Document:

exv4w47

Exhibit 4.47

EXECUTION VERSION

 

 

SHAREHOLDERS AGREEMENT

by and among

SINA CORPORATION,

E-HOUSE (CHINA) HOLDINGS LIMITED

and

CHINA REAL ESTATE INFORMATION CORPORATION 

as of 

October 21, 2009

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 

	ARTICLE I

	CERTAIN DEFINITIONS

	 
	 	 	 	 	 	 
	1.1

	 	Defined Terms
	 	 	1	 
	1.2

	 	Interpretation and Rules of Construction
	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE II

	BOARD OF DIRECTORS

	 
	 	 	 	 	 	 
	2.1

	 	Number and Composition
	 	 	7	 
	2.2

	 	Nomination and Election of Directors
	 	 	7	 
	2.3

	 	Quorum and Manner of Acting
	 	 	8	 
	2.4

	 	Chairman
	 	 	9	 
	2.5

	 	Board Meetings
	 	 	10	 
	2.6

	 	Board Committees
	 	 	10	 
	2.7

	 	Execution of Documents
	 	 	10	 
	2.8

	 	Compliance
	 	 	10	 
	2.9

	 	Memorandum and Articles of Association
	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE III

	RESTRICTIONS ON TRANSFER

	 
	 	 	 	 	 	 
	3.1

	 	Transfer Restrictions on Ordinary Shares
	 	 	11	 
	3.2

	 	Permitted Transfers of Ordinary Shares
	 	 	12	 
	3.3

	 	Right of First Offer
	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	FINANCIAL STATEMENTS; ACCESS TO INFORMATION

	 
	 	 	 	 	 	 
	4.1

	 	Financial Statements
	 	 	14	 
	4.2

	 	Access to Information
	 	 	14	 
	4.3

	 	Confidentiality of Information
	 	 	15	 
	4.4

	 	Cooperation
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE V

	TERM AND TERMINATION

	 
	 	 	 	 	 	 
	5.1

	 	Term
	 	 	15	 
	5.2

	 	Termination
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	LIABILITY

	 
	 	 	 	 	 	 
	6.1

	 	Limitation of Liability
	 	 	16	 

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	ARTICLE VII

	GOVERNING LAW; ARBITRATION

	 
	 	 	 	 	 	 
	7.1

	 	Governing Law
	 	 	17	 
	7.2

	 	Arbitration
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	MISCELLANEOUS

	 
	 	 	 	 	 	 
	8.1

	 	Enforcement on Behalf of the Company
	 	 	17	 
	8.2

	 	Entire Agreement; Amendments
	 	 	18	 
	8.3

	 	Inspection
	 	 	18	 
	8.4

	 	Waiver
	 	 	18	 
	8.5

	 	Assignment
	 	 	18	 
	8.6

	 	Severability
	 	 	18	 
	8.7

	 	Remedies
	 	 	19	 
	8.8

	 	Headings
	 	 	19	 
	8.9

	 	Notices
	 	 	19	 
	8.10

	 	Further Assurances
	 	 	20	 
	8.11

	 	No Fiduciary Relationship
	 	 	20	 
	8.12

	 	Counterparts
	 	 	21	 

ii

 

 

SHAREHOLDERS AGREEMENT

          SHAREHOLDERS AGREEMENT, dated as of October 21, 2009, by and among E-House
(China) Holdings Limited Limited, a company organized under the laws of the Cayman
Islands (“E-House”), SINA CORPORATION, a company organized under the laws
of the Cayman Islands (“SINA”) and CHINA REAL ESTATE INFORMATION
CORPORATION, a company organized under the laws of the Cayman Islands (the
“Company”) (each a “Party” and collectively the “Parties”).

RECITALS

          WHEREAS, E-House owns 71,522,222 of the issued ordinary shares, par value
US$0.0002 per share, of the Company (the “Ordinary Shares”) and SINA owns
47,666,667 of the Ordinary Shares; and

          WHEREAS, the Parties desire to set forth their agreement with respect to
certain matters relating to the Shareholders’ ownership of the Ordinary Shares.

          NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
covenants and agreements set forth herein, the Parties, intending to be legally
bound hereby, agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

          1.1 Defined Terms. Unless specifically indicated otherwise in this
Agreement, the following defined terms shall have the meanings ascribed thereto in
this Article I.

     “10% Shareholder” means a Shareholder that, together with its Affiliates, is
the Beneficial Owner of at least ten percent (10%) of the issued and outstanding Ordinary
Shares.

     “Affiliate” means, with respect to any specified Person, any other Person that
directly, or indirectly through one or more intermediaries, controls, is controlled by, or
is under common control with, such specified Person, and with respect to an individual also
means any spouse, parent, child, brother or sister of such Person. For the purpose of this
definition, “control” as used with respect to a Person shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management policies of
such Person, whether through the ownership of voting securities, by contract, agency or
otherwise, provided that
no Shareholder shall be deemed an Affiliate of any other Shareholder solely by reason
of any investment in the Company.

     “Affiliate Transferee” has the meaning set forth in Section 3.2(a).

 

 

     “Agreement” means this Shareholders Agreement and the schedules and exhibits
hereto, as the same may be amended, modified, supplemented or restated from time to time in
accordance with the terms hereof.

     “Beneficial Owner” means, with respect to any Person, a Person with the direct
or indirect power to vote or cause the disposition of shares in the share capital of the
first Person (whether solely or in concert with other Persons).

     “Board” means the Board of Directors of the Company.

     “Board Committee” means a committee of the Board established pursuant to
Section 2.6.

     “Business Day” means any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Law to be closed in Beijing.

     “Chairman” has the meaning set forth in Section 2.4(a).

     “China Online” means China Online Housing Technology Corporation, a company
organized under the laws of the Cayman Islands.

     “Closing” means the Closing as defined under the Share Purchase Agreement.

     “Company” has the meaning set forth in the preamble to this Agreement.

     “Contract” means any written, oral or other agreement, contract, subcontract,
settlement agreement, lease, binding understanding, instrument, note, option, warranty,
purchase order, license, sublicense, insurance policy, benefit plan or legally binding
commitment or arrangement, or undertaking of any nature, as in effect as of the date hereof
or as may hereinafter be in effect.

     “Defaulting Party” has the meaning set forth in Section 5.2(a).

     “Dispute” has the meaning set forth in Section 7.2.

     “E-House” has the meaning set forth in the preamble to this Agreement.

     “E-House Directors” has the meaning set forth in Section 2.1.

     “E-House Group Shareholder” shall mean any of (i) E-House and (ii) each of its
Affiliates, that is a Shareholder in accordance with the terms and provisions of this
Agreement from time to time.

     “Exchange” means the NASDAQ National Market.

     “Financial Investor” (i) means a financial sponsor, investment bank, or any
Person primarily engaged in the sponsorship or management of alternative asset funds or
vehicles (including any private equity funds or hedge funds) and (ii) under no
circumstances shall be deemed to include any strategic investor or Person engaged,

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directly or indirectly, in any business relating, in any manner, to the China Online Business (as
defined in the Share Purchase Agreement).

     “GAAP” means generally accepted accounting principles and practices in the
United States in effect from time to time applied consistently throughout the periods
involved.

     “General Meeting” means any general meeting of Shareholders of the Company,
conducted pursuant to this Agreement, the Memorandum and Articles of Association and all
applicable Law.

     “Governmental Authority” means any national, federal, state, local or foreign
or domestic government or political subdivision thereof, governmental department,
commission (including without limitation the U.S. Securities and Exchange Commission),
court, arbitrator, board, bureau, agency, regulatory authority, instrumentality, tribunal,
judicial statutory or administrative body having jurisdiction over the matter or matters in
question.

     “HKIAC” has the meaning set forth in Section 7.2(a).

     “HKIAC Rules” has the meaning set forth in Section 7.2(a).

     “Information” means information, whether or not patentable or copyrightable,
in written, oral, electronic or other tangible or intangible forms, stored in any medium,
including studies, reports, records, books, contracts, instruments, surveys, discoveries,
ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints,
diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs
or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and
other materials prepared by attorneys or under their direction (including attorney work product),
and other technical, financial, employee or business information or data.

     “Law” means any federal, national, supranational, state, provincial, local or
similar statute, law, ordinance, regulation, rule, code, order, requirement or rule of law
(including common law).

     “Lien” means, with respect to any asset (including any security) any mortgage,
assignment of receivables, debenture, lien, claim, charge (whether fixed or floating),
pledge, title retention, right to acquire, hypothecation, security interest, option, levy,
proxy, right of first refusal, and any other encumbrance or condition whatsoever, but
excluding any right of first offer or tag-along right provided for under this Agreement.

     “Lock Up Period” has the meaning set forth in Section 3.1(a).

     “Major Shareholder” means a Shareholder that, together with its Affiliates, is
the Beneficial Owner of at least twenty percent (20%) of the issued and outstanding
Ordinary Shares.

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     “Majority of the Board” means more than half of the voting power of those
directors present, voting and forming part of the quorum at a properly convened Board
meeting.

     “Memorandum and Articles of Association” means, with respect to the Company or
one of its Subsidiaries, the memorandum and articles of association (or equivalent
documents) of the Company or such Subsidiary, as may be amended from time to time.

     “Ordinary Shares” has the meaning set forth in the Recitals.

     “Ordinary Shares Lock Up Period” has the meaning set forth in Section 3.1(a).

     “Party” or “Parties” has the meaning set forth in the preamble to this Agreement.

     “Permitted Transfer” has the meaning set forth in Section 3.2.

     “Person” means an individual, a partnership, a corporation, an association, a
limited liability company, a joint stock company, a trust, a joint venture, an
unincorporated organization, a group, a Governmental Authority or any other type of entity.

     “Prohibited Transfer” has the meaning set forth in Section 7.2(a).

     “PRC” means the Peoples Republic of China.

     “Remaining RFO Ordinary Shares” has the meaning set forth in Section 3.3(c).

     “Representatives” means, for a Party, such Party’s directors, officers,
employees, consultants and agents.

     “RFO Exercise” has the meaning set forth in Section 3.3(c).

     “RFO Notice” has the meaning set forth in Section 3.3(b).

     “RFO Offeree” has the meaning set forth in Section 3.3(b).

     “RFO Offeror” has the meaning set forth in Section 3.3(a).

     “RFO Ordinary Shares” has the meaning set forth in Section 3.3(b).

     “RFO Purchase Period” has the meaning set forth in Section 3.3(e).

     “RFO Response Period” has the meaning set forth in Section 3.3(c).

     “Right of First Offer” has the meaning set forth in Section 3.3(c).

     “Share Capital” means the Ordinary Shares and all other shares of the Company.

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     “Share Purchase Agreement” means the share purchase agreement, dated as of
July 23, 2009, between SINA and the Company.

     “Shareholders” means (i) each E-House Group Shareholder, (ii) each SINA Group
Shareholder and (ii) each Person who becomes a party to or bound by the provisions of this
Agreement in accordance with its terms.

     “SINA” has the meaning set forth in the preamble to this Agreement.

     “SINA Directors” has the meaning set forth in Section 2.1.

     “SINA Group Shareholder” shall mean any of (i) SINA and (ii) each of its
Affiliates, that is a Shareholder in accordance with the terms and provisions of this
Agreement from time to time.

     “SINA Intellectual Property” means, in any and all jurisdictions worldwide,
all (i) patents, utility models, inventions and discoveries, statutory invention
registrations, mask works, invention disclosures, and industrial designs, community designs
and other designs, (ii) trademarks, service marks, domain names, uniform resource locators,
trade dress, trade names, and other identifiers of source, including the goodwill
symbolized thereby or associated therewith, (iii) works of authorship and copyrights, and
moral rights, design rights and database rights therein and thereto, (iv) confidential and
proprietary information, including trade secrets, know how and invention rights, (v) rights
of privacy and publicity, (vi) registrations, applications, renewals, continuations,
continuations-in-part, substitutions and extensions for any of the foregoing in (i)-(v),
and (vii) any and all other proprietary rights, in each case owned by or licensed to SINA
or one of its Affiliates.

     “SINA Software” means all (i) computer programs, applications, systems and
code, including software implementations of algorithms, models and methodologies, program
interfaces, and source code and object code, (ii) Internet and intranet websites, databases
and compilations, including data and collections of data, whether machine-readable or
otherwise, (iii) development and design tools, library functions and compilers, (iv)
technology supporting websites, and the contents and audiovisual displays of websites, and
(v) media, documentation and other works of authorship, including user manuals and training
materials, relating to or embodying any of the foregoing or on which any of the foregoing
is recorded, in each case owned by or licensed to SINA or one of its Affiliates.

     “Subsidiary” or “Subsidiaries” means, with respect to any Person, any
and all corporations, partnerships, limited liability companies, joint ventures,
associations, variable interest entities and other entities controlled by such Person
directly or indirectly through one or more intermediaries.

     “Tax” or “Taxes” means all national, federal, state, local municipal
and foreign direct and indirect taxes, duty, fees, charges, imposts or levy and other
assessments of a similar nature including, without limiting the generality of the
foregoing: (i) taxes or other charges on or with respect to income, franchises, windfall or
other profits, gross

5

 

receipts, profits, sales, use, shares, payroll, employment, social security, workers’ compensation,
unemployment compensation or net worth; (ii) taxes or other charges in the nature of excise,
withholding, ad valorem, stamp, transfer, value added or gains taxes; (iii) license, registration
and documentation fees; (iv) customs duties, countervailing duties, anti-dumping duties, safeguard
duties, tariffs excise duties, sales tax, service tax, goods and services tax and similar charges
and (v) obligations pursuant to laws of escheat or unclaimed or abandoned property, in the case of
each of the foregoing clause (i) through (v), whether imposed directly or through withholding and
including any interest, fine, surcharge, increases, charges, fees, additions to tax, for failure to
pay, deduct, withhold or delay in payment of tax or otherwise or penalties applicable thereto.

     “Teleconference Facilities” means meeting facilities for conference telephone,
video conference or similar communications equipment whereby all persons participating in a
meeting, whether via such facilities or in person, can hear and speak to each other.

     “Transfer” shall mean any direct or indirect sale, transfer, gift, assignment,
or other disposition.

     “Transfer Period” has the meaning set forth in Section 3.3(e).

     “U.S. Dollars” or “US$” means United States dollars, the official
currency of the United States.

          1.2 Interpretation and Rules of Construction. In this Agreement,
except to the extent that the context otherwise requires:

          (a) when a reference is made in this Agreement to an Article, Section,
Exhibit or Schedule, such reference is to an Article or Section of, or a Schedule
to, this Agreement unless otherwise indicated;

          (b) the table of contents and headings for this Agreement are for reference
purposes only and do not affect in any way the meaning or interpretation of this
Agreement;

          (c) whenever the words “include,” “includes” or “including” are used in this
Agreement, they are deemed to be followed by the words “without limitation”;

          (d) the words “hereof,” “herein” and “hereunder” and words of similar import,
when used in this Agreement, refer to this Agreement as a whole and not to any
particular provision of this Agreement;

          (e) all terms defined in this Agreement have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto, unless
otherwise defined therein;

          (f) the definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms;

6

 

          (g) any Law referred to herein or in any agreement or instrument that is
referred to herein means such Law or statute as from time to time amended,
modified or supplemented, including by succession of comparable successor Laws;

          (h) references to a Person are also to its permitted successors and
assigns;

          (i) a rule of construction does not apply to the disadvantage of a party
because the party was responsible for the preparation of this agreement or any part of it; and

          (j) the use of “or” is not intended to be exclusive unless expressly
indicated otherwise.

ARTICLE II

BOARD OF DIRECTORS

          2.1 Number and Composition. The Board of Directors shall consist of a
maximum of eleven (11) members, of which, subject to the provisions of Section 2.2
hereof, (i) two (2) directors shall be designated by the E-House Group Shareholders
(the “E-House Directors”), (ii) two (2) directors shall be designated by
the SINA Group Shareholders (the “SINA Directors”), and (iii) such other
directors as, from time to time, may be agreed between the E-House Group
Shareholders and the SINA Group Shareholders.

          2.2 Nomination and Election of Directors.

          (a) Each of the E-House Group Shareholders and the SINA Group
Shareholders agrees that, if at any time it is entitled to vote for the election of directors to
the Board, it shall vote all Ordinary Shares owned or held by it or execute proxies or written
consents, as the case may be, and take all other necessary action (including causing the Company
to call a general meeting of its shareholders) in order to ensure that the composition of the
Board is as set forth in Section 2.1, subject to the provisions of this Section 2.2.

          (b) Notwithstanding the provisions of Section 2.1 above, (i) as of and after
such time as the SINA Group Shareholders (as a group) are no longer a Major
Shareholder but remain (as a group) a 10% Shareholder, the SINA Group Shareholders
shall have the right to designate only one (1) director to the Board as set forth
in Section 2.1. and (ii) as of and after such time as the SINA Group Shareholders
(as a group) are no longer a 10% Shareholder, the SINA Group Shareholders shall
have no right to nominate any director to the Board as set forth in Section 2.1,
and, in each case, the E-House Group Shareholders shall have the right to remove
or procure the removal of, and the SINA Group Shareholders shall render all
necessary assistance for the purpose of the removal of, in the case of (i) above,
one (1) SINA Director or, in the case of (ii) above, all remaining SINA Directors,
from the Board in accordance with any resolution of Shareholders.

7

 

          (c) Notwithstanding the provisions of Section 2.1 above, (i) as of and after
such time as the E-House Group Shareholders (as a group) are no longer a Major
Shareholder but remain (as a group) a 10% Shareholder, the E-House Group
Shareholders shall have the right to designate only one (1) director to the Board
as set forth in Section 2.1. and (ii) as of and after such time as the E-House
Group Shareholders (as a group) are no longer a 10% Shareholder, the E-House Group
Shareholders shall have no right to nominate any director to the Board as set
forth in Section 2.1, and, in each case, the SINA Group Shareholders shall have
the right to remove or procure the removal of, and the E-House Group Shareholders
shall render all necessary assistance for the purpose of the removal of, in the
case of (i) above, one (1) E-House Director or, in the case of (ii) above, all
remaining E-House Directors, from the Board in accordance with any resolution of
Shareholders.

          (d) If there shall be any vacancy due to the death, resignation or removal of
a director nominated by an E-House Group
Shareholder or a SINA Group Shareholder (other than removal pursuant to
Section 2.2(b) or 2.2(c)), the E-House Group Shareholder or SINA Group
Shareholder, as the case may be, entitled to nominate such director shall select
an individual to fill such vacancy. If it is determined that any incumbent
director nominated by an E-House Group Shareholder or a SINA Group Shareholder
shall not stand for re-election at any annual General Meeting, the E-House Group
Shareholder or SINA Group Shareholder, as the case may be, entitled to nominate
such director shall select another individual who shall be nominated to be elected
as such Shareholder’s director in lieu of such incumbent director. If there shall
be any vacancy due to the removal of a director pursuant to Section 2.2(b) or
2.2(c), the remaining directors shall select an individual to fill such vacancy
until the next General Meeting.

          (e) In the event an E-House Group Shareholder or a SINA Group Shareholder
notifies the other Shareholders of its desire to remove, with or without cause, a
director nominated by such Shareholder, each Shareholder shall vote all Ordinary
Shares owned or held by such Shareholder and take all other necessary action to
cause the removal of such director and ensure that the resulting vacancy is filled
by an individual nominated by the E-House Group Shareholder or SINA Group
Shareholder, as the case may be, seeking the removal of the director originally
nominated by it. In the event an E-House Group Shareholder or SINA Group
Shareholder seeks to fill a vacancy created due to the death or resignation of a
director nominated by such Shareholder, each Shareholder shall vote all Ordinary
Shares owned or held by such Shareholder and take all other necessary action to
ensure that the resulting vacancy is filled by an individual nominated by the
E-House Group Shareholder or SINA Group Shareholder, as the case may be, seeking
to fill such vacancy.

          2.3 Quorum and Manner of Acting.

          (a) The quorum for the transaction of business at any Board meeting
shall be a simple majority of the number of directors then on the Board, the constitution of which
shall include (i) for so long as the E-House Group Shareholders (as a group) are a Major
Shareholder, one (1) E-House Director and (ii) for so long as the SINA

8

 

Group Shareholders (as a group) are a Major Shareholder, one (1) SINA Director. If a quorum
is not present at a Board meeting within thirty (30) minutes following the time appointed for such
Board meeting, the relevant meeting shall be adjourned for a period of at least three (3) Business
Days and the presence of any three (3) directors shall constitute a quorum at such adjourned
meeting.

          (b) Each director shall be entitled to one (1) vote in deciding matters
deliberated at a Board meeting; provided, however that, regardless of the
number of directors on the Board, for so long as any E-House Group Shareholder or
SINA Group Shareholder is (i) a Major Shareholder, the directors designated by
such E-House Group Shareholder or such SINA Group Shareholder, as the case may be,
shall (respectively, as a group) not have less than twenty percent (20%) of the
voting power of all directors present and voting on any matter and forming part of
the quorum at such Board meeting; and (ii) is a 10% Shareholder, the directors
designated by such E-House Group Shareholder or such SINA Group Shareholder, as
the case may be, shall (respectively, as a group) not have less than ten percent
(10%) of the voting power of all directors present and voting on any matter and
forming part of the quorum at such Board meeting. Resolutions, actions and
decisions that are within the powers granted to the Board pursuant to the
Memorandum and Articles of Association and gain the votes of a Majority of the
Board shall be deemed adopted, taken or made by the Board.

          (c) The Company shall make Teleconference Facilities available to all
directors (and alternate directors) for each Board meeting and directors may
participate in a Board meeting in person or may participate by means of
Teleconference Facilities, and such participation shall constitute presence in
person for the purposes of the quorum provision of Section 2.3(a) and for purposes
of the Memorandum and Articles of Association.

          (d) All meetings, notices and other reports and communications shall be in
English, and the minutes of each meeting shall be prepared in English promptly
after each meeting. Such minutes of the Board meeting shall be circulated to all
directors before finalization and shall be kept in the minute books of the
Company.

          2.4 Chairman.

          (a) For so long as the E-House Group Shareholders remain a 10%
Shareholder and hold (as a group) more Ordinary Shares than are held by the SINA Group
Shareholders, the E-House Group Shareholders, in their discretion, may select an E-House Director
to serve as the Chairman of the Board (the “Chairman”).

          (b) The Chairman shall preside at all meetings of the Board and shall have
such other powers and duties as may be assigned to him by the Board of Directors.
In the absence of the Chairman, or if the Chairman is unwilling to act, another
E-House Director shall be designated by the E-House Group Shareholders or the
E-House Directors to preside at the meeting.

          (c) The Chairman shall be granted a casting vote.

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          (d) The E-House Group Shareholders shall be entitled at any time to request
the removal of the Chairman, in which case the E-House Directors and SINA
Directors shall forthwith procure and/or ensure their respective nominated
director procure the removal of the Chairman.

          2.5 Board Meetings.

          (a) No Board meeting shall take place without at least three (3)
Business Days prior written notice given to all directors and their respective alternates (if any),
provided that such notice period may be reduced or waived with the written consent of all
the directors or their respective alternates (if any). An agenda identifying in reasonable detail
the issues to be considered by the directors at any such meeting and copies (in printed or
electronic form) of any relevant papers to be discussed at the meeting together with all relevant
information shall be provided in advance of the meeting to all members of the Board and their
alternates (if any) so as to ensure that they are received at least one (1) Business Day prior to
the date fixed for such meeting. The agenda for each meeting shall include any matter submitted to
the Company by any director at least one (1) Business Day prior to the date fixed for such meeting.
The written notice and agenda for each Board meeting shall also be provided to each Shareholder.
Unless approved by all directors (whether or not present or represented at such meeting), no matter
may be considered at a Board meeting unless such matter was set forth in the agenda for such
meeting.

          (b) Subject to Section 2.5(a), a Board meeting may be called by any E-House
Director or SINA Director by giving notice in writing to the Company specifying a
date, time and agenda for such
meeting, which allows the Company to give notice thereof in accordance with
Section 2.5(a). The Company shall upon receipt of such notice give a copy of such
notice of such meeting to all directors and their respective alternates (if any)
in accordance with Section 2.5(a).

          2.6 Board Committees. The Board may establish one or more Board
Committees to conduct aspects of the Company’s business which shall be specified by
the Board and the Board may appoint (and shall have the authority to remove)
members of Board Committee(s) and may authorize one or more committee(s) or members
thereof to take the actions that are within the powers of the Board.

          2.7 Execution of Documents. To be valid and binding, all notes, offers
and acceptances, powers of attorney, commitments, deeds, transfers, assignments,
contracts, obligations, certificates and other instruments of the Company must be
authorized by general or specific mandate of the Board. Subject to the Memorandum
and Articles of Association, this Agreement and all applicable Laws, the Board may
delegate such of this authority and power as it considers appropriate to a member
or members of the Board or executives of the Company or the applicable subsidiary
(subject to authorization and spending limits to be specified by the Board).

          2.8 Compliance. Each Shareholder hereby expressly covenants and
agrees to use its best efforts to cause each member of the Board elected from
nominees

10

 

 

nominated by it to comply in full with the provisions of this Agreement, the Memorandum and
Articles of Association and all Laws applicable to such member’s role as a director.

          2.9 Memorandum and Articles of Association. The Shareholders agree to
take all necessary and desirable action within their control, including making
amendments to the Memorandum and Articles of Association, to give effect to the
provisions of this Agreement. The Company agrees to procure that copies of the
Memorandum and Articles of Association are provided to each of the Shareholders
each time there is an amendment made to the Memorandum and Articles of Association.

ARTICLE III

RESTRICTIONS ON TRANSFER

          3.1 Transfer Restrictions on Ordinary Shares.

          (a) For a period commencing on the date hereof and continuing until
the date that is one hundred and eighty (180) days following the date hereof (the “Lock Up
Period”), no Shareholder shall Transfer or grant or suffer to exist any Lien with respect to
any Ordinary Shares from time to time owned or held by such Shareholder other than the Permitted
Transfers set forth in Section 3.2(a) and Section 3.2(b) hereof.

          (b) Following the Lock Up Period, no Shareholder shall Transfer or grant any
Lien or suffer to exist with respect to any Ordinary Shares from time to time
owned or held by such Shareholder other than Permitted Transfers or Transfers
pursuant to Section 3.3; provided; that, (i) for so long as any E-House
Group Shareholder is a Major Shareholder, other than Permitted Transfers without
the prior written consent of E-House, no SINA Group Shareholders shall, at any
time, Transfer or grant any Lien or suffer to exist with respect to any Ordinary
Shares from time to time owned or held by any SINA Group Shareholder to any
Person, other than a Financial Investor, in a single transaction or series of
transactions, whether or not related, a number of Ordinary Shares exceeding, in
the aggregate, ten percent (10%) of the Share Capital of the Company and (ii) for
so long as any SINA Group Shareholder is a Major Shareholder, other than Permitted
Transfers, without the prior written consent of SINA, no E-House Group
Shareholders shall, at any time, Transfer or grant any Lien or suffer to exist
with respect to any Ordinary Shares from time to time owned or held by any E-House
Group Shareholder to any Person, other than a Financial Investor, in a single
transaction or series of transactions, whether or not related, a number of
Ordinary Shares exceeding, in the aggregate, ten percent (10%) of the Share
Capital of the Company (each of (i) and
 (ii) a “Prohibited Transfer”).

          (c) Any attempt by a Shareholder to Transfer or grant or suffer to exist
any Lien (by operation of law or otherwise) with respect to any Ordinary Shares in violation of
this Agreement shall be null and void and the Company shall not give any effect to such attempted
Transfer or Lien in the Company’s books and records.

11

 

 

          3.2 Permitted Transfers of Ordinary Shares. The following
Transfers of Ordinary Shares (each a “Permitted Transfer”) shall be
permitted in accordance with the following provisions:

          (a) At any time, the Transfer of Ordinary Shares by any Shareholder to its
Affiliate (such Affiliate, the “Affiliate Transferee”), provided
that:

               (i) such Affiliate Transferee shall become a party to this
Agreement;

               (ii) such Shareholder and Affiliate Transferee shall be jointly
and severally liable for any breach by either of them of this Agreement; and

               (iii) prior to ceasing to be an Affiliate of such Shareholder, such
Affiliate Transferee shall Transfer such Ordinary Shares back to such
Shareholder or to another Affiliate of such Shareholder in a Permitted
Transfer;

          (b) At any time, the Transfer or grant of any Lien with respect to Ordinary
Shares to any Person, where all other Shareholders have provided their prior
written consent to such Transfer or grant of Lien and a written waiver of all of
their respective rights under this Article III (other than Section 3.1(b)) with
respect to such Transfer or grant of Lien, provided that, in the case of a
grant of any Lien pursuant to this Section 3.2(b), such grantee shall agree in
writing with the Shareholders to be bound by the restrictions on Transfer
contained in this Agreement ;

          (c) Following the Lock Up Period, the Transfer of Ordinary Shares pursuant to
Rule 144 of the Securities Exchange Act of 1934; or

          (d) Following the Lock Up Period, the Transfer of Ordinary Shares pursuant to
a firm commitment underwritten public offering registered under the Securities Act
of 1933.

          3.3 Right of First Offer.

          (a) Other than Prohibited Transfers, if at any time after the Lock Up
Period a Shareholder desires to Transfer other than pursuant to any Permitted Transfer, such
Transfer shall be permitted only if such Shareholder (the “RFO Offeror”) fully
complies with the terms of this Section 3.3; provided that the provisions of this Section
 3.3 shall not apply to Permitted Transfers.

          (b) The RFO Offeror shall, prior to the Transfer of any Ordinary
Shares to which this Section 3.3 applies, give written notice (“RFO Notice”) to each other
Shareholder (each, an “RFO Offeree”), setting forth (i) the number of Ordinary Shares
proposed to be disposed of (the “RFO Ordinary Shares”), (ii) the proposed purchase price
per RFO Ordinary Share, and payment and other material terms and conditions and (iii) an
irrevocable offer to sell to the RFO Offeree(s) the RFO Ordinary Shares set forth in the RFO
Notice at the same price per Ordinary Share and on the same terms and conditions as set forth
therein.

12

 

 

          (c) The RFO Offeree(s) collectively shall have the right to purchase (the
“Right of First Offer”), any or all of the RFO Ordinary Shares by
delivering a written notice (the “RFO Exercise”) of exercise of the Right
of First Offer to the RFO Offeror within 20 (twenty) Business Days from the date
of delivery of the RFO Notice (the “RFO Response Period”), irrevocably
stating therein such portion of the RFO Ordinary Shares as shall be purchased,
collectively, by the RFO Offeree(s) and/or one or more wholly-owned Affiliates
thereof and the proportion thereof to be purchased by each RFO Offeree (or such
Affiliate(s)). Each RFO Offeree shall have the right, but shall not be required,
to purchase (or cause its wholly-owned Affiliate(s) to purchase) such RFO
Offeree’s pro rata share (based on the number of Ordinary Shares held by such RFO
Offeree as a proportion of the number of Ordinary Shares held by all RFO
Offerees). To the extent any RFO Offeree does not wish to purchase (or cause its
wholly-owned Affiliate(s) to purchase) all of its pro rata portion of RFO Ordinary
Shares, all of such remaining RFO Ordinary Shares (the “Remaining RFO Ordinary
Shares”) shall immediately be re-offered by the RFO Offeror to the other RFO
Offeree(s) (or if there is more than one other RFO Offeree, in the proportion (as
nearly as may be) to the number of Ordinary Shares held by them inter se), and
such other RFO Offeree(s) may accept by delivery to the RFO Offeror of an RFO
Exercise in respect of the relevant Remaining RFO Ordinary Shares within 10 (ten)
Business Days of such re-offer, after which time such re-offer shall lapse and the
re-offer for such Remaining RFO Ordinary Shares will be deemed to have been
declined.

          (d) If the RFO Offeree(s) shall have delivered an RFO Exercise to the RFO
Offeror within the RFO Response Period for all the
RFO Ordinary Shares, the RFO Offeror and RFO Offeree(s) shall be respectively
bound, and shall complete the sale and purchase of the RFO Ordinary Shares within
thirty (30) days thereafter upon the terms set forth in the RFO Notice;
provided, however, that such period shall be extended following
such date as necessary to permit all required approvals, consents or
authorizations from, or filings or registrations with, any Governmental Authority
in connection with such purchase to be obtained or made, to the extent prior to
the expiration of the RFO Purchase Period reasonably appropriate actions have been
taken by the RFO Offeree(s) to obtain such approvals, consents or authorizations,
or make such filings or registrations; and provided further that no such
extension shall exceed 60 days.

          (e) If the RFO Offeree(s) shall not have completed the purchase of all of the
RFO Ordinary Shares within the RFO Purchase Period, as extended as provided in
Section 3.3(d), or together have failed to deliver RFO Exercises within the RFO
Response Period for all of the RFO Ordinary Shares as contemplated in Section
3.3(d) or declined in writing to exercise the Right of First Offer, then the RFO
Offeror shall have the right for sixty (60) days thereafter (the “Transfer
Period”), to dispose of the RFO Ordinary Shares in one or more Transfers
thereof without being subject to any of the restrictions set forth in this Article
III; provided, however, that (i) such Transfer of the RFO Ordinary
Shares is consummated on terms not more favorable to the purchasers thereof than
the terms specified in the RFO Notice and (ii) the RFO Offeror provides written
confirmation to the RFO Offeree(s) that such terms comply with clause (i) hereof
prior to the consummation of such sale; and provided further, that the
Transfer Period

13

 

 

shall be extended following such date as necessary to permit all required approvals, consents or
authorizations from, or filings or registrations with, any Governmental Authority in connection
with such Transfers to be obtained or made, to the extent prior to the expiration of the Transfer
Period reasonably appropriate actions have been taken by the RFO Offeror to obtain such approvals,
consents or authorizations or make such filings or registrations; and provided further
that no such extension shall exceed thirty (30) days. If at the end of the Transfer Period, as
extended as provided herein, the RFO Offeror has not completed the Transfer of the RFO Ordinary
Shares, the RFO Offeror shall no longer be permitted to dispose of such RFO Ordinary Shares
without again fully complying with the provisions of this Section 3.3.

          (f) The RFO Offeror shall, upon the Transfer of the RFO Ordinary Shares,
procure the resignation of such number of directors
nominated by it, if any, as would be required pursuant to Section 2.2 hereof,
and such director shall execute a letter of resignation.

ARTICLE IV

FINANCIAL STATEMENTS; ACCESS TO INFORMATION

          4.1 Financial Statements. With respect to each of the E-House Group
Shareholders (as a group) and the SINA Group Shareholders (as a group), until such
date as the E-House Group Shareholders (as a group) or the SINA Group Shareholders
(as a group) are no longer a Major Shareholder, and thereafter to the extent
necessary for the purpose of preparing financial statements or completing a
financial statement audit by E-House or SINA, as the case may be, the following
financial information, prepared in accordance with GAAP, shall be delivered by the
Company to E-House or SINA, as the case may be, on a timely basis all Information
that E-House or SINA, as the case may be, reasonably requires to meet its schedule
for the preparation, printing, filing, and public dissemination of it’s respective
annual and quarterly financial statements:

          (a) Within 60 days after the close of each fiscal year, the following
financial statements, examined by and certified to by the Company’s external
auditors: (i) the audited consolidated balance sheet of the Company as of the
close of such fiscal year; (ii) the audited consolidated statement of Company net
profits and net losses for such fiscal year; (iii) the audited consolidated
statement of the Company’s cash flows for such fiscal year; and (iv) a copy of the
share registry of the Company listing the current owners of Ordinary Shares and
the number of Ordinary Shares owned by each Shareholder.

          (b) As soon as available and in any event within 30 days after the end of
each fiscal quarter, the unaudited consolidated balance sheet of the Company as of
the end of such fiscal quarter and unaudited consolidated statements of income and
Company net profits and net losses for the period commencing at the end of the
previous fiscal year and ending with the end of such fiscal quarter, certified by
the Company.

          4.2 Access to Information. Until the date that the SINA Group
Shareholders (as a group) are no longer a Major Shareholder, and thereafter to the
extent

14

 

 

necessary for the purpose of preparing financial statements or completing a financial statement
audit, all governmental audits are complete and the applicable statute of limitations for tax
matters has expired, the Company shall provide SINA’s internal auditors, counsel and other
designated representatives of SINA access during normal business hours to (i) the premises of the
Company and its Subsidiaries and all Information (and duplicating rights) within the knowledge,
possession or control of the Company and its Subsidiaries and (ii) the officers and employees of
the Company and its Subsidiaries, so that SINA may conduct reasonable audits relating to the
financial statements provided by the Company pursuant hereto as well as to the internal accounting
controls and operations of the Company.

          4.3 Confidentiality of Information. Any information provided to either
of the E-House Group Shareholders or the SINA Group Shareholders shall be
confidential and, subject to the confidentiality provisions contained in the stock
purchase agreement, dated as of July 23, 2009, entered into between SINA and the
Company, which provisions shall notwithstanding their terms continue in full force
and effect until termination of this Agreement.

          4.4 Cooperation. The Company will act in good faith and make
commercially reasonable efforts to cooperate with SINA in connection with SINA’s
fulfillment of its annual and quarterly reporting obligations under the Securities
Exchange Act of 1934, as amended.

ARTICLE V

TERM AND TERMINATION

          5.1 Term. This Agreement shall take effect immediately and shall
continue in force until the earliest of (i) the either the E-House Group
Shareholders or the SINA Group Shareholders cease to own any Ordinary Shares, (ii)
the date this Agreement is terminated in accordance with the provisions of this
Article V or (iii) the date this Agreement is terminated by agreement of all of the
Shareholders in writing; provided that the Parties agree to make such
amendments as are required under the relevant rules of the Exchange.

          5.2 Termination. (a) Any Shareholder shall be entitled to terminate
this Agreement with respect to another Shareholder which is not an Affiliate of
such Shareholder (the “Defaulting Party”) by notice in writing to all
Parties if any of the events set out below shall have occurred in relation to the
Defaulting Party:

               (i) if the Defaulting Party shall attempt to
Transfer Ordinary Shares or grant or permit to exist any Lien (by
operation of law or otherwise) with respect to Ordinary Shares in
violation of this Agreement;

               (ii) if the Defaulting Party shall commit any material breach of any
of its obligations under this Agreement and shall fail to remedy such
breach (if capable of remedy) within 60 days after being given notice by
another Shareholder to do so; or

15

 

 

               (iii) if the Defaulting Party shall commit any breach of any
material Law applicable to such party in its capacity as a Shareholder;

               (iv) if any Person enforces any Lien over the Ordinary Shares of the
Defaulting Party or the Defaulting Party shall go into liquidation
whether compulsory or voluntary (except for the purposes of a bona fide
reconstruction or amalgamation with the consent of each other
Shareholder, such consent not to be unreasonably withheld or delayed) or
if a petition shall be presented or an order made for the appointment of
an administrator in relation to the Defaulting Party or if a receiver,
administrative receiver, judicial manager, manager or equivalent officer
in any applicable jurisdiction shall be appointed over any part of the
assets or undertaking of the Defaulting Party and such appointment is not
revoked within 30 (thirty) days from the date of such appointment or if
any event analogous to any of the foregoing shall occur in any
jurisdiction; or

               (v) if the Defaulting Party shall make a general assignment or any
composition or arrangement with or for the benefit of its creditors or if
a receiver and/or judicial manager, trustee, administrator or equivalent
officer in any applicable jurisdiction is appointed in relation to the
Defaulting Party or in relation to the whole or any material part of its
properties or assets.

          (b) Upon provision of such notice by any Shareholder (other than an Affiliate
of such Shareholder), the Defaulting Party shall cease to be a Shareholder.

          (c) Subject to Section 3.2(a), this Agreement shall terminate in respect of
any Shareholder if at any time as a result of a Transfer of Ordinary Shares that
complies with the provisions of this Agreement, such Shareholder and its
Affiliates hold no Ordinary Shares.

          (d) Upon any Shareholder (and its Affiliates who have acquired Ordinary
Shares) ceasing to be a Shareholder for any reason or upon this Agreement being
terminated for any reason, the provisions of this Agreement will cease to be
applicable to such Shareholder and its Affiliates other than, with respect to any
such Shareholder, the rights and obligations of the Parties under Articles V, VI,
VII and VIII and all rights and liabilities accruing prior to the date of such
cessation or termination.

ARTICLE VI

LIABILITY

          6.1 Limitation of Liability. Notwithstanding anything to the contrary
in this Agreement, no Party will be liable to another, whether in contract, tort
(including negligence and breach of duty) or otherwise at law or in equity, for any
loss of use, loss of profits, loss of contracts, loss of production, loss of
revenue, loss of bargain, loss of business opportunities, cost of funding or for
business interruption or for any other consequential or indirect loss or damage of
whatsoever nature and howsoever or whensoever arising.

16

 

 

ARTICLE VII

GOVERNING LAW; ARBITRATION

          7.1 Governing Law. This Agreement and any dispute or claim arising out
of or in connection with it or its subject matter shall be governed by, and
construed in accordance with, the laws of the state of New York (without regard to
its conflicts of laws rules that would mandate the application of the laws of
another jurisdiction).

          7.2 Arbitration. Any dispute, controversy or claim arising out of or
relating to this Agreement or its subject matter (including a dispute regarding the
existence, validity, formation, effect, interpretation, performance or termination
of this Agreement) (each a “Dispute”) shall be finally settled by
arbitration.

          (a) The place of arbitration shall be Hong Kong, and the arbitration shall be
administered by the Hong Kong International Arbitration Centre (the
“HKIAC”) in accordance with the HKIAC
Administered Arbitration Rules then in force (the “HKIAC Rules”).

          (b) The arbitration shall be decided by a tribunal of three (3) arbitrators,
whose appointment shall be in accordance with the HKIAC Rules; provided, however,
that the third presiding arbitrator must be licensed to practice New York state
law and in good standing with the New York State Bar, as of the date the Notice of
Arbitration is received by the HKIAC Secretariat.

          (c) Arbitration proceedings (including but not limited to any arbitral award
rendered) shall be in English.

          (d) Subject to the agreement of the tribunal, any Dispute(s) which arise
subsequent to the commencement of arbitration of any existing Dispute(s), shall be
resolved by the tribunal already appointed to hear the existing Dispute(s).

          (e) The award of the arbitration tribunal shall be final and conclusive and
binding upon the parties as from the date rendered.

          (f) Judgment upon any award may be entered and enforced in any court having
jurisdiction over a party or any of its assets. For the purpose of the
enforcement of an award, the parties irrevocably and unconditionally submit to the
jurisdiction of any competent court and waive any defenses to such enforcement
based on lack of personal jurisdiction or inconvenient forum.

ARTICLE VIII

MISCELLANEOUS

          8.1 Enforcement on Behalf of the Company. The directors of the
Company shall be authorized to enforce the terms of this Agreement on behalf of the
Company (which for the avoidance of doubt shall not in any way limit the rights of
the Shareholders to enforce their rights under this Agreement directly).

17

 

 

          8.2 Entire Agreement; Amendments. This Agreement constitutes the
entire agreement of the Parties with respect to the subject matter hereof and may
be amended, modified or supplemented only by a written instrument duly executed by
all the Parties hereto. In the event of
an amendment, modification or supplement of this Agreement in accordance with
its terms, each Shareholder hereby agrees to vote the Ordinary Shares owned or held
by such Shareholder to approve any necessary amendments to the Memorandum and
Articles of Association of the Company and any of its Subsidiaries required to make
the Memorandum and Articles of Association of the Company and its Subsidiaries
consistent with this Agreement.

          8.3 Inspection. For so long as this Agreement shall remain in effect,
this Agreement shall be made available for inspection by any Shareholder that is a
Party hereto at the registered office of the Company.

          8.4 Waiver. Any Party may (a) extend the time for the performance of
any of the obligations or other acts of another Party, (b) waive compliance with
any of the agreements of the another Party or conditions to such party’s
obligations contained herein. Any such extension or waiver shall be valid only if
set forth in an instrument in writing signed by the Party to be bound thereby. No
waiver of any agreement or obligation granted pursuant to this Section 8.4 or
otherwise in accordance with this Agreement shall be construed as a waiver of any
prior or subsequent breach of such agreement or obligation or any other agreement
or obligation. The failure of any Party hereto to assert any of its rights
hereunder shall not constitute a waiver of any of such rights.

          8.5 Assignment. No Party may assign (by operation of law or
otherwise) this Agreement or any of its rights, interests or obligations under this
Agreement, in whole or in part, without the prior written consent of the other
Parties, except that (i) assignments of all of a Shareholder’s rights, interests
and obligations under this Agreement to its Affiliate in a Permitted Transfer
pursuant to Section 3.2(a) shall be permitted so that the E-House Group
Shareholders (as a group) and the SINA Group Shareholder(s) (as a group) shall
respectively have the same rights and obligations as E-House and SINA,
respectively, hereunder; (ii) any SINA Group Shareholder may assign, pursuant to a
Permitted Transfer pursuant to Section 3.2, all of its rights, interests and
obligations to any non-Affiliate Transferee of Ordinary Shares from it (including
the rights, interests and obligations specified in Sections 3.3), provided
however that (A) such non-Affiliate Transferee shall not have the rights, interests
and obligations specified in Sections 2.1, 2.2 and 2.3 and (iii) any E-House Group
Shareholder may assign all of its rights, interests and obligations to any
non-Affiliate Transferee of Ordinary Shares from it (including the rights,
interests and obligations specified in Sections 3.3), provided however that
such non-Affiliate Transferee shall not have the rights, interests and obligations
specified in Sections 2.1, 2.2 and 2.3. Except as otherwise expressly provided
herein, this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective heirs, personal representatives, successors and assigns.

          8.6 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any Law or public policy, all
other

18

 

 

terms and provisions of this Agreement shall nevertheless remain in full force and effect for so
long as the economic or legal substance of the transactions contemplated by this Agreement is not
affected in any manner materially adverse to either party hereto. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the transactions contemplated
by this Agreement are consummated as originally contemplated to the greatest extent possible.

          8.7 Remedies. In the event of a breach by any Party to this Agreement
of its obligations under this Agreement, any Party injured by such breach, in
addition to being entitled to exercise all rights granted by Law, including
recovery of damages and costs (including reasonable attorneys’ fees), will be
entitled to specific performance of its rights under this Agreement. The Parties
agree that the provisions of this Agreement shall be specifically enforceable, it
being agreed by the parties that the remedy at law, including monetary damages, for
breach of any such provision will be inadequate compensation for any loss and that
any defense in any action for specific performance that a remedy at law would be
adequate is waived.

          8.8 Headings. The headings used in this Agreement have been inserted
for convenience of reference only and do not define or limit the provisions hereof.

          8.9 Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed duly given, made
or received (i) on the date of delivery if delivered in person or by messenger
service, (ii) on the date of confirmation of receipt of transmission by facsimile
(or, the first (1st) Business Day following such receipt if (a) such date of
confirmation is not a Business Day or (b) confirmation of receipt is given after
5:00 p.m., Beijing time) or (iii) on the date of confirmation of receipt if
delivered by an internationally recognized overnight courier service or registered
or certified mail (or, the
first (1st) Business Day following such receipt if (a) such date of
confirmation is not a Business Day or (b) confirmation of receipt is given after
5:00 p.m., Beijing time) to the respective parties hereto at the following
addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 8.9):

If to SINA, to:

SINA Corporation

20/F Beijing Ideal International Plaza

No. 58 Northwest 4th Ring Road

Haidian District, Beijing, 100090, People’s Republic of China

Facsimile: +86 10 8260 7166

Attention: Corporate Secretary

with a copy (which shall not constitute notice) to:

19

 

 

Shearman & Sterling LLP

12th Floor East Tower, Twin Towers

B-12 Jianguomenwai Dajie

Beijing 100022, China

Facsimile: +86 10 6563 6001

Attention: Lee Edwards, Esq.

If to E-House Online, to:

17/F Merchandise Harvest Building (East)

No. 333 North Chengdu Road

Shanghai, China

Facsimile: +86 21 6133 0707

Attention: Li-Lan Cheng

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom

42/F, Edinburgh Tower, The Landmark 

12 Queen’s Road Central, Hong Kong 

Facsimile: +852 3740 4727

Attention: Jonathan B. Stone, Esq. and Z. Julie Gao, Esq.

If to the Company, to:

China Real Estate Information Corporation

No. 383 Guangyan Road

Shanghai 200072

People’s Republic of China

Facsimile: +86 21 6086 7111

Attention: Ding Zuyu

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom

42/F, Edinburgh Tower, The Landmark

12 Queen’s Road Central, Hong Kong

Facsimile: +852 3740 4727

Attention: Jonathan B. Stone, Esq. and Z. Julie Gao, Esq.

          8.10 Further Assurances. Each Party shall cooperate and shall take
such further action and shall execute and deliver such further documents as may be
reasonably requested by any other Party in order to carry out the provisions and
purposes of this Agreement.

          8.11 No Fiduciary Relationship. This Agreement is intended to create,
and creates, a contractual relationship and is not intended to create, and does not
create,

20

 

 

any agency, partnership, joint venture, fiduciary or any like relationship between the Parties
hereto.

          8.12 Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement.

21

 

 

     IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the date first above written.

	 	 	 	 	 
	 	E-HOUSE (CHINA) HOLDINGS LIMITED

 	 
	 	By:  	/s/ Xin Zhou
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SINA CORPORATION

 	 
	 	By:  	/s/
Charles Chao
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CHINA REAL ESTATE INFORMATION CORPORATION

 	 
	 	By:  	/s/ Xin Zhou
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature page to Shareholders Agreement]exv4w48

Exhibit 4.48

EXECUTION VERSION

 

 

REGISTRATION RIGHTS AGREEMENT

 

between

E-HOUSE (CHINA) HOLDINGS LTD.,

SINA CORPORATION

and

CHINA REAL ESTATE INFORMATION CORPORATION

October 21, 2009

 

 

REGISTRATION RIGHTS AGREEMENT

          REGISTRATION
RIGHTS AGREEMENT, dated as of October 21, 2009 (this “Agreement”), between
E-HOUSE (CHINA) HOLDINGS LTD., a company organized under the laws of the Cayman Islands
(“E-House”), SINA CORPORATION, a company organized under the laws of the Cayman Islands
(“SINA”), and CHINA REAL ESTATE INFORMATION CORPORATION, a company organized under the laws of the
Cayman Islands (“CRIC”).

          WHEREAS, concurrently herewith, CRIC and SINA are entering into a Share Purchase Agreement
(the “Share Purchase Agreement”; capitalized terms used but not defined in this Agreement
shall have the meanings ascribed to them in the Share Purchase Agreement), pursuant to which, upon
the terms and subject to the conditions thereof, SINA will acquire, on the date hereof, 47,666,667
common shares (the “Subscription Shares”) of CRIC,
par value $0.0002 each (the “CRIC
Shares”);

          WHEREAS, in connection with the transfer of the Subscription Shares, CRIC has agreed to
provide SINA certain registration rights with respect to the Subscription Shares;

          WHEREAS, E-House is the holder, on the date hereof, of certain CRIC Shares (the “E-House
Shares”);

          WHEREAS, CRIC has agreed to provide E-House certain registration rights with respect to the
E-House Shares; and

          WHEREAS, certain terms used in this Agreement are defined in Section 1.

          NOW, THEREFORE, in consideration of the premises and the mutual agreements and covenants
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

          1. Definitions.

          (a) For purposes of this Agreement:

          “affiliate”
of a specified person means a person who, directly or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with, such specified
person.

          “E-House Holder” means E-House and any affiliate transferee of E-House to whom
Registrable Securities are permitted to be transferred in accordance with the terms of this
Agreement and the Shareholders’ Agreement, and, in each case, who continues to be entitled to the
rights of a Holder hereunder.

          “Equity Securities” means the common shares of CRIC, and all direct or indirect
options, warrants, convertible securities or other rights to acquire any common shares of CRIC or
securities or instruments exchangeable or exercisable for, or convertible into, common shares of
CRIC.

 

 

          “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended, and all rules and regulations promulgated thereunder.

          “Holder” shall mean each E-House Holder and SINA Holder, individually or
collectively.

          “NASD” means the National Association of Securities Dealers, Inc., or any
successor entity thereof.

          “person” means any individual, partnership, firm, corporation, limited liability
company, association, trust, unincorporated organization or other entity, as well as any syndicate
or group that would be deemed to be a person under Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended.

          “Registrable Securities” means all and any CRIC Shares held by a Holder (including any
securities issuable or issued or distributed in respect of any such CRIC Shares by way of a stock
dividend or stock split or in connection with a combination of shares, recapitalization,
reorganization, merger, amalgamation, consolidation or otherwise). For purposes of this Agreement,
Registrable Securities shall cease to be Registrable Securities when (i) a Registration Statement
covering such Registrable Securities has been declared effective under the Securities Act by the
SEC and such Registrable Securities have been disposed of pursuant to such effective Registration
Statement, (ii) the entire amount of the Registrable Securities proposed to be sold by a Holder in
a single sale, in the opinion of counsel satisfactory to CRIC and such Holder, each in their
reasonable judgment, may be distributed to the public in the United States pursuant to Rule 144 (or
any successor provision then in effect) under the Securities Act in any three-month period, (iii)
any such Registrable Securities have been sold in a sale made pursuant to Rule 144 (or any
successor provision then in effect) under the Securities Act (iv) the Holder of the Registrable
Securities is a non-affiliate of CRIC and the Registrable Securities are saleable without any
requirement to comply with any conditions in Rule 144, pursuant to Rule 144(b)(1) or (v) such
Registrable Securities cease to be outstanding.

          “Registration Expenses” means all expenses in connection with or incident to the
registration of Registrable Securities hereunder, including (a) all SEC and any NASD registration
and filing fees and expenses, (b) all fees and expenses in connection with the registration or
qualification of Registrable Securities for offering and sale under the securities or “blue sky”
laws of any state or other jurisdiction of the United States of America and, in the case of an
underwritten offering, determination of their eligibility for investment under the laws of such
jurisdictions as the managing underwriter or underwriters may reasonably designate, including
reasonable fees and disbursements, if any, of counsel for the underwriters in connection with such
registrations or qualifications and determination, (c) all expenses relating to the preparation,
printing, distribution and reproduction of any Registration Statement required to be filed
hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each
amendment or supplement to the foregoing, the expenses of preparing Registrable Securities in a
form for delivery for purchase pursuant to such registration or qualification and the expense of
printing or producing any underwriting agreement(s) and agreement(s) among underwriters and any
“blue sky” or legal investment memoranda, any selling agreements and all other documents approved
for use in writing by CRIC to be used in connection with the offering,

2

 

sale or delivery of Registrable Securities, (d) messenger, telephone and delivery expenses of CRIC
and out-of-pocket travel expenses incurred by or for CRIC’s personnel for travel undertaken for any
“road show” made in connection with the offering of securities registered thereby, (e) fees and
expenses of any transfer agent and registrar with respect to the delivery of any Registrable
Securities and any escrow agent or custodian involved in the offering, (f) fees, disbursements and
expenses of counsel of CRIC and independent certified public accountants of CRIC incurred in
connection with the registration, qualification and offering of the Registrable Securities
(including the expenses of any opinions or “comfort” letters required by or incident to such
performance and compliance), (g) fees, expenses and disbursements of counsel and any other persons
retained by CRIC, including special experts retained by CRIC in connection with such registration,
(h) Securities Act liability insurance, if CRIC desires such insurance, (i) transfer agents’ and
registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in
connection with such offering and (i) the fees and expenses incurred by CRIC and its advisers in
connection with the quotation or listing of Registrable Securities on any securities exchange or
automated securities quotation system. Any brokerage commissions attributable to the sale of any of
the Registrable Securities, and any commissions, fees, discounts, transfer taxes or stamp duties
or, except as specified in the immediately preceding sentence, expenses of any underwriter or
placement agent incurred in connection with an offering of Registrable Securities in accordance
with this Agreement and any fees and expenses of any counsel or other advisors to a Holder and any
other out-of-pocket expenses of a Holder shall not be “Registration Expenses.”

          “Registration Statement” means a Demand Registration Statement or a Piggy-Back
Registration Statement, as the case may be.

          “SEC” means the United States Securities and Exchange Commission, or any successor
thereto.

          “Securities Act” means the United States Securities Act of 1933, as amended, and all
rules and regulations promulgated thereunder.

          “Share Capital” means the issued and outstanding share capital of CRIC, taking into
account only CRIC Shares and other Equity Securities then in issue, if any, that are convertible
into or exercisable or exchangeable for CRIC Shares and based on a deemed conversion of such Equity
Securities.

          “Shareholders’
Agreement” means the shareholders’ agreement, dated on
or about the date
hereof, entered into by and among E-House, SINA and CRIC.

          “SINA Holder” means SINA and any affiliate transferee of SINA to whom Registrable
Securities are permitted to be transferred in accordance with the terms of this Agreement and the
Shareholders’ Agreement, and, in each case, who continues to be
entitled to the rights of a Holder
hereunder.

          (b) The following terms have the meaning set forth in the Sections set forth below:

3

 

	 	 	 
	Term	 	Section
	 
	 	 
	Agreement 
	 	Preamble
	Blackout Period 
	 	4
	CRIC 
	 	Preamble
	CRIC Shares 
	 	Recitals
	Demand Registration 
	 	2(a)
	Demand Registration Statement 
	 	2(a)
	E-House 
	 	Preamble
	Exercising Holder 
	 	2(a)
	Indemnified Party 
	 	8(c)
	Indemnifying Party 
	 	8(c)
	Maximum Offering Size 
	 	2(c)
	Non-Exercising Holder 
	 	2(b)
	Participating Piggy-Back Holders 
	 	3(b)
	Piggy-Back Registration 
	 	3(a)
	Piggy-Back Registration Statement 
	 	3(a)
	Share Purchase Agreement 
	 	Recitals
	SINA 
	 	Preamble
	Subscription Shares 
	 	Recitals

          (c) Interpretation and Rules of Construction. In this Agreement, except to the
extent otherwise provided or that the context otherwise requires:

     (i) The headings in this Agreement are for reference purposes only and do not
affect in any way the meaning or interpretation of this Agreement;

     (ii) Whenever the words “include”, “includes” or “including” are used in this
Agreement, they are deemed to be followed by the words “without limitation”;

     (iii) The words “hereof”, “herein” and “hereunder” and words of similar import,
when used in this Agreement, refer to this Agreement as a whole and not to any particular
provision of this Agreement;

     (iv) The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms;

     (v) References to a person are also to its successors and permitted assigns; and

     (vi) The use of “or” is not intended to be exclusive unless expressly indicated
otherwise.

          2. Demand Registration.

          (a) Following the date that is one hundred and eighty (180) days after the date hereof
and upon receipt of a written request from a Holder (such Holder, together with its Affiliates, the
“Exercising Holder”) requesting that CRIC effect a registration (a “Demand
Registration”) under the Securities Act covering all or part of the Registrable Securities, and

4

 

which notice shall specify the number of Registrable Securities for which registration is requested
and the intended method or methods of distribution thereof, CRIC shall use its best efforts to, as
soon as reasonably practicable, after receipt of such written request, file with the SEC and use
its best efforts to cause to be declared effective, a registration
statement (a “Demand
Registration Statement”) relating to all of the Registrable Securities that CRIC has been so
requested to register for sale, to the extent required to permit the disposition (in accordance
with the intended method or methods of distribution thereof) of the Registrable Securities so
registered.

          (b) If
the Demand Registration relates to an underwritten public offering and
the managing underwriter of such proposed public offering advises CRIC and the Exercising
Holder that, in its reasonable opinion, the number of Registrable Securities requested to be
included in the Demand Registration (including securities to be sold by CRIC or any other
security holder, including any Holders other than the Exercising Holder (such Holders, the
“Non-Exercising Holders”) exceeds the largest number of securities which reasonably can be
sold in
such offering without having a material adverse effect on such offering, including the price
at
which such securities can be sold (the “Maximum Offering Size”), then CRIC shall
include in such Demand Registration, up to the Maximum Offering Size, first, the Registrable
Securities the Exercising Holder proposes to register, second, the Registrable Securities any
Non-Exercising Holder proposes to register, and third, any securities CRIC proposes to register and
any securities with respect to which any other security holder has requested registration. CRIC shall not
hereafter enter into any agreement which is inconsistent with the rights of priority provided
in this Section 2(b).

          (c) Each of the E-House Holders and the Sina Holders, in each case,
collectively, shall be entitled to an aggregate of three (3) registrations of Registrable
Securities
pursuant to this Section 2; provided, that a registration requested pursuant
to this Section 2 shall
not be deemed to have been effected for purposes of this Section 2(c) unless (i) it
has been
declared effective by the SEC, (ii) it has remained effective for the period set forth in
Section 5(a)
and (iii) the offering of Registrable Securities pursuant to such registration is not subject
to any
stop order, injunction or other order or requirement of the SEC; provided,
however, that in the
event the Exercising Holder revokes a Demand Registration request (which revocation may only
be made prior to CRIC requesting acceleration of effectiveness of the registration statement)
then
such Demand Registration shall count as having been effected unless the Exercising Holder pays
all Registration Expenses in connection with such revoked Demand Registration within seven (7)
days of written request therefor by CRIC.

          (d) Notwithstanding anything to the contrary contained herein, CRIC shall not
be required to prepare and file (i) more than one (1) Demand Registration Statements in any
twelve-month period, or (ii) any Demand Registration Statement within one hundred and eighty
(180) days following the date of effectiveness of any other Registration Statement.

          (e) A Demand Registration requested pursuant to this Section 2 shall not be
deemed to have been effected unless the Demand Registration Statement relating thereto (i) has
become effective under the Securities Act and any of the Registrable Securities of the Holder
included in such Demand Registration Statement have actually been sold thereunder and (ii) has
remained effective for a period of at least that specified in Section 5(a);
provided, however, that

5

 

if after any Demand Registration Statement requested pursuant to this Section 2 becomes
effective, such Demand Registration Statement is interfered with by any stop order, injunction or
other order or requirement of the SEC or other governmental agency or court solely due to the
actions or omissions to act of CRIC, such Demand Registration Statement shall be at the sole
expense of CRIC and shall not be included as one of the Demand Registrations which may be requested
pursuant to this Section 2.

          3. Piggy-Back Registration

          (a) If CRIC proposes to file on its behalf and/or on behalf of any holder of its
securities (other than a holder of Registrable Securities) a registration statement under the
Securities Act on any form (other than a registration statement on Form S-4, F-4 or S-8 (or
any
successor form) for securities to be offered in a transaction of the type referred to in Rule
145
under the Securities Act or to employees of CRIC pursuant to any employee benefit plan,
respectively) for the registration of CRIC Shares (a “Piggy-Back Registration”), it
shall give
written notice to all Holders at least thirty (30) days before the initial filing with the SEC
of such
registration statement (a “Piggy-Back Registration Statement”), which notice shall set
forth the
number of CRIC Shares that CRIC and other holders of CRIC Shares, if any, then contemplate
including in such registration and the intended method of disposition of such CRIC Shares.

          (b) If any Holder desires to have Registrable Securities registered under this
Section 3 (the “Participating Piggy-Back Holders”), it shall advise CRIC in
writing within five
(5) days after the date of receipt of such notice from CRIC of its desire to have Registrable
Securities registered under this Section 3, and shall set forth the number of
Registrable Securities
for which registration is requested. CRIC shall thereupon use its reasonable best efforts to
include, or in the case of a proposed underwritten public offering, use its reasonable best
efforts
to cause the managing underwriter or underwriters to permit such Holder to include, in such
filing the number of Registrable Securities for which registration is so requested, subject to
paragraph (c) below, and shall use its reasonable best efforts to effect registration of such
Registrable Securities under the Securities Act.

          (c) If the Piggy-Back Registration relates to an underwritten public offering
and the managing underwriter of such proposed public offering advises CRIC and the Holders
that, in its reasonable opinion, the number of Registrable Securities requested to be included
in
the Piggy-Back Registration together with the securities being registered by CRIC or any other
security holder exceeds the Maximum Offering Size, then:

     (i) in the event CRIC initiated the Piggy-Back Registration, CRIC shall include
in such Piggy-Back Registration first, the securities CRIC proposes to register and
second, the securities of all other selling security holders, including the
Participating Piggy-Back Holders, to be included in such Piggy-Back Registration in an
amount that together with the securities CRIC proposes to register, shall not exceed the
Maximum Offering Size and shall be allocated among such selling security holders on a pro
rata basis (based on the number of CRIC Shares held by each such selling security holder);
and

6

 

     (ii) in the event any holder of securities of CRIC initiated the Piggy-Back
Registration, CRIC shall include in such Piggy-Back Registration first, the
securities such initiating security holder proposes to register, second, the
securities of any other selling security holders (including the Participating Piggy-Back
Holders), in an amount that together with the securities the initiating security holder
proposes to register, shall not exceed the Maximum Offering Size, such amount to be
allocated among such other selling security holders on a pro rata basis (based on the number
of CRIC Shares held by each such selling security holder) and third, any securities
CRIC proposes to register, in an amount that together with the securities the initiating
security holder and the other selling security holders propose to register, shall not exceed
the Maximum Offering Size.

          (d) CRIC
shall not hereafter enter into any agreement that is inconsistent
with the
rights of priority provided in Section 3(c).

          4. Blackout Periods. CRIC shall have the right to delay the filing or
effectiveness of a Registration Statement required pursuant to Section 2 or 3 hereof
during no
more than two (2) periods aggregating to not more than one hundred and twenty (120) days in
any twelve-month period (each, a “Blackout Period”), in the event that (i) CRIC would,
in the
good faith judgment of CRIC’s Board of Directors, be required to disclose in the prospectus
information not otherwise then required by law to be publicly disclosed and (ii) in the good
faith
judgment of CRIC’s Board of Directors, there is a reasonable likelihood that such disclosure,
or
any other action to be taken in connection with the prospectus, would materially and adversely
affect or interfere with any significant financing, acquisition, merger, disposition of
assets,
corporate reorganization or other material transaction or negotiations involving CRIC;
provided,
however, that (A) a Holder shall be entitled, at any time after receiving notice of
such delay and
before such Demand Registration Statement becomes effective, to withdraw such request and, if
such request is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations and (B) CRIC shall delay during such Blackout Period the filing or
effectiveness of any Registration Statement required pursuant to the registration rights of
other
holders of any securities of CRIC. CRIC shall promptly give the Holders written notice of such
determination containing, to the extent permitted by law, a general statement of the reasons
for
such postponement and an approximation of the anticipated delay. After the expiration of any
Blackout Period (including upon public disclosure of the information that was the reason for
such Blackout Period) and without any further request from any
Holder, CRIC shall (subject to
there being no other Blackout period) promptly notify the Holders and shall use its reasonable
best efforts to prepare and file with the SEC the requisite Registration Statement or such
amendments or supplements to such Registration Statement or prospectus used in connection
therewith as may be necessary to cause such Registration Statement to become effective as
promptly as practicable thereafter.

          5. Registration Procedures. If CRIC is required by the provisions of Section 2
or
3 to use its reasonable best efforts to effect the registration of any of its securities under
the
Securities Act, CRIC shall, as soon as reasonably practicable, after receipt of a written
request
for a Demand Registration:

     (a) prepare and file with the SEC a Registration Statement with respect to such
securities and use its reasonable best efforts to cause such Registration Statement to

7

 

become
effective as promptly as practicable and to remain effective for a period of time
required for the disposition of such Registrable Securities by the Holders thereof but not
to exceed one hundred twenty (120) days excluding any days that fall during a permitted
Blackout Period under Section 4; provided, however, that before
filing such Registration Statement or any amendments or supplements thereto, CRIC shall, if
requested, furnish to counsel selected by the Holders copies of all documents proposed to be
filed, which documents shall be subject to the review of such counsel, and shall in good
faith consider incorporating in each such document such changes as such counsel to the
Holders reasonably and in a timely manner may suggest; provided, however,
that CRIC shall not have any obligation to so modify any information.

     (b) prepare and file with the SEC such amendments and supplements to such Registration
Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of all securities covered by such Registration
Statement until the earlier of such time as all of such securities have been disposed of in
a public offering or the expiration of one hundred twenty (120) days (excluding any days
that fall during a permitted Blackout Period under Section 4);

     (c)
furnish to such selling security holders such number of conformed copies of the
applicable Registration Statement and each such amendment and supplement thereto (including
in each case all exhibits), such number of copies of the prospectus contained in such
Registration Statement (including each preliminary prospectus and any summary prospectus)
and any other prospectus, in conformity with the requirements of the Securities Act, and
such other documents, as such selling security holders may reasonably request;

     (d)
use its reasonable best efforts to register or qualify the Registrable Securities
or other securities covered by such Registration Statement under such other securities or
blue sky laws of such jurisdictions within the United States and its territories and
possessions as each Holder of such Registrable Securities shall reasonably request, to keep
such registration or qualification in effect for so long as such Registration Statement
remains in effect or until all of the Registrable Securities are sold, whichever is shorter,
and to take any other action which may be reasonably necessary or
advisable to enable the Holder to consummate the disposition in such jurisdictions of the
securities owned by such Holder (provided, however, that CRIC shall not be
required in connection therewith or as a condition thereto to qualify to do business as a
foreign corporation, subject itself to taxation in or to file a general consent to service of
process in any jurisdiction where it would not, but for the requirements of this paragraph (d),
be obligated to do so) and do such other reasonable acts and things as may be required of it
to enable such Holder to consummate the disposition in such jurisdiction of the securities
covered by such Registration Statement;

     (e) use its reasonable best efforts to furnish, at the request of any Holder requesting
registration of Registrable Securities pursuant to Section 2 or 3, if the method of
distribution is by means of an underwriting, on the date that the shares of Registrable

8

 

Securities are delivered to the underwriters for sale pursuant to such registration, or if
such Registrable Securities are not being sold through underwriters, on the date that the
registration statement with respect to such shares of Registrable Securities becomes
effective, (1) a signed opinion, dated such date, of the independent legal counsel
representing CRIC for the purpose of such registration, addressed to the underwriters, if
any, and if such Registrable Securities are not being sold through
underwriters, then to the
Holders making such request, and (2) letters dated such date and the date the offering is
priced from the independent certified public accountants of CRIC, addressed to the
underwriters, if any, and if such Registrable Securities are not being sold through
underwriters, then to the Holders making such request, in each case, in customary form and
covering such matters of the kind customarily covered by opinions or comfort letters, as the
case may be, in such a transaction;

     (f) enter into customary agreements (including if the method of distribution is by
means of an underwriting, an underwriting agreement containing representations, warranties
and indemnities in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Registrable Securities;

     (g) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations promulgated by the SEC;

     (h) use its reasonable best efforts to cause all such Registrable Securities to be
listed on each securities exchange or quotation system on which the CRIC Shares are listed
or traded;

     (i) give written notice to the Holders:

     (i) when such Registration Statement, the prospectus or any amendment or
supplement thereto has been filed with the SEC and when such Registration Statement
or any post-effective amendment thereto has become effective;

     (ii) of any request by the SEC for amendments or supplements to such
Registration Statement or the prospectus included therein or for additional
information;

     (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or the initiation of any proceedings
for that purpose;

     (iv) of the receipt by CRIC or its legal counsel of any notification with
respect to the suspension of the qualification of the CRIC Shares for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose;
and

     (v) of the happening of any event that requires CRIC to make changes in
such Registration Statement or such prospectus in order to make the statements

9

 

therein, in light of the circumstances in which they were made, not misleading
(which notice shall be accompanied by an instruction to suspend the use of such
prospectus until the requisite changes have been made);

     (j) use its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of such Registration Statement at the earliest possible time;

     (k) furnish to each Holder, without charge, at least one copy of such Registration
Statement and any post-effective amendment thereto, including financial statements and
schedules, and, if the Holder so requests in writing, all exhibits (including those, if any,
incorporated by reference);

     (l) upon the occurrence of any event contemplated by Section 5(i)(v) above,
promptly prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus or file any other required document so that, as thereafter
delivered to the Holders, the prospectus shall not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. If CRIC notifies
the Holders in accordance with Section 5(i)(v) above to suspend the use of the
prospectus until the requisite changes to the prospectus have been made, then the Holders
shall suspend use of such prospectus and use its reasonable best efforts to return to CRIC
all copies of such prospectus other than permanent file copies then in such Holder’s
possession, and the period of effectiveness of such Registration Statement provided for
above shall be extended by the number of days from and including the date of the giving of
such notice to the date the Holders shall have received such amended or supplemented
prospectus pursuant to this Section 5(l);

     (m) subject to the execution of confidentiality agreements satisfactory in form and
substance to CRIC, pursuant to the reasonable request of the Holder or underwriters, make
reasonably available for inspection by representatives of the Holders, any underwriter
participating in any disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by such representative or any such underwriter all
relevant financial and other records, pertinent corporate documents and properties of CRIC
and cause CRIC’s officers, directors and employees to supply all relevant information
reasonably requested by such representative or any such underwriter, attorney, accountant or
agent in connection with the registration provided that any such information inspected
or discussions conducted shall be done in a manner so as not to disrupt the operation of
CRIC’s business;

     (n) in connection with any underwritten offering to the extent the underwriters
determine that the failure to do so would have a material adverse effect on such offering,
make appropriate officers and senior executives of CRIC reasonably available to the selling
security holders for meetings with prospective purchasers of Registrable Securities and
prepare and present to potential investors customary “road show” material in each case in
accordance with the recommendations of the underwriters and in all respects in a manner
reasonably requested and consistent with other new issuances of

10

 

securities in an offering of a similar size to such offering of the Registrable
Securities; and

     (o) use reasonable best efforts to procure the cooperation of CRIC’s transfer agent in
settling any offering or sale of Registrable Securities, including with respect to the
transfer of physical stock certificates into book-entry form in accordance with any
procedures reasonably requested by the Holders or the underwriters, if any.

          It shall be a condition precedent to the obligation of CRIC to take any action pursuant to
this Agreement in respect of the Registrable Securities which are to
be registered at the request of
any Holder that such Holder shall furnish to CRIC such information regarding the Registrable
Securities held by such Holder and the intended method of distribution thereof as CRIC shall
reasonably request and as shall be required in connection with the action taken by CRIC.

          6. Expenses. Except as otherwise agreed or set forth herein, all Registration Expenses
shall be paid by CRIC, except that each Holder shall bear and pay all (a) brokerage commissions
attributable to the sale of any of the Registrable Securities, (b) commissions, fees, discounts,
transfer taxes or stamp duties or, except as specified in the immediately preceding sentence,
expenses of any underwriter or placement agent applicable to Registrable Securities offered for
such Holder’s account in accordance with this Agreement, (c) fees and expenses of any counsel or
other advisors to a Holder and (d) other out-of-pocket expenses of such Holder, in each case, with
respect to such Holder’s Registrable Securities only.

          7. Rule 144 Information. With a view to making available the benefits of certain rules
and regulations of the SEC which may at any time permit the sale of the Registrable Securities to
the public without registration, CRIC agrees to:

     (a) make and keep public information available, as those terms are understood and
defined in Rule 144 under the Securities Act; and

     (b) use its reasonable best efforts to file with or furnish to the SEC in a timely
manner all reports and other documents required of CRIC under the
Securities Act and the Exchange Act.

          8. Indemnification and Contribution.

          (a) CRIC
shall indemnify and hold harmless each Holder, such Holder’s directors and
officers, each agent and any underwriter for CRIC (within the meaning of the Securities Act), and
each person, if any, who controls such Holder or such agent or
underwriter within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or several, to which they
may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or proceedings in respect thereof) arise out of or are based on any untrue or
alleged untrue statement of any material fact contained in a Registration Statement on the
effective date thereof (including any prospectus filed under Rule 424 under the Securities Act or
any amendments or supplements thereto), or any document incorporated by reference therein, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein

11

 

not misleading, and shall reimburse each Holder, such Holder’s directors and officers, such agent
or underwriter or such controlling person for any legal or other
expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage, liability, proceeding
or action; provided, however, that the indemnity agreement contained in this
Section 8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, proceeding or action if such settlement is effected without the consent of CRIC (which
consent shall not be unreasonably withheld or delayed); provided further that CRIC shall
not be liable to the Holder, such Holder’s directors and officers, such agent or underwriter or such
controlling person in any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in connection with a Registration Statement, preliminary
prospectus, final prospectus or amendments or supplements thereto, in reliance upon and in
conformity with written information furnished for use in connection with such registration by such
Holder, such Holder’s directors or officers, such agent or underwriter or such controlling person
or by such Holder’s failure to furnish CRIC, upon request, with the information with respect to
such Holder or any participating person that is the subject of the untrue statement or omission.
CRIC shall not, without the consent of the Holders (which consent shall not be unreasonably
withheld or delayed), effect any settlement of any pending or threatened proceeding or action in
respect of which any Holder is a party and indemnity has been sought hereunder by such Holder,
unless such settlement includes an unconditional release of such Holder from all liability for
claims that are the subject matter of such proceeding or action. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Holder, such
Holder’s directors and officers, such agent or underwriter or such controlling person, and shall
survive the transfer of such securities by such Holder.

          (b) Each Holder requesting or joining in a registration severally and not jointly shall
indemnify and hold harmless CRIC, each of its directors and officers, each person, if any, who
controls CRIC within the meaning of the Securities Act, and each agent and any underwriter for CRIC
(within the meaning of the Securities Act) against any losses, claims, damages or liabilities,
joint or several, to which CRIC or any such director, officer, controlling person, agent or
underwriter may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or proceedings in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact contained in a Registration
Statement on the effective date thereof (including any prospectus filed under Rule 424 under the
Securities Act or any amendments or supplements thereto) or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the extent, but only to
the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in such Registration Statement, preliminary or final prospectus, or amendments or
supplements thereto, in reliance upon and in conformity with written information furnished by or on
behalf of such Holder for use in connection with such registration, preliminary prospectus, final
prospectus or amendments or supplements thereto; and each such Holder shall reimburse any legal or
other expenses reasonably incurred by CRIC or any such director, officer, controlling person, agent
or underwriter in connection with investigating or defending any such loss, claim, damage, liability
or action; provided, however, that the indemnity agreement contained in this
Section 8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the

12

 

consent of such Holder (which consent shall not be unreasonably withheld or delayed), and
provided further that the liability of a Holder hereunder shall be limited to the aggregate
net proceeds received by such Holder in connection with any offering to which such registration
under the Securities Act relates. A Holder shall not, without the consent of CRIC, effect any
settlement of any pending or threatened proceeding or action in respect of which CRIC is a party
and indemnity has been sought hereunder by CRIC, unless such settlement includes (i) an
unconditional release of CRIC, from all liability for claims that are the subject matter of such
proceeding or action and (ii) does not include any statement as to or any admission of fault,
capability or a failure to act by or on behalf of CRIC.

          (c) If the indemnification provided for in this Section 8 from the indemnifying party
(the “Indemnifying Party”) is unavailable to any person entitled to indemnification
hereunder (the “Indemnified Party”) in respect of any losses, claims, damages, liabilities
or expenses referred to therein, then the Indemnifying Party, in lieu of indemnifying the
Indemnified Party, shall contribute to the amount paid or payable by the Indemnified Party as a
result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party in
connection with the actions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative fault of the
Indemnifying Party and the Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been made by, or
relates to information supplied by, the Indemnifying Party or the Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
action. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding. If the
allocation provided in this paragraph (c) is not permitted by applicable law, the parties shall
contribute based upon the relevant benefits received by CRIC from the offering of securities on the
one hand and the net proceeds received by the Holders from the sale of securities on the other.

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 8(c) were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

          (d) The Indemnified Party agrees to give prompt written notice to the Indemnifying Party after
the receipt by the Indemnified Party of any written notice of the commencement of any action, suit,
proceeding or investigation or threat thereof made in writing for which the Indemnified Party
intends to claim indemnification or contribution pursuant to this Agreement; provided, that
the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any
liability that it may have to the Indemnified Party hereunder unless such failure is materially
prejudicial to the Indemnifying Party. If notice of commencement of any such action is given to the
Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in
and, to the extent it may wish, to assume the defense of such

13

 

action at its own expense, with counsel chosen by it and reasonably satisfactory to such
Indemnified Party. The Indemnified Party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the reasonable fees and expenses of such
counsel shall be paid by the Indemnified Party unless (i) the
Indemnifying Party agrees to pay the
same, (ii) the Indemnifying Party fails to assume the defense of such action within forty-five (45)
days notice of a request to do so or (iii) the named parties to any such action (including any
impleaded parties) have been advised by such counsel that either (A) representation of such
Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate under
applicable standards of professional conduct or (B) there are one or more legal defenses available
to it which are substantially different from or additional to those available to the Indemnifying
Party. No Indemnifying Party shall be liable for any settlement entered into without its written
consent, which consent shall not be unreasonably withheld or delayed.

          (e) The agreements contained in this Section 8 shall survive the transfer of the
Registrable Securities by any Holder and sale of all the Registrable Securities pursuant to any
Registration Statement and shall remain in full force and effect, regardless of any investigation
made by or on behalf of any Holder, such Holder’s directors and officers, any person who
participates in the offering of Registrable Securities, including underwriters (as defined in the
Securities Act), and any person, if any, who controls any Holder or
such participating person within
the meaning of the Securities Act.

          9. Limitations on Registration of Other Securities; Representation. From and after the
date of this Agreement, CRIC shall not, without the prior written consent of each of the Holders,
enter into any agreement with any holder or prospective holder of any securities of CRIC giving
such holder or prospective holder any registration rights the terms
of which are more favorable taken
as a whole than the registration rights granted to the Holders hereunder unless CRIC shall also
give such rights to the Holders.

          10.
No Inconsistent Agreements. CRIC shall not hereafter enter into any agreement with respect to its securities that is inconsistent in any material respects with the
rights granted to the Holders in this Agreement.

          11. Selection of Managing Underwriters. In the event the Participating Demand Holders
have requested an underwritten offering, the underwriter or underwriters shall be selected by the
Holders of a majority of the shares being so registered and shall be approved by CRIC, which
approval shall not be unreasonably withheld or delayed, provided, (i) that all of the
representations and warranties by, and the other agreements on the part of, CRIC to and for the
benefit of such underwriters shall also be made to and for the benefit of such Holders of
Registrable Securities, (ii) that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement shall be conditions precedent to the obligations of
such Holders of Registrable Securities, and (iii) that no Holder shall be required to make any
representations or warranties to or agreements with CRIC or the underwriters other than
representations, warranties or agreements regarding such Holder, the Registrable Securities of such
Holder and such Holder’s intended method of distribution and any other representations customarily
required or required by law. Subject to the foregoing, all Holders proposing to distribute
Registrable Securities through such underwritten offering shall enter into an underwriting
agreement in customary form with the underwriter or underwriters.

14

 

          12. Miscellaneous

          (a) Specific Performance. The parties hereto agree that irreparable damage would occur
in the event any provision of this Agreement was not performed in
accordance with the terms hereof
and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or in equity.

          (b) Amendments and Waivers.

     (i) This Agreement may be amended, modified or supplemented only by a written
instrument duly executed by all the Parties hereto.

     (ii) Any Party may (a) extend the time for the performance of any of the
obligations or other acts of another Party to such other Party, (b) waive compliance with
any of the agreements of the another Party or conditions to such Party’s obligations
contained herein to such other Party. Any such extension or waiver shall be valid only if
set forth in an instrument in writing signed by the Party to be bound thereby. No waiver of
any agreement or obligation granted pursuant to this Section 12(b) or otherwise in
accordance with this Agreement shall be construed as a waiver of any prior or subsequent
breach of such agreement or obligation or any other agreement or obligation. The failure of
any Party hereto to assert any of its rights hereunder shall not constitute a waiver of any
of such rights.

          (c) Notices. All notices, requests, claims, demands and other communications hereunder
shall be in writing and shall be deemed duly given, made or received (i) on the date of delivery if
delivered in person or by messenger service, (ii) on the date of confirmation of receipt of
transmission by facsimile (or, the first (1st) Business Day following such receipt if (a) such date
of confirmation is not a Business Day or (b) confirmation of receipt is given after 5:00 p.m.,
Beijing time) or (iii) on the date of confirmation of receipt if delivered by an internationally
recognized overnight courier service or registered or certified mail (or, the first (1st) Business
Day following such receipt if (a) such date of confirmation is not a Business Day or (b)
confirmation of receipt is given after 5:00 p.m., Beijing time) to the respective parties hereto at
the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section 12(c)):

	 	(i)	 	if to CRIC:
	 
	 	 	 	CHINA REAL ESTATE INFORMATION CORPORATION

No. 383 Guangyan Road

Shanghai 200072

People’s Republic of China

Facsimile: +86 21 6086 7111

Attention: Ding Zuyu
	 
	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	Skadden, Arps, Slate, Meagher & Flom

15

 

	 	 	 	42/F, Edinburgh Tower, The Landmark

12 Queen’s Road Central, Hong Kong

Facsimile: +852 3740 4727

Attention: Jonathan B. Stone, Esq. and Z. Julie Gao, Esq.
	 
	 	(ii)	 	if to E-House or any E-House Holder:
	 
	 	 	 	E-House (China) Holdings Ltd.

17/F, Merchandise harvest Buildig (East)

No. 333 North Chengdu Road

Shanghai, 200041 People’s Republic of China

Facsimile: +86 21 6133 0707

Attention: Li-Lan Cheng

	 
	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	Skadden, Arps, Slate, Meagher & Flom

42/F, Edinburgh Tower, The Landmark

12 Queen’s Road Central, Hong Kong

Facsimile: +852 3740 4727

Attention: Jonathan B. Stone, Esq. and Z. Julie Gao, Esq.
	 
	 	(iii)	 	if to SINA or any SINA Holder:
	 
	 	 	 	SINA Corporation

20/F Beijing Ideal International Plaza

No. 58 Northwest 4th Ring Road

Haidian District, Beijing, 100090, People’s Republic of China

Facsimile: +86 10 8260 7166

Attention: Corporate Secretary
	 
	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	Shearman & Sterling LLP

12th Floor East Tower, Twin Towers

B-12 Jianguomenwai Dajie
 Beijing 100022, China

Facsimile: +86 10 6563 6001

Attention: Lee Edwards, Esq

          (d) Successors and Assigns; Third Party Beneficiaries. This Agreement shall be
binding upon and inure solely to the benefit of each party hereto, and, except as expressly
provided in Section 8 hereof, nothing in this Agreement, express or implied, is intended to
or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement. Neither this Agreement nor any of the rights or obligations of any
party hereto may be assigned by any party hereto without the prior written consent of the other
party hereto, except that the registration rights of a Holder with respect to any Registrable

16

 

Securities may be transferred to any affiliate of such Holder (i) to which Registrable Securities
have been transferred and (ii) who executes a written agreement in form and substance reasonably
satisfactory to CRIC agreeing to be bound by the terms of this Agreement, and any purported
assignment in breach hereof by a Holder shall be void. All of the obligations of CRIC hereunder
shall survive any such transfer.

          (e) Headings. The headings and subheadings in this Agreement are included for
convenience and identification only and are in no way intended to describe, interpret, define or
limit the scope, extent or intent of this Agreement or any provision hereof.

          (f) Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

     (i) Any claim, action, suit or proceeding seeking to enforce any provision of, or
based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may be heard and determined in any New York state or federal court
sitting in The City of New York, County of Manhattan, and each of the parties hereto hereby
consents to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts therefrom in any such claim, action, suit or proceeding) and irrevocably waives, to
the fullest extent permitted by law, any objection that it may now or hereafter have to the
laying of venue of any such claim, action, suit or proceeding in any such court or that any
such claim, action, suit or proceeding that is brought in any such court has been brought in
an inconvenient forum.

     (ii) Subject to applicable law, process in any such claim, action, suit or
proceeding may be served on any party anywhere in the world, whether
within or without the
jurisdiction of any such court. Without limiting the foregoing and subject to applicable
law, each party agrees that service of process on such party shall be deemed effective
service of process on such party. Nothing herein shall affect the right of any party to
serve legal process in any other manner permitted by law or at equity. WITH RESPECT TO ANY
SUCH CLAIM, ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT, EACH OF THE PARTIES IRREVOCABLY
WAIVES AND RELEASES TO THE OTHER ITS RIGHT TO A TRIAL BY JURY, AND AGREES THAT IT WILL NOT
SEEK A TRIAL BY JURY IN ANY SUCH PROCEEDING.

          (g) Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest
extent permitted by applicable law any right it may have to a trial by jury with respect to any
litigation directly or indirectly arising out of, under or in
connection with this Agreement or the
transactions contemplated hereby. Each of the parties hereto (i) certifies that no representative,
agent or attorney of the other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges
that it and the other party hereto have been induced to enter into this Agreement and the
transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and
certifications in this Section 12(g).

          (h) Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public policy, all other
terms and

17

 

provisions of this Agreement shall nevertheless remain in full force and effect for so long as the
economic or legal substance of the transactions contemplated by this Agreement is not affected in
any manner materially adverse to any party hereto. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated by this Agreement
are consummated as originally contemplated to the greatest extent possible.

          (i) Entire Agreement. This Agreement and the Share Purchase Agreement
constitute the entire agreement between the parties with respect to the subject matter hereof and
thereof and supersede all prior agreements and undertakings, both written and oral, between the
parties with respect to the subject matter hereof and thereof.

          (j) Cumulative Remedies. The rights and remedies provided by this Agreement are
cumulative and the use of any one right or remedy by any party hereto shall not preclude or waive
its right to use any or all other remedies. Such rights and remedies are given in addition to any
other rights the parties may have by law, statute, ordinance or otherwise.

          (k) Construction. Each party hereto acknowledges and agrees it has had the
opportunity to draft, review and edit the language of this Agreement and that no presumption for or
against any party arising out of drafting all or any part of this Agreement will be applied in any
dispute relating to, in connection with or involving this Agreement. Accordingly, the parties
hereto hereby waive the benefit of any rule of law or any legal decision that would require, in
cases of uncertainty, that the language of a contract should be
interpreted most strongly against the
party who drafted such language.

          (l) Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original, but all of
which taken together shall constitute one and the same agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

18

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly authorized.

	 	 	 	 	 
	 	E-HOUSE (CHINA) HOLDINGS LTD.

 	 
	 	By:  	/s/ Xin Zhou
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SINA CORPORATION

 	 
	 	By:  	/s/
Charles Chao
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CHINA REAL ESTATE INFORMATION CORPORATION

 	 
	 	By:  	/s/ Xin Zhou
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

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