%) of any income deemed distributed to such Investor pursuant to either of the foregoing provisions. 

 
 (b)    The Company shall use its best efforts
to avoid being a “passive foreign investment company” within the meaning of Section 1297 of the Code (or any successor thereto). In connection with a “Qualified Electing Fund” election made by Investor pursuant to Section 1295 of
the Code (or any successor thereto), the Company shall provide annual financial information to Investors in the PFIC Annual Information Statement (substantially in the form attached hereto as Exhibit L) and shall provide Investors with access
to such other Company information as may be required for purposes of filing United States federal income tax returns in connection with such Qualified Electing Fund election. In the event that an Investor who has made a “Qualified Electing
Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to Section 1293 of the Code (or any successor thereto), the Company agrees to make a dividend
distribution to such Investor (no later than ninety (90) days following the end of the Investor’s taxable year) in an amount equal to fifty percent (50%) of the amount so included by such Investor. 
  
 (c)    The Company shall obtain representations,
warranties and covenants from each entity in which it invests or has invested substantially to the effect of the representations, warranties and covenants contained in the foregoing Sections 6.4(a) and (b) and such additional representations,
warranties and covenants as shall be necessary to allow the Company to comply with the provisions of the foregoing Sections 6.4(a) and (b). 
  
 (d)    Except to the extent that the Tiger elects otherwise, the Company shall take such actions, including making an election
to be treated as a corporation or refraining from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is treated as a corporation for United States federal income tax purposes. 
  
 6.5    eLong Advertising.    The
Company, the Subsidiary and the Founder will take all commercially reasonable actions to dissolve and wind up the affairs of eLong Advertising within two-hundred seventy (270) days of the date hereof. In the event such dissolution occurs, the
Company, the Subsidiary and the Founder will take the necessary measures to transfer eLong Advertising’s equity ownership in eLong Airline to an appropriate party or nominee, as directed by the Company. 
  
 6.6    Intellectual Property.    In the
event that all of the Intellectual Property has not been transferred to the Subsidiary as of the Closing, the Company and the Subsidiary shall use its best efforts to ensure that all Intellectual Property is transferred to the Subsidiary within two
hundred seventy (270) days of the date hereof. 
  
 6.7    Employment Agreements.    Each employee of the Company, the Subsidiary and the PRC Entities shall execute an Employment Agreement in the form attached hereto as Exhibit F within
thirty (30) days of the date hereof. 
  

 22 

 6.8    Indemnification by the Company.    After the date hereof, the
Investors and their respective affiliates, officers, directors, employees, agents, successors and assigns (collectively, the “Company Indemnified Parties”) shall be indemnified and held harmless by the Company for any and all
liabilities, losses, damages of any kind, diminution in value, claims, costs, expenses, fines, fees, deficiencies, interest, awards, judgments, amounts paid in settlement and penalties (including, without limitation, reasonable attorneys’,
consultants’ and experts’ fees and expenses and other costs of defending, investigating or settling claims) suffered, incurred, accrued (in accordance with U.S. GAAP) or paid by them (including, without limitation, in connection with any
action brought or otherwise initiated by any of them) (hereinafter, a “Loss”), without adjustment for any insurance recovery or tax deduction relating thereto, arising out of or resulting from any tax liabilities owed to employees
of the Company, the Subsidiary or any of the PRC Entities as a result of remuneration received by such employees before the date hereof, As used herein. “Losses” are not limited to matters asserted by third parties, but include Losses
incurred or sustained by the Company Indemnified Parties in the absence of claims by third parties. 
  
 6.9    Use of Proceeds.    The Company and the Subsidiary shall use the proceeds from the sale of the Series A
Preferred Shares as follows: (i) US$5,000,000 will be used to repurchase 1,800,000 Common Shares from Billable Development, Ltd., 1,000,000 Common Shares from Lawrence Auriana, 422,494 Common Shares from the Founder and 40,000 Common Shares from Ira
S. Nordlicht and Helen S. Scott JTWROS, pursuant to documentation satisfactory to the Investors and (ii) US$10,000,000 will be used for expansion of its current business and for working capital. 
  
 6.10    Insurance Policies. 
  
 (a) So long as the Founder remains Chief Executive Officer of the
Company, the Company and the Subsidiary shall use commercially reasonable efforts to obtain and/or maintain key man life insurance policies covering the Founder, provided that the insurance company and the details of such policies are reasonably
acceptable to Tiger. Such policy shall name the Company as the beneficiary and shall not be cancelable without the prior approval of a majority in interest of the Investors. 
  
 (b)    The Company shall use commercially reasonable efforts to obtain and/or maintain a directors
and officers liability insurance policy; provided such insurance policy is reasonably acceptable to Tiger. 
  
 (c)    Notwithstanding the foregoing, the provisions of this Section 6.10 shall terminate and be of no further effect upon the
earlier of (i) the consummation by the Company of a firm commitment underwritten public offering of its Common Shares where the shares are subsequently primarily traded on the Nasdaq Stock Market’s National Market, the New York Stock Exchange
or another comparable exchange or marketplace approved by the Board of Directors, or (ii) the date on which Tiger ceases to own any securities of the Company. 
  

6.11    Board of Directors Seat.    Upon the occurrence of the earlier of the following (i) the Company obtains a
directors and officers liability insurance policy pursuant to Section 6.10(b) hereof or (ii) the Company receives a written waiver from Tiger of the provisions of Section 6.10(b) hereof, the Company shall cause Scott Shleifer to be elected as a
director of the Company. Notwithstanding the foregoing, the provisions of this Section 6.11 shall terminate and be of no further effect upon the earlier of (i) the consummation by the Company of a firm commitment underwritten public offering of its
Common Shares where the shares are subsequently primarily traded on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another comparable exchange or marketplace approved by the Board of Directors, or (ii) the date on
which Tiger ceases to own any securities of the Company. 
  

 23 

 6.12    Asset Transfer.    The Company shall cause the ICP Entity to
enter into an assets transfer agreement with the Subsidiary with respect to all assets that have previously been transferred to the ICP Entity, and to acknowledge the outstanding payment to the Subsidiary, which totals approximately RMB500,000
within thirty (30) days of the date hereof. 
  
 6.13    Repayment of Loans.    The Company shall cause the ICP Entity and Asia Interactive to repay to the Subsidiary those funds previously provided for the purpose of investment in eLong
Airline, and to attend to the related adjustments to those PRC Entities accounting records, as necessary within thirty (30) days of the date hereof. 
  
 6.14    Notarization Certificates.    Within ten (10) days of the date hereof, the Company shall obtain a
notarization certificate for each of the documents required to be executed before a notary public under Section 4.18. 
  
 7.    Miscellaneous. 
  
 7.1    Survival of Warranties; Limitation of Liability.    The warranties and representations of the Founder that are
contained in this Agreement shall survive until four (4) months after the Company has provided each Investor with audited financial statements for the twelve (12) month period ending December 31, 2003, which have been audited and certified by
independent public accountants of internationally recognized standing who are approved by the Board of Directors, and any liability of the Founder (as applicable) to the Investors for breach of any such representation or warranty shall not be
reduced or otherwise affected by any investigation and inquiry made by or on behalf of any Investor after the date of the Closing; provided, however, that (a) the Founder’s representations and warranties regarding authority (in
Section 2.6) and any matter that is fraudulently or deliberately concealed by the party from whom indemnification is sought, (b) the Founder’s representations regarding capitalization matters (in Sections 2.2 and 2.3) and (c) the
representations regarding tax matters (in Section 2.29) shall survive through the expiration of the relevant statute of limitations. The warranties and representations of the Company and Investors contained in or made pursuant to this Agreement
shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. Except when another time period is
specified herein, all of the covenants in this Agreement (including for indemnification) shall survive until they have been performed in full or waived in writing by the party hereto entitled to the benefit of such performance. Notwithstanding
anything in this Section 7.1, any claim made by or on behalf of any Investor shall first be made against the Company and the Investor will exercise reasonable efforts to collect on such claim from the Company before any claim is made against the
Founder. The Company’s liability for breach of any representation and warranty contained in this Agreement shall be limited to US$15,000,000, plus attorneys’ fees and costs, and the Founder’s liability for breach of any representation
and warranty contained in this Agreement shall be limited to US$647,501. 
  
 7.2    Successors and Assigns.    Except as otherwise provided herein, 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 (including transferees of any Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  
 7.3    Governing Law.    This Agreement shall be governed by and construed under the laws of the State of New York as
applied to agreements among New York residents entered into and 

  

 24 

 
to be performed entirely within New York. Without limiting the right of the Investors to bring any action or proceeding arising out of or relating to this Agreement,
any of the agreements annexed as Exhibits hereto or any of the transactions contemplated hereby or thereby (an “Action”) in the courts of other jurisdictions, each party hereto irrevocably submits in any Action to the jurisdiction
of any New York State or Federal court sitting in New York City (“New York Courts”). Each of the Company and the Founder further agrees that, in the case of any Action instituted by either such party, the New York Courts shall have
exclusive jurisdiction thereof, and the Company and the Founder may not institute an Action in any forum other than the New York Courts. Each party hereto consents to venue in the New York Courts and irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of any Action therein. Each party agrees that the summons and complaint or any other process in any Action may be served by notice given in accordance with Section 7.6, or as
otherwise permitted by law. 
  
 7.4    Counterparts.    This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
  
 7.5    Titles and
Subtitles.    The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
  
 7.6    Notices.    All notices and other
communications given or made pursuant hereto shall be in writing and shall be deemed effectively given; (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient; if not, then on the next business day, (o) ten (10) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) two (2) days after deposit with an internationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall
be specified by notice given in accordance with this Section 7.6). 
  
 7.7    Finder’s Fee.    Each party represents that it neither is nor will be obligated for any finders’ fee or commission in connection with this transaction. Each Investor agrees to
indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which such Investor or
any of its officers, partners, employees, or representatives is responsible. 
  
 The Company agrees to indemnify and hold harmless each Investor from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted
liability) for which the Company, or any of its officers, employees or representatives is responsible. 
  
 7.8    Expenses.    The Company shall pay all costs and expenses that it incurs with respect to the negotiation,
execution, delivery and performance of this Agreement. If the Closing is effected, the Company shall, at the Closing, by way of deduction from gross proceeds, pay the reasonable fees and out-of-pocket expenses up to $200,000 of Gunderson Dettmer,
LLP, special counsel for the Investors. The Investors acknowledge that payment of Gunderson Dettmer, LLP’s fees by the Company raises a potential conflict of interest and hereby consents to the payment arrangement set forth herein. If any
action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the Ancillary Agreements or the Restated Articles, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary
disbursements in addition to any other relief to which such party may be entitled. 
  

 25 

 7.9    Amendments and Waivers.    Any term of this Agreement 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 holders of a majority of the
Conversion Shares issued or issuable upon conversion of the Series A Preferred Shares purchased hereunder. Any amendment or waiver effected in accordance with this section shall be binding upon each holder of any securities purchased under this
Agreement at the time outstanding (including securities into which such securities are convertible), each future holder of all such securities, and the Company. 
  

7.10    Severability.    If one or more provisions of this Agreement are held to be unenforceable under applicable
law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
  
 7.11    Aggregation of Shares.    All
Preferred Shares held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
  
 7.12    Entire Agreement.    This Agreement and the documents referred to herein
constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
  
 [REMAINDER OF PAGE INTENTIALLY LEFT BLANK] 
  

 26 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	 COMPANY:

	
	 ELONG, INC.

		
	 By:
	 	 /s/ Justin Yue Tang

		
	 Name:
	 	 Justin Yue Tang

	 Title:
	 	 Chairman & CEO

	
	 Address: Suite 604, union plaza
 20 Chao Yang Men Wai
 Avenue, Beijing
 China 100020

  
  
 SIGNATURE PAGE TO SERIES A PREFERRED SHARES PURCHASE 
 AGREEMENT FOR
ELONG, INC. 
  

 27 

	
	 FOUNDER:

	
	 /s/ Justin Yue Tang

	 Justin Yue Tang

	
	 Address: Suite 604, Union Plaza
 20 Chao Yang Men Wai
 Avenue Beijing,
 China 100020

  
  
  
  
 SIGNATURE
PAGE TO SERIES A PREFERRED SHARES PURCHASE 
 AGREEMENT FOR ELONG, INC. 
  

 28 

			
	INVESTORS:
	
	TIGER TECHNOLOGY PRIVATE
	INVESTMENT PARTNERS, L.P.
		
	 By:
	 	Tiger Technology PIP Performance, L.L.C., its General Partner
		
	 By:
	 	 /s/ Scott Shleifer

		
	 Name:
	 	 Scott Shleifer

	 Title:
	 	 Managing Director

	
	 Address: 101 Park Avenue, 48th Floor
 New York, NY 10178

  
  
  
 SIGNATURE PAGE TO SERIES A PREFERRED SHARES PURCHASE 
 AGREEMENT FOR ELONG, INC. 
  

 29 

			
	INVESTORS (cont.):
	
	TIGER TECHNOLOGY II, L.P.
		
	 By:
	  	Tiger Technology Performance, L.L.C., its General Partner
		
	 By:
	  	 /s/ Scott Shleifer

		
	 Name:
	  	 Scott Shleifer

	 Title:
	  	 Managing Director

	
	 Address: Walker House, P.O, Box 908GT
 George Town, Grand Cayman
 Cayman Islands

  
  
  
  
 SIGNATURE
PAGE TO SERIES A PREFERRED SHARES PURCHASE 
 AGREEMENT FOR ELONG, INC. 
  

 30 

			
	INVESTORS (cont.):
	
	BLUE RIDGE LIMITED PARTNERSHIP
		
	 By:
	  	 JAG Holdings LLC, General Partner

		
	 By:
	  	 /s/

		
	 Name:
	  	 Richard S. Bello

	 Title:
	  	 Managing Director

	
	 Address:

	
	RMG HOLDINGS, LLC
		
	 By:
	  	 /s/

	 Name:
	  	 Richard M. Gerson

	 Title:
	  	 Managing Director

	
	 Address:

  
  
  
 SIGNATURE PAGE TO SERIES A PREFERRED SHARES PURCHASE 
 AGREEMENT FOR ELONG, INC. 
  

 31

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